XML 65 R12.htm IDEA: XBRL DOCUMENT

Revenues, Contract Assets and Contract Liabilities

9 Months Ended

Sep. 30, 2019

Operating revenues:

Revenues, Contract Assets and Contract Liabilities

Note 5. – Revenues, Contract Assets and Contract Liabilities

Disaggregation of Total Net Sales

The Company disaggregates its sales with customers by revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing, and uncertainty of the Company’s revenue and cash flows.

		Three months ended								Nine months ended
		September 30,								September 30,
		2019				2018				2019				2018
Fixed price contracts		$	37,352			$	39,703			$	126,249			$	119,733
Product sales			71,118				57,289				203,272				153,388
Total Revenues		$	108,470			$	96,992			$	329,521			$	273,121

The following table presents geographical information about revenues.

		Three months ended								Nine months ended
		September 30,								September 30,
		2019				2018				2019				2018
Colombia		$	13,037			$	12,138			$	38,190			$	49,519
United States			92,848				82,223				284,208				215,068
Panama			668				1,253				2,344				3,110
Other			1,917				1,378				4,779				5,424
Total Revenues		$	108,470			$	96,992			$	329,521			$	273,121

Contract Assets and Liabilities

Contract assets represent accumulated incurred costs and earned profits on contracts with customers that have been recorded as sales, but have not been billed to customers and are classified as current and a portion of the amounts billed on certain fixed price contracts that are withheld by the customer as a retainage until a final good receipt of the complete project to the customers satisfaction. Contract liabilities consist of advance payments and billings in excess of costs incurred and deferred revenue, and represent amounts received in excess of sales recognized on contracts. The Company classifies advance payments and billings in excess of costs incurred as current, and deferred revenue as current or non-current based on the expected timing of sales recognition. Contract assets and contract liabilities are determined on a contract by contract basis at the end of each reporting period. The non-current portion of contract liabilities is included in other liabilities in the Company’s consolidated balance sheets.

The table below presents the components of net contract assets (liabilities).

		September 30, 2019				December 31, 2018
Contract assets — current		$	43,384			$	46,018
Contract assets — non-current			9,104				6,986
Contract liabilities — current			(12,750	)			(16,789	)
Contract liabilities — non-current			(177	)			(1,436	)
Net contract assets		$	39,561			$	34,779

The components of contract assets are presented in the table below.

		September 30, 2019				December 31, 2018
Unbilled contract receivables, gross		$	22,813			$	21,703
Retainage			29,675				31,301
Total contract assets			52,488				53,004
Less: current portion			43,384				46,018
Contract Assets – non-current		$	9,104			$	6,986

The components of contract liabilities are presented in the table below.

		September 30, 2019				December 31, 2018
Billings in excess of costs		$	3,358				4,393
Advances from customers on uncompleted contracts			9,569				13,832
Total contract liabilties			12,927				18,225
Less: current portion			12,750				16,789
Contract liabilities – non-current		$	177				1,436

During the three months and nine months ended September 30, 2019, the Company recognized $162 and $4,203 of sales related to its contract liabilities at January 1, 2019, respectively. During the three and nine months ended September 30, 2018, the Company recognized $1,903 and $6,381 of sales related to its contract liabilities at January 1, 2018, respectively.

Remaining Performance Obligations

As of September 30, 2019, the Company had $269.1 million of remaining performance obligations, which represents the transaction price of firm orders minus sales recognized from inception to date. Remaining performance obligations exclude unexercised contract options, verbal commitments and potential orders under basic ordering agreements. The Company expects to recognize 100% of sales relating to existing performance obligations within three years, of which $92.8 million are expected to be recognized during the year ending December 31, 2019, $136.8 million during the year ending December 31, 2020 and $39.6 million thereafter.