Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.2
Revenue
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenues
Our revenues are derived from the delivery of products to our customers and from services performed for commercial customers, various government agencies, the United States Department of Defense ("DoD") or federal civilian agencies.

Revenues by customer for our each of our operating segments for the three and six months ended June 30, 2022 were as follows (in thousands):
Three months ended June 30, 2022
Aviation Fleet Federal and Defense Total
Commercial $ 103,349  $ 26,007  $ 166  $ 129,522 
DoD —  1,264  59,260  60,524 
Other government 1,670  37,471  12,526  51,667 
     Total $ 105,019  $ 64,742  $ 71,952  $ 241,713 

Six months ended June 30, 2022
Aviation Fleet Federal and Defense Total
Commercial $ 195,261  $ 53,863  $ 258  $ 249,382 
DoD —  2,993  109,655  112,648 
Other government 3,048  74,916  32,958  110,922 
     Total $ 198,309  $ 131,772  $ 142,871  $ 472,952 

Revenues by customer for our each of our operating segments for the three and six months ended June 30, 2021 were as follows (in thousands):
Three months ended June 30, 2021
Aviation Fleet Federal and Defense Total
Commercial $ 47,465  $ 17,630  $ 185  $ 65,280 
DoD —  4,676  62,075  66,751 
Other government 50  35,751  7,280  43,081 
     Total $ 47,515  $ 58,057  $ 69,540  $ 175,112 
Six months ended June 30, 2021
Aviation Fleet Federal and Defense Total
Commercial $ 91,811  $ 32,067  $ 503  $ 124,381 
DoD —  7,778  104,861  112,639 
Other government 75  72,959  30,039  103,073 
     Total $ 91,886  $ 112,804  $ 135,403  $ 340,093 

Revenues by type for our each of our operating segments for the three and six months ended June 30, 2022 were as follows (in thousands):
Three months ended June 30, 2022
Aviation Fleet Federal and Defense Total
Repair $ 25,966  $ —  $ —  $ 25,966 
Distribution 79,053  64,742  —  143,795 
Cost Plus Contract —  —  34,555  34,555 
Fixed Price Contract —  —  22,278  22,278 
T&M Contract —  —  15,119  15,119 
     Total $ 105,019  $ 64,742  $ 71,952  $ 241,713 

Six months ended June 30, 2022
Aviation Fleet Federal and Defense Total
Repair $ 48,329  $ —  $ —  $ 48,329 
Distribution 149,980  131,772  —  281,752 
Cost Plus Contract —  —  65,132  65,132 
Fixed Price Contract —  —  40,639  40,639 
T&M Contract —  —  37,100  37,100 
     Total $ 198,309  $ 131,772  $ 142,871  $ 472,952 

Revenues by type for our each of our operating segments for the three and six months ended June 30, 2021 were as follows (in thousands):
Three months ended June 30, 2021
Aviation Fleet Federal and Defense Total
Repair $ 19,021  $ —  $ —  $ 19,021 
Distribution 28,494  58,057  —  86,551 
Cost Plus Contract —  —  21,813  21,813 
Fixed Price Contract —  —  32,430  32,430 
T&M Contract —  —  15,297  15,297 
     Total $ 47,515  $ 58,057  $ 69,540  $ 175,112 
Six months ended June 30, 2021
Aviation Fleet Federal and Defense Total
Repair $ 37,337  $ —  $ —  $ 37,337 
Distribution 54,549  112,804  —  167,353 
Cost Plus Contract —  —  38,364  38,364 
Fixed Price Contract —  —  56,361  56,361 
T&M Contract —  —  40,678  40,678 
     Total $ 91,886  $ 112,804  $ 135,403  $ 340,093 

Contract Balances

Unbilled receivables (contract assets) represent our right to consideration in exchange for goods or services that we have transferred to the customer prior to us having the right to payment for such goods or services. Contract liabilities are recorded when customers remit contractual cash payments in advance of us satisfying related performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time.
We present our unbilled receivables and contract liabilities on a contract-by-contract basis. If a contract liability exists, it is netted against the unbilled receivables balance for that contract. Unbilled receivables were $41.3 million as of June 30, 2022 and $31.9 million as of December 31, 2021. Contract liabilities, which are included in accrued expenses and other current liabilities in our consolidated balance sheets, were $5.5 million as of June 30, 2022 and $7.1 million as of December 31, 2021. For the six months ended June 30, 2022 and 2021, we recognized revenue that was previously included in the beginning balance of contract liabilities of $2.6 million and $1.7 million, respectively.

Performance Obligations

Our performance obligations are satisfied either at a point in time or over time as work progresses. Revenues from products and services transferred to customers at a point in time accounted for approximately 59% for the three and six months ended June 30, 2022 and 49% of our revenues for the three and six months ended June 30, 2021, primarily related to the sale of vehicle and aircraft parts in our Fleet and Aviation segments. Revenues from products and services transferred to customers over time accounted for approximately 41% for the three and six months ended June 30, 2022 and 51% of our revenues for the three and six months ended June 30, 2021, primarily related to revenues in our Federal and Defense segment and MRO services in our Aviation segment.
As of June 30, 2022, the aggregate amount of transaction prices allocated to unsatisfied or partially unsatisfied performance obligations was $183 million. The performance obligations expected to be satisfied within one year and greater than one year are 94% and 6%, respectively. We have applied the practical expedient for certain parts sales and MRO services to exclude the amount of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which we recognize revenue in proportion to the amount we have the right to invoice for services performed.

During the six months ended June 30, 2022 and 2021, revenue recognized from performance obligations satisfied in prior periods was not material.