Unbilled Receivables

3 Months Ended

Mar. 31, 2019

UNBILLED RECEIVABLES

Unbilled receivables represent revenue recognized on long-term contracts (contract costs and estimated profits) less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms. Unbilled receivables consisted of the following:



	March 31, 2019			December 31, 2018
Unbilled revenue	$	30,497		$	27,908
Advances and progress billings	(23,130		)	(21,332		)
Net unbilled receivables	$	7,367		$	6,576

The increase in net unbilled receivables during the three-month period ended March 31, 2019, was due primarily to an international wheeled armored vehicle contract in our Combat Systems segment. At March 31, 2019 the net unbilled receivable related to this contract was $2.2 billion. Our contract is with the Canadian government, who is selling the vehicles to an international customer. We have experienced delays in payment under the contract. We continue to meet our obligations under the contract and are entitled to payment for work performed. Therefore, we expect to collect the full amount currently outstanding.