Contract Assets and Contract Liabilities

6 Months Ended

Jun. 30, 2018

Contractors [Abstract]

Contract Assets and Contract Liabilities

NOTE 5 – CONTRACT ASSETS AND CONTRACT LIABILITIES

Our contract assets consist of unbilled amounts typically resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Our contract liabilities consist of advance payments and billings in excess of costs incurred and deferred revenue. The noncurrent portion of deferred revenue is included in other long-term liabilities in our consolidated balance sheets.

Costs, estimated earnings and billings on uncompleted contracts consisted of the following at June 30, 2018 and December 30, 2017:

	June 30, 2018			December 30, 2017
	(dollars in thousands)
Costs incurred on uncompleted contracts	$	34,848		$	57,916
Estimated earnings on uncompleted contracts		6,135			15,423
Earned revenues		40,983			73,339
Less: billings to date		34,907			69,400
Net costs and estimated earnings in excess of billings on uncompleted contracts	$	6,076		$	3,939
Contract assets	$	6,993		$	5,273
Contract liabilities		(917	)		(1,334	)
Net contract assets	$	6,076		$	3,939