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Accounts Receivable and Contracts in Progress
9 Months Ended
Sep. 30, 2014
Receivables [Abstract]  
Accounts Receivable and Contracts in Progress

3. ACCOUNTS RECEIVABLE AND CONTRACTS IN PROGRESS

Accounts receivable consist of the following (in thousands):

 

     September 30,
2014
    December 31,
2013
 

Contract receivables:

    

Contracts in progress

   $ 91,854      $ —     

Unbilled retentions

     33,693        —     

Trade receivables

     48,228        21,456   

Other receivables

     1,380        —     

Allowance for doubtful accounts

     (4,639     (2,476
  

 

 

   

 

 

 
   $ 170,516      $ 18,980   
  

 

 

   

 

 

 

 

Most of the Company’s contract receivables are due from general contractors operating in Arizona, California, Colorado, Florida, Georgia, Nevada, Texas and Panama.

Costs and recognized earnings in excess of billings on uncompleted contracts and billings in excess of costs and recognized earnings on uncompleted contracts consist of the following:

 

     September 30,
2014
    December 31,
2013
 

Costs incurred on contracts in progress

   $ 479,009      $ —     

Estimated earnings

     51,923        —     
  

 

 

   

 

 

 
     530,932        —     

Less progress billings

     562,731        —     
  

 

 

   

 

 

 
   $ (31,799   $ —     
  

 

 

   

 

 

 

The above is included in the accompanying condensed consolidated balance sheet under the following captions:

    

Costs and recognized earnings in excess of billings on uncompleted contracts

     26,604        —     

Billings in excess of costs and recognized earnings on uncompleted contracts

     (58,403     —     
  

 

 

   

 

 

 
   $ (31,799   $ —