XML 49 R27.htm IDEA: XBRL DOCUMENT
v3.22.1

Revenue | 12 Months Ended
--- | ---
Dec. 31, 2021
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The table below presents revenues by customer grouping for the following periods:
|  |  |  |  | Successor |  | Predecessor
|  |  |  |  | Year Ended December 31, 2021 |  | Period from February 10, 2020 to December 31, 2020 |  |  | Period from January 1, 2020 to June 21, 2020
Civil space |  |  |  |  | $ | 60,052 |  |  | $ | 23,571 |  |  |  | $ | 15,844 |
National security |  |  |  |  | 29,833 |  |  | 7,034 |  |  |  | 684 |
Commercial and other |  |  |  |  | 47,716 |  |  | 10,180 |  |  |  | 123 |
Total revenues |  |  |  |  | $ | 137,601 |  |  | $ | 40,785 |  |  |  | $ | 16,651 |
Contract Balances The table below presents the contract assets and contract liabilities included on the consolidated balance sheets for the following periods:
| Successor
| December 31, 2021 |  | December 31, 2020
Contract assets | $ | 11,748 |  |  | $ | 4,172 |
Contract liabilities | $ | 15,734 |  |  | $ | 15,665 |
The increase in contract assets was primarily driven by growth in revenue recognized and timing of billable milestones occurring during the Successor 2021 Period, and also by the acquisitions of Oakman, DPSS, and Techshot compared to December 31, 2020 before they were acquired. The decrease in contract liabilities was related to timing of billable milestones occurring during the Successor 2021 Period, partially offset by an increase related to the acquisitions of Oakman and DPSS during the Successor 2021 Period ending December 31, 2021, compared to December 31, 2020 before they were acquired. Revenue recognized in the Successor 2021 Period that was included in the contract liability balance as of December 31, 2020 was $15.3 million. The Company evaluates the contract value and cost estimates at completion (“EAC”) for performance obligations at least quarterly and more frequently when circumstances significantly change. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimate of total revenue and cost at completion is complex, subject to many variables and requires significant judgment by management on a contract by contract basis. As part of this process, management reviews information including, but not limited to, labor productivity, the nature and technical complexity of the work to be performed, availability and cost volatility of materials, subcontractor and vendor performance, volume assumptions, inflationary trends, and schedule and performance delays. Management’s judgment related to these considerations has become increasingly more significant given the current economic environment primarily caused by the COVID-19 pandemic. When the Company’s estimate of total costs to be incurred to satisfy a performance obligation exceeds the expected revenue, the Company recognizes the loss immediately. When the Company determines that a change in estimate has an impact on the associated profit of a performance obligation, the Company records the cumulative positive or negative adjustment to the statement of operations and comprehensive income (loss). Changes in estimates and assumptions related to the status of certain long-term contracts may have a material effect on the Company’s operating results. The following table summarizes the impact of the net EAC adjustments for the periods presented:
| Successor
| Year Ended December 31, 2021 |  | Period from February 10, 2020 to December 31, 2020
Net EAC adjustments, before income taxes | $ | (1,835) |  |  | $ | 728 |
Net EAC adjustments, net of income taxes | (1,551) |  |  | 580 |
Net EAC adjustments, net of income taxes, per diluted share | (0.03) |  |  | 0.02 |
Remaining Performance Obligations As of December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $129.3 million. The Company expects to recognize approximately 78% of its remaining performance obligations as revenue within the next 12 months and the balance thereafter. Geographic Information and Significant Customers The Company has customers located in the United States, Luxembourg, Germany, Japan, South Korea, Poland, Taiwan, and France. The table below presents revenues based on the geographic location of the Company’s customers for the following periods:
|  |  |  |  | Successor |  |  | Predecessor
|  |  |  |  | Year Ended December 31, 2021 |  | Period from February 10, 2020 to December 31, 2020 |  |  | Period from January 1, 2020 to June 21, 2020
U.S. |  |  |  |  | $ | 133,309 |  |  | $ | 38,774 |  |  |  | $ | 15,856 |
Luxembourg |  |  |  |  | 3,724 |  |  | 1,535 |  |  |  | 795 |
Germany |  |  |  |  | 140 |  |  | 46 |  |  |  | — |
South Korea |  |  |  |  | 272 |  |  | 147 |  |  |  | — |
Poland |  |  |  |  | 138 |  |  | 169 |  |  |  | — |
Other |  |  |  |  | 18 |  |  | 114 |  |  |  | — |
Total revenues |  |  |  |  | $ | 137,601 |  |  | $ | 40,785 |  |  |  | $ | 16,651 |
The majority of the Company’s revenues are derived from government contracts. Customers comprising 10% or more of revenues were as follows for the periods presented:
|  |  |  |  | Successor |  |  | Predecessor
|  |  |  |  | Year Ended December 31, 2021 |  | Period from February 10, 2020 to December 31, 2020 |  |  | Period from January 1, 2020 to June 21, 2020
Boeing (1) |  |  |  |  | $ | 17,753 |  |  | $ | — |  |  |  | $ | — |
NASA |  |  |  |  | 48,476 |  |  | 21,352 |  |  |  | 15,020 |
Total |  |  |  |  | $ | 66,229 |  |  | $ | 21,352 |  |  |  | $ | 15,020 |
(1) While revenue was generated in each of the periods presented, amounts are only disclosed for the periods in which revenue represented 10% or more of total revenue.

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

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration