Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.1
Revenue
 3 Months Ended
Mar. 31, 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 months ended March 31, 2022 and 2021 were as follows (in thousands):
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 

Three months ended March 31, 2021
Aviation Fleet Federal and Defense Total
Commercial $ 44,346  $ 14,437  $ 318  $ 59,101 
DoD —  3,102  42,786  45,888 
Other government 25  37,208  22,759  59,992 
     Total $ 44,371  $ 54,747  $ 65,863  $ 164,981 
Revenues by type for our each of our operating segments for the three months ended March 31, 2022 and 2021 were as follows (in thousands):
Three months ended March 31, 2022
Aviation Fleet Federal and Defense Total
Repair $ 22,363  $ —  $ —  $ 22,363 
Distribution 70,927  67,030  —  137,957 
Cost Plus Contract —  —  30,577  30,577 
Fixed Price Contract —  —  18,361  18,361 
T&M Contract —  —  21,981  21,981 
     Total $ 93,290  $ 67,030  $ 70,919  $ 231,239 

Three months ended March 31, 2021
Aviation Fleet Federal and Defense Total
Repair $ 18,316  $ —  $ —  $ 18,316 
Distribution 26,055  54,747  —  80,802 
Cost Plus Contract —  —  16,551  16,551 
Fixed Price Contract —  —  23,931  23,931 
T&M Contract —  —  25,381  25,381 
     Total $ 44,371  $ 54,747  $ 65,863  $ 164,981 

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 $31.2 million as of March 31, 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 $7.4 million as of March 31, 2022 and $7.1 million as of December 31, 2021. For the three months ended March 31, 2022 and 2021, we recognized revenue that was previously included in the beginning balance of contract liabilities of $2.1 million and $0.9 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 60% and 49% of our revenues for the three months ended March 31, 2022 and 2021, respectively, 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 40% and 51% of our revenues for the three months ended March 31, 2022 and 2021, respectively, primarily related to revenues in our Federal and Defense segment and MRO services in our Aviation segment.
As of March 31, 2022, the aggregate amount of transaction prices allocated to unsatisfied or partially unsatisfied performance obligations was $198 million. The performance obligations expected to be satisfied within one year and greater than one year are 92% and 8%, 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, 2022 and 2021, revenue recognized from performance obligations satisfied in prior periods was not material.