Costs and Estimated Earnings on Uncompleted Contracts

6 Months Ended

Jun. 30, 2017

Contractors [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

NOTE 6 – COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Uncompleted contracts were as follows for the six months ended June 30 (in thousands):

	2017
Costs incurred on uncompleted contracts	$	60,127
Estimated earnings		35,037
Total		95,164
Less: Billings to date		93,360
Net under (over) billings	$	1,804

Net under (over) billings were as follows as of June 30 (in thousands):

	2017
Costs and estimated earnings in excess of billings on uncompleted contracts	$	6,150
Billings in excess of costs and estimated earnings on uncompleted contracts		(4,346	)
Net under (over) billings	$	1,804

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.