XML 44 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Accounts Receivable, Net (Tables)
9 Months Ended
Sep. 30, 2014
Receivables [Abstract]  
Schedule of accounts receivable, net
Accounts receivable, net consists of the following:
 
September 30, 2014
 
December 31, 2013
Trade receivables
$
54,980

 
$
66,292

Unbilled revenue
7,368

 
4,671

Other receivables
2,636

 
2,070

 
64,984

 
73,033

Less: Allowance for doubtful accounts
(245
)
 
(180
)
Accounts receivable, net
$
64,739

 
$
72,853

Impact of operating income
Cumulative catch-up adjustments had the following impacts to operating income for the periods presented:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
2013
 
2014
2013
Favorable adjustments
$
4,898

$
397

 
$
5,620

$
106

Unfavorable adjustments
(545
)
(522
)
 
(727
)
(1,155
)
Net favorable (unfavorable) operating income adjustments
$
4,353

$
(125
)
 
$
4,893

$
(1,049
)

The Company was engaged in a contract at December 31, 2013 where estimated costs exceeded total contract revenue. A change has been agreed to that resulted in the favorable settlement of an unpriced change order related to this contract. In addition, the Company secured more favorable future material pricing with respect to this contract as engineering changes to the related assemblies had stabilized. As a result, contract costs are no longer expected to exceed revenue and the remaining related loss reserve, which was originally recorded as an adjustment to goodwill on the Valent acquisition, was reversed in the quarter ended September 30, 2014, resulting in a favorable cumulative catch up adjustment. The impact of reversing the loss reserve was $4,602 and $5,267 for the three and nine months ended September 30, 2014 and was recorded in the cost of goods sold section of the Consolidated Statements of Comprehensive Income (Loss).