XML 91 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727
Contracts in Progress
 6 Months Ended
Jun. 30, 2015
Contractors [Abstract]  
Contracts in Progress
Contracts in Progress

Contracts in progress are as follows at June 30, 2015 and December 31, 2014:
 
June 30,
2015
 
December 31,
2014
Costs incurred on uncompleted contracts
$
624,503

 
$
554,109

Estimated earnings
88,226

 
97,687

 
712,729

 
651,796

Less: Billings to date
(679,129
)
 
(623,919
)
 
$
33,600

 
$
27,877

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

 
 

Costs and estimated earnings in excess of billings on uncompleted contracts
$
45,152

 
$
44,581

Billings in excess of costs and estimated earnings on uncompleted contracts
(11,552
)
 
(16,704
)
 
$
33,600

 
$
27,877



Costs and estimated earnings in excess of billings on completed contracts, net of billings totaled $0.8 million at June 30, 2015.

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.