RECEIVABLES

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

RECEIVABLES

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. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:

(In thousands)	June 30, 2024		December 31, 2023
Billed receivables:
Trade and other receivables	$	474,989	$	427,830
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed	347,622		309,561
Less: Progress payments applied	—		(687)
Net unbilled receivables	347,622		308,874
Less: Allowance for doubtful accounts	(5,476)		(4,026)
Receivables, net	$	817,135	$	732,678