LOCKHEED MARTIN CORP | 2013 | FY | 3


 

Note 5 – Receivables, net

 

Receivables, net consisted of the following (in millions):

 

  

  

      2013        2012         

U.S. Government

       

Amounts billed

   $ 1,275         $ 1,088          

Unbilled costs and accrued profits

     4,767           5,630          

Less: customer advances and progress payments

     (1,008        (1,048)         

Total U.S. Government receivables, net

     5,034           5,670          

Other governments and commercial

       

Amounts billed

     391           376          

Unbilled costs and accrued profits

     600           789          

Less: customer advances

     (191        (272)         

Total other governments and commercial receivables, net

     800           893          

Total receivables, net

   $     5,834         $     6,563          

We expect to bill substantially all of the December 31, 2013 unbilled costs and accrued profits during 2014.

 


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