Contracts in Process and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts — Under long-term contracts, amounts recorded in contracts in process and billings in excess of costs and estimated earnings on uncompleted contracts may not be realized or paid, respectively, within a one-year period. In conformity with relevant industry accounting standards, however, the full amount of contracts in process and billings in excess of costs and estimated earnings on uncompleted contracts is included in current assets and current liabilities, respectively on the consolidated balance sheet.
| December 31, 2013 | December 31, 2012 | |||||
| Costs and estimated earnings on uncompleted contracts: | ||||||
| Cost incurred on uncompleted contracts | $ | 15,787,814 | $ | 16,159,666 | ||
| Estimated earnings on uncompleted contracts | 2,625,264 | 2,887,117 | ||||
| Gross cost incurred and estimated earnings on uncompleted contracts | 18,413,078 | 19,046,783 | ||||
| Less: Billings to date | 18,785,498 | 19,382,160 | ||||
| Net liability position of contract portfolio | $ | (372,420) | $ | (335,377) | ||
| Balances included on the consolidated balance sheet: | ||||||
| Contracts in process | $ | 197,232 | $ | 228,979 | ||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 569,652 | 564,356 | ||||
| Net liability position of contract portfolio | $ | (372,420) | $ | (335,377) | ||