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Contract Assets and Liabilities
 12 Months Ended
Dec. 30, 2023
Contract Assets And Liabilities  
Contract Assets and Liabilities

4. Contract Assets and Liabilities

 

Net contract assets (liabilities) consisted of the following:

 

   December 30, 2023   December 31, 2022   $ Change   % Change       
Contract assets and unbilled receivables  $3,409,809   $4,068,364   $(658,555)   (16)%
Contract liabilities and billings in excess of revenue earned   (916,826)   (930,500)   13,674    (1)%
Noncurrent contract liabilities   (23,198)   (6,190)   (17,008)   275%
Net contract assets  $2,469,785   $3,131,674   $(661,889)   (21)%

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

 

The $0.7 million decrease in the Company’s net contract assets from December 31, 2022 to December 30, 2023 was primarily due to a reduction in contract assets from the collection of amounts owed.

 

The Company recognized revenue of approximately $0.9 million, $3.7 million, and $1.5 million related to its contract liabilities during the years ended December 30, 2023, December 31, 2022, and December 25, 2021, respectively.

 

The Company did not recognize impairment losses on its contract assets during the years ended December 30, 2023, December 31, 2022, and December 25, 2021.