Revenue Recognition (Tables)

6 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

The following is a description of the Company’s performance obligations:


Type of Revenue			Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms
Product Sales			The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract.
Support Services			The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis.

Disaggregation of Revenue

The following table summarizes disaggregated revenues by type (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Product Sales
Air Cargo	$	7,533	$	5,615	$	13,887	$	12,188
Ground equipment sales	17,639		8,928		23,216		16,926
Commercial jet engines and parts	15,720		13,157		36,030		20,449
Corporate and other	19		37		135		114
Support Services
Air Cargo	14,520		13,222		28,580		25,494
Ground equipment sales	159		69		300		134
Commercial jet engines and parts	2,555		1,554		4,529		3,656
Corporate and other	974		54		1,998		117
Leasing Revenue
Air Cargo	—		—		—		—
Ground equipment sales	29		39		73		78
Commercial jet engines and parts	669		177		1,210		343
Corporate and other	483		37		870		76
Other
Air Cargo	16		10		166		15
Ground equipment sales	192		153		245		233
Commercial jet engines and parts	42		28		72		62
Corporate and other	138		158		239		321

Total	$	60,688	$	43,238	$	111,550	$	80,206

Contract with Customer, Asset and Liability

The following table presents outstanding contract liabilities as of April 1, 2022 and September 30, 2022 and the amount of contract liabilities as of April 1, 2022 that were recognized as revenue during the six-month period ended September 30, 2022 (in thousands):


	Outstanding contract liabilities		Outstanding contract liabilities as of April 1, 2022 Recognized as Revenue
As of September 30, 2022	$	4,676
As of April 1, 2022	$	4,727
For the six months ended September 30, 2022			$	3,636