RECEIVABLES

12 Months Ended

Dec. 31, 2025

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 58% and 57% of total net sales in 2025 and 2024, respectively. Total receivables due from government sources (primarily the U.S Government) were $617.8 million and $561.9 million as of December 31, 2025 and 2024, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $353.0 million and $319.0 million as of December 31, 2025 and 2024, respectively.

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

(In thousands)	2025		2024
Billed receivables:
Trade and other receivables	$	526,320	$	479,837
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed, net of progress payments	412,410		359,402
Total receivables	$	938,730	$	839,239
Less: Allowance for doubtful accounts	(6,386)		(4,202)
Receivables, net	$	932,344	$	835,037