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RECEIVABLES | 12 Months Ended
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Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
RECEIVABLES | 4. RECEIVABLES Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. The amount of claims and unapproved change orders within our receivables balances are 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 57% and 56% of total net sales in 2024 and 2023, respectively. Total receivables due from government sources (primarily the U.S Government) were $561.9 million and $482.5 million as of December 31, 2024 and 2023, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $319.0 million and $266.9 million as of December 31, 2024 and 2023, respectively. The composition of receivables as of December 31 is as follows:
(In thousands) |  | 2024 |  | 2023
Billed receivables: |  |  |  |
Trade and other receivables |  | $ | 479,837 |  |  | $ | 427,830 |
Unbilled receivables (contract assets): |  |  |  |
Recoverable costs and estimated earnings not billed, net of progress payments |  | 359,402 |  |  | 308,874 |
Less: Allowance for doubtful accounts |  | (4,202) |  |  | (4,026) |
Receivables, net |  | $ | 835,037 |  |  | $ | 732,678 |

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- Definition The entire disclosure for claims held for amounts due to 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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