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REVENUES | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Dec. 31, 2020
Rocket Lab USA, Inc. |  |
REVENUES |
(3) | REVENUES
The Company disaggregates revenue by reportable segment and revenue recognition pattern, as it believes these categories best depict how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The following tables provide information about disaggregated revenue and a reconciliation of the disaggregated revenue during the six months ended June 30:
|  | Six-Months Ended June 30, 2021 |
Revenues by recognition model |  | 2021 |  |  | 2020 |
Point-in-time. |  | $ | 26,815 |  |  | $ | 7,534 |
Over-time |  |  | 2,657 |  |  |  | 1,219 |
Total revenue by recognition model |  |  | 29,472 |  |  |  | 8,753 |
The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within Contract assets) and customer advances and deposits (presented within Contract liabilities) on the condensed consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the condensed consolidated balance sheets at the end of each reporting period. The following table presents the balances related to enforceable contracts as of June 30, 2021 and December 31, 2020:
|  | June 30, 2021 |  |  | December 31, 2020 |
Contract balances |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 22,355 |  |  | $ | 2,730 |
Contract assets |  |  | 843 |  |  |  | 2,045 |
Contract liabilities |  |  | (31,138 | ) |  |  | (26,132 | )
Changes in contract liabilities were as follows:
Contract liabilities, at December 31, 2020 |  | $ | 26,132 |
Customer advances received |  |  | 17,116 |
Recognition of unearned revenue |  |  | (12,110 | )
Contract liabilities, at June 30, 2021 |  | $ | 31,138 |
The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior years during six months ended June 30, 2021 and 2020 was not material. Remaining unsatisfied performance obligations represent the total dollar value of work to be performed on contracts awarded and in progress. The amount of remaining unsatisfied performance obligations increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of remaining unsatisfied performance obligations when an enforceable agreement has been reached. Remaining unsatisfied performance obligations totaled $141,371 and $82,039 as of June 30, 2021 and December 31, 2020, respectively. Of the $ 141,371 June 30, 2021 balance, approximately 72% is expected to be recognized within 12 months, with the remaining 28% to be recognized beyond 12 months. |
3. | REVENUES
The Company disaggregates revenue by reportable segment and revenue recognition pattern, as it believes these categories best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The following tables provide information about disaggregated revenue and a reconciliation of the disaggregated revenue during the years ended December 31:
|  | 2020 |  |  |  |
|  | Launch Services |  |  | Space Systems |  |  | Total |
Revenues by recognition model |  |  |  |  |  |  |  |  |  |  |  |
Point-in-time |  | $ | 31,993 |  |  | $ | 1,910 |  |  | $ | 33,903 |
Over-time |  |  | 1,092 |  |  |  | 165 |  |  |  | 1,257 |
Total revenue by recognition model |  | $ | 33,085 |  |  | $ | 2,075 |  |  | $ | 35,160 |
|  | 2019 |  |  |  |
|  | Launch Services |  |  | Space Systems |  |  | Total |
Revenues by recognition model |  |  |  |  |  |  |  |  |  |  |  |
Point-in-time |  | $ | 26,361 |  |  | $ | — |  |  | $ | 26,361 |
Over-time |  |  | 22,038 |  |  |  | — |  |  |  | 22,038 |
Total revenue by recognition model |  | $ | 48,399 |  |  | $ | — |  |  | $ | 48,399 |
The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within Contract assets) and customer advances and deposits (presented within Contract liabilities) on the consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the consolidated balance sheets at the end of each reporting period. The following table presents the balances related to enforceable contracts as of December 31:
|  | 2020 |  |  | 2019 |
Contract balances |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 2,730 |  |  | $ | 1,185 |
Contract assets |  |  | 2,045 |  |  |  | 7,064 |
Contract liabilities |  |  | (26,132 | ) |  |  | (10,211 | )
Changes in contract liabilities were as follows:
|  | 2020 |  |  | 2019 |
Contract liabilities, beginning of year |  | $ | 10,211 |  |  | $ | 11,590 |
Customer advances received |  |  | 24,694 |  |  |  | 8,672 |
Recognition of unearned revenue |  |  | (8,773 | ) |  |  | (10,051 | )
Contract liabilities, end of year |  | $ | 26,132 |  |  | $ | 10,211 |
The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior years during the years ended December 31, 2020 and 2019 was not material. Remaining unsatisfied performance obligations represent the total dollar value of work to be performed on contracts awarded and in progress. The amount of remaining unsatisfied performance obligations increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of remaining unsatisfied performance obligations when an enforceable agreement has been reached. Remaining unsatisfied performance obligations totaled $82,039 as of December 31, 2020, of which approximately 83% is expected to be recognized within 12 months, with the remaining 17% to be recognized beyond 12 months.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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