4. Contracts in Process
The net asset (liability)position for contracts in process consisted of the following at December 31:
| (in thousands) |
2013 | 2012 | |||||
|---|---|---|---|---|---|---|---|
|
Costs and estimated earnings on uncompleted contracts |
$ | 1,748,204 | $ | 1,439,455 | |||
|
Less: Billings to date |
1,760,637 | 1,410,271 | |||||
| | | | | | | | |
|
|
$ | (12,433 | ) | $ | 29,184 | ||
| | | | | | | | |
| | | | | | | | |
The net asset (liability) position for contracts in process is included in the accompanying consolidated balance sheets as follows at December 31:
| (in thousands) |
2013 | 2012 | |||||
|---|---|---|---|---|---|---|---|
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
$ | 40,519 | $ | 61,773 | |||
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
(52,952 | ) | (32,589 | ) | |||
| | | | | | | | |
|
|
$ | (12,433 | ) | $ | 29,184 | ||
| | | | | | | | |
| | | | | | | | |