XML 59 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Contracts in Progress
 3 Months Ended
Mar. 31, 2014
Contractors [Abstract]  
Contracts in Progress
Contracts in Progress

Contracts in progress are as follows at March 31, 2014 and December 31, 2013:
 
March 31,
2014
 
December 31,
2013
Costs incurred on uncompleted contracts
$
345,590

 
$
360,678

Estimated earnings
58,969

 
47,208

 
404,559

 
407,886

Less: Billings to date
(397,837
)
 
(397,625
)
 
$
6,722

 
$
10,261

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

 
 

Costs and estimated earnings in excess of billings on uncompleted contracts
$
16,556

 
$
24,856

Billings in excess of costs and estimated earnings on uncompleted contracts
(9,834
)
 
(14,595
)
 
$
6,722

 
$
10,261



Costs and estimated earnings in excess of billings on completed contracts, net of billings totaled $1.2 million at March 31, 2014.

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.