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RECEIVABLES | 12 Months Ended
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Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
RECEIVABLES | 5. RECEIVABLES Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, which consists of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. An immaterial amount of billed receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances is 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 56% and 54% of total net sales in 2023 and 2022, respectively. Total receivables due from government sources (primarily the U.S Government) were $482.5 million and $473.2 million as of December 31, 2023 and 2022, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $266.9 million and $279.3 million as of December 31, 2023 and 2022, respectively. The composition of receivables as of December 31 is as follows:
(In thousands) |  | 2023 |  | 2022
Billed receivables: |  |  |  |
Trade and other receivables |  | $ | 427,830 |  |  | $ | 412,682 |
Unbilled receivables: |  |  |  |
Recoverable costs and estimated earnings not billed |  | 309,561 |  |  | 315,383 |
Less: Progress payments applied |  | (687) |  |  | (67) |
Net unbilled receivables |  | 308,874 |  |  | 315,316 |
Less: Allowance for doubtful accounts |  | (4,026) |  |  | (4,694) |
Receivables, net |  | $ | 732,678 |  |  | $ | 723,304 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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