XML 25 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Accounts Receivable
 3 Months Ended
Apr. 27, 2019
Receivables [Abstract]  
Accounts Receivable
Accounts Receivable, Contract Assets, and Contract Liabilities

The following provides further details on the balance sheet accounts of accounts receivable, net, contract assets, and contract liabilities.

Accounts Receivable
 
Accounts receivable, net classified as current consisted of the following (dollars in thousands):
 
April 27, 2019
 
January 26, 2019
Trade accounts receivable
$
299,572

 
$
331,903

Unbilled accounts receivable
393,198

 
283,463

Retainage
10,124

 
10,831

Total
702,894

 
626,197

Less: allowance for doubtful accounts
(1,372
)
 
(939
)
Accounts receivable, net
$
701,522

 
$
625,258


 
The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. Approximately $16.8 million of the allowance for doubtful accounts as of January 26, 2019 was classified as non-current. During the three months ended April 27, 2019, the Company recognized a $10.3 million recovery of previously reserved accounts receivable and contract assets based on collections from a customer. The allowance for doubtful accounts changed as follows (dollars in thousands):
 
For the Three Months Ended
 
April 27, 2019
 
April 28, 2018
Allowance for doubtful accounts at beginning of period
$
17,702

 
$
998

Provision for bad debt (recovery)
(10,311
)
 
(24
)
Amounts (charged) recovered against the allowance
(6,019
)
 
2

Allowance for doubtful accounts at end of period
$
1,372

 
$
976



Contract Assets and Contract Liabilities

Net contract assets consisted of the following (dollars in thousands):
 
April 27, 2019
 
January 26, 2019
Contract assets
$
297,630

 
$
215,849

Contract liabilities
12,815

 
15,125

Contract assets, net
$
284,815

 
$
200,724



Net contract assets were $284.8 million and $200.7 million as of April 27, 2019 and January 26, 2019, respectively. The increase primarily resulted from services performed under contracts consisting of multiple tasks, for which billings will be submitted upon completion of those tasks not yet completed. There were no other significant changes in contract assets during the period. During the three months ended April 27, 2019, the Company performed services and recognized $8.0 million of contract revenues related to its contract liabilities that existed at January 26, 2019. See Note 7, Other Current Assets and Other Assets, for information on the Company’s long-term contract assets.

Customer Credit Concentration

Customers whose combined amounts of trade accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of April 27, 2019 or January 26, 2019 were as follows (dollars in millions):
 
April 27, 2019
 
January 26, 2019
 
Amount
 
% of Total
 
Amount
 
% of Total
Verizon Communications Inc.
$
390.3

 
39.6%
 
$
298.4

 
36.2%
CenturyLink, Inc.
$
152.7

 
15.5%
 
$
147.2

 
17.9%
Comcast Corporation
$
131.1

 
13.3%
 
$
127.2

 
15.4%
AT&T Inc.
$
114.3

 
11.6%
 
$
90.6

 
11.0%


The Company believes that none of the customers above were experiencing financial difficulties that would materially impact the collectability of the Company’s total accounts receivable and contract assets, net as of April 27, 2019 or January 26, 2019.