Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Deferred Income Tax Expense Benefit Provision For Gain Loss On Extinguishment Of Debt

Contract Assets and Liabilities

12. Contract Assets and Liabilities

Contract assets and Contract liabilities (included in Accrued liabilities) are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets and contract liabilities were as follows:

(in thousands)	December 31, 2019	December 31, 2018
Contract assets	$79,070	$57,447
Contract liabilities	5,656	9,025

Contract assets increased $21.6 million during the year ended December 31, 2019. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations for the LEAP contract, in excess of the amounts billed. There were no impairment losses related to our Contract assets during the years ended December 31, 2019 and 2018.

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ALBANY INTERNATIONAL CORP.

Notes to Consolidated Financial Statements

12. Contract Assets and Liabilities — (continued)

Contract liabilities decreased $3.4 million during the year ended December 31, 2019, primarily due to revenue recognition from satisfied performance obligations exceeding the amounts invoiced to customers for contracts that were in a contract liability position. Revenue recognized for the years ended December 31, 2019 and 2018 that was included in the Contract liability balance at the beginning of the year was $6.0 million and $3.2 million, respectively.