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.