RECEIVABLES

12 Months Ended

Dec. 31, 2024

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

RECEIVABLES

4. 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. The amount of claims and unapproved change orders within our receivables balances are 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 57% and 56% of total net sales in 2024 and 2023, respectively. Total receivables due from government sources (primarily the U.S Government) were $561.9 million and $482.5 million as of December 31, 2024 and 2023, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $319.0 million and $266.9 million as of December 31, 2024 and 2023, respectively.

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

(In thousands)	2024		2023
Billed receivables:
Trade and other receivables	$	479,837	$	427,830
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed, net of progress payments	359,402		308,874
Less: Allowance for doubtful accounts	(4,202)		(4,026)
Receivables, net	$	835,037	$	732,678