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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, 2013
Text Block [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:

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,  
     2013     2012  
     (in thousands)  

Costs incurred on uncompleted contracts

    $ 182,709      $ 211,801   

Estimated earnings

      37,438        32,480   
  

 

 

    

 

 

  
     220,147        244,281   

Less billings to date

      (173,047 )      (177,445 ) 
  

 

 

    

 

 

  
   $ 47,100      $ 66,836   
  

 

 

    

 

 

  

Amounts are presented in the Consolidated Balance Sheets as follows:

     

Costs and estimated earnings in excess of billings on uncompleted contracts

    $ 50,468      $ 73,314   

Billings in excess of costs and estimated earnings on uncompleted contracts

      (3,368 )      (6,478 ) 
  

 

 

    

 

 

  
   $ 47,100      $ 66,836