Contracts in Progress
|3 Months Ended|
Mar. 31, 2018
|Property, Plant and Equipment [Abstract]|
|Contracts In Progress [Text Block]||
Note 5 Contracts in Progress
Accounts payable includes retainage due to subcontractors totaling $11.5 million and $11.1 million as of March 31, 2018 and December 31, 2017, 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 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.
For the three months ended March 31, 2018, we recorded revisions in our contract estimates for five construction projects resulting in gross profit write downs totaling $3.7 million, as well as a single service project write down totaling $0.9 million. The Company is evaluating potential recovery options for some of the write downs recognized in the three months ended March 31, 2018, but is not currently in a position to recognize any potential recoveries in its financial statements. We also recorded revisions in our contract estimates on four construction projects resulting in gross profit write ups totaling $1.5 million for the three months ended March 31, 2018.