Accounts Receivable

12 Months Ended

Dec. 31, 2012

Accounts Receivable [Abstract]

Accounts Receivable

5.Accounts Receivable, net

Accounts receivable, net consists of the following:

		December 31,		December 31,
		2012		2011
Trade receivables (1)(2)		$	415.9	$	258.0
Other			9.1		10.6
Less: allowance for doubtful accounts			(4.3)		(1.4)
	Accounts receivable, net	$	420.7	$	267.2
____________________

• Includes unbilled receivables of $25.6 and $17.4 at December 31, 2012 and December 31, 2011, respectively.
• Includes $102.0 and $39.7held in retainage by customers at December 31, 2012 and December 31, 2011, respectively.

Accounts receivable, net includes unbilled receivables on long-term aerospace contracts, comprised principally of revenue recognized on contracts for which amounts were earned but not contractually billable as of the balance sheet date, or amounts earned in which the recovery will occur over the term of the contract, which could exceed one year.

Also included in accounts receivable are amounts held in retainage which as of December 31, 2012 is all related to Gulfstream and represent amounts due on G650 deliveries from 2010 through the present. As production rates on this program increase, this amount is likely to grow significantly if not resolved with Gulfstream in a timely manner. While the Company is in contractual negotiations with Gulfstream, we currently believe that these amounts are collectible and represent valid receivables. There can be no guarantee that these amounts will be collected or that they will not become part of an overall negotiation which could then impact recoverability.

On May 3, 2012, one of our customers, Hawker Beechcraft, filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. Subsequent to the bankruptcy filing, the Company reserved the remaining balance of its $3.5 receivable from Hawker.