XML 46 R33.htm IDEA: XBRL DOCUMENT v3.20.2
REVENUE RECOGNITION AND CONTRACTS (Tables)
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Schedule of Contracts in Progress and Advance Billings on Contracts
The following represents the components of our contracts in progress and advance billings on contracts included in our Condensed Consolidated Balance Sheets:
(in thousands)
September 30, 2020
December 31, 2019
$ Change
% Change
Contract assets - included in contracts in progress:
 
 
 
 
Costs incurred less costs of revenue recognized
$
26,359

$
29,877

$
(3,518
)
(12
)%
Revenues recognized less billings to customers
47,523

61,702

(14,179
)
(23
)%
Contracts in progress
$
73,882

$
91,579

$
(17,697
)
(19
)%
Contract liabilities - included in advance billings on contracts:
 
 
 
 
Billings to customers less revenues recognized
$
52,410

$
76,468

$
(24,058
)
(31
)%
Costs of revenue recognized less cost incurred
1,636

(1,181
)
2,817

(239
)%
Advance billings on contracts
$
54,046

$
75,287

$
(21,241
)
(28
)%
 
 
 
 
 
Net contract balance
$
19,836

$
16,292

$
3,544

22
 %
 
 
 
 
 
Accrued contract losses
$
845

$
6,193

$
(5,348
)
(86
)%
Schedule of Recognized Changes in Estimated Gross Profit
In the three and nine months ended September 30, 2020 and 2019, we recognized changes in estimated gross profit related to long-term contracts accounted for on the over time basis, which are summarized as follows:
 
Three months ended September 30,
Nine months ended September 30,
(in thousands)
2020
2019
2020
2019
Increases in gross profits for changes in estimates for over time contracts (1)
$
27,237

$
10,279

$
34,453

$
25,089

Decreases in gross profits for changes in estimates for over time contracts
(8,058
)
(13,248
)
(13,003
)
(35,892
)
Net changes in gross profits for changes in estimates for over time contracts
$
19,179

$
(2,969
)
$
21,450

$
(10,803
)

(1) Increases in gross profits for changes in estimates for over time contracts reflects a non-recurring insurance loss recovery of $26.0 million in the three and nine months ended September 30, 2020.