XML 41 R32.htm IDEA: XBRL DOCUMENT v3.21.2
SEGMENTS
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Rocket Lab USA, Inc.    
Segments
(18)
SEGMENTS
The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company manages its business primarily based upon two operating segments, Launch Services and Space Systems. Each of these operating segments represents a reportable segment. Launch Services provides launch services to customer on a dedicated mission or ride share basis. Space Systems is comprised of space engineering, program management, satellite components, spacecraft manufacturing and mission operations. Although many of the Company’s contracts with customers contain elements of Space Systems and Launch Services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. The Company evaluates the performance of its
reportable segments based on gross profit. For contracts with customers that contain both Space Systems and Launch Services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract.
The following table shows information by reportable segment:
 
    
Six-Months
Ended June 30,
  
    
2021
     
2021
     
2020
     
2020
  
    
Launch
Services
     
Space
Systems
     
Launch
Services
     
Space
Systems
  
Revenues
    $ 24,080      $ 5,392      $ 8,460      $  293  
Cost of revenues
      23,695        1,903        14,508        124  
  
 
 
     
 
 
     
 
 
     
 
 
  
Gross profit (loss)
    $ 385      $ 3,489      $  (6,048)      $ 169  
  
 
 
     
 
 
     
 
 
     
 
 
  
Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment.
19.
SEGMENTS
The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company manages its business primarily based upon two operating segments, Launch Services and Space Systems. Each of these operating segments represents a reportable segment. Launch Services provides launch services to customer on a dedicated mission or ride share basis. Space Systems is comprised of space engineering, program management, satellite components, spacecraft manufacturing and mission operations. Although many of the Company’s contracts with customers contain elements of Space Systems and Launch Services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. The accounting policies of the various segments are the same as those described in Note 2. The Company evaluates the performance of its reportable segments based on gross profit. For contracts with customers that contain both Space Systems and Launch Services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract. The following table shows information by reportable segment for the years ended December 31:
 
    
2020
     
2019
  
  
Launch Services
     
Space Systems
     
Launch Services
     
Space Systems
  
Revenues
    $ 33,085      $ 2,075      $ 48,399      $ —    
Cost of revenues
    $ 45,872      $ 1,105      $ 49,475      $ —    
     
 
 
        
Gross profit
    $ (12,787 )     $ 970      $ (1,076)      $ —    
 
Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment.