CONTRACTS IN PROGRESS AND ADVANCE BILLINGS ON CONTRACTS

3 Months Ended

Mar. 31, 2015

Contractors [Abstract]

CONTRACTS IN PROGRESS AND ADVANCE BILLINGS ON CONTRACTS

NOTE 5—CONTRACTS IN PROGRESS AND ADVANCE BILLINGS ON CONTRACTS

Contracts in progress were $380.8 million and $357.6 million at March 31, 2015 and December 31, 2014, respectively. Advance billings on contracts were $162.0 million at March 31, 2015 and $199.9 million at December 31, 2014. A detail of the components of contracts in progress and advance billings on contracts is as follows:

	March 31, 2015			December 31, 2014
	(In thousands)
Costs incurred less costs of revenue recognized	$	160,306		$	90,191
Revenues recognized less billings to customers		220,450			267,426
Contracts in Progress	$	380,756		$	357,617
Billings to customers less revenue recognized		514,089			578,896
Costs incurred less costs of revenue recognized		(352,085	)		(379,031	)
Advance Billings on Contracts	$	162,004		$	199,865