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CONTRACT ASSETS AND CONTRACT LIABILITIES | 12 Months Ended
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Dec. 31, 2018
Contract Assets And Contract Liabilities |
CONTRACT ASSETS AND CONTRACT LIABILITIES |
4. | CONTRACT ASSETS AND CONTRACT LIABILITIES
Net contract assets (liabilities) consist of the following:
|  | December 31, 2018 |
|  | U.S. Government |  |  | Commercial |  |  | Total |
Contract assets |  | $ | 48,358,481 |  |  | $ | 64,975,010 |  |  | $ | 113,333,491 |
Contract liabilities |  |  | (3,780,866 | ) |  |  | (24,240 | ) |  |  | (3,805,106 | )
Net contract assets (liabilities) |  | $ | 44,577,615 |  |  | $ | 64,950,770 |  |  | $ | 109,528,385 |
|  | December 31, 2017 (1) |
|  | U.S. Government |  |  | Commercial |  |  | Total |
Contract assets |  | $ | 54,591,601 |  |  | $ | 56,566,950 |  |  | $ | 111,158,551 |
Contract liabilities |  |  | (224,339 | ) |  |  | (21,991 | ) |  |  | (246,330 | )
Net contract assets (liabilities) |  | $ | 54,367,262 |  |  | $ | 56,544,959 |  |  | $ | 110,912,221 |
(1) On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts and contract losses to contract liabilities. The increase or decrease in the Company’s net contract assets (liabilities) from January 1, 2018 to December 31, 2018 was primarily due to costs incurred on newer programs, like the new design of the HondaJet engine inlet ($3 million increase), for which the Company has not begun billing at a steady rate. Additionally, the Company experienced some delays in shipping on the G650 program which increased contract assets by $8 million. This has been offset by a decrease in contract assets on our E-2D program ($2 million decrease) which is shipping on a regular schedule and a decrease in contract assets on our Next Generation Jammer Pod program ($7 million decrease). Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances became known requiring the revisions. During the year ended December 31, 2018, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $686,000 from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits since inception of the contracts. During the year ended December 31, 2017, the effect of such revisions was a decrease to total gross profit of approximately $1.0 million. Although management believes it has established adequate procedures for estimating costs to uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.

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