BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2011

Contracts Receivables

A summary of contract receivables is as follows:

	December 31,
	2011			2010
	(In thousands)
Contract receivables:
Contracts in progress	$	371,223		$	191,216
Completed contracts		28,369			85,587
Retainages		65,248			63,558
Unbilled		5,650			12,697
Less allowances		(24,682	)		(29,561	)
Accounts receivable—trade, net	$	445,808		$	323,497

Retainages on Contracts

The following amounts represent retainages on contracts:

	December 31,
	2011		2010
	(In thousands)
Retainages expected to be collected within one year	$	65,248	$	63,558
Retainages expected to be collected after one year		74,539		83,143
Total retainages	$	139,787	$	146,701

Summary of Allowances

A summary of allowances is as follows:

	Year Ended December 31,
	2011			2010
	(In thousands)
Balance at beginning of period	$	(29,561	)	$	(42,246	)
Charged to costs and expenses		(31,897	)		(8,108	)
Write-offs/recoveries		36,776			20,793
Balance at end of period	$	(24,682	)	$	(29,561	)

Accumulated Other Comprehensive Income (Loss) ("AOCI") Included in Stockholders'

The components of accumulated other comprehensive income (loss) (“AOCI”) included in stockholders’ equity are as follows:

	December 31,
	2011			2010
	(In thousands)
Foreign currency translation adjustments	$	(12,438	)	$	(6,888	)
Net loss on investments		(4,403	)		(4,330	)
Net (gain) loss on derivative financial instruments		3,089			(855	)
Unrecognized losses on benefit obligations(1)		(88,278	)		(151,644	)
Accumulated other comprehensive loss	$	(102,030	)	$	(163,717	)

(1) Amortization of benefit plan costs in the consolidated statements of equity is shown net of $0 and $18.6 million of taxes as of December 31, 2011 and 2010, respectively. Future amortization will not reflect a tax benefit until those benefits can be recognized and the existing deferred tax benefits will not change significantly.

Summary of Property, Plant and Equipment by Asset Category

A summary of property, plant and equipment by asset category is as follows:

	Year Ended December 31,
	2011			2010
	(In thousands)
Marine Vessels	$	812,322		$	823,894
Construction Equipment		545,765			498,065
Construction in Progress		343,555			157,081
Buildings		136,587			135,673
All other		120,648			105,327
Total Cost		1,958,877			1,720,040
Accumulated Depreciation		(857,012	)		(804,471	)
Net Book Value	$	1,101,865		$	915,569

Carrying Amount of Goodwill by Segment

The following summarizes the carrying amount of goodwill by segment at December 31, 2011 and 2010:

Asia Pacific	Middle East	Total
$19,777	$21,425	$41,202

Changes in Carrying Amount of Deferred Debt Issuance Costs

The following summarizes the changes in the carrying amount of these assets:

	Year Ended December 31,
	2011			2010
	(In thousands)
Balance at beginning of period	$	16,073		$	4,635
Deferred debt issuance costs and performance guarantees		4,944			17,881
Reductions and other transfers		—			(181	)
Interest expense—debt issuance costs		(3,892	)		(6,262	)
Balance at end of period	$	17,125		$	16,073