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REVENUES (Tables) - Rocket Lab USA, Inc.

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Reconciliation of Disaggregation of Revenue

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 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

Balances Related to Enforceable Contracts

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	)

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

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

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

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Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Name Accounting Standards Codification
-Topic 606
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