ACCOUNTS RECEIVABLE

9 Months Ended

Sep. 30, 2015

NOTE 4—ACCOUNTS RECEIVABLE

Accounts Receivable—Trade, Net

A summary of contract receivables is as follows:


	September 30, 2015			December 31, 2014
	(in thousands)
Contract receivables:
Contracts in progress	$	108,173		$	106,174
Completed contracts		21,128			34,698
Retainages		15,377			28,586
Unbilled		4,303			4,303
Less allowances		(25,798	)		(30,391	)
Accounts receivable-trade, net	$	123,183		$	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:

	September 30, 2015		December 31, 2014
	(in thousands)
Retainages expected to be collected within one year	$	15,377	$	28,586
Retainages expected to be collected after one year		146,361		137,468
Total retainages	$	161,738	$	166,054