RAYTHEON CO/ | 2013 | FY | 3


Contracts in Process, Net
Contracts in process, net consisted of the following at December 31: 
 
Cost-Type
 
Fixed-Price
 
Total
(In millions)
2013

 
2012

 
2013

 
2012

 
2013

 
2012

U.S. Government contracts (including foreign
    military sales):
 
 
 
 
 
 
 
 
 
 
 
Billed
$
490

 
$
363

 
$
374

 
$
212

 
$
864

 
$
575

Unbilled
787

 
956

 
8,139

 
8,890

 
8,926

 
9,846

Progress payments

 

 
(6,003
)
 
(6,870
)
 
(6,003
)
 
(6,870
)
 
1,277

 
1,319

 
2,510

 
2,232

 
3,787

 
3,551

Other customers:
 
 
 
 
 
 
 
 
 
 
 
Billed
16

 
11

 
343

 
545

 
359

 
556

Unbilled
22

 
27

 
1,411

 
1,072

 
1,433

 
1,099

Progress payments

 

 
(705
)
 
(659
)
 
(705
)
 
(659
)
 
38

 
38

 
1,049

 
958

 
1,087

 
996

Allowance for doubtful accounts

 

 
(4
)
 
(4
)
 
(4
)
 
(4
)
Total contracts in process, net
$
1,315

 
$
1,357

 
$
3,555

 
$
3,186

 
$
4,870

 
$
4,543


 
The U.S. Government has title to the assets related to unbilled amounts on contracts that provide progress payments. Unbilled amounts are recorded under the percentage-of-completion method and are recoverable from the customer upon shipment of the product, presentation of billings or completion of the contract. Included in unbilled at December 31, 2013 was $114 million which is expected to be collected outside of one year.
 
Billed and unbilled contracts in process include retentions arising from contractual provisions. At December 31, 2013, retentions were $54 million. We anticipate collecting $13 million of these retentions in 2014 and the balance thereafter.

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