Receivables

12 Months Ended

Sep. 29, 2018

Receivables [Abstract]

Receivables

Receivables

Receivables consist of:

	September 29, 2018			September 30, 2017
Accounts receivable	$	295,180		$	286,773
Long-term contract receivables:
Amounts billed	156,414			148,087
Unbilled recoverable costs and accrued profits	316,489			282,154
Total long-term contract receivables	472,903			430,241
Other	30,787			15,077
Less allowance for doubtful accounts	(4,959		)	(4,351		)
Receivables	$	793,911		$	727,740

Under our trade receivables securitization facility (the "Securitization Program"), we securitize certain trade receivables in transactions that are accounted for as secured borrowings. We maintain a subordinated interest in a portion of the pool of trade receivables that are securitized. The retained interest, which is included in receivables in the consolidated balance sheets, is recorded at fair value, which approximates the total amount of the designated pool of accounts receivable. See Note 7, Indebtedness, for additional disclosures related to the Securitization Program.

Long-term contract receivables are primarily associated with prime contractors and subcontractors in connection with U.S. Government contracts, as well as commercial aircraft and satellite manufacturers. Amounts billed under long-term contracts to the U.S. Government were $6,106 at September 29, 2018 and $2,966 at September 30, 2017. Unbilled recoverable costs and accrued profits under long-term contracts to be billed to the U.S. Government were $25,915 at September 29, 2018 and $16,720 at September 30, 2017. Unbilled recoverable costs and accrued profits principally represent revenues recognized on contracts that were not billable on the balance sheet date. These amounts will be billed in accordance with contract terms, generally as certain milestones are reached or upon shipment. Approximately 99% of unbilled amounts are expected to be collected within one year. In situations where billings exceed revenues recognized, the excess is included in customer advances.

There are no material amounts of claims or unapproved change orders included in the consolidated balance sheets. There are no material balances billed but not paid by customers under retainage provisions.

Concentrations of credit risk on receivables are limited to those from significant customers who are believed to be financially sound. Receivables from Boeing were $178,798 at September 29, 2018 and $142,876 at September 30, 2017. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral.