Accounts Receivable

12 Months Ended

Dec. 31, 2015

Accounts Receivable, net

Accounts receivable at December 31 consisted of the following:



	2015			2014
U.S. government contracts		$4,864			$4,281
Commercial Airplanes	2,250			1,749
Defense, Space & Security customers ⁽¹⁾	889			1,018
Reinsurance receivables	550			512
Other	254			296
Less valuation allowance	(94		)	(127		)
Total		$8,713			$7,729


⁽¹⁾	Excludes U.S. government contracts

The following table summarizes our accounts receivable under long-term contracts that were unbillable or related to outstanding claims as of December 31:



	Unbillable				Claims
	2015		2014		2015		2014
Current		$2,024		$2,306				$29
Expected to be collected after one year	2,001		1,408			$70	73
Total		$4,025		$3,714		$70		$102

Under contract accounting unbillable receivables on long-term contracts arise when the sales or revenues based on performance attainment, though appropriately recognized, cannot be billed yet under terms of the contract as of the balance sheet date. Any adjustment for the credit quality of unbillable receivables, if required, would be recorded as a direct reduction of revenue. Factors considered in assessing the collectability of unbillable receivables include, but are not limited to, a customer’s extended delinquency, requests for restructuring and filings for bankruptcy. Unbillable receivables related to commercial customers expected to be collected after one year were $178 and $172 at December 31, 2015 and 2014. Accounts receivable related to claims are items that we believe are earned, but are subject to uncertainty concerning their determination or ultimate realization.

Accounts receivable as of December 31, 2015, includes $104 of unbillable receivables on a long-term contract with New LightSquared, LLC (LightSquared) related to the construction of two commercial satellites. One of the satellites has launched and has been accepted by the customer, and the other is substantially complete but remains in Boeing’s possession. On May 14, 2012, LightSquared filed for Chapter 11 bankruptcy protection. On December 7, 2015, LightSquared exited Chapter 11 bankruptcy protection and fully assumed the Boeing contract. We do not expect to incur losses on these receivables.

Accounts receivable, other than those described above, expected to be collected after one year are not material.