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COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 12 Months Ended
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