XML 123 R33.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Summary of Significant Accounting Principles (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedules of the impact of adoption of Topic 606

The following table summarizes the cumulative effect of the changes made to the Company’s unaudited Consolidated Balance Sheet as of January 1, 2018 from the adoption of Topic 606:

 

 

 

 

 

 

 

 

 

 

 

 

    

Balance at

    

Adjustments

    

Balance at

 

 

December 31, 

 

Due to Topic

 

January 1,

 

 

2017

 

606

 

2018

Assets

 

 

  

 

 

  

 

 

  

Costs and estimated earnings in excess of billings on uncompleted contracts

 

$

46,006

 

$

1,383

 

$

47,389

Liabilities

 

 

  

 

 

  

 

 

  

Billings in excess of costs and estimated earnings on uncompleted contracts

 

$

33,923

 

$

1,745

 

$

35,668

Deferred income tax liability

 

 

13,243

 

 

(76)

 

 

13,167

Equity

 

 

  

 

 

  

 

 

  

Retained earnings

 

$

62,847

 

$

(286)

 

$

62,561

 

The following tables summarize the impact of adopting Topic 606 on the Company’s Consolidated Balance Sheet as of December 31, 2018 and Statement of Operations for the year ended December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Balances Without

    

 

 

 

 

 

 

 

Adoption of

 

Effect of Change

 

 

As Reported

 

Topic 606

 

Higher (Lower)

Assets

 

 

  

 

 

  

 

 

  

Costs and estimated earnings in excess of billings on uncompleted contracts

 

$

9,217

 

$

10,040

 

$

(823)

Liabilities

 

 

  

 

 

  

 

 

  

Billings in excess of costs and estimated earnings on uncompleted contracts

 

$

21,761

 

$

22,886

 

$

(1,125)

Deferred income tax liability

 

 

49

 

 

(57)

 

 

106

Equity

 

 

  

 

 

  

 

 

  

Retained earnings

 

$

(31,861)

 

$

(32,057)

 

$

196

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Balances Without

    

 

 

 

 

 

 

 

Adoption of

 

Effect of Change

 

 

As Reported

 

Topic 606

 

Higher (Lower)

Contract revenues

 

$

520,894

 

$

519,769

 

$

1,125

Cost of contract revenues

 

 

504,118

 

 

503,295

 

 

823

Gross profit

 

 

16,776

 

 

16,474

 

 

302

Income tax (benefit) expense

 

 

(12,233)

 

 

(12,339)

 

 

106

Net (loss) income

 

$

(94,422)

 

$

(94,618)

 

$

196

 

 

 

 

 

 

 

 

 

 

Basic (loss) income per share

 

$

(3.31)

 

$

(3.32)

 

$

0.01

Diluted (loss) income per share

 

$

(3.31)

 

$

(3.32)

 

$

0.01

 

Schedule of depreciable lives of property, plant and equipment

 

 

 

Automobiles and trucks

    

3 to 5 years

Buildings and improvements

 

5 to 30 years

Construction equipment

 

3 to 15 years

Vessels and other equipment

 

1 to 15 years

Office equipment

 

1 to 5 years