Receivables

12 Months Ended

Oct. 02, 2021

Receivables consist of:


	October 2, 2021		October 3, 2020
Accounts receivable	$	395,674	$	363,089


Unbilled receivables	546,764		493,734

Other	7,842		5,025
Less allowance for credit losses	(4,351)		(6,313)
Receivables, net	$	945,929	$	855,535

We securitize certain trade receivables in transactions that are accounted for as secured borrowings (the "Securitization Program"). We maintain a subordinated interest in a portion of the pool of trade receivables that are securitized. The retained interest, which is included in Receivables in the Consolidated Balance Sheets, is recorded at fair value, which approximates the total amount of the designated pool of accounts receivable. See Note 9, Indebtedness, for additional disclosures related to the Securitization Program. See Note 24, Subsequent Events, for additional information related to the Securitization Program.

Over-time contract receivables are primarily associated with prime contractors and subcontractors in connection with U.S. Government contracts, as well as commercial aircraft and satellite manufacturers. Amounts billed for over-time contracts to the U.S. Government were $11,330 at October 2, 2021 and $10,286 at October 3, 2020. Unbilled recoverable costs and accrued profits under over-time contracts to be billed to the U.S. Government were $32,245 at October 2, 2021 and $34,223 at October 3, 2020. Unbilled recoverable costs and accrued profits principally represent revenues recognized on contracts that were not billable on the balance sheet date. These amounts will be billed in accordance with contract terms, generally as certain milestones are reached or upon shipment. Unbilled amounts expected to be collected beyond one year are not material. In situations where billings exceed revenues recognized, the excess is included in contract advances.

There are no material amounts of claims or unapproved change orders included in the Consolidated Balance Sheets. There are no material balances billed but not paid by customers under retainage provisions.

Concentrations of credit risk on receivables are limited to those from significant customers who are believed to be financially sound. Receivables from Boeing were $209,653 at October 2, 2021 and $249,424 at October 3, 2020 and receivables from Lockheed Martin were $88,744 at October 2, 2021 and $79,015 at October 3, 2020. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral.