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REVENUE RECOGNITION (Tables)
3 Months Ended
Mar. 31, 2018
Revenue Recognition [Abstract]  
Cumulative Effect of Revenue Recognition Accounting Change

Effect of ASC Topic 606 Adoption―The cumulative effect of adopting ASC 606 due to change in method to measure project progress, as discussed in Note 1, Basis Of Presentation and Significant Accounting Policies, is as follows:

 

 

Impact of ASC 606 adoption

 

 

 

Legacy GAAP

 

 

Adjustment

 

 

As reported

 

 

 

(In thousands)

 

Consolidated Statements of Operations for the quarter ended March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

590,307

 

 

$

17,511

 

 

$

607,818

 

Cost of operations

 

 

459,991

 

 

 

15,720

 

 

 

475,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

66,648

 

 

 

1,791

 

 

 

68,439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

19,979

 

 

 

736

 

 

 

20,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

34,134

 

 

 

1,055

 

 

 

35,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Contracts in progress

 

 

493,750

 

 

 

12,670

 

 

 

506,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Advance billings on contracts

 

 

49,310

 

 

 

(9,103

)

 

 

40,207

 

Income taxes payable

 

 

39,934

 

 

 

736

 

 

 

40,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings (Accumulated deficit)

 

 

(14,125

)

 

 

21,037

 

 

 

6,912

 

(1) Includes $20 million of cumulative catch-up adjustment to opening Retained earnings (Accumulated deficit) on January 1, 2018, upon adoption of ASC 606.

Summary of Changes to RPOs

The following table summarizes changes to our RPOs (in thousands):

RPOs at December 31, 2017

$

3,901,443

 

ASC 606 cumulative effect adjustment at January 1, 2018

 

(228,126

)

RPOs at January 1, 2018

 

3,673,317

 

Bookings from new contracts

 

193,170

 

Additions on existing contracts, net

 

128,004

 

Less: Amounts recognized in revenues

 

607,818

 

RPOs at March 31, 2018 (1)

$

3,386,673

 

(1)

At March 31, 2018, approximately 48% of our RPOs were attributable to Saudi Aramco

Summary of RPOs by Segment

Our RPOs by segment were as follows:

 

March 31, 2018

 

 

(in approximate millions)

 

AEA

$

969

 

 

 

28

%

MEA

 

2,021

 

 

 

60

%

ASA

 

397

 

 

 

12

%

Total

$

3,387

 

 

 

100

%

 

Summary of RPOs Expected Revenue Recognition

Of the March 31, 2018 RPOs, we expect to recognize revenues as follows:

 

2018

 

 

2019

 

 

Thereafter

 

 

(in approximate millions)

 

Total RPOs

$

1,826

 

 

$

1,252

 

 

$

309