Accounts Receivable, Net

9 Months Ended

Oct. 01, 2021

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable, Net

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

	October 1, 2021		December 31, 2020
In thousands
Trade receivables	$	24,516	$	19,945
U.S. Government contracts:
Billed	12,539		18,854
Cost and accrued profit - not billed	1,554		1,080
Commercial and other government contracts
Billed	39,730		111,794
Cost and accrued profit - not billed	4,141		4,141
Less allowance for doubtful accounts	(1,631)		(2,008)
Accounts receivable, net	$	80,849	$	153,806

The Company performs ongoing evaluations of its customers’ current creditworthiness, as determined by the review of their credit information, to determine if events have occurred subsequent to the recognition of revenue and the related receivable that provide evidence that such receivable will be realized in an amount less than that recognized at the time of sale. Estimates of credit losses are based on historical losses, current economic conditions, geographic considerations, and in some cases, evaluating specific customer accounts for risk of loss.

7. ACCOUNTS RECEIVABLE, NET (CONTINUED)

The following table summarizes the activity in the allowance for doubtful accounts in the nine-month fiscal period ended October 1, 2021:

In thousands
Balance at December 31, 2020	$	(2,008)
Provision	(373)
Amounts written off	433
Recoveries	314
Changes in foreign currency exchange rates	3
Balance at October 1, 2021	$	(1,631)

COVID-19

The Company anticipates that the disruptions and delays resulting from the spread of COVID-19 and the measures instituted by the governments and businesses to mitigate its spread could impact the Company's liquidity in the next twelve months. The Company continues to closely monitor the collectability of its receivables from commercial aerospace customers as it recognizes there may be delays in payments due to the impacts of COVID-19 on its customers. As of the date of this filing, the Company does not believe there has been any material impact on the collectability of these receivables.

Accounts receivable, net includes amounts for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts are as follows:

	October 1, 2021		December 31, 2020
In thousands
Contract changes, negotiated settlements and claims for unanticipated contract costs	$	900	$	900