Contract Assets and Contract Liabilities (Tables)
|3 Months Ended|
Mar. 31, 2019
|Revenue From Contract With Customer [Abstract]|
|Contract with Customer, Asset and Liability||
The following table presents the net contract assets and liabilities for the electrical construction operations as of the dates indicated:
(1) Contract assets consist of amounts under the caption “Costs and estimated earnings in excess of billings on uncompleted contracts.”
(2) Contract liabilities consist of the aggregate of amounts presented under the caption “Billings in excess of costs and estimated earnings on uncompleted contracts” and any contract loss accruals included in “Accounts payable and accrued liabilities.”
The following table presents the changes in the net contract assets and liabilities for the electrical construction operations for the three months ended March 31, 2019:
(1) Amount attributable to contract modifications accounted for on a cumulative catch-up basis where the customer has approved a change in the scope or price of the contract, where the modification is treated as part of the existing contract and where the remaining goods and services are not distinct.
(2) Adjustment amount due to changes in contract losses.
Tabular disclosure of contract balances and changes in contract balances.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef