Costs and Estimated Earnings on Uncompleted Contracts

12 Months Ended

Dec. 31, 2019

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)	2019			2018
Costs incurred on uncompleted contracts	$	184,321		$	174,168
Estimated earnings		77,326			67,427
Total costs and estimated earnings on uncompleted contracts, gross		261,647			241,595
Less billings to date		(261,211	)		(232,045	)
Total costs and estimated earnings on uncompleted contracts, net	$	436		$	9,550
Included in the accompanying consolidated balance sheets under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	34,805		$	29,694
Billings in excess of costs and estimated earnings on uncompleted contracts		(34,369	)		(20,144	)
Total costs and estimated earnings on uncompleted contracts, net	$	436		$	9,550