COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

12 Months Ended

Jan. 31, 2018

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

NOTE 7 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

The table below sets forth the aggregate amounts of costs charged to and earnings accrued on uncompleted long-term contracts compared with the billings on those contracts through January 31, 2018 and 2017.

	2018			2017
Costs charged to uncompleted contracts	$	1,184,891		$	485,629
Estimated accrued earnings	176,171			78,708
	1,361,062			564,337
Less - billings to date	1,464,563			770,386

	$	(103,501	)	$	(206,049	)

Amounts above are included in the accompanying consolidated balance sheets under the following captions:

	2018			2017
Costs and estimated earnings in excess of billings	$	4,887		$	3,192
Billings in excess of costs and estimated earnings	108,388			209,241

	$	(103,501	)	$	(206,049	)

Costs charged to contracts include amounts billed to the Company for delivered goods and services where payments have been retained from subcontractors and suppliers. Retained amounts as of January 31, 2018 and January 31, 2017, which were included in the Company’s balance of accounts payable as of those dates, totaled $38.7 million and $17.2 million, respectively. Generally, such amounts are expected to be paid prior to the completion of the applicable project.