Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Contract Liabilities (Tables)

v3.19.3
Contract Assets and Contract Liabilities (Tables)
9 Months Ended
Sep. 30, 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:

 

 

 

September 30,

2019

 

 

December 31,

2018

 

 

$ Change

 

Contract assets (1)

 

$

13,188,343

 

 

$

12,030,000

 

 

$

1,158,343

 

Contract liabilities (2)

 

 

(1,265,783

)

 

 

(1,845,049

)

 

 

579,266

 

Net contract assets

 

$

11,922,560

 

 

$

10,184,951

 

 

$

1,737,609

 

______________________________________

 

 

 

 

 

 

 

 

 

 

 

 

(1) Contract assets are included 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 nine months ended September 30, 2019:

 

 

 

$ Change

Nine Months

Ended

September 30, 2019

 

Cumulative adjustment due to changes in contract values (1)

 

$

2,181,108

 

Cumulative adjustment due to changes in estimated costs at completion

 

 

(3,543,060

)

Revenue recognized in the period

 

 

95,269,782

 

Amounts reclassified to receivables

 

 

(92,520,798

)

Impairment of contract assets (2)

 

 

350,577

 

Total

 

$

1,737,609

 

______________________________________

 

 

 

 

(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.