Contract Assets and Contract Liabilities

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Contract Assets and Contract Liabilities

CONTRACT ASSETS AND CONTRACT LIABILITIES

Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract, advanced customer payments that are in excess of revenue recognized, and provisions for estimated losses from uncompleted contracts.

The change in the carrying amount of contract assets and contract liabilities for the nine months ended September 30, 2018 is as follows:

In thousands	Contract Assets
Balance at beginning of year	$	366,168
Recognized in current year	328,438
Reclassified to accounts receivable	(296,459		)
Foreign currency impact	(8,870		)
Balance at September 30, 2018	$	389,277
In thousands	Contract Liabilities
Balance at beginning of year	$	463,704
Recognized in current year	151,706
Amounts in beginning balance reclassified to revenue	(142,718		)
Current year amounts reclassified to revenue	(17,931		)
Foreign currency impact	(14,185		)
Balance at September 30, 2018	$	440,576