ORBITAL SCIENCES CORP /DE/ - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - April 27, 2012
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Receivables
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Mar. 31, 2012
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| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Receivables | (4) Receivables The components of receivables were as follows (in thousands):
Under the terms of the company’s Commercial Resupply Services (“CRS”) contract with NASA, a substantial percentage of the customer cash receipts are billable and collectible only upon the satisfaction of certain key milestones, including the successful completion of each mission. Unbilled receivables at March 31, 2012 and December 31, 2011 include $204.8 million and $130.4 million, respectively, pertaining to the CRS contract. As of March 31, 2012 and December 31, 2011, unbilled receivables included $9.9 million and $10.2 million, respectively, of incentive fees on certain completed satellite contracts that become due incrementally over periods of up to 15 years, subject to the achievement of performance criteria. In addition, certain satellite contracts require the company to refund cash to the customer if performance criteria, which cover periods of up to 15 years, are not satisfied. As of March 31, 2012, the company could be required to refund up to approximately $14.0 million to customers if certain completed satellites were to fail to satisfy performance criteria. Orbital generally procures insurance policies under which the company believes it would recover satellite incentive fees that are not earned and performance refund obligations. |
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