BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2013

A summary of contract receivables is as follows:


	March 31, 2013			December 31, 2012
	(Unaudited)
	(In thousands)
Contract receivables:
Contracts in progress	$	239,823		$	273,729
Completed contracts		122,723			38,858
Retainages		98,042			133,619
Unbilled		4,710			4,710
Less allowances		(22,116	)		(22,116	)

Accounts receivable—trade, net	$	443,182		$	428,800

The following is a summary of retainages on our contracts:


	March 31, 2013		December 31, 2012
	(Unaudited)
	(In thousands)
Retainages expected to be collected within one year	$	98,042	$	133,619
Retainages expected to be collected after one year		56,297		32,085

Total retainages	$	154,339	$	165,704

The components of AOCI included in stockholders’ equity are as follows:


	March 31, 2013			December 31, 2012
	(Unaudited)
	(In thousands)
Foreign currency translation adjustments	$	3,848		$	(3,366	)
Net loss on investments		(1,914	)		(2,316	)
Net gain (loss) on derivative financial instruments		(5,820	)		11,735
Unrecognized losses on benefit obligations		(96,811	)		(100,466	)

Accumulated other comprehensive loss	$	(100,697	)	$	(94,413	)

Reclassifications

The following tables present the components of AOCI and the amounts that were reclassified during the period:


For the three months ended March 31, 2013	Unrealized holding loss on investment			Deferred gain (loss) on derivatives⁽¹⁾			Foreign currency gain (loss)			Defined benefit pension plans loss⁽²⁾			TOTAL
	(Unaudited)
	(In thousands)
Balance, December 31, 2012	$	(2,315	)	$	11,734		$	(3,366	)	$	(100,466	)	$	(94,413	)
Other comprehensive income (loss) before reclassification		401			(15,450	)		7,214			—			(7,835	)
Amounts reclassified from AOCI		—			(2,104	)⁽³⁾		—			3,655	⁽⁴⁾		1,551

Net current period other comprehensive income (loss)		401			(17,554	)		7,214			3,655			(6,284	)

Balance, March 31, 2013	$	(1,914	)	$	(5,820	)	$	3,848		$	(96,811	)	$	(100,697	)


For the three months ended March 31, 2012	Unrealized holding loss on investment			Deferred gain (loss) on derivatives⁽¹⁾			Foreign currency gain (loss)			Defined benefit pension plans loss⁽²⁾			TOTAL
	(Unaudited) (In thousands)
Balance, December 31, 2011	$	(4,402	)	$	3,088		$	(12,438	)	$	(88,278	)	$	(102,030	)
Other comprehensive income before reclassification		696			(5,887	)		3,113			—			(2,078	)
Amounts reclassified from AOCI		—			1,142	⁽³⁾		—			3,045	⁽⁴⁾		4,187

Net current period other comprehensive income		696			(4,745	)		3,113			3,045			2,109

Balance, March 31, 2012	$	(3,706	)	$	(1,657	)	$	(9,325	)	$	(85,233	)	$	(99,921	)

(1)	Refer to Note 4 for additional details.

(2)	Refer to Note 3 for additional details.

(3)	Reclassified to cost of operations.

(4)	Reclassified to selling, general and administrative expenses.