BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2014

A summary of contract receivables is as follows:

	September 30, 2014			December 31, 2013

	(in thousands)
Contract receivables:
Contracts in progress	$	176,754		$	192,745
Completed contracts		34,821			77,248
Retainages		86,883			127,698
Unbilled		4,304			14,571
Less allowances		(31,743	)		(30,404	)
Accounts receivable—trade, net	$	271,019		$	381,858

The following is a summary of retainages on our contracts:

	September 30, 2014		December 31, 2013

	(in thousands)

Retainages expected to be collected within one year	$	86,883	$	127,698
Retainages expected to be collected after one year		132,248		65,365

Total retainages	$	219,131	$	193,063

A summary of accounts receivable— other is as follows:

	September 30, 2014		December 31, 2013

	(In thousands)
Other taxes receivable	$	26,874	$	14,934
Receivables from unconsolidated affiliates		19,842		36,181
Accrued unbilled revenue		13,278		15,696
Intercompany unbilled cost		7,248		5,373
Employee receivables		4,286		4,532
Foreign currency forward contracts		328		11,641
Other		3,885		916
Accounts receivable-other	$	75,741	$	89,273

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

	September 30, 2014			December 31, 2013

	(In thousands)
Costs incurred less costs of revenue recognized	$	103,467		$	65,113
Revenues recognized less billings to customers		233,453			360,873

Contracts in Progress	$	336,920		$	425,986

	September 30, 2014			December 31, 2013

	(In thousands)

Billings to customers less revenue recognized	$	680,962		$	466,205
Costs incurred less costs of revenue recognized		(480,704	)		(187,276	)

Advance Billings on Contracts	$	200,258		$	278,929

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

	Nine months ended September 30, 2014			Year ended December 31, 2013

	(In thousands)
Balance at beginning of period	$	14,951		$	13,761
Debt issuance costs		46,914			4,905
Former Credit Agreement debt issuance cost write off		(11,913	)		-
Amortization of interest expense		(7,628	)		(3,715	)
		42,324			14,951
Less: Current portion		(11,244	)		-
Noncurrent portion	$	31,080		$	14,951

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

	September 30, 2014			December 31, 2013

	(In thousands)

Foreign currency translation adjustments	$	(5,276	)	$	(2,562	)
Net gain on investments		238			238
Net loss on derivative financial instruments		(63,003	)		(45,386	)
Unrecognized losses on benefit obligations		(82,123	)		(92,421	)
Accumulated other comprehensive loss	$	(150,164	)	$	(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 September 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, June 30, 2014	$	(3,821	)	$	245		$	(30,090	)	$	(85,555	)	$	(119,221	)

Other comprehensive income (loss) before reclassification		(1,455	)		(7	)		(39,563	)		-			(41,025	)
Amounts reclassified from AOCI		-			-			6,650			3,432			10,082
Net current period other comprehensive income (loss)		(1,455	)		(7	)		(32,913	)		3,432			(30,943	)

Balance, September 30, 2014	$	(5,276	)	$	238		$	(63,003	)	$	(82,123	)	$	(150,164	)

For the nine months ended September 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, December 31, 2013	$	(2,562	)	$	238		$	(45,386	)	$	(92,421	)	$	(140,131	)

Other comprehensive income (loss) before reclassification		(2,714	)		-			(26,764	)		-			(29,478	)
Amounts reclassified from AOCI		-			-			9,147			10,298			19,445
Net current period other comprehensive income (loss)		(2,714	)		-			(17,617	)		10,298			(10,033	)

Balance, September 30, 2014	$	(5,276	)	$	238		$	(63,003	)	$	(82,123	)	$	(150,164	)

2013 period

For the three months ended September 30, 2013	Foreign currency gain (loss)			Unrealized holding loss on investment			Deferred gain (loss) on derivatives⁽¹⁾			Defined benefit pension plans loss⁽²⁾			TOTAL



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

Other comprehensive income (loss) before reclassification		(1,245	)		158			24,767			-		$	23,680
Amounts reclassified from AOCI		-			-			320			3,438		$	3,758
Net current period other comprehensive income (loss)		(1,245	)		158			25,087			3,438			27,438

Balance, September 30, 2013	$	(4,131	)	$	(1,717	)	$	(33,229	)	$	(90,158	)	$	(129,235	)

For the nine months ended September 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, December 31, 2012	$	(3,366	)	$	(2,316	)	$	11,735		$	(100,466	)	$	(94,413	)

Other comprehensive income (loss) before reclassification		(765	)		599			(46,246	)		-		$	(46,412	)
Amounts reclassified from AOCI		-			-			1,282			10,308		$	11,590
Net current period other comprehensive income (loss)		(765	)		599			(44,964	)		10,308			(34,822	)

Balance, September 30, 2013	$	(4,131	)	$	(1,717	)	$	(33,229	)	$	(90,158	)	$	(129,235	)

·	Refer to Note 5 for additional details.

·	Refer to Note 4 for additional details.

·	Reclassified to cost of operations and gain on foreign currency, net.

·	Reclassified to selling, general and administrative expenses.