Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.21.2
Revenue
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregated Revenue
Our revenues are derived from the delivery of products to our customers and from contract services performed for the DoD or federal civilian agencies. Our customers also include various other government agencies and commercial clients.

A summary of revenues for our operating segments by customer for the three and six months ended June 30, 2021 are 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 
$ 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 
$ 91,886  $ 112,804  $ 135,403  $ 340,093 


A summary of revenues for our operating segments by customer for the three and six months ended June 30, 2020 are as follows (in thousands):
Three months ended June 30, 2020
Aviation Fleet Federal and Defense Total
Commercial $ 31,170  $ 8,525  $ 467  $ 40,162 
DoD 837  5,095  58,955  64,887 
Other government 214  57,602  5,850  63,666 
$ 32,221  $ 71,222  $ 65,272  $ 168,715 

Six months ended June 30, 2020
Aviation Fleet Federal and Defense Total
Commercial $ 89,220  $ 17,347  $ 889  $ 107,456 
DoD 837  9,662  118,522  129,021 
Other government 244  97,417  11,995  109,656 
$ 90,301  $ 124,426  $ 131,406  $ 346,133 

A summary of revenues for our operating segments by type for the three and six months ended June 30, 2021 is 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 

A summary of revenues for our operating segments by type for the three and six months ended June 30, 2020 is as follows (in thousands):
Three months ended June 30, 2020
Aviation Fleet Federal and Defense Total
Repair $ 16,848  $ —  $ —  $ 16,848 
Distribution 15,373  71,222  —  86,595 
Cost Plus Contract —  —  23,307  23,307 
Fixed Price Contract —  —  36,079  36,079 
T&M Contract —  —  5,886  5,886 
     Total $ 32,221  $ 71,222  $ 65,272  $ 168,715 

Six months ended June 30, 2020
Aviation Fleet Federal and Defense Total
Repair $ 49,656  $ —  $ —  $ 49,656 
Distribution 40,645  124,426  —  165,071 
Cost Plus Contract —  —  42,988  42,988 
Fixed Price Contract —  —  74,995  74,995 
T&M Contract —  —  13,423  13,423 
     Total $ 90,301  $ 124,426  $ 131,406  $ 346,133 

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 increased from $22.4 million at December 31, 2020 to $30.7 million at June 30, 2021, primarily due to the unbilled receivables acquired as a result of the HSS acquisition and revenues recognized as performance obligations are satisfied in excess of billings. Contract liabilities, which are included in accrued expenses and other current liabilities in our consolidated balance sheets, increased from $10.1 million at December 31, 2020 to $12.7 million at June 30, 2021, primarily due to advance payments received in excess of revenue recognized. For the six months ended June 30, 2021 and June 30, 2020, we recognized revenue that was previously included in the beginning balance of contract liabilities of $1.7 million and $1.5 million, respectively.
Performance Obligations

Our performance obligations are satisfied either at a point in time or over time as work progresses. The majority of our revenue recognized at a point in time is for the sale 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 49% of our revenues for the three and six months ended June 30, 2021 and 50% of our revenues for the three and six months ended June 30, 2020. Revenues from products and services transferred to customers over time accounted for approximately 51% of our revenues for the three and six months ended June 30, 2021 and 50% of our revenues for the three and six months ended June 30, 2020, primarily related to revenues in our Federal and Defense segment and MRO services in our Aviation segment.
As of June 30, 2021, the aggregate amount of transaction prices allocated to unsatisfied or partially unsatisfied performance obligations was $224 million. Performance obligations expected to be satisfied within one year and greater than one year are 90% and 10%, 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, 2021 and June 30, 2020, revenue recognized from performance obligations satisfied in prior periods was not material.