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CONTRACT ASSETS AND CONTRACT LIABILITIES | 12 Months Ended
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Dec. 31, 2018
Revenue from Contract with Customer [Abstract] |
CONTRACT ASSETS AND CONTRACT LIABILITIES | CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract, advanced customer payments that are in excess of revenue recognized, and provisions for estimated losses from uncompleted contracts. The change in the carrying amount of contract assets and contract liabilities for the twelve months ended December 31, 2018 is as follows:
In thousands |  | Contract Assets
Balance at beginning of year |  | $ | 366,168 |
Recognized in current year |  | 426,829 |
Reclassified to accounts receivable |  | (432,307 | )
Foreign currency impact |  | (15,105 | )
Balance at December 31, 2018 |  | $ | 345,585 |
In thousands |  | Contract Liabilities
Balance at beginning of year |  | $ | 463,704 |
Recognized in current year |  | 230,159 |
Amounts in beginning balance reclassified to revenue |  | (199,735 | )
Current year amounts reclassified to revenue |  | (30,914 | )
Foreign currency impact |  | (18,409 | )
Balance at December 31, 2018 |  | $ | 444,805 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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