ACCOUNTS RECEIVABLE

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

ACCOUNTS RECEIVABLE

NOTE 5—ACCOUNTS RECEIVABLE

Accounts Receivable—Trade, Net

A summary of contract receivables is as follows:

	March 31, 2016			December 31, 2015
	(in thousands)
Contract receivables:
Contracts in progress	$	228,929			164,898
Completed contracts		45,235			35,702
Retainages		7,587			17,896
Unbilled		4,303			4,303
Less allowances		(14,341	)		(14,325	)
Accounts receivable—trade, net	$	271,713		$	208,474

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:

	March 31, 2016		December 31, 2015
	(in thousands)
Retainages expected to be collected within one year	$	7,587	$	17,896
Retainages expected to be collected after one year		160,515		155,061
Total retainages	$	168,102	$	172,957