| Contract Assets and Liabilities |
Contract Assets and Liabilities Costs and estimated earnings compared to billings on uncompleted contracts at December 31, 2019 and September 30, 2019 consisted of the following (in thousands):
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December 31, 2019 |
|
September 30, 2019 |
|
(unaudited) |
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| Costs on uncompleted contracts |
$ |
997,238 |
|
|
$ |
900,880 |
|
| Estimated earnings to date on uncompleted contracts |
131,978 |
|
|
123,256 |
|
|
1,129,216 |
|
|
1,024,136 |
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| Billings to date on uncompleted contracts |
(1,146,233) |
|
|
(1,043,221) |
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| Net billings in excess of costs and estimated earnings on uncompleted contracts |
$ |
(17,017) |
|
|
$ |
(19,085) |
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Significant changes to balances of costs and estimated earnings in excess of billings (contract asset) and billings in excess of costs and estimated earnings (contract liability) on uncompleted contracts from September 30, 2019 to December 31, 2019 are presented below (in thousands):
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Costs and Estimated Earnings in Excess of Billings on
Uncompleted Contracts |
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Billings in Excess of Costs and Estimated Earnings on
Uncompleted Contracts |
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Net Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts |
| September 30, 2019 |
$ |
12,030 |
|
|
$ |
(31,115) |
|
|
$ |
(19,085) |
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| Changes in revenue billed, contract price or cost estimates |
$ |
2,122 |
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|
|
$ |
(54) |
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|
|
$ |
2,068 |
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| December 31, 2019 (unaudited) |
$ |
14,152 |
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|
|
$ |
(31,169) |
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|
$ |
(17,017) |
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