NORTHROP GRUMMAN CORP DE
For the period ended Dec 31, 2023. Filed Jan 25, 2024.
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FY2023 · Filed Jan 25, 2024
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5. Unbilled Receivables, Net
- UNBILLED RECEIVABLES, NET
Unbilled receivables, net represent revenue recognized under the cost-to-cost method that exceeds amounts billed to customers. A large majority of the company’s unbilled receivables at December 31, 2023 are expected to be billed and collected in 2024. Progress and performance-based payments are reflected as an offset to the related unbilled receivable balances.
Unbilled receivables, net consisted of the following:
| $ in millions | 2023 | 2022 |
|---|---|---|
| Due from U.S. government (1) | ||
| Unbilled receivables | $23,655 | $23,304 |
| Progress and performance-based payments received | (18,321) | (17,664) |
| Total due from U.S. government | 5,334 | 5,640 |
| Due from international and other customers | ||
| Unbilled receivables | 1,720 | 1,822 |
| Progress and performance-based payments received | (1,344) | (1,460) |
| Total due from international and other customers | 376 | 362 |
| Unbilled receivables, net of progress and performance-based payments received | 5,710 | 6,002 |
| Allowance for expected credit losses | (17) | (19) |
| Unbilled receivables, net | $5,693 | $5,983 |
(1)Includes unbilled receivables due from the U.S. government associated with foreign military sales, which are contracted with and paid by the U.S. government.
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