RECEIVABLES

12 Months Ended

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

5. RECEIVABLES

Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, which consists of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. An immaterial amount of billed receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances is immaterial.

The Corporation is either a prime contractor or subcontractor to various agencies of the U.S. Government. Revenues derived directly and indirectly from government sources (primarily the U.S. Government) were 56% and 54% of total net sales in 2023 and 2022, respectively. Total receivables due from government sources (primarily the U.S Government) were $482.5 million and $473.2 million as of December 31, 2023 and 2022, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $266.9 million and $279.3 million as of December 31, 2023 and 2022, respectively.

The composition of receivables as of December 31 is as follows:


(In thousands)	2023		2022
Billed receivables:
Trade and other receivables	$	427,830	$	412,682
Unbilled receivables:
Recoverable costs and estimated earnings not billed	309,561		315,383
Less: Progress payments applied	(687)		(67)
Net unbilled receivables	308,874		315,316
Less: Allowance for doubtful accounts	(4,026)		(4,694)
Receivables, net	$	732,678	$	723,304