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Contracts in Progress | 12 Months Ended
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Dec. 31, 2016
Property, Plant and Equipment [Abstract] |
Contracts In Progress [Text Block] | Note 6 – Contracts in Progress
|  | Successor |  |  | Predecessor |
(in thousands) |  | December 31, 2016 |  |  | December 31, 2015 |
Revenue earned on uncompleted contracts |  | $ | 532,549 |  |  | $ | 390,847 |
Less: Billings to date |  |  | (539,780) |  |  |  | (396,374) |
Net overbilling |  | $ | (7,231) |  |  |  | (5,527) |
The above is reflected in the accompanying consolidated balance sheets as follows: |  |  |  |  |  |  |  |
Costs and estimated earnings in excess of billing on uncompleted contracts |  |  | 31,959 |  |  |  | 20,745 |
Billings in excess of costs and estimated earnings on uncompleted contracts |  |  | (39,190) |  |  |  | (26,272) |
Net overbilling |  | $ | (7,231) |  |  | $ | (5,527) |
Accounts payable includes retainage due to subcontractors totaling $8.9 million and $6.0 million as of December 31, 2016 and 2015, respectively. The Company has asserted claims and may have unapproved change orders on certain construction projects. These occur typically as a result of scope changes and project delays. Management evaluates these items and estimates the recoverable amounts if this occurs. If significant, these recoverability estimates are evaluated to determine the net realizable value. If additional amounts are recovered, additional contract revenue would be recognized. The current estimated net realizable value on such items as recorded in costs and estimated earnings in excess of billings on uncompleted contracts in the consolidated balance sheets is listed below at December 31:
|  | Successor |  |  | Predecessor |
|  | 2016 |  |  | 2015 |
(in thousands) |  |  |  |  |  |  |  |
Gross amount of unresolved change orders and claims |  | $ | 7,932 |  |  | $ | 5,658 |
Valuation allowance |  |  | - |  |  |  | - |
Net amount of unresolved change orders and claims |  | $ | 7,932 |  |  | $ | 5,658 |
The Company anticipates that the majority of such amounts will be earned as revenue within one year.

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- References No definition available. + Details
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