Costs and Billings on Uncompleted Contracts

Costs incurred on uncompleted contracts represent the gross costs as of the balance sheet dates. Billings on uncompleted contracts represent the gross billings as of the balance sheet dates. Costs and billings are netted on an individual contract basis, with contracts in a net cost position aggregated and presented as Costs in excess of billings on uncompleted contracts in the Consolidated Balance Sheets, and contracts in a net billing position aggregated and presented as Billings in excess of costs on uncompleted contracts in the Consolidated Balance Sheets. The below table shows the components of these items:



	As of December 31,
(in thousands)	2016			2015
Costs incurred on uncompleted contracts (gross)	$	42,993		$	72,581
Billings on uncompleted contracts (gross)	(47,915		)	(80,152		)
	$	(4,922	)	$	(7,571	)
Included in the accompanying balance sheets under the following captions ⁽¹⁾:
Costs in excess of billings on uncompleted contracts	$	25		$	2,137
Billings in excess of costs on uncompleted contracts	(4,947		)	(9,708		)
	$	(4,922	)	$	(7,571	)

⁽¹⁾ Amounts presented after netting of costs and billings on an individual contract basis.

When the Company determines that a contract will ultimately be completed at a loss, the Company estimates such loss and accrues the loss as a loss contract accrual in the period that the loss determination is made. Loss contract accruals of $0.2 million and $0.8 million as of December 31, 2016 and 2015, respectively, are included in Other current liabilities line item in the Consolidated Balance Sheets. During the years ended December 31, 2016, 2015 and 2014, the Company recorded loss contract provisions of $0.4 million, $0.3 million and $0.3 million, respectively. Loss contract provisions are included within the Equipment sales cost of revenue, exclusive of depreciation and amortization line item in the Consolidated Statements of Operations.