
	As of December 31,
(In thousands)	2025		2024
Billed receivables	$	87,089	$	77,982
Unbilled receivables (contract assets)	637,195		620,536
Other	14,638		11,550
Total receivables	$	738,922	$	710,068

As of December 31, 2025 and 2024, substantially all billed receivables were due from the U.S. government, either directly as prime contractor to the U.S. government or as subcontractor to another prime contractor to the U.S. government. Because the Company’s billed receivables are with the U.S. government, the Company does not believe it has a material credit risk exposure.

Unbilled receivables are contract assets that represent revenue recognized on long-term contracts in excess of amounts billed as of the balance sheet date. We expect to bill customers for most of the December 31, 2025 contract assets during 2026. Changes in the balance of receivables are primarily due to the timing differences between performance and customers' payments.

The Company has a Master Accounts Receivable Purchase Agreement (MARPA Facility) with MUFG Bank, Ltd. (MUFG) for the sale of certain designated eligible receivables up to a maximum amount of $400.0 million with the U.S. government. Receivables sold under the MARPA Facility are without recourse for any U.S. government credit risk.

The Company accounts for these receivable transfers under the MARPA Facility as sales under ASC Topic 860, Transfers and Servicing, and removes the sold receivables from its balance sheet. The fair value of the sold receivables approximated their book value due to their short-term nature.


	As of and for the
	Year Ended December 31,
(In thousands)	2025		2024		2023
Beginning balance:	$	218,897	$	72,714	$	—
Sale of receivables	3,496,285		3,195,217		1,394,998
Cash collections	(3,438,462)		(3,049,034)		(1,322,284)
Outstanding balance sold to MUFG1	276,720		218,897		72,714
Cash collected, not remitted to MUFG2	(49,768)		(71,457)		(10,160)
Remaining sold receivables	$	226,952	$	147,440	$	62,554
1 For the year ended December 31, 2025, the Company recorded a net cash inflow, excluding fees, from sale of receivables of $57.8 million from operating activities.
2 Includes the cash collected on behalf of, but not yet remitted to, MUFG as of December 31, 2025. This balance is included in other accrued liabilities as of the balance sheet date.

For the years ended December 31, 2025, 2024, and 2023 the Company incurred purchase discount fees, net of servicing fees, of $11.2 million, $10.5 million, and $4.0 million which are presented in other expense, net on the Consolidated Statements of Income (Loss) and are reflected as cash flows from operating activities on the Consolidated Statements of Cash Flows.

The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value and therefore has not recognized a servicing asset or liability as of December 31, 2025. Proceeds from the sale of receivables are reflected as cash inflows from operating activities on the Consolidated Statements of Cash Flows.