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Uncompleted Contracts (Notes)
 9 Months Ended
Mar. 31, 2014
Disclosure Customer Contracts Additional Information [Abstract]  
Uncompleted Contracts
Uncompleted Contracts
Contract terms of the Company’s construction contracts generally provide for progress billings based on project milestones. The excess of costs incurred and estimated earnings over amounts billed on uncompleted contracts is reported as a current asset. The excess of amounts billed over costs incurred and estimated earnings recognized on uncompleted contracts is reported as a current liability. Gross and net amounts on uncompleted contracts are as follows:
 
 
March 31,
2014
 
June 30,
2013
 
(in thousands)
Costs incurred and estimated earnings recognized on uncompleted contracts
$
1,347,946

 
$
802,588

Billings on uncompleted contracts
1,350,282

 
791,663

 
$
(2,336
)
 
$
10,925

Shown on balance sheet as:
 
 
 
Costs and estimated earnings in excess of billings on uncompleted contracts
$
98,278

 
$
73,773

Billings on uncompleted contracts in excess of costs and estimated earnings
100,614

 
62,848

 
$
(2,336
)
 
$
10,925


Progress billings in accounts receivable at March 31, 2014 and June 30, 2013 included retentions to be collected within one year of $27.4 million and $19.9 million, respectively. Contract retentions collectible beyond one year totaled $4.9 million at March 31, 2014 and $3.1 million at June 30, 2013.
 
SME Receivables
The Company continues to pursue collection of a certain receivable acquired in connection with the purchase of S.M. Electric Company, Inc. in February 2009. The recorded values at March 31, 2014 include $0.7 million in claim receivables, which represents the Company’s best estimate of the amount to be collected under a claim, and an additional $2.9 million for amounts due under the related contract. Recovering the remaining receivables will require mediation or litigation and the ultimate amount realized may be significantly different than the recorded amounts, which could result in a material adjustment to future earnings.
Other
In the nine months ended March 31, 2014, our results of operations were materially impacted by a charge resulting from a change in estimate on an aboveground storage tank project. The charge resulted in a $5.4 million decrease in operating income for the nine months ended March 31, 2014. The project is a loss project; therefore, the entire projected loss has been recorded. The charge reflects management's best estimate of the total contract revenues to be recognized and total costs at completion. In the nine months ended March 31, 2013, we recognized a project charge on a separate aboveground storage tank project due to a change in estimate that resulted in a $3.1 million decrease in operating income.