Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.2.2
Revenue
 9 Months Ended
Sep. 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 each of our operating segments for the three and nine months ended September 30, 2022 were as follows (in thousands):
Three months ended September 30, 2022
Aviation Fleet Federal and Defense Total
Commercial $ 101,735  $ 25,394  $ 129  $ 127,258 
DoD —  183  60,550  60,733 
Other government 890  39,177  14,429  54,496 
     Total $ 102,625  $ 64,754  $ 75,108  $ 242,487 

Nine months ended September 30, 2022
Aviation Fleet Federal and Defense Total
Commercial $ 296,996  $ 79,257  $ 387  $ 376,640 
DoD —  3,176  170,205  173,381 
Other government 3,938  114,093  47,387  165,418 
     Total $ 300,934  $ 196,526  $ 217,979  $ 715,439 

Revenues by customer for each of our operating segments for the three and nine months ended September 30, 2021 were as follows (in thousands):
Three months ended September 30, 2021
Aviation Fleet Federal and Defense Total
Commercial $ 72,542  $ 20,690  $ 931  $ 94,163 
DoD —  2,739  58,123  60,862 
Other government 582  36,839  8,136  45,557 
     Total $ 73,124  $ 60,268  $ 67,190  $ 200,582 
Nine months ended September 30, 2021
Aviation Fleet Federal and Defense Total
Commercial $ 164,353  $ 52,757  $ 1,434  $ 218,544 
DoD —  10,517  162,984  173,501 
Other government 657  109,798  38,175  148,630 
     Total $ 165,010  $ 173,072  $ 202,593  $ 540,675 

Revenues by type for each of our operating segments for the three and nine months ended September 30, 2022 were as follows (in thousands):
Three months ended September 30, 2022
Aviation Fleet Federal and Defense Total
Repair $ 28,979  $ —  $ —  $ 28,979 
Distribution 73,646  64,754  —  138,400 
Cost Plus Contract —  —  40,158  40,158 
Fixed Price Contract —  —  18,430  18,430 
T&M Contract —  —  16,520  16,520 
     Total $ 102,625  $ 64,754  $ 75,108  $ 242,487 

Nine months ended September 30, 2022
Aviation Fleet Federal and Defense Total
Repair $ 77,308  $ —  $ —  $ 77,308 
Distribution 223,626  196,526  —  420,152 
Cost Plus Contract —  —  105,290  105,290 
Fixed Price Contract —  —  59,069  59,069 
T&M Contract —  —  53,620  53,620 
     Total $ 300,934  $ 196,526  $ 217,979  $ 715,439 

Revenues by type for each of our operating segments for the three and nine months ended September 30, 2021 were as follows (in thousands):
Three months ended September 30, 2021
Aviation Fleet Federal and Defense Total
Repair $ 18,714  $ —  $ —  $ 18,714 
Distribution 54,410  60,268  —  114,678 
Cost Plus Contract —  —  26,775  26,775 
Fixed Price Contract —  —  25,729  25,729 
T&M Contract —  —  14,686  14,686 
     Total $ 73,124  $ 60,268  $ 67,190  $ 200,582 
Nine months ended September 30, 2021
Aviation Fleet Federal and Defense Total
Repair $ 56,051  $ —  $ —  $ 56,051 
Distribution 108,959  173,072  —  282,031 
Cost Plus Contract —  —  65,139  65,139 
Fixed Price Contract —  —  82,090  82,090 
T&M Contract —  —  55,364  55,364 
     Total $ 165,010  $ 173,072  $ 202,593  $ 540,675 

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 $44.1 million as of September 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 $7.7 million as of September 30, 2022 and $7.1 million as of December 31, 2021. For the nine months ended September 30, 2022 and 2021, we recognized revenue that was previously included in the beginning balance of contract liabilities of $2.7 million.

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 are primarily related to the sales of vehicle and aircraft parts in our Fleet and Aviation segments. Revenues from products and services transferred to customers at a point in time accounted for approximately 57% and 59% of our revenues for the three and nine months ended September 30, 2022, respectively, and approximately 57% and 52% for the three and nine months ended September 30, 2021, respectively. Revenues from products and services transferred to customers over time are primarily related to revenues in our Federal and Defense segment and MRO services in our Aviation segment. Revenues from products and services transferred to customers over time accounted for approximately 43% and 41% of our revenues for the three and nine months ended September 30, 2022, respectively, and 43% and 48% of our revenues for the three and nine months ended September 30, 2021, respectively.

As of September 30, 2022, the aggregate amount of transaction prices allocated to unsatisfied or partially unsatisfied performance obligations was $199 million. The performance obligations expected to be satisfied within one year and greater than one year are 96% and 4%, 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 nine months ended September 30, 2022 and 2021, revenue recognized from performance obligations satisfied in prior periods was not material.