RECEIVABLES

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

RECEIVABLES

RECEIVABLES

Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:

(In thousands)	June 30, 2023		December 31, 2022
Billed receivables:
Trade and other receivables	$	434,557	$	412,682
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed	322,025		316,682
Less: Progress payments applied	(435)		(67)
Net unbilled receivables	321,590		316,615
Less: Allowance for doubtful accounts	(4,615)		(4,694)
Receivables, net	$	751,532	$	724,603