Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Contract with Customer, Asset and Liability [Abstract]

Contract assets and liabilities

The following table shows the opening and closing balances of contract assets and contract liabilities from contracts with customers (dollars in thousands):

	March 31, 2020		December 31, 2019		$ Change			% Change
Contract assets, net (1)	$	7,325	$	—	$	7,325		NM
Contract liabilities, net (2)	$	6,451	$	6,592	$	(141	)	(2	)%

__________

NM indicates that the percentage change is not meaningful or is greater than 100%

(1) At March 31, 2020, the entire contract asset amount is classified as a noncurrent asset and is included in Other assets. The net increase in contract assets during the three months ended March 31, 2020 was primarily due to the Company’s estimated consideration for the sale of certain intellectual property rights.

(2)

At both March 31, 2020 and December 31, 2019, approximately $1.4 million of these contract liability amounts are classified as current liabilities and are included in Accounts payable and accrued expenses in the Company’s Condensed Consolidated Balance Sheets. The remaining amounts are classified as noncurrent and are included in Other liabilities.