NOTE 9—UNCOMPLETED CONTRACTS
The Product Solutions, Nuclear Services and Energy Services segments enter into contracts that allow for periodic billings over the contract term. At any point in time, each project under construction could have either costs and estimated earnings in excess of billings or billings in excess of costs and estimated earnings. The methodology used for the 2013 table below includes only uncompleted contracts whereas the 2012 table presented includes all contracts as previously reported. Costs, earnings and billings related to uncompleted contracts consist of the following:
| |
December 31, | ||||||
|---|---|---|---|---|---|---|---|
| ($ in thousands) |
2013 | 2012 | |||||
|
Costs incurred on uncompleted contracts |
$ | 57,213 | $ | 446,789 | |||
|
Earnings recognized on uncompleted contracts |
1,545 | 78,468 | |||||
| | | | | | | | |
|
Total |
58,758 | 525,257 | |||||
|
Less—billings to date |
(29,711 | ) | (491,403 | ) | |||
| | | | | | | | |
|
Net |
$ | 29,047 | $ | 33,854 | |||
| | | | | | | | |
| | | | | | | | |
|
Costs and estimated earnings in excess of billings |
$ | 41,804 | $ | 50,059 | |||
|
Billings in excess of costs and estimated earnings |
(12,757 | ) | (16,205 | ) | |||
| | | | | | | | |
|
Net |
$ | 29,047 | $ | 33,854 | |||
| | | | | | | | |
| | | | | | | | |