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Revenue Recognition | 12 Months Ended
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Dec. 31, 2024
Revenue Recognition [Abstract] |
Revenue Recognition | NOTE 3: REVENUE RECOGNITION Disaggregated revenue The following table summarizes total revenue by the Company’s segments:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Revenue: |  |  |  |  |  |  |  |  |
Engine Services |  | $ | 4,644,739 |  |  | $ | 4,049,868 |  |  | $ | 3,723,312 |
Component Repair Services |  |  | 592,422 |  |  |  | 513,416 |  |  |  | 427,166 |
Total revenue |  | $ | 5,237,161 |  |  | $ | 4,563,284 |  |  | $ | 4,150,478 |
The following table presents revenues from customers that contributed to more than 10% of revenues:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Customer A |  |  | 21.8 | % |  |  | 24.7 | % |  |  | 25.6 | %
The following table presents revenues from external customers by end market:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Commercial Aerospace |  | $ | 3,066,463 |  |  | $ | 2,460,624 |  |  | $ | 2,250,074 |
Military & Helicopter |  |  | 973,813 |  |  |  | 968,136 |  |  |  | 884,492 |
Business Aviation |  |  | 1,046,914 |  |  |  | 968,965 |  |  |  | 887,008 |
Other |  |  | 149,971 |  |  |  | 165,559 |  |  |  | 128,904 |
|  | $ | 5,237,161 |  |  | $ | 4,563,284 |  |  | $ | 4,150,478 |
Contract assets and liabilities Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing or reimbursable costs related to a specific contract. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. The following table provides information about contract assets and contract liabilities from contracts with customers:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Contract assets |  | $ | 915,940 |  |  | $ | 811,113 |  |  | $ | 676,527 |
Less: allowance for credit loss |  |  | (740 | ) |  |  | (700 | ) |  |  | (700 | )
Contract assets, net |  | $ | 915,200 |  |  | $ | 810,413 |  |  | $ | 675,827 |
Contract liabilities |  | $ | 400,025 |  |  | $ | 355,651 |  |  | $ | 210,078 |
Changes in contract assets and contract liabilities primarily result from the timing difference between our performance of services and payments from customers. The Company recognized revenue that was included in the beginning of period contract liability balance of approximately $355.7 million and $210.1 million for the years ended December 31, 2024 and 2023, respectively. Remaining performance obligations As of December 31, 2024, the Company had approximately $1.9 billion of remaining performance obligations, which primarily relates to the Company’s engine utilization contracts that are satisfied over multiple years. Of this amount, the Company expects approximately 30% to be satisfied over the next two years and the remainder thereafter. The expected timing of the satisfaction of performance obligations is dependent on the timing of the customer’s maintenance requirements and as such, the timing of the revenue recognition is subject to estimation uncertainty. The Company excludes from its remaining performance obligation balance the value of remaining performance obligations for its fixed price and time & material contracts, as the performance obligations for these contracts generally have an original expected duration of one year or less.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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