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Unbilled Receivables | 6 Months Ended
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Jul. 03, 2022
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 3, 2022 |  | December 31, 2021
Unbilled revenue | $ | 36,712 |  |  | $ | 39,566 |
Advances and progress billings | (28,893) |  |  | (31,068) |
Net unbilled receivables | $ | 7,819 |  |  | $ | 8,498 |
On July 3, 2022, and December 31, 2021, net unbilled receivables included $2.2 billion and $3.3 billion, respectively, associated with two large international contracts in our Combat Systems segment. A wheeled vehicle contract, originally negotiated in 2012, was amended in 2020 to include a revised payment schedule that addressed a build-up in unbilled receivables. Under the amended contract, we have received progress payments that have reduced the program’s unbilled balance to $745. The remaining scheduled progress payments will liquidate the net unbilled receivables balance by the end of 2023. A separate tracked vehicle contract signed in 2010 has been experiencing an unbilled receivable build-up since 2021 while we work to resolve customer concerns on certain aspects of the program. As a result, the balance on this program has grown to $1.5 billion.

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