Unbilled Receivables

6 Months Ended

Jul. 02, 2023

Contractors [Abstract]

Unbilled Receivables

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:

	July 2, 2023		December 31, 2022
Unbilled revenue	$	40,525	$	39,482
Advances and progress billings	(32,234)		(30,687)
Net unbilled receivables	$	8,291	$	8,795

On July 2, 2023, and December 31, 2022, net unbilled receivables included $1.5 billion and $1.7 billion, respectively, associated with a large international tracked vehicle contract in our Combat Systems segment. The contract, signed in 2010, had been experiencing an unbilled receivable build-up since 2021. Based on ongoing discussions with the customer and continued successful program activity, the customer resumed payments on the contract in the first quarter of 2023.