Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Contract Assets, Contract Liabilities and Calculation of Revenue under Old and New Accounting Pronouncements

The Company implemented ASU 2014-09, Revenue from Contracts with Customers (Topic 606), on January 1, 2018 using the modified retrospective method. This method requires that the Company apply the requirements of the new standard in the year of adoption to new contracts and those that were not completed as of the adoption date. Management evaluated those contracts not completed as of the adoption date and concluded that the required cumulative adjustment to those contracts did not have a material impact on the Company. Contract assets and contract liabilities were formerly reported as unbilled accounts receivable and deferred revenue, respectively. The titles have been changed in the table below to be consistent with accounts currently used under the new standard.

	December 31, 2017
	As Reported		As Adopted
Contract receivables, net	$	291,515	$	168,318
Contract assets		—		123,197
Deferred revenue		38,571		—
Contract liabilities		—		38,571
Retained earnings		434,766		434,766

Unfulfilled performance obligations for contracts in process as of the adoption date were $1.1 billion.

Under the modified retrospective method, the Company is required to maintain dual reporting during the year of adoption in order to present revenue under both the previous and new accounting for contracts initiated on or after the date of adoption and for those contracts having remaining obligations as of the adoption date. Revenue timing differences between the two methods resulted primarily from contracts with performance incentives. Under the new accounting, the Company has included in revenue the most likely amount of priced incentives earned as contract work was performed rather than, as under the old accounting, waiting to recognize revenue from incentives until specific quantitative goals were achieved, generally at the end of the performance assessment period. This timing difference did not result in a material change to the Company’s annual revenue since most incentives have one-year performance assessment periods which are aligned with the Company’s fiscal year. Revenue calculated under the old and new methods is as follows:

	Year ended December 31, 2018
	Previous Accounting		New Accounting
Revenue	$	1,337,973	$	1,337,973

Contract assets		126,688		126,688
Contract liabilities		33,494		33,494