Annual report pursuant to Section 13 and 15(d)

Revenue Recognition

v3.24.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregated Revenue
Our revenues are derived from the delivery of products to our customers and from services performed for commercial and government customers.

A summary of revenues by customer for each of our operating segments for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Year Ended December 31, 2023 Aviation Fleet Total
Commercial $ 539,592  $ 150,835  $ 690,427 
DoD —  209  209 
Other government 4,428  165,424  169,852 
Total $ 544,020  $ 316,468  $ 860,488 
Year Ended December 31, 2022
Commercial $ 403,155  $ 104,162  $ 507,317 
DoD —  3,286  3,286 
Other government 4,957  153,888  158,845 
Total $ 408,112  $ 261,336  $ 669,448 
Year Ended December 31, 2021
Commercial $ 245,380  $ 73,606  $ 318,986 
DoD —  12,689  12,689 
Other government 2,472  147,237  149,709 
Total $ 247,852  $ 233,532  $ 481,384 

A summary of revenues by type for each of our operating segments for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Year Ended December 31, 2023 Aviation Fleet Total
Repair $ 157,154  $ —  $ 157,154 
Distribution 386,866  316,468  703,334 
Total $ 544,020  $ 316,468  $ 860,488 
Year Ended December 31, 2022
Repair $ 107,399  $ —  $ 107,399 
Distribution 300,713  261,336  562,049 
Total $ 408,112  $ 261,336  $ 669,448 
Year Ended December 31, 2021
Repair $ 75,725  $ —  $ 75,725 
Distribution 172,127  233,532  405,659 
Total $ 247,852  $ 233,532  $ 481,384 
Contract Balances
Contract balances were as follows (in thousands):
As of December 31,
Financial Statement Classification 2023 2022
Billed and billable receivables
Receivables, net (a)
$ 127,958  $ 90,599 
Contract assets - unbilled receivables
Contract assets
 $ 8,049  $ 7,409 
Contract liabilities Accrued expenses and other current liabilities $ 2,785  $ 963 
(a) Net of allowance of $3.4 million and $2.0 million as of December 31, 2023 and 2022, respectively.
During fiscal 2023 and 2022, respectively, we recognized $0.9 million and $0.8 million of revenue that was included in a previously recorded contract liability as of the beginning of the period.
Performance Obligations
We applied the practical expedient for our 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.