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Costs and Estimated Earnings on Uncompleted Contracts | 12 Months Ended
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Dec. 31, 2018
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Costs and Estimated Earnings on Uncompleted Contracts |
4. | Costs and Estimated Earnings on Uncompleted Contracts
Our contracts have various lengths to completion ranging from a few days to several months. We anticipate that a majority of our current contracts will be completed within the next 12 months and any unrecognized billings will be recorded as revenue in that same period. A significant amount of our revenue within the Energy Solutions and Industrial Solutions segments is recognized over a period of time as we perform under the contract because control of the work in process transfers continuously to the customer. The assets and liabilities recognized in association with these contracts are as follows:
|  | December 31, |
(Table only in thousands) |  | 2018 |  |  | 2017 |
Costs incurred on uncompleted contracts |  | $ | 174,168 |  |  | $ | 169,665 |
Estimated earnings |  |  | 67,427 |  |  |  | 61,556 |
Total costs and estimated earnings on uncompleted contracts, gross |  |  | 241,595 |  |  |  | 231,221 |
Less billings to date |  |  | (232,045 | ) |  |  | (217,743 | )
Total costs and estimated earnings on uncompleted contracts, net |  | $ | 9,550 |  |  | $ | 13,478 |
Included in the accompanying consolidated balance sheets under the following captions: |  |  |  |  |  |  |  |
Costs and estimated earnings in excess of billings on uncompleted contracts |  | $ | 29,694 |  |  | $ | 33,947 |
Billings in excess of costs and estimated earnings on uncompleted contracts |  |  | (20,144 | ) |  |  | (20,469 | )
Total costs and estimated earnings on uncompleted contracts, net |  | $ | 9,550 |  |  | $ | 13,478 |

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