XML 25 R11.htm IDEA: XBRL DOCUMENT v3.24.0.1
ACCOUNTS RECEIVABLE
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE
Accounts receivable at December 31 consists of:
(In thousands)20232022
Trade Accounts Receivable$134,980 $123,071 
Unbilled Recoverable Costs and Accrued Profits46,321 27,349 
Total Receivables, Gross181,301 150,420 
Less Allowance for Estimated Credit Losses(9,193)(2,630)
Total Receivables, Net$172,108 $147,790 
In November 2023, a non-core contract manufacturing customer reported within the Aerospace segment filed for bankruptcy under Chapter 11. As a result, the Company recorded a full reserve of $7.5 million for outstanding accounts receivable.
The following table provides a rollforward of the allowance for estimated credit losses that is deducted from accounts receivable to present the net amount expected to be collected at December 31:
(In thousands)
Balance at December 31, 2021
$3,183 
Bad Debt Expense, Net of Recoveries565 
Write-off Charges Against the Allowance and Other Adjustments(1,118)
Balance at December 31, 2022
2,630 
Bad Debt Expense, Net of Recoveries7,772 
Write-off Charges Against the Allowance and Other Adjustments(1,209)
Balance at December 31, 2023
$9,193