(5)	Receivables

The components of receivables were as follows (in thousands):

	March 31, 2014		December 31, 2013
Billed	$	53,886	$	68,474
Unbilled		399,999		515,044
Total	$	453,885	$	583,518

Under the terms of the company's Commercial Resupply Services ("CRS") contract with the National Aeronautics and Space Administration ("NASA"), approximately 25% of the contract value is billable to the customer and collectible only upon the completion of launch and delivery milestones for each of eight CRS contract missions, of which seven remain and currently are scheduled to occur through 2016. Unbilled receivables at March 31, 2014 and December 31, 2013 included $217 million and $335 million, respectively, pertaining to the CRS contract which will be collected as launches occur. Since the inception of the CRS contract in December 2008 through March 31, 2014, a total of approximately $1.4 billion of revenues have been recognized on the contract, which has a total contract value of approximately $1.9 billion.

As of March 31, 2014 and December 31, 2013, unbilled receivables also included $17.2 million and $9.9 million, respectively, of incentive fees on certain completed satellite contracts that become due incrementally over periods of up to 15 years, subject to the achievement of performance criteria.

Certain satellite contracts require the company to refund a portion of the contract price to the customer if performance criteria, which cover periods of up to 15 years, are not satisfied. As of March 31, 2014, the company could be required to refund up to $13.4 million to customers if certain completed satellites were to fail to satisfy performance criteria. Orbital generally procures insurance policies under which the company believes it would recover satellite incentive fees that are not earned and performance refund obligations.

Revenues and receivables in the first quarter of 2014 reflected the assumption that the company will not earn approximately $13 million of performance incentives on a communications satellite that was launched in March 2014. The company believes that the loss of incentives is covered by insurance and that insurance proceeds could be recognized as income as early as the second quarter of 2014.