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Revenue Recognition (Tables)
12 Months Ended
Dec. 31, 2024
Revenue Recognition [Abstract]  
Summary of Total Revenue by Company's Segments

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

 

Summary of Revenue from Customers Contribution

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

%

Summary of Revenues from External Customers By End Market

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

 

 

Schedule of Contract Assets and Contract Liabilities 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