BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2013

A summary of contract receivables is as follows:


	June 30, 2013			December 31, 2012
	(Unaudited)
	(In thousands)
Contract receivables:
Contracts in progress	$	209,880		$	273,729
Completed contracts		61,450			38,858
Retainages		64,839			133,619
Unbilled		5,087			4,710
Less allowances		(22,531	)		(22,116	)

Accounts receivable—trade, net	$	318,725		$	428,800

The following is a summary of retainages on our contracts:


	June 30, 2013		December 31, 2012
	(Unaudited)
	(In thousands)
Retainages expected to be collected within one year	$	64,839	$	133,619
Retainages expected to be collected after one year		95,286		32,085

Total retainages	$	160,125	$	165,704

A detail of the components of contracts in progress and advance billings on contracts is as follows:


	June 30, 2013		December 31, 2012
	(Unaudited)
	(In thousands)
Costs incurred less costs of revenue recognized	$	83,354	$	65,321
Revenues recognized less billings to customers		540,576		494,833

Contracts in Progress	$	623,930	$	560,154


	June 30, 2013			December 31, 2012
	(Unaudited)
	(In thousands)
Billings to customers less revenue recognized	$	467,049		$	394,352
Costs incurred less costs of revenue recognized		(165,623	)		(152,656	)

Advance Billings on Contracts	$	301,426		$	241,696

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


	June 30, 2013			December 31, 2012
	(Unaudited)
	(In thousands)
Foreign currency translation adjustments	$	(2,886	)	$	(3,366	)
Net loss on investments		(1,875	)		(2,316	)
Net gain (loss) on derivative financial instruments		(58,316	)		11,735
Unrecognized losses on benefit obligations		(93,596	)		(100,466	)

Accumulated other comprehensive loss	$	(156,673	)	$	(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 June 30, 2013	Unrealized holding gain (loss) on investment			Deferred gain (loss) on derivatives⁽¹⁾			Foreign currency gain (loss)			Defined benefit pension plans gain (loss)⁽²⁾			Total
	(Unaudited)
	(In thousands)
Balance, March 31, 2013	$	(1,915	)	$	(5,819	)	$	3,848		$	(96,811	)	$	(100,697	)
Other comprehensive income (loss)		40			(55,563	)		(6,734	)		—			(62,257	)
Amounts reclassified from AOCI		—			3,066	⁽³⁾		—			3,215	⁽⁴⁾		6,281

Net current period other comprehensive income (loss)		40			(52,497	)		(6,734	)		3,215			(55,976	)

Balance, June 30, 2013	$	(1,875	)	$	(58,316	)	$	(2,886	)	$	(93,596	)	$	(156,673	)


For the three months ended June 30, 2012	Unrealized holding gain (loss) on investment			Deferred gain (loss) on derivatives⁽¹⁾			Foreign currency gain (loss)			Defined benefit pension plans gain (loss)⁽²⁾			Total
	(Unaudited) (In thousands)
Balance, March 31, 2012	$	(3,706	)	$	(1,657	)	$	(9,325	)	$	(85,233	)	$	(99,921	)
Other comprehensive income		431			(18,164	)		3,326			—			(14,407	)
Amounts reclassified from AOCI		—			1,107	⁽³⁾		—			2,681	⁽⁴⁾		3,788

Net current period other comprehensive income		431			(17,057	)		3,326			2,681			(10,619	)

Balance, June 30, 2012	$	(3,275	)	$	(18,714	)	$	(5,999	)	$	(82,552	)	$	(110,540	)


For the six months ended June 30, 2013	Unrealized holding gain (loss) on investment			Deferred gain (loss) on derivatives⁽¹⁾			Foreign currency gain (loss)			Defined benefit pension plans gain (loss)⁽²⁾			Total
	(Unaudited)
	(In thousands)
Balance, December 31, 2012	$	(2,316	)	$	11,735		$	(3,366	)	$	(100,466	)	$	(94,413	)
Other comprehensive income (loss)		441			(71,013	)		480			—			(70,092	)
Amounts reclassified from AOCI		—			962	⁽³⁾		—			6,870	⁽⁴⁾		7,832

Net current period other comprehensive income (loss)		441			(70,051	)		480			6,870			(62,260	)

Balance, June 30, 2013	$	(1,875	)	$	(58,316	)	$	(2,886	)	$	(93,596	)	$	(156,673	)


For the six months ended June 30, 2012	Unrealized holding gain (loss) on investment			Deferred gain (loss) on derivatives⁽¹⁾			Foreign currency gain (loss)			Defined benefit pension plans gain (loss)⁽²⁾			Total
	(Unaudited) (In thousands)
Balance, December 31, 2011	$	(4,402	)	$	3,088		$	(12,438	)	$	(88,278	)	$	(102,030	)
Other comprehensive income		1,127			(24,051	)		6,439			—			(16,485	)
Amounts reclassified from AOCI		—			2,249	⁽³⁾		—			5,726	⁽⁴⁾		7,975

Net current period other comprehensive income		1,127			(21,802	)		6,439			5,726			(8,510	)

Balance, June 30, 2012	$	(3,275	)	$	(18,714	)	$	(5,999	)	$	(82,552	)	$	(110,540	)

(1)	Refer to Note 5 for additional details

(2)	Refer to Note 4 for additional details

(3)	Reclassified to cost of operations

(4)	Reclassified to selling, general and administrative expenses