XML 76 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Contracts in Progress
 12 Months Ended
Dec. 31, 2013
Contractors [Abstract]  
Contracts in Progress
Contracts in Progress

Contracts in progress are as follows at December 31, 2013 and December 31, 2012:
 
December 31,
2013
 
December 31,
2012
Costs incurred on uncompleted contracts
$
360,678

 
$
343,524

Estimated earnings
47,208

 
64,358

 
407,886

 
407,882

Less: Billings to date
(397,625
)
 
(405,006
)
 
$
10,261

 
$
2,876

Included in the accompanying consolidated balance sheets under the following captions:
 

 
 

Costs and estimated earnings in excess of billings on uncompleted contracts
24,856

 
$
19,245

Billings in excess of costs and estimated earnings on uncompleted contracts
(14,595
)
 
(16,369
)
 
$
10,261

 
$
2,876



Contract costs include all direct costs, such as materials and labor, and those indirect costs related to contract performance such as payroll taxes and insurance. Provisions for estimated losses on uncompleted contracts are made in the period in which such estimated losses are determined. Changes in job performance, job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined. An amount equal to contract costs attributable to claims is included in revenues when realization is probable and the amount can be reliably estimated.