Quarterly report pursuant to Section 13 or 15(d)

Contracts in Progress

v3.7.0.1
Contracts in Progress
6 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Contracts In Progress [Text Block]
Note 6 – Contracts in Progress
 
 
 
Successor
 
(in thousands)
 
June 30, 2017
 
December 31, 2016
 
Revenue earned on uncompleted contracts
 
$
578,861
 
$
532,549
 
Less: Billings to date
 
 
(578,945)
 
 
(539,780)
 
Net overbilling
 
$
(84)
 
 
(7,231)
 
 
 
 
 
 
 
 
 
The above is reflected in the accompanying condensed consolidated balance sheets as follows:
 
 
 
 
 
 
 
Costs and estimated earnings in excess of billing on uncompleted contracts
 
 
30,119
 
 
31,959
 
Billings in excess of costs and estimated earnings on uncompleted contracts
 
 
(30,203)
 
 
(39,190)
 
Net overbilling
 
$
(84)
 
$
(7,231)
 
 
Accounts payable includes retainage due to subcontractors totaling $9.2 million and $8.9 million as of June 30, 2017 and December 31, 2016, 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 significant, these recoverability estimates are evaluated to determine the net realizable value. If additional amounts are recovered, additional contract revenue would be recognized.