Accounts Receivable

12 Months Ended

Dec. 31, 2011

Accounts Receivable [Abstract]

Accounts Receivable

Note 6 – Accounts Receivable

Accounts receivable at December 31 consisted of the following:

	2011			2010
U.S. government contracts	$	2,950		$	2,969
Commercial customers		1,390			1,241
Reinsurance receivables		585			487
Non-U.S. military contracts		553			514
Other		368			253
Less valuation allowance	$	(53	)		(42	)
Total	$	5,793		$	5,422

The following table summarizes our accounts receivable under long-term contracts that were not billable or related to outstanding claims as of December 31:

	Unbillable				Claims
	2011		2010		2011		2010
Current	$	1,174	$	994	$	49	$	30
Expected to be collected after one year		498		507		209		194
Total	$	1,672	$	1,501	$	258	$	224

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 $192 and $213 at December 31, 2011 and 2010. 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, other than those described above, expected to be collected after one year are not material.