BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2014

A summary of contract receivables is as follows:


	June 30, 2014			December 31, 2013
	(In thousands)
Contract receivables:
Contracts in progress	$	121,920		$	192,745
Completed contracts		42,743			77,248
Retainages		85,587			127,698
Unbilled		4,303			14,571
Less allowances		(29,094	)		(30,404	)

Accounts receivable—trade, net	$	225,459		$	381,858

The following is a summary of retainages on our contracts:


	June 30, 2014		December 31, 2013
	(In thousands)
Retainages expected to be collected within one year	$	85,587	$	127,698
Retainages expected to be collected after one year		145,883		65,365

Total retainages	$	231,470	$	193,063

A summary of accounts receivable— other is as follows:


	June 30, 2014		December 31, 2013
	(In thousands)
Receivables from unconsolidated affiliates	$	18,207	$	36,181
Other taxes receivable		23,678		14,934
Accrued unbilled revenue		13,219		15,696
Asset derivatives		5,055		11,641
Employee receivables		3,973		4,532
Other		8,215		6,289

Accounts receivables – other	$	72,347	$	89,273

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


	June 30, 2014		December 31, 2013
	(In thousands)
Costs incurred less costs of revenue recognized	$	94,167	$	65,113
Revenues recognized less billings to customers		346,178		360,873

Contracts in Progress	$	440,345	$	425,986


	June 30, 2014			December 31, 2013
	(In thousands)
Billings to customers less revenue recognized	$	590,072		$	466,205
Costs incurred less costs of revenue recognized		(385,536	)		(187,276	)

Advance Billings on Contracts	$	204,536		$	278,929

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


	Six months ended June 30, 2014			Year ended December 31, 2013
	(In thousands)
Balance at beginning of period	$	14,951		$	13,761
Debt issuance costs		45,521			4,905
Former Credit Agreement debt issuance cost write off		(11,913	)		—
Amortization of interest expense		(4,315	)		(3,715	)

Balance at end of period	$	44,244		$	14,951

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


	June 30, 2014			December 31, 2013
	(In thousands)
Foreign currency translation adjustments	$	(3,821	)	$	(2,562	)
Net gain on investments		245			238
Net loss on derivative financial instruments		(30,090	)		(45,386	)
Unrecognized losses on benefit obligations		(85,555	)		(92,421	)

Accumulated other comprehensive loss	$	(119,221	)	$	(140,131	)

Reclassifications [Member]

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

2014 period


For the three months ended June 30, 2014	Foreign currency gain (loss)			Unrealized holding loss on investment		Deferred gain (loss) on derivatives⁽¹⁾			Defined benefit pension plans loss⁽²⁾			TOTAL
	(In thousands)
Balance, March 31, 2014	$	(2,882	)	$	214	$	(30,824	)	$	(89,250	)	$	(122,742	)
Other comprehensive income (loss) before reclassification		(939	)		31		441			0			(467	)
Amounts reclassified from AOCI		0			0		293	⁽³⁾		3,695	⁽⁴⁾		3,988

Net current period other comprehensive income (loss)		(939	)		31		734			3,695			3,521

Balance, June 30, 2014	$	(3,821	)	$	245	$	(30,090	)	$	(85,555	)	$	(119,221	)


For the six months ended June 30, 2014
Balance, December 31, 2013	$	(2,562	)	$	238	$	(45,386	)	$	(92,421	)	$	(140,131	)
Other comprehensive income (loss) before reclassification		(1,259	)		7		12,799			0			11,547
Amounts reclassified from AOCI		0			0		2,497	⁽³⁾		6,866	⁽⁴⁾		9,363

Net current period other comprehensive income (loss)		(1,259	)		7		15,296			6,866			20,910

Balance, June 30, 2014	$	(3,821	)	$	245	$	(30,090	)	$	(85,555	)	$	(119,221	)

2013 period


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

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

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


For the six months ended June 30, 2013
	(In thousands)
Balance, December 31, 2012	$	(3,366	)	$	(2,316	)	$	11,735		$	(100,466	)	$	(94,413	)
Other comprehensive income (loss) before reclassification		480			441			(71,013	)		—			(70,092	)
Amounts reclassified from AOCI		—			—			962	⁽³⁾		6,870	⁽⁴⁾		7,832

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

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

(1)	Refer to Note 5 for additional details.

(2)	Refer to Note 4 for additional details.

(3)	Reclassified to cost of operations and gain on foreign currency, net.

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