Annual report pursuant to Section 13 and 15(d)

Contracts in Progress

v3.8.0.1
Contracts in Progress
12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
Contracts In Progress [Text Block]
Note 6 – Contracts in Progress
 
(in thousands)
 
December 31, 2017
 
December 31, 2016
 
Revenue earned on uncompleted contracts
 
$
557,164
 
$
532,549
 
Less: Billings to date
 
 
(552,701)
 
 
(539,780)
 
Net underbilling (overbilling)
 
$
4,463
 
 
(7,231)
 
 
 
 
 
 
 
 
 
The above is reflected in the accompanying consolidated balance sheets as follows:
 
 
 
 
 
 
 
Costs and estimated earnings in excess of billing on uncompleted contracts
 
 
33,006
 
 
31,959
 
Billings in excess of costs and estimated earnings on uncompleted contracts
 
 
(28,543)
 
 
(39,190)
 
Net underbilling (overbilling)
 
$
4,463
 
$
(7,231)
 
 
Accounts payable includes retainage due to subcontractors totaling $11.1 million and $8.9 million as of December 31, 2017 and 2016, respectively.
 
The Company has asserted claims and may have unresolved change orders on certain construction projects. These occur typically as a result of scope changes and project delays. Management continually evaluates these items and estimates the recoverable amounts and, if significant, these recoverability estimates are evaluated to determine the net realizable value. If additional amounts are recovered, additional contract revenue would be recognized. The current estimated net realizable value on such items as recorded in costs and estimated earnings in excess of billings on uncompleted contracts in the consolidated balance sheets was $10.3 million and $7.9 million as of December 31, 2017 and 2016, respectively. The Company anticipates that the majority of such amounts will be earned as revenue within one year.