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Costs And Estimated Earnings In Excess Of Billings On Uncompleted Contracts And Billings In Excess Of Costs And Estimated Earnings | 12 Months Ended
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Dec. 31, 2011
Costs And Estimated Earnings In Excess Of Billings On Uncompleted Contracts And Billings In Excess Of Costs And Estimated Earnings [Abstract] |
Costs And Estimated Earnings In Excess Of Billings On Uncompleted Contracts And Billings In Excess Of Costs And Estimated Earnings |
2. | COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS AND BILLINGS IN EXCESS OF COSTS AND ESTIMATED EARNINGS:
The sum of costs and estimated earnings in excess of billings on uncompleted contracts represents revenue earned under the percentage-of-completion method but not yet billable based on the terms of the contracts. These amounts are billed based on the terms of the contracts, which include achievement of milestones, partial shipments or completion of the contracts. Billings in excess of costs and estimated earnings represents amounts billed based on the terms of the contracts in advance of costs incurred and revenue earned.
|  | December 31, |
|  | 2011 |  |  | 2010 |
|  | (in thousands) |
Costs incurred on uncompleted contracts |  | $ | 356,527 |  |  | $ | 396,174 |
Estimated earnings |  |  | 56,227 |  |  |  | 51,875 |
|  |  | 412,754 |  |  |  | 448,049 |
Less billings to date |  |  | (382,539 | ) |  |  | (417,324 | )
|  | $ | 30,215 |  |  | $ | 30,725 |
Amounts are presented in the Consolidated Balance Sheets as follows: |  |  |  |  |  |  |  |
Costs and estimated earnings in excess of billings on uncompleted contracts |  | $ | 38,029 |  |  | $ | 45,533 |
Billings in excess of costs and estimated earnings on uncompleted contracts |  |  | (7,814 | ) |  |  | (14,808 | )
|  | $ | 30,215 |  |  | $ | 30,725 |

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- Definition Costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings. + References No definition available. + Details
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