BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

A summary of contract receivables is as follows:

We expect to invoice our unbilled receivables once certain milestones or other metrics are reached, and we expect to collect all unbilled amounts. We believe that our provision for losses on uncollectible accounts receivable is adequate for our credit loss exposure.

	December 31, 2014			December 31, 2013
	(in thousands)
Contract receivables:
Contracts in progress	$	106,174		$	192,745
Completed contracts		34,698			77,248
Retainages		28,586			127,698
Unbilled		4,303			14,571
Less allowances		(30,391	)		(30,404	)
Accounts receivable—trade, net	$	143,370		$	381,858

Retainages on Contracts

The following amounts represent retainages on contracts:

	December 31, 2014		December 31, 2013
	(in thousands)

Retainages expected to be collected within one year	$	28,586	$	127,698
Retainages expected to be collected after one year		137,468		65,365

Total retainages	$	166,054	$	193,063

Summary of Accounts Receivable Other

A summary of accounts receivable—other is as follows:

	December 31, 2014		December 31, 2013
	(In thousands)
Other taxes receivable	$	31,392	$	14,934
Receivables from unconsolidated affiliates		20,061		36,181
Accrued unbilled revenue		15,442		15,696
Intercompany unbilled cost		3,978		5,373
Employee receivables		4,336		4,532
Foreign currency forward contracts		1,173		11,641
Other		4,706		916
Accounts receivable-other	$	81,088	$	89,273

Components of Contracts in Progress and Advance Billings on Contracts

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

	December 31, 2014			December 31, 2013
	(In thousands)
Costs incurred less costs of revenue recognized	$	90,191		$	65,113
Revenues recognized less billings to customers		267,426			360,873
Contracts in Progress	$	357,617		$	425,986


Billings to customers less revenue recognized	$	578,896		$	466,205
Costs incurred less costs of revenue recognized		(379,031	)		(187,276	)
Advance Billings on Contracts	$	199,865		$	278,929

Summary of Changes in Carrying Amount of Other Non-Current Assets

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

	Year ended December 31, 2014			Year ended December 31, 2013
	(In thousands)
Balance at beginning of period	$	14,951		$	13,761
Debt issuance costs		47,737			4,905
Former Credit Agreement debt issuance cost write off		(11,913	)		—
Amortization of interest expense		(10,999	)		(3,715	)
		39,776			14,951
Less: Current portion		(12,936	)		—
Noncurrent portion	$	26,840		$	14,951

Summary of Property Plant Equipment by Asset Category

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

	Year Ended December 31,
	2014			2013
	(In thousands)
Marine Vessels	$	1,241,105		$	1,089,121
Construction Equipment		496,557			576,855
Construction in Progress		435,447			408,705
Buildings		159,623			161,407
All other		140,831			131,598
Total Cost	$	2,473,563		$	2,367,686
Accumulated Depreciation		(830,467	)		(889,009	)
Net Book Value	$	1,643,096		$	1,478,677

Reclassifications [Member]

Components of Accumulated Other Comprehensive Income (Loss) Included in Stockholders' Equity

Components of accumulated other comprehensive income (loss) (“AOCI”) have been restated to reflect the retrospective change in accounting method for recognizing actuarial gain and losses related to pension and postretirement benefit plans.

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

	December 31, 2014			December 31, 2013
	(In thousands)

Foreign currency translation adjustments	$	(15,212	)	$	(2,562	)
Net gain on investments		241			238
Net loss on derivative financial instruments		(82,837	)		(45,386	)
Accumulated other comprehensive loss	$	(97,808	)	$	(47,710	)

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

	Foreign currency translation gain (loss)			Unrealized holding gain (loss) on investments			Deferred gain (loss) on derivatives⁽¹⁾				TOTAL
	(in thousands)

Balance, January 1, 2013	$	(3,366	)	$	(2,316	)	$	11,735			$	6,053

Other comprehensive income (loss) before reclassification		804			920			(52,781	)			(51,057	)
Amounts reclassified from AOCI	—				1,634			(4,340	)	(2)		(2,706	)
Net current period other comprehensive income (loss)		804			2,554			(57,121	)			(53,763	)

Balance, December 31, 2013	$	(2,562	)	$	238		$	(45,386	)		$	(47,710	)

Other comprehensive income (loss) before reclassification		(9,250	)		3			(65,503	)			(74,750	)
Amounts reclassified from AOCI		(3,400	)	—				28,052		⁽²⁾		24,652
Net current period other comprehensive income (loss)		(12,650	)		3			(37,451	)			(50,098	)

Balance, December 31, 2014	$	(15,212	)	$	241		$	(82,837	)		$	(97,808	)

⁽¹⁾	Refer to Note 6 for additional details

⁽²⁾	Reclassified to cost of operations and gain on foreign currency, net