RECEIVABLES

12 Months Ended

Dec. 31, 2012

Receivables [Abstract]

RECEIVABLES

5.RECEIVABLES

Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, consisting 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.

Credit risk is diversified due to the large number of entities comprising the Corporation's customer base and their geographic dispersion. 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 37% and41% of consolidated revenues in 2012 and 2011, respectively. Accounts receivable due directly or indirectly from these government sources represented 30% of net receivables for December 31, 2012 and 34% for 2011. No single commercial customer accounted for more than 10% of the Corporation's net receivables as of December 31, 2012and2011.

The Corporation performs ongoing credit evaluations of its customers and establishes appropriate allowances for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends, and other information. The composition of receivables is as follows as of December 31:

(In thousands)			2012		2011
Billed receivables:
Trade and other receivables		$	402,891	$	369,109
	Less: Allowance for doubtful accounts		(7,013)		(6,880)
Net billed receivables			395,878		362,229
Unbilled receivables:
Recoverable costs and estimated earnings not billed			207,679		214,940
	Less: Progress payments applied		(25,244)		(34,160)
Net unbilled receivables			182,435		180,780
Receivables, net		$	578,313	$	543,009

The net receivable balance at December 31, 2012, included $43.8 million related to the Corporation's 2012 acquisitions.