ACCOUNTS RECEIVABLE

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

ACCOUNTS RECEIVABLE

NOTE 8—ACCOUNTS RECEIVABLE

Accounts Receivable—Trade, Net―Our trade receivable balances at September 30, 2019 and December 31, 2018 included the following:

	September 30, 2019			December 31, 2018
	(In millions)
Contract receivables (1)	$	806		$	794
Retainages (2)		146			155
Less allowances		(17	)		(17	)
Accounts receivable—trade, net	$	935		$	932

⁽¹⁾ Unbilled receivables for our performance obligations recognized at a point in time are recorded within Accounts receivable—trade, net and were approximately $34 million and $31 million as of September 30, 2019 and December 31, 2018, respectively.

⁽²⁾ Retainages classified within Accounts receivable—trade, net are amounts anticipated to be collected within one year and as to which we have an unconditional right to collect from the customer, subject only to the passage of time. Retainages anticipated to be collected beyond one year are classified as Accounts receivable long-term retainages on our Balance Sheet.