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ACCOUNTS RECEIVABLE | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable at December 31 consists of:
(In thousands) | 2023 |  | 2022
Trade Accounts Receivable | $ | 134,980 |  |  | $ | 123,071 |
Unbilled Recoverable Costs and Accrued Profits | 46,321 |  |  | 27,349 |
Total Receivables, Gross | 181,301 |  |  | 150,420 |
Less Allowance for Estimated Credit Losses | (9,193) |  |  | (2,630) |
Total Receivables, Net | $ | 172,108 |  |  | $ | 147,790 |
In November 2023, a non-core contract manufacturing customer reported within the Aerospace segment filed for bankruptcy under Chapter 11. As a result, the Company recorded a full reserve of $7.5 million for outstanding accounts receivable. The following table provides a rollforward of the allowance for estimated credit losses that is deducted from accounts receivable to present the net amount expected to be collected at December 31:
(In thousands) |
Balance at December 31, 2021 | $ | 3,183 |
Bad Debt Expense, Net of Recoveries | 565 |
Write-off Charges Against the Allowance and Other Adjustments | (1,118) |
Balance at December 31, 2022 | 2,630 |
Bad Debt Expense, Net of Recoveries | 7,772 |
Write-off Charges Against the Allowance and Other Adjustments | (1,209) |
Balance at December 31, 2023 | $ | 9,193 |

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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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