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Contract Assets and Liabilities | 9 Months Ended
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Sep. 30, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] |
Contract Assets and Liabilities | Contract Assets and Liabilities Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets. Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period. As of September 30, 2020 and December 31, 2019, Contract assets and Contract liabilities consisted of the following:
(in thousands) | September 30, 2020 | December 31, 2019
Contract assets | $ | 105,626 |  | $ | 79,070 |
Allowance for expected credit losses | (773) |  | — |
Contract assets, net | $ | 104,853 |  | $ | 79,070 |
Contract liabilities | $ | 7,913 |  | $ | 5,656 |
Contract assets increased $25.8 million during the nine-month period ended September 30, 2020. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the nine month periods ended September 30, 2020 and 2019. As described in Notes 1 and 11, effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL). The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Contract assets:
(in thousands) | December 31, 2019 | CECL transition adjustment | Charges | Currency translation | Other | September 30, 2020
Contract assets expected credit losses | $ | — |  | $ | (403) |  | $ | (382) |  | $ | 4 |  | $ | 8 |  | $ | (773) |
Contract liabilities increased $2.3 million during the nine-month period ended September 30, 2020, primarily due to increased billings in excess of revenue recognized from satisfied performance obligations for contracts that were in a contract liability position. Revenue recognized for the nine-month periods ended September 30, 2020 and 2019 that was included in the Contract liability balance at the beginning of the year was $3.5 million and $6.1 million, respectively.

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- Definition The entire disclosure for contract assets and liabilities. + References No definition available. + Details
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