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COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS
 9 Months Ended
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