Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Contract Liabilities (Tables)

v3.10.0.1
Contract Assets and Contract Liabilities (Tables)
9 Months Ended
Sep. 30, 2018
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, 2018
 
December 31, 2017
 
$ Change
Contract assets (1)
 
$
15,003,984

 
$
6,074,346

 
$
8,929,638

Contract liabilities (2)
 
(500,668
)
 
(367,552
)
 
(133,116
)
Net contract assets
 
$
14,503,316

 
$
5,706,794

 
$
8,796,522

___________________________
 
 
 
 
 
 
(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 nine months ended September 30, 2018 as indicated:
 
 
$ Change
 
 
Nine Months Ended September 30, 2018
Cumulative adjustment due to changes in contract values (1)
 
$
1,772,580

Cumulative adjustment due to changes in estimated costs at completion
 
(1,497,414
)
Revenue recognized in the period
 
73,092,227

Amounts reclassified to receivables
 
(64,600,899
)
Impairment of contract assets (2)
 
30,028

Total
 
$
8,796,522

___________________________
 
 
(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.