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Unbilled Receivables | 6 Months Ended
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Jul. 04, 2021
Contractors [Abstract] |
Unbilled Receivables | UNBILLED RECEIVABLES Unbilled receivables represent revenue recognized on long-term contracts (contract costs and estimated profits) less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms. Unbilled receivables consisted of the following:
| July 4, 2021 |  | December 31, 2020
Unbilled revenue | $ | 37,015 |  |  | $ | 36,657 |
Advances and progress billings | (29,092) |  |  | (28,633) |
Net unbilled receivables | $ | 7,923 |  |  | $ | 8,024 |
On July 4, 2021, and December 31, 2020, net unbilled receivables included $1.8 billion and $2.8 billion, respectively, associated with a large international wheeled armored vehicle contract in our Combat Systems segment. We had experienced delays in payment under the contract in 2018 and 2019, which resulted in the large unbilled receivables balances. In March 2020, we finalized a contract amendment with the customer that included a revised payment schedule. Under the amended contract, we received progress payments of $1 billion in 2020 and $1.5 billion in the first six months of 2021. Further progress payments will liquidate the net unbilled receivables balance over the next few years.

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