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Contract Assets and Liabilities | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, Contract assets and Contract liabilities consisted of the following:
(in thousands) | March 31, 2022 | December 31, 2021
Contract assets | $ | 112,967 |  | $ | 113,249 |
Allowance for expected credit losses | (705) |  | (703) |
Contract assets, net | $ | 112,262 |  | $ | 112,546 |
Contract liabilities | $ | 5,293 |  | $ | 6,959 |
Contract assets decreased $0.3 million during the three-month period ended March 31, 2022. The decrease was primarily due to invoicing to customers exceeding revenue recognized for satisfied performance obligations for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the three month periods ended March 31, 2022 and March 31, 2021. Contract liabilities decreased $1.7 million during the three-month period ended March 31, 2022, primarily due to revenue recognized from satisfied performance obligations exceeding amounts invoiced to customers that were in a contract liability position. Revenue recognized for the three-month periods ended March 31, 2022 and 2021 that was included in the Contract liability balance at the beginning of the year was $4.8 million and $4.3 million, respectively.

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