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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
Dec. 31, 2012
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,  
    2012     2011  
    (in thousands)  

Costs incurred on uncompleted contracts

   $ 211,801     $ 356,527  

Estimated earnings

     32,480       56,227  
   

 

 

    

 

 

  
      244,281       412,754  

Less billings to date

     (177,445 )      (382,539 ) 
   

 

 

    

 

 

  
    $ 66,836     $ 30,215  
   

 

 

    

 

 

  

Amounts are presented in the Consolidated Balance Sheets as follows:

                

Costs and estimated earnings in excess of billings on uncompleted contracts

   $ 73,314     $ 38,029  

Billings in excess of costs and estimated earnings on uncompleted contracts

     (6,478 )      (7,814 ) 
   

 

 

    

 

 

  
    $ 66,836     $ 30,215