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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | 12 Months Ended
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Dec. 31, 2015
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS [Abstract] |
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | NOTE 6 – COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS Costs and estimated earnings in excess of billings on uncompleted contracts arise in the consolidated balance sheets when revenues have been recognized but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. Costs and estimated earnings on uncompleted contracts and related amounts billed for 2015 and 2014 were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |
Costs incurred on uncompleted contracts |  | $ | 34,400 |  |  | $ | 49,133 |
Estimated earnings, thereon |  |  | 13,119 |  |  |  | 16,749 |
Total |  |  | 47,519 |  |  |  | 65,882 |
Less: billings to date |  |  | 33,422 |  |  |  | 54,701 |
Net |  | $ | 14,097 |  |  | $ | 11,181 |
Such amounts were included in the accompanying Consolidated Balance Sheets for 2015 and 2014 under the following captions (in thousands):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |
Costs and estimated earnings in excess of billings on uncompleted contracts |  | $ | 22,045 |  |  | $ | 20,083 |
Billings in excess of costs and estimated earnings on uncompleted contracts |  |  | (8,021 | ) |  |  | (8,840 | )
Translation Adjustment |  |  | 73 |  |  |  | (62 | )
Net |  | $ | 14,097 |  |  | $ | 11,181 |

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