XML 34 R26.htm IDEA: XBRL DOCUMENT
v3.22.1

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2021
Risks and Uncertainties [Abstract] |
Concentration Of Credit Risk, Significant Customers And Geographic Information |
20. | CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION
Concentration of Credit Risk and Significant Customers The Company is subject to concentration of credit risk with respect to its cash, cash equivalents and accounts receivable. The Company maintains bank accounts in the United States and New Zealand and attempts to minimize by maintaining its cash, cash equivalents with major high credit quality financial institutions. From time to time cash balances held may exceed limits federally insured by the Federal Deposit Insurance Corporation. The Company has not experienced losses in such accounts and believes it is not exposed to any significant credit risk associated with these accounts. The services provided by Rocket Lab are to U.S. Government and commercial customers. The Company has a significant concentration of credit risk associated with its accounts receivables that is solely based on the good faith and credit of the U.S. Government. We extend differing levels of credit to commercial customers, do not require collateral deposits, and, when necessary, maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our customers by following credit approval processes, establishing credit limits, performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures. As of December 31, 2021 and 2020, the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were as follows:
|  | December 31, |
|  | 2021 |  |  | 2020 |
U.S. commercial customer A |  |  | 18 | % |  |  | 62 | %
U.S. commercial customer B |  |  | * |  |  |  | 13 | %
International customer C |  |  | * |  |  |  | 12 | %
Commercial customer G |  |  | 23 | % |  |  | * |
* | Accounts receivable was less than 10 %
For the years ended December 31, 2021 and 2020, the Company’s customers that accounted for 10% or more of the total revenue were as follows:
|  | December 31, |
|  | 2021 |  |  | 2020 |
U.S. government customer D |  |  | * |  |  |  | 21 | %
International customer E |  |  | * |  |  |  | 18 | %
U.S. commercial customer F |  |  | * |  |  |  | 15 | %
Commercial customer G |  |  | 40 | % |  |  | 14 | %
Commercial customer H |  |  | 16 | % |  |  | * |
* | Revenue was less than 10%
Geographic Information The Company’s consolidated net revenues by geographic area based on customer billing location are as follows for the years ended December 31, 2021 and 2020:
|  | 2021 |  |  | 2020 |
|  | Amount |  |  | % of total revenues |  |  | Amount |  |  | % of total revenues |
United States |  | $ | 45,750 |  |  |  | 74 | % |  | $ | 25,881 |  |  |  | 74 | %
Japan |  |  | 769 |  |  |  | 1 | % |  |  | 6,498 |  |  |  | 18 | %
Germany |  |  | 9,770 |  |  |  | 16 | % |  |  | — |  |  |  | — | %
Rest of world |  |  | 5,948 |  |  |  | 9 | % |  |  | 2,781 |  |  |  | 8 | %
Total |  | $ | 62,237 |  |  |  | 100 | % |  | $ | 35,160 |  |  |  | 100 | %
Long-lived assets, which consists of property, plant and equipment, net, leased right-of-use assets, intangible assets, net and goodwill, by geographic area are as follows as of December 31:
|  | December 31, |
|  | 2021 |  |  | 2020 |
|  | Amount |  |  | % of Long- Lived Assets |  |  | Amount |  |  | % of Long- Lived Assets |
United States |  | $ | 148,248 |  |  |  | 76 | % |  | $ | 34,303 |  |  |  | 38 | %
New Zealand |  |  | 45,050 |  |  |  | 23 | % |  |  | 43,323 |  |  |  | 47 | %
Canada |  |  | 1,260 |  |  |  | 1 | % |  |  | 13,590 |  |  |  | 15 | %
Total |  | $ | 194,558 |  |  |  | 100 | % |  | $ | 91,216 |  |  |  | 100 | %

X
- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
Name: | us-gaap_ConcentrationRiskDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RisksAndUncertaintiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration