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REVENUE RECOGNITION AND CONTRACTS (Tables)
 12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
Schedule of Contracts in Progress and Advance Billings on Contracts
The following represents the components of our contracts in progress and advance billings on contracts included in our Consolidated Balance Sheets:
(in thousands)
December 31, 2019
December 31, 2018
$ Change
% Change
Contract assets - included in contracts in progress:
 
 
 
 
Costs incurred less costs of revenue recognized
$
29,877

$
49,910

$
(20,033
)
(40
)%
Revenues recognized less billings to customers
61,702

94,817

(33,115
)
(35
)%
Contracts in progress
$
91,579

$
144,727

$
(53,148
)
(37
)%
Contract liabilities - included in advance billings on contracts:
 
 
 
 
Billings to customers less revenues recognized
$
76,468

$
140,933

$
(64,465
)
(46
)%
Costs of revenue recognized less cost incurred
(1,181
)
8,434

(9,615
)
(114
)%
Advance billings on contracts
$
75,287

$
149,367

$
(74,080
)
(50
)%
 
 
 
 
 
Net contract balance
$
16,292

$
(4,640
)
$
20,932

451
 %
 
 
 
 
 
Accrued contract losses
$
6,139

$
61,651

$
(55,512
)
(90
)%
Schedule of Retainages on Contract
The following amounts represent retainage on contracts:
(in thousands)
December 31, 2019
December 31, 2018
$ Change
% Change
Retainage expected to be collected within one year
$
474

$
12,293

$
(11,819
)
(96
)%
Retainage expected to be collected after one year
5,739

3,437

2,302

67
 %
Total retainage
$
6,213

$
15,730

$
(9,517
)
(61
)%
Schedule of Recognized Changes in Estimated Gross Profit
In the years ended December 31, 2019 and 2018, we recognized changes in estimated gross profit related to long-term contracts accounted for on the percentage-of-completion basis, which are summarized as follows:
 
Year ended December 31,
(in thousands)
2019
2018
Increases in gross profits for changes in estimates for over time contracts
$
34,622

$
18,183

Decreases in gross profits for changes in estimates for over time contracts
(50,050
)
(262,389
)
Net changes in gross profits for changes in estimates for over time contracts
$
(15,428
)
$
(244,206
)