Costs and Estimated Earnings on Uncompleted Contracts

3 Months Ended

Mar. 31, 2017

Contractors [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

NOTE 5 – COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Uncompleted contracts were as follows (in thousands):

	March 31,
	2017
Costs incurred on uncompleted contracts	$	60,187
Estimated earnings		35,118
Total		95,305
Less: Billings to date		92,631
Net under (over) billings	$	2,674

Net under (over) billings were as follows (in thousands):

	March 31,
	2017
Costs and estimated earnings in excess of billings on uncompleted contracts	$	6,375
Billings in excess of costs and estimated earnings on uncompleted contracts		(3,701	)
Net under (over) billings	$	2,674

The asset, costs and estimated earnings in excess of billings on uncompleted contracts, represents revenues recognized in excess of amounts billed and is included in other current assets in our Condensed Consolidated Balance Sheets. The liability, billings in excess of costs and estimated earnings on uncompleted contracts, represents billings in excess of revenues recognized and is included in other current liabilities in our Condensed Consolidated Balance Sheets.