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COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS | 6 Months Ended
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Jun. 30, 2016
COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS [Abstract] |
COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS | NOTE 7 – COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS Costs and estimated profits 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 profits on uncompleted contracts and related amounts billed were as follows (in thousands):
|  | June 30, 2016 |  |  | December 31, 2015 |
Costs incurred on uncompleted contracts |  | $ | 36,297 |  |  | $ | 34,400 |
Estimated profits, thereon |  |  | 11,258 |  |  |  | 13,119 |
Total |  |  | 47,555 |  |  |  | 47,519 |
Less: billings to date |  |  | 29,975 |  |  |  | 33,422 |
Net |  | $ | 17,580 |  |  | $ | 14,097 |
Such amounts were included in the accompanying condensed consolidated balance sheets for 2016 and 2015 under the following captions (in thousands):
|  | June 30, 2016 |  |  | December 31, 2015 |
Costs and estimated profits in excess of billings on uncompleted contracts |  | $ | 19,784 |  |  | $ | 22,045 |
Billings in excess of costs and estimated profits on uncompleted contracts |  |  | (2,197 | ) |  |  | (8,021 | )
Translation adjustment |  |  | (7 | ) |  |  | 73 |
Net |  | $ | 17,580 |  |  | $ | 14,097 |

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