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Contracts in Process
 9 Months Ended
Sep. 30, 2013
Contracts in Process  
Contracts in Process

3. Contracts in Process

 

The net asset (liability) position for contracts in process consisted of the following:

 

 

 

September 30,

 

December 31,

 

(In thousands)

 

2013

 

2012

 

 

 

 

 

 

 

Costs and estimated earnings on uncompleted contracts

 

$

1,692,396

 

$

1,439,455

 

Less: Billings to date

 

1,717,505

 

1,410,271

 

 

 

$

(25,109

)

$

29,184

 

 

The net asset (liability) position for contracts in process included in the accompanying consolidated balance sheets was as follows:

 

 

 

September 30,

 

December 31,

 

(In thousands)

 

2013

 

2012

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

$

41,909

 

$

61,773

 

Billings in excess of costs and estimated earnings on uncompleted contracts

 

(67,018

)

(32,589

)

 

 

$

(25,109

)

$

29,184