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Receivables
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables | RECEIVABLES Receivables were comprised of the following:
All billed receivables are due from the U.S. government, either directly as prime contractor to the government or as subcontractor to another prime contractor to the U.S. government, as of December 31, 2014 and December 31, 2013, respectively. Because the Company’s billed receivables are with the U.S. government, the Company does not believe it has a material credit risk exposure. As part of the Spin-off, Exelis indemnified Vectrus for a receivable of approximately $11.4 million. The Company recorded a corresponding liability as we are required to remit payment to Exelis for amounts collected related to the indemnified receivable. Unbilled contract receivables represent revenue recognized on long-term contracts in excess of amounts billed as of the balance sheet date. We estimate that approximately $4.8 million of our unbilled contract receivables as of December 31, 2014 may not be collected within the next twelve months. These amounts relate to requests for equitable adjustments and contract line item realignments with our customers. |
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