Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.23.1
Revenue
 3 Months Ended
Mar. 31, 2023
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, the United States Department of Defense ("DoD"), and various other government agencies.

A summary of revenues by customer for our each of our operating segments for the three months ended March 31, 2023 and 2022 is as follows (in thousands):
Three months ended March 31, 2023
Aviation Fleet Federal and Defense Total
Commercial $ 112,060  $ 32,544  $ 154  $ 144,758 
DoD —  —  54,579  54,579 
Other government 1,175  42,808  12,113  56,096 
     Total $ 113,235  $ 75,352  $ 66,846  $ 255,433 

Three months ended March 31, 2022
Aviation Fleet Federal and Defense Total
Commercial $ 91,912  $ 27,856  $ 92  $ 119,860 
DoD —  1,729  50,395  52,124 
Other government 1,378  37,445  20,432  59,255 
     Total $ 93,290  $ 67,030  $ 70,919  $ 231,239 

A summary of revenues by type for our each of our operating segments for the three months ended March 31, 2023 and 2022 is as follows (in thousands):
Three months ended March 31, 2023
Aviation Fleet Federal and Defense Total
Repair $ 32,054  $ —  $ —  $ 32,054 
Distribution 81,181  75,352  —  156,533 
Cost Plus Contract —  —  33,901  33,901 
Fixed Price Contract —  —  24,682  24,682 
T&M Contract —  —  8,263  8,263 
     Total $ 113,235  $ 75,352  $ 66,846  $ 255,433 

Three months ended March 31, 2022
Aviation Fleet
Federal and Defense(1)
Total
Repair $ 22,363  $ —  $ —  $ 22,363 
Distribution 70,927  67,030  —  137,957 
Cost Plus Contract —  —  30,577  30,577 
Fixed Price Contract —  —  24,482  24,482 
T&M Contract —  —  15,860  15,860 
     Total $ 93,290  $ 67,030  $ 70,919  $ 231,239 
(1) In the fourth quarter of fiscal 2022, we reclassified revenues associated with a certain program within our Federal and Defense Segment from T&M to Fixed Price contract type. Prior year amounts have been reclassified to conform with current year presentation.
Contract Balances

Contract balances were as follows (in thousands):
March 31, December 31,
Financial Statement Classification 2023 2022
Contract assets Unbilled receivables 35,884  38,307 
Contract liabilities Accrued expenses and other current liabilities 7,953  6,402 

For the three months ended March 31, 2023 and 2022, we recognized revenue that was previously included in the beginning balance of contract liabilities of $1.4 million and $2.1 million, respectively.

Performance Obligations

As of March 31, 2023, the aggregate amount of transaction prices allocated to unsatisfied or partially unsatisfied performance obligations was $185 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 three months ended March 31, 2023 and 2022, revenue recognized from performance obligations satisfied in prior periods was not material.