COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

9 Months Ended

Oct. 31, 2017

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

NOTE 6 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

The table below sets forth the aggregate amounts of costs charged to and earnings accrued on uncompleted contracts compared with the billings on those contracts through October 31, 2017 and January 31, 2017.

	October 31, 2017			January 31, 2017
Costs charged to uncompleted contracts	$	1,074,974		$	485,629
Estimated accrued earnings	177,065			78,708
	1,252,039			564,337
Less - billings to date	1,388,705			770,386
	$	(136,666	)	$	(206,049	)

Amounts above are included in the accompanying condensed consolidated balance sheets under the following captions:

	October 31, 2017			January 31, 2017
Costs and estimated earnings in excess of billings	$	10,197		$	3,192
Billings in excess of costs and estimated earnings	146,863			209,241
	$	(136,666	)	$	(206,049	)

Costs charged to contracts include amounts billed to the Company for delivered goods and services where payments have been retained from subcontractors and suppliers. Retained amounts as of October 31, 2017 and January 31, 2017, which were included in the Company’s balance of accounts payable as of those dates, totaled $34.6 million and $17.2 million, respectively. Generally, such amounts are expected to be paid prior to the completion of the applicable project.