Revenue Recognition (Tables)

9 Months Ended

Dec. 31, 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 December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Product Sales
Air Cargo	$	6,416	$	5,493	$	20,303	$	17,680
Ground equipment sales	15,909		14,674		39,125		31,600
Commercial jet engines and parts	18,515		9,379		54,545		29,827
Corporate and other	112		85		247		199
Support Services
Air Cargo	15,399		12,734		43,979		38,228
Ground equipment sales	96		173		396		306
Commercial jet engines and parts	2,428		1,686		6,958		5,342
Corporate and other	1,157		72		3,155		189
Leasing Revenue
Air Cargo	—		—		—		—
Ground equipment sales	42		141		115		219
Commercial jet engines and parts	729		298		1,939		642
Corporate and other	353		145		1,223		221
Other
Air Cargo	16		21		182		38
Ground equipment sales	100		244		345		478
Commercial jet engines and parts	64		29		135		91
Corporate and other	60		259		299		580

Total	$	61,396	$	45,433	$	172,946	$	125,640

Contract with Customer, Asset and Liability

The following table presents outstanding contract liabilities as of April 1, 2022 and December 31, 2022 and the amount of contract liabilities as of April 1, 2022 that were recognized as revenue during the nine-month period ended December 31, 2022 (in thousands):


	Outstanding contract liabilities		Outstanding contract liabilities as of April 1, 2022 Recognized as Revenue
As of December 31, 2022	$	6,306
As of April 1, 2022	$	4,727
For the nine months ended December 31, 2022			$	3,952