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COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS | 9 Months Ended
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Sep. 30, 2018
Contractors [Abstract] |
COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS | 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):
| September 30, 2018 |  | December 31, 2017
Costs incurred on uncompleted contracts | $ | 57,655 |  |  | $ | 37,899 |
Estimated profits, thereon | 7,448 |  |  | 2,665 |
Total | 65,103 |  |  | 40,564 |
Less: billings to date | 32,219 |  |  | 17,881 |
Net | $ | 32,884 |  |  | $ | 22,683 |
Such amounts were included in the accompanying Condensed Consolidated Balance Sheets for 2018 and 2017 under the following captions ( in thousands):
| September 30, 2018 |  | December 31, 2017
Costs and estimated profits in excess of billings | $ | 38,432 |  |  | $ | 26,915 |
Billings in excess of costs and estimated profits | (5,554 | ) |  | (4,249 | )
Translation adjustment | 6 |  |  | 17 |
Net | $ | 32,884 |  |  | $ | 22,683 |

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- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -URI http://asc.fasb.org/topic&trid=2145070 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 35 -URI http://asc.fasb.org/subtopic&trid=2197326 + Details
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