ACCOUNTS RECEIVABLE

6 Months Ended

Jun. 30, 2015

NOTE 4—ACCOUNTS RECEIVABLE

Accounts Receivable—Trade, Net

A summary of contract receivables is as follows:


	June 30, 2015			December 31, 2014
	(in thousands)
Contract receivables:
Contracts in progress	$	277,871		$	106,174
Completed contracts		15,934			34,698
Retainages		14,954			28,586
Unbilled		4,303			4,303
Less allowances		(25,798	)		(30,391	)
Accounts receivable-trade, net	$	287,264		$	143,370

Contract retainages generally represent amounts withheld by our customers until project completion, in accordance with the terms of the applicable contracts. The following is a summary of retainages on our contracts:

	June 30, 2015		December 31, 2014
	(in thousands)
Retainages expected to be collected within one year	$	14,954	$	28,586
Retainages expected to be collected after one year		140,867		137,468
Total retainages	$	155,821	$	166,054