Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets.

Contract assets and Contract 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.

As of March 31, 2020 and December 31, 2019, Contract assets and Contract liabilities consisted of the following:

(in thousands)	March 31, 2020	December 31, 2019
Contract assets	$85,257	$79,070
Allowance for expected credit losses	(679)	-
Contract assets, net	$84,578	$79,070

Contract liabilities	$9,005	$5,656

Contract assets increased $5.5 million during the three-month period ended March 31, 2020. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the three month periods ended March 31, 2020.

As described in Notes 1 and 11, effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL).

The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Contract assets:

		CECL
	December 31,	transition		Currency		March 31,
(in thousands)	2019	adjustment	Charges	translation	Other	2020
Contract assets expected
credit losses	$-	$(404)	$(232)	$12	$(55)	$(679)

Contract liabilities increased $3.3 million during the three-month period ended March 31, 2020, primarily due to increased billings in excess of revenue recognized from satisfied performance obligations for contracts that were in a contract liability position. Revenue recognized for the three- month periods ended March 31, 2020 and 2019 that was included in the Contract liability balance at the beginning of the year was $1.9 million and $3.7 million, respectively.