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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, 2014
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 on uncompleted contracts represents amounts billed based on the terms of the contracts in advance of costs incurred and revenue earned.

 

     December 31,  
     2014      2013  
     (in thousands)  

Costs incurred on uncompleted contracts

    $ 265,552       $ 182,709   

Estimated earnings

      53,744         37,438   
  

 

 

     

 

 

  
  319,296      220,147   

Less billings to date

   (276,284 )    (173,047 ) 
  

 

 

     

 

 

  
$ 43,012    $ 47,100   
  

 

 

     

 

 

  

Amounts are presented in the Consolidated Balance Sheets as follows:

Costs and estimated earnings in excess of billings on uncompleted contracts

 $ 45,847    $ 50,468   

Billings in excess of costs and estimated earnings on uncompleted contracts

   (2,835 )    (3,368 ) 
  

 

 

     

 

 

  
$ 43,012    $ 47,100