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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.