Accounts Receivable

3 Months Ended

Mar. 28, 2013

Accounts Receivable [Abstract]

Accounts Receivable

4.Accounts Receivable, net

Accounts receivable, net consists of the following:

		March 28,		December 31,
		2013		2012
Trade receivables (1)(2)		$	579.4	$	415.9
Other			8.4		9.1
Less: allowance for doubtful accounts			(0.5)		(4.3)
	Accounts receivable, net	$	587.3	$	420.7
____________________

• Includes unbilled receivables of $26.5 and $25.6 at March 28, 2013 and December 31, 2012, respectively.
• Includes $103.8 and $102.0held in retainage by customers at March 28, 2013 and December 31, 2012, 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 March 28, 2013 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 currently in contractual negotiations with Gulfstream, we 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 be addressed as part of an overall negotiation which could then impact recoverability.

On May 3, 2012, Hawker Beechcraft, Inc. (“Hawker”) filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code and emerged from bankruptcy on February 19, 2013 as Beechcraft Corporation. The Company's remaining balance of its reserved $3.5 receivable from Hawker was written off as of March 28, 2013.