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COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS
 6 Months Ended
Jun. 30, 2021
Contractors [Abstract]  
COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS COSTS AND ESTIMATED PROFITS ON UNCOMPLETED CONTRACTS
Under our customized pump production and long-term water and wastewater project contracts in our IPS segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. Our contract assets are presented as “Cost and estimated profits in excess of billings” on our condensed consolidated balance sheets. However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities that are presented as “Billings in excess of costs and estimated profits” on our condensed consolidated balance sheets.


Costs and estimated profits on uncompleted contracts and related amounts billed were as follows (in thousands):
 June 30, 2021December 31, 2020
Costs incurred on uncompleted contracts$56,184 $36,969 
Estimated profits, thereon18,878 6,711 
Total75,062 43,680 
Less: billings to date60,641 29,315 
Net$14,421 $14,365 

Such amounts were included in the accompanying condensed Consolidated Balance Sheets for June 30, 2021 and December 31, 2020 under the following captions (in thousands):
 June 30, 2021December 31, 2020
Costs and estimated profits in excess of billings$16,718 $18,459 
Billings in excess of costs and estimated profits(2,300)(4,061)
Translation adjustment3 (33)
Net$14,421 $14,365 
During the six months ended June 30, 2021, $3.8 million of the balances that were previously classified as contract liabilities at the beginning of the period shipped. Contract assets and liability changes were primarily due to normal activity and timing differences between our performance and customer payments.