ACCOUNTS RECEIVABLE-TRADE, NET

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

ACCOUNTS RECEIVABLE-TRADE, NET

NOTE 7—ACCOUNTS RECEIVABLE—TRADE, NET

Our trade receivable balances at March 31, 2020 and December 31, 2019 included the following:

	March 31, 2020			December 31, 2019
	(In millions)
Contract receivables (1)	$	745		$	823
Retainages		120			146
Less allowances		(33	)		(27	)
Accounts receivable—trade, net	$	832		$	942

⁽¹⁾Retainages classified within Accounts receivable—trade, net are amounts anticipated to be collected within one year and as to which we have an unconditional right to collect from the customer, subject only to the passage of time. Retainages anticipated to be collected beyond one year are classified as Accounts receivable long-term retainages on our Balance Sheet.                                       

As of March 31, 2020, our allowance for doubtful accounts related to trade accounts receivable included $6 million associated with the adoption of ASU 2016-13, discussed in Note 2, Basis of Presentation. Our current estimate of credit losses reflects our best judgment of expected losses as of March 31, 2020, which includes the assessment of default probabilities impacted by the COVID-19 pandemic.