COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

3 Months Ended

Mar. 31, 2018

COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS [Abstract]

COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

NOTE 7 – COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS

Costs and estimated profits in excess of billings on uncompleted contracts arise in the consolidated balance sheets when revenues have been recognized but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract.

Costs and estimated profits on uncompleted contracts and related amounts billed were as follows (in thousands):

	March 31, 2018		December 31, 2017
Costs incurred on uncompleted contracts	$	47,906	$	37,899
Estimated profits, thereon		5,439		2,665
Total		53,345		40,564
Less: billings to date		21,962		17,881
Net	$	31,383	$	22,683

Such amounts were included in the accompanying condensed consolidated balance sheets for 2018 and 2017 under the following captions (in thousands):

	March 31, 2018			December 31, 2017
Costs and estimated profits in excess of billings on uncompleted contracts	$	35,534		$	26,915
Billings in excess of costs and estimated profits on uncompleted contracts		(4,156	)		(4,249	)
Translation adjustment		5			17
Net	$	31,383		$	22,683