ACCOUNTS RECEIVABLE

3 Months Ended

Mar. 31, 2017

NOTE 6—ACCOUNTS RECEIVABLE

Accounts Receivable—Trade, Net

A summary of contract receivables is as follows:

	March 31, 2017			December 31, 2016
	(in thousands)
Contract receivables:
Contracts in progress	$	97,116		$	245,604
Completed contracts		25,202			40,345
Retainages		86,934			58,431
Unbilled⁽¹⁾		4,303			4,303
Less allowances		(14,303	)		(14,299	)
Accounts receivable—trade, net	$	199,252		$	334,384

⁽¹⁾	This amount relates to a project milestone billing for which we are awaiting the customer’s final acceptance certificate. We expect to receive the final acceptance certificate during 2017.

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, 2017		December 31, 2016
	(in thousands)
Retainages expected to be collected within one year	$	86,934	$	58,431
Retainages expected to be collected after one year		101,004		127,193
Total retainages	$	187,938	$	185,624