REVENUE RECOGNITION AND CONTRACTS (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contracts in Progress and Advance Billings on Contracts

The following represents the components of the Company's Contracts in progress and Advance billings on contracts included in its Condensed Consolidated Balance Sheets:

(in thousands)	June 30, 2023		December 31, 2022		$ Change		% Change
Contract assets - included in contracts in progress:
Costs incurred less costs of revenue recognized	$	84,016	$	79,421	$	4,595	6	%
Revenues recognized less billings to customers	91,495		55,518		35,977		65	%
Contracts in progress	$	175,511	$	134,939	$	40,572	30	%
Contract liabilities - included in advance billings on contracts:
Billings to customers less revenues recognized	$	82,741	$	113,643	$	(30,902)	(27)	%
Costs of revenue recognized less cost incurred	57,609		19,786		37,823		191	%
Advance billings on contracts	$	140,350	$	133,429	$	6,921	5	%
Net contract balance	$	35,161	$	1,510	$	33,651	2,229	%
Accrued contract losses	$	1,752	$	3,032	$	(1,280)	(42)	%

Schedule of Recognized Changes in Estimated Gross Profit

During each of the three- and six-month periods ended June 30, 2023 and 2022, the Company recognized changes in estimated gross profit related to long-term contracts accounted for on the over time basis, which are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Increases in gross profit for changes in estimates for over time contracts	$	2,060	$	5,348	$	8,285	$	8,689
Decreases in gross profit for changes in estimates for over time contracts	(4,994)		(2,612)		(10,747)		(5,474)
Net changes in gross profit for changes in estimates for over time contracts	$	(2,934)	$	2,736	$	(2,462)	$	3,215