VSE (VSEC) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 22, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity File Number	000-03676
Document Transition Report	false
Entity Registrant Name	VSE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-0649263
Entity Address, Address Line One	6348 Walker Lane
Entity Address, City or Town	Alexandria,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22310
City Area Code	703
Local Phone Number	960-4600
Title of 12(b) Security	Common Stock, par value $0.05 per share
Trading Symbol	VSEC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000102752
Current Fiscal Year End Date	--12-31
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		11,043,246

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 213	$ 734
Receivables, net	58,615	70,630
Unbilled receivables, net	41,859	46,279
Inventories, net	223,134	218,627
Other current assets	30,257	19,071
Total current assets	354,078	355,341
Property and equipment, net	36,987	43,465
Intangible assets, net	111,912	132,175
Goodwill	238,126	276,450
Operating lease - right-of-use assets	21,395	20,943
Other assets	25,064	17,490
Total assets	787,562	845,864
Current liabilities:
Current portion of long-term debt	18,504	16,883
Accounts payable	76,183	68,099
Current portion of earn-out obligation	3,600	31,700
Accrued expenses and other current liabilities	47,472	46,514
Dividends payable	994	987
Total current liabilities	146,753	164,183
Long-term debt, less current portion	241,612	253,128
Deferred compensation	20,535	18,146
Long-term operating lease obligations	24,272	24,441
Earn-out obligation, less current portion	0	5,000
Deferred tax liabilities	11,436	17,865
Total liabilities	444,608	482,763
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, par value $0.05 per share, authorized 15,000,000 shares; issued and outstanding 11,043,246 and 10,970,123, respectively	552	549
Additional paid-in capital	31,494	29,411
Retained earnings	312,965	334,246
Accumulated other comprehensive loss	(2,057)	(1,105)
Total stockholders' equity	342,954	363,101
Total liabilities and stockholders' equity	$ 787,562	$ 845,864

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	11,043,246	10,970,123
Common stock, outstanding (in shares)	11,043,246	10,970,123

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues	$ 168,715	$ 189,111	$ 346,133	$ 359,030
Costs and operating expenses:
Selling, general and administrative expenses	1,295	988	1,543	2,370
Amortization of intangible assets	4,464	4,980	9,187	9,971
Total costs and operating expenses	156,213	172,695	317,469	330,801
Operating income before non-recurring items	12,502	16,416	28,664	28,229
Loss on sale of a business entity and certain assets	(678)	0	(8,214)	0
Gain on sale of property	0	0	1,108	0
Goodwill and intangible asset impairment	(33,734)	0	(33,734)	0
Operating (loss) income	(21,910)	16,416	(12,176)	28,229
Interest expense, net	3,072	3,398	6,558	6,556
(Loss) income before income taxes	(24,982)	13,018	(18,734)	21,673
Provision for income taxes	(2,358)	3,120	558	5,172
Net (loss) income	$ (22,624)	$ 9,898	$ (19,292)	$ 16,501
Basic earnings per share (in dollars per share)	$ (2.05)	$ 0.91	$ (1.75)	$ 1.51
Basic weighted average common shares outstanding (in shares)	11,041,235	10,969,899	11,020,720	10,945,172
Diluted earnings per share (in dollars per share)	$ (2.05)	$ 0.89	$ (1.75)	$ 1.50
Diluted weighted average shares outstanding (in shares)	11,041,235	11,072,745	11,020,720	11,023,685
Dividends declared per share (in dollars per share)	$ 0.09	$ 0.09	$ 0.18	$ 0.17
Products
Revenues:
Total revenues	$ 85,747	$ 76,959	$ 162,089	$ 150,700
Costs and operating expenses:
Costs and operating expenses	76,522	65,255	142,049	128,112
Services
Revenues:
Total revenues	82,968	112,152	184,044	208,330
Costs and operating expenses:
Costs and operating expenses	$ 73,932	$ 101,472	$ 164,690	$ 190,348

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (22,624)	$ 9,898	$ (19,292)	$ 16,501
Change in fair value of interest rate swap agreements, net of tax	(79)	(729)	(952)	(1,421)
Other comprehensive loss, net of tax	(79)	(729)	(952)	(1,421)
Comprehensive (loss) income	$ (22,703)	$ 9,169	$ (20,244)	$ 15,080

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Balance, beginning balance (in shares) at Dec. 31, 2018			10,886,000
Balance, beginning balance at Dec. 31, 2018	$ 328,395	$ 1,944	$ 544	$ 26,632	$ 301,073	$ 1,944	$ 146
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	16,501				16,501
Stock-based compensation (in shares)			84,000
Stock-based compensation	2,784		$ 5	2,779
Other comprehensive income (loss), net of tax	(1,421)						(1,421)
Dividends declared	(1,866)				(1,866)
Balance, ending balance (in shares) at Jun. 30, 2019			10,970,000
Balance, ending balance at Jun. 30, 2019	346,337		$ 549	29,411	317,652		(1,275)
Balance, beginning balance (in shares) at Mar. 31, 2019			10,950,000
Balance, beginning balance at Mar. 31, 2019	337,531		$ 547	28,788	308,742		(546)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	9,898				9,898
Stock-based compensation (in shares)			20,000
Stock-based compensation	625		$ 2	623
Other comprehensive income (loss), net of tax	(729)						(729)
Dividends declared	(988)				(988)
Balance, ending balance (in shares) at Jun. 30, 2019			10,970,000
Balance, ending balance at Jun. 30, 2019	$ 346,337		$ 549	29,411	317,652		(1,275)
Balance, beginning balance (in shares) at Dec. 31, 2019	10,970,123		10,970,000
Balance, beginning balance at Dec. 31, 2019	$ 363,101		$ 549	29,411	334,246		(1,105)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(19,292)				(19,292)
Stock-based compensation (in shares)			73,000
Stock-based compensation	2,086		$ 3	2,083
Other comprehensive income (loss), net of tax	(952)						(952)
Dividends declared	$ (1,989)				(1,989)
Balance, ending balance (in shares) at Jun. 30, 2020	11,043,246		11,043,000
Balance, ending balance at Jun. 30, 2020	$ 342,954		$ 552	31,494	312,965		(2,057)
Balance, beginning balance (in shares) at Mar. 31, 2020			11,029,000
Balance, beginning balance at Mar. 31, 2020	366,401		$ 551	31,244	336,584		(1,978)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(22,624)				(22,624)
Stock-based compensation (in shares)			14,000
Stock-based compensation	251		$ 1	250
Other comprehensive income (loss), net of tax	(79)						(79)
Dividends declared	$ (995)				(995)
Balance, ending balance (in shares) at Jun. 30, 2020	11,043,246		11,043,000
Balance, ending balance at Jun. 30, 2020	$ 342,954		$ 552	$ 31,494	$ 312,965		$ (2,057)

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member

Unaudited Consolidated Statem_5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (19,292)	$ 16,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,403	13,637
Deferred taxes	(2,980)	(312)
Stock-based compensation	1,313	1,982
Loss on sale of a business entity and certain assets	8,214	0
Gain on sale of property and equipment	(1,000)	0
Goodwill and intangible asset impairment	33,734	0
Earn-out obligation fair value adjustment	(1,399)	0
Changes in operating assets and liabilities, net of impact of acquisitions:
Receivables	4,588	(6,599)
Unbilled receivables	193	(4,706)
Inventories	(19,884)	(23,942)
Other current assets and noncurrent assets	(8,320)	(3,914)
Accounts payable and deferred compensation	11,512	14,149
Accrued expenses and other current and noncurrent liabilities	3,726	(2,744)
Net cash provided by operating activities	22,808	4,052
Cash flows from investing activities:
Purchases of property and equipment	(1,828)	(6,303)
Proceeds from the sale of property and equipment	2,424	4
Proceeds from the sale of a business entity and certain assets	20,753	0
Cash paid for acquisitions, net of cash acquired	0	(112,660)
Net cash provided by (used in) investing activities	21,349	(118,959)
Cash flows from financing activities:
Borrowings on loan agreement	235,118	300,726
Repayments on loan agreement	(244,843)	(182,516)
Earn-out obligation payments	(31,701)	0
Payment of debt financing costs	(636)	0
Payments of taxes for equity transactions	(635)	(955)
Dividends paid	(1,981)	(1,750)
Net cash (used in) provided by financing activities	(44,678)	115,505
Net (decrease) increase in cash and cash equivalents	(521)	598
Cash and cash equivalents at beginning of period	734	162
Cash and cash equivalents at end of period	213	760
Supplemental disclosure of noncash investing and financing activities:
Notes receivable from the sale of a business entity and certain assets	$ 13,482	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to SEC Form 10-Q and Article 10 of SEC Regulation S-X. Therefore, such financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and footnotes thereto included in our 2019 Form 10-K. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020 . The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements include accruals for contract disallowance reserves, award fee revenues, costs to complete on fixed price contracts, recoverability of goodwill and intangible assets, and earn-out obligations. Coronavirus (COVID-19) Pandemic On March 11, 2020, the World Health Organization declared the outbreak of the novel coronavirus disease, known as COVID-19, as a global pandemic. The pandemic and the containment and mitigation efforts by governments to attempt to control its spread created uncertainties and disruptions in the economic and financial markets. The impact of COVID-19 on us is evolving and its future effects are highly uncertain and unpredictable. We are closely monitoring the effects and risks of COVID-19 to assess its impact on our business, financial condition and results of operations. In April 2020, we completed a cost reduction plan which included a reduction in workforce. We maintain a robust continuity plan to adequately respond to situations such as the COVID-19 pandemic, including a framework for remote work arrangements, in order to effectively maintain operations, including financial reporting systems, internal controls over financial reporting and disclosure controls and procedures. Reclassifications Certain reclassifications have been made to the prior periods' financial information in order to conform to the current period's presentation which include reclassification of products and services revenue and the renaming of our three operating segments as further described in Note (8) "Business Segments and Customer Information." These reclassifications had no effect on the reported results of operations. Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates certain disclosures related to transfers and the valuation process, modifies disclosures for investments that are valued based on net asset value, clarifies the measurement uncertainty disclosure, and requires additional disclosures for Level 3 fair value measurements. The new standard is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. We adopted ASU 2018-13 in the first quarter of 2020. The adoption did not have a material impact on our consolidated financial position, results of operations or cash flows. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which clarifies the accounting for implementation costs in cloud computing arrangements. The new standard is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. We adopted ASU 2018-15 in the first quarter of 2020 and applied the standard prospectively. The adoption did not have a material impact on our consolidated financial position, results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which changes the methodology for measuring credit losses on financial instruments and certain other instruments, including trade receivables and contract assets. The new standard replaces the current incurred loss model for measurement of credit losses on financial assets with a forward-looking expected loss model based on historical experience, current conditions, and reasonable and supportable forecasts. The new standard is effective for reporting periods beginning after December 15, 2019. We adopted the standard in the first quarter

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisition	Acquisition On January 10, 2019, our wholly owned subsidiary VSE Aviation, Inc. ("VSE Aviation") acquired 100% of the equity of 1st Choice Aerospace Inc. ("1st Choice Aerospace"), a provider of maintenance, repair and overhaul ("MRO") services and products for new generation and legacy commercial aircraft. 1st Choice Aerospace has operations in Florida and Kentucky. We retained key members of 1st Choice Aerospace's management team under three-year employment contracts with five-year non-compete covenants. We may be required to make earn-out payments of up to $40 million if 1st Choice Aerospace meets certain financial targets during 2019 and 2020. In January 2020, after obtaining the sellers' consent to our proposed amount of the earn-out payment for the 2019 performance year, we made a payment of approximately $31.7 million to satisfy the 2019 performance year obligation. Included in earn-out obligation on our June 30, 2020 balance sheet is approximately $3.6 million

Divestiture

Divestiture	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Divestiture	Divestiture Prime Turbines Sale On January 28, 2020, VSE’s subsidiary VSE Aviation, Inc. entered into two definitive agreements to sell (1) Prime Turbines LLC ("Prime Turbines") and (2) certain related inventory assets to PTB Holdings USA, LLC ("PTB"). The transaction was completed on February 26, 2020 with cash proceeds of $20.0 million , including final working capital adjustments, and a note receivable of $8.3 million received as consideration. Prime Turbines is a provider of turboprop aircraft engine repair, maintenance and overhaul, including for Pratt & Whitney Canada PT6A and PT6T series engines. Prime Turbines was included in our Aviation segment. The divestiture of Prime Turbines will not have a material impact on our operations and financial results, and therefore does not qualify for reporting as a discontinued operation. As a result of the sale of the business and inventory, we derecognized the assets and liabilities of Prime Turbines and recorded a $7.5 million non-cash loss in the first quarter of 2020 which is reflected within loss on sale of a business entity and certain assets in the consolidated statements of income. The note receivable from PTB of $5.4 million and $1.4 million is included in other assets, and other current assets in our consolidated balance sheets as of June 30, 2020, respectively, which represents the present value of the consideration to be received with an imputed interest rate discount. CT Aerospace Asset Sale On June 26, 2020, VSE's subsidiary VSE Aviation, Inc. entered into an asset purchase agreement to sell CT Aerospace, LLC ("CT Aerospace") inventory and certain assets to Legacy Turbines, LLC ("Legacy Turbines") for $6.9 million , with a note receivable received as consideration. As a result of the sale, the we recorded a $678 thousand non-cash loss during the three months ended June 30, 2020 which is reflected within loss on sale of a business entity and certain assets in the consolidated statements of income. The note receivable from Legacy Turbines of $6.7 million , net of a variable discount of $275 thousand , is included in other assets in our consolidated balance sheets as of June 30, 2020.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregated Revenue Our revenues are derived from contract services performed for the United States Department of Defense ("DoD") agencies or federal civilian agencies and from the delivery of products to our customers. Our customers also include various other government agencies and commercial clients. A summary of revenues for our operating segments by customer for the three and six months ended June 30, 2020 are as follows (in thousands): Three months ended June 30, 2020 Aviation Fleet Federal and Defense Total DoD $ 837 $ 5,095 $ 58,955 $ 64,887 Other government 214 57,602 5,850 63,666 Commercial 31,170 8,525 467 40,162 $ 32,221 $ 71,222 $ 65,272 $ 168,715 Six months ended June 30, 2020 Aviation Fleet Federal and Defense Total DoD $ 837 $ 9,662 $ 118,522 $ 129,021 Other government 244 97,417 11,995 109,656 Commercial 89,220 17,347 889 107,456 $ 90,301 $ 124,426 $ 131,406 $ 346,133 A summary of revenues for our operating segments by customer for the three and six months ended June 30, 2019 are as follows (in thousands): Three months ended June 30, 2019 Aviation Fleet Federal and Defense Total DoD $ 260 $ 6,461 $ 68,359 $ 75,080 Other government 651 42,254 11,950 54,855 Commercial 54,086 5,090 — 59,176 $ 54,997 $ 53,805 $ 80,309 $ 189,111 Six months ended June 30, 2019 Aviation Fleet Federal and Defense Total DoD $ 1,155 $ 11,303 $ 125,323 $ 137,781 Other government 651 85,136 22,727 108,514 Commercial 102,561 9,070 1,104 112,735 $ 104,367 $ 105,509 $ 149,154 $ 359,030 We changed our disaggregated revenue by type presentation below in the first quarter of 2020 to better align with our operating segments. Revenues from our Aviation and Fleet segment are derived from repair and distribution services primarily through shorter term purchase orders from customers. Our Federal and Defense segment's revenue results from services provided on longer term contracts, including cost plus, fixed price and time and materials contract types. This change provides a clearer picture of the nature of each segment's contractual arrangements, how revenues derived from those contracts are affected by economic factors, and underlying performance trends impacting each segment. Additionally, the presentation is more in-line with how each segments' results are evaluated by our Chief Executive Officer in deciding how to allocate resources and evaluate performance. The change in disaggregated revenue presentation did not result in any changes in our reported segments and had no effect on the reported results of operations. A summary of revenues by type and operating segment for the three and six months ended June 30, 2020 is as follows (in thousands): Three months ended June 30, 2020 Aviation Fleet Federal and Defense Total Repair $ 16,848 $ — $ — $ 16,848 Distribution 15,373 71,222 — 86,595 Cost Plus Contract — — 23,307 23,307 Fixed Price Contract — — 36,079 36,079 T&M Contract — — 5,886 5,886 Total $ 32,221 $ 71,222 $ 65,272 $ 168,715 Six months ended June 30, 2020 Aviation Fleet Federal and Defense Total Repair $ 49,656 $ — $ — $ 49,656 Distribution 40,645 124,426 — 165,071 Cost Plus Contract — — 42,988 42,988 Fixed Price Contract — — 74,995 74,995 T&M Contract — — 13,423 13,423 Total $ 90,301 $ 124,426 $ 131,406 $ 346,133 A summary of revenues by type and operating segment for the three and six months ended June 30, 2019 is as follows (in thousands): Three months ended June 30, 2019 Aviation Fleet Federal and Defense Total Repair $ 29,560 $ — $ — $ 29,560 Distribution 25,437 53,805 — 79,242 Cost Plus Contract — — 33,496 33,496 Fixed Price Contract — — 19,153 19,153 T&M Contract — — 27,660 27,660 Total $ 54,997 $ 53,805 $ 80,309 $ 189,111 Six months ended June 30, 2019 Aviation Fleet Federal and Defense Total Repair $ 54,994 $ — $ — $ 54,994 Distribution 49,373 105,509 — 154,882 Cost Plus Contract — — 61,336 61,336 Fixed Price Contract — — 39,020 39,020 T&M Contract — — 48,798 48,798 Total $ 104,367 $ 105,509 $ 149,154 $ 359,030 Contract Balances Billed receivables, unbilled receivables (contract assets), and contract liabilities are the results of revenue recognition, customer billing, and timing of payment receipts. Billed receivables, net, represent unconditional rights to consideration under the terms of the contract and include amounts billed and currently due from our customers. Unbilled receivables represent our right to consideration in exchange for goods or services that we have transferred to the customer prior to us having the right to payment for such goods or services. Contract liabilities are recorded when customers remit contractual cash payments in advance of us satisfying related performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. We present our unbilled receivables and contract liabilities on a contract-by-contract basis. If a contract liability exists, it is netted against the unbilled receivables balance for that contract. Unbilled receivables decreased from $46.3 million at December 31, 2019 to $41.9 million at June 30, 2020 , primarily due to the billing of our customers in excess of revenue recognized as performance obligations were satisfied. Contract liabilities, which are included in accrued expenses and other current liabilities in our consolidated balance sheet, increased from $5.0 million at December 31, 2019 to $10.9 million at June 30, 2020 , primarily due to advance payments received in excess of revenue recognized. For the six months ended June 30, 2020 and June 30, 2019 , we recognized revenue that was previously included in the beginning balance of contract liabilities of $1.5 million and $2.0 million , respectively. Performance Obligations Our performance obligations are satisfied either at a point in time or over time as work progresses. The majority of our revenue recognized at a point in time is for the sale of vehicle and aircraft parts in our Fleet and Aviation segments. Revenues from products and services transferred to customers at a point in time accounted for approximately 50% of our revenues for the three and six months ended June 30, 2020 and 43% of our revenues for the three and six months ended June 30, 2019 . Revenues from products and services transferred to customers over time accounted for approximately 50% of our revenues for the three and six months ended June 30, 2020 and 57% of our revenues for the three and six months ended June 30, 2019 , primarily related to revenues in our Federal and Defense segment and repair services in our Aviation segment. As of June 30, 2020 , the aggregate amount of transaction prices allocated to unsatisfied or partially unsatisfied performance obligations was $171 million . Performance obligations expected to be satisfied within one year and greater than one year are 97% and 3% , respectively. We have applied the practical expedient for certain parts sales and MRO services to exclude the amount of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which we recognize revenue in proportion to the amount we have the right to invoice for services performed. During the six months ended June 30, 2020 and June 30, 2019 , revenue recognized from performance obligations satisfied in prior periods was not material.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following (in thousands): June 30, December 31, 2020 2019 Bank credit facility - term loan $ 97,363 $ 120,800 Bank credit facility - revolver loans 165,712 152,000 Principal amount of long-term debt 263,075 272,800 Less debt issuance costs (2,959 ) (2,789 ) Total long-term debt 260,116 270,011 Less current portion (18,504 ) (16,883 ) Long-term debt, less current portion $ 241,612 $ 253,128 We have a loan agreement with a group of banks that expires in January 2023. We borrow amounts under the loan agreement to provide working capital support, fund letters of credit and finance acquisitions. The loan agreement includes a term and revolving loan facilities. The revolving loan facility provides for revolving loans and letters of credit. In June 2020, we amended the loan agreement to provide increased covenant flexibility in response to changes in financial operating performance resulting from the COVID-19 pandemic. Financing costs associated with the loan agreement amendment of approximately $636 thousand were capitalized and are being amortized over the remaining term of the loan. The fair value of outstanding debt as of June 30, 2020 under our bank loan facilities approximates its carrying value using Level 2 inputs based on market data on companies with a corporate rating similar to ours that have recently priced credit facilities. Our required term and revolver loan payments after June 30, 2020 are as follows (in thousands): 2020 9,375 2021 21,563 2022 22,500 2023* 209,637 Total $ 263,075 *Includes the revolver loan required payment of $165.7 million . The maximum amount of credit available under the loan agreement for revolving loans and letters of credit as of June 30, 2020 was $350 million . We pay an unused commitment fee and fees on letters of credit that are issued. We had no letters of credit outstanding as of June 30, 2020 and $54 thousand in letters of credit outstanding as of December 31, 2019 . Under the loan agreement we may elect to increase the maximum availability of the term loan facility, the revolving loan facility, or both facilities, up to an aggregate additional amount of $100 million . We pay interest on the term loan borrowings and revolving loan borrowings at LIBOR plus a base margin or at a base rate (typically the prime rate) plus a base margin. As of June 30, 2020 , the LIBOR base margin was 3.00% and the base rate base margin was 1.75% . The base margins increase or decrease in increments as our Total Funded Debt/EBITDA Ratio increases or decreases. The loan agreement requires interest rate hedges on a portion of the outstanding term loan until February 6, 2021. We have executed compliant interest rate hedges. The amount of our debt with interest rate swap agreements was $145 million and $125 million as of June 30, 2020 and December 31, 2019 , respectively. After taking into account the impact of interest rate swap agreements, as of June 30, 2020 , interest rates on portions of our outstanding debt ranged from 3.73% to 5.81% , and the effective interest rate on our aggregate outstanding debt was 4.54% . Interest expense incurred on bank loan borrowings and interest rate hedges was approximately $2.9 million and $3.4 million for the three months ended June 30, 2020 and 2019 , respectively, and $6.3 million and $6.3 million for the six months ended June 30, 2020 and 2019 , respectively. The loan agreement contains collateral requirements to secure our loan agreement obligations, restrictive covenants, a limit on annual dividends, and other affirmative and negative covenants, conditions, and limitations. Restrictive covenants include a maximum Total Funded Debt/EBITDA Ratio and a minimum Fixed Charge Coverage Ratio. We were in compliance with required ratios and other terms and conditions as of June 30, 2020 . We continue to monitor the impacts of COVID-19 on our results of operations and liquidity relative to compliance with financial covenants; at this time, we expect that we will remain in compliance with such covenants over the next twelve months.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for an assumed vesting of restricted stock awards. The antidilutive common stock equivalents excluded from the diluted per share calculation are not material. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Basic weighted average common shares outstanding 11,041,235 10,969,899 11,020,720 10,945,172 Effect of dilutive shares — 102,846 — 78,513 Diluted weighted average common shares outstanding 11,041,235 11,072,745 11,020,720 11,023,685

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies We may have certain claims in the normal course of business, including legal proceedings, against us and against other parties. In our opinion, the resolution of these claims will not have a material adverse effect on our results of operations, financial position or cash flows. However, because the results of any legal proceedings cannot be predicted with certainty, the amount of loss, if any, cannot be reasonably estimated. Further, from time-to-time, government agencies investigate whether our operations are being conducted in accordance with applicable contractual and regulatory requirements. Government investigations of us, whether relating to government contracts or conducted for other reasons, could result in administrative, civil or criminal liabilities, including repayments, fines or penalties being imposed upon us, or could lead to suspension or debarment from future government contracting. Government investigations often take years to complete and many result in no adverse action against us. We believe, based upon current information, that the outcome of any such government disputes and investigations will not have a material adverse effect on our results of operations, financial condition or cash flows.

Business Segments and Customer

Business Segments and Customer Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Business Segments and Customer Information	Business Segments and Customer Information Business Segments The following business segments names were changed effective January 1, 2020 as indicated below. The organization and financial reporting structure was not impacted by this change. Management of our business operations is conducted under three reportable operating segments: Aviation – Distribution and Maintenance, Repair and Overhaul ("MRO") Services Our Aviation segment (formerly Aviation Group) provides aftermarket repair and distribution services to commercial, cargo, business and general aviation, military and defense, and rotorcraft customers globally. Core services include parts distribution, engine accessory maintenance, MRO services, rotable exchange and supply chain services. Fleet – Distribution and Fleet Services Our Fleet segment (formerly Supply Chain Management Group) provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, the United States Postal Service ("USPS"), and the United States Department of Defense ("DoD"). Core services include vehicle parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, and engineering and technical support. Federal and Defense – Logistics and Sustainment Services Our Federal and Defense segment (formerly Federal Services Group) provides aftermarket MRO and logistics services to improve operational readiness and extend the life cycle of military vehicles, ships and aircraft for the DoD, federal agencies and international defense customers. Core services include base operations support; procurement; supply chain management; vehicle, maritime and aircraft sustainment services; IT services and energy consulting. The operating segments reported below are our segments for which separate financial information is available and for which segment results are evaluated regularly by our Chief Executive Officer in deciding how to allocate resources and in assessing performance. We evaluate segment performance based on consolidated revenues and operating income. Net sales of our business segments exclude intersegment sales as these activities are eliminated in consolidation. Our segment information is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Revenues: Aviation $ 32,221 $ 54,997 $ 90,301 $ 104,367 Fleet 71,222 53,805 124,426 105,509 Federal and Defense 65,272 80,309 131,406 149,154 Total revenues $ 168,715 $ 189,111 $ 346,133 $ 359,030 Operating (loss) income: Aviation $ (34,387 ) $ 5,204 $ (36,267 ) $ 8,252 Fleet 7,014 7,557 13,920 14,545 Federal and Defense 6,772 5,059 11,696 8,444 Corporate/unallocated expenses (1,309 ) (1,404 ) (1,525 ) (3,012 ) Operating (loss) income $ (21,910 ) $ 16,416 $ (12,176 ) $ 28,229 Our Aviation segment operating income for the second quarter of 2020 was reduced by $33.7 million as a result of the goodwill and intangible asset impairment loss and by $678 thousand as a result of the loss on the asset sale of CT Aerospace inventory. See Note (3) "Divestitures" and Note (9) "Goodwill and Intangible Assets" for additional details regarding these items. Aviation segment operating income for the six months ended June 30, 2020 was reduced by $8.2 million as a result of the loss on the sale of our Prime Turbines LLC subsidiary and certain related inventory assets in the first quarter of 2020 plus the loss on CT Aerospace inventory sale in the second quarter of 2020 and by the goodwill and intangible asset impairment loss of $33.7 million . The decreases were offset by a gain of $1.1 million realized upon the completion of a sale-leaseback transaction for a property we owned in Miami, Florida during the first quarter of 2020. In the first quarter of 2020, we closed on a sale-leaseback agreement involving land and an office building utilized by our Aviation segment to conduct operations in Miami, Florida. Under the agreement, the land and building, with a net book value of $1.3 million was sold for a sale price of $2.6 million and leased back under a 6 -year term operating lease commencing upon the closing of the transaction. The lease provides us with an option to extend the lease upon the expiration of its term in April 2026 for two additional five-year periods. In connection with the sale and leaseback transaction, we recognized the gain after incurring $200 thousand in selling expenses. Customer Information Our revenues are derived from contract services performed for DoD agencies or federal civilian agencies and from the delivery of products to our commercial clients. The USPS, U.S. Army and Army Reserve, and U.S. Navy are our largest customers. Our customers also include various other government agencies and commercial entities. Our revenue by customer is as follows (in thousands): Three months ended June 30, Six months ended June 30, Customer 2020 % 2019 % 2020 % 2019 % DoD $ 64,887 38 $ 75,080 40 $ 129,021 37 $ 137,781 38 Other government 63,666 38 54,855 29 109,656 32 108,514 31 Commercial 40,162 24 59,176 31 107,456 31 112,735 31 Total $ 168,715 100 189,111 100 $ 346,133 100 359,030 100

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Changes in goodwill for the six months ended June 30, 2020 are as follows (in thousands): Fleet Federal and Defense Aviation Total Balance as of December 31, 2019 $ 63,190 $ 30,883 $ 182,377 $ 276,450 Impairment charge — — (30,945 ) (30,945 ) Decrease from divestiture — — (7,379 ) (7,379 ) Balance as of June 30, 2020 $ 63,190 $ 30,883 $ 144,053 $ 238,126 We perform an annual review of goodwill for impairment during the fourth quarter and whenever events or other changes in circumstances indicate that the carrying value may not be fully recoverable. As a result of the decline in the macroeconomic environment caused by the COVID-19 pandemic and the decrease in our market capitalization, we performed an interim impairment analysis during the first quarter of 2020, utilizing a qualitative approach. We concluded it was more likely than not that the fair value exceeded the carrying value of our reporting units with the exception of our VSE Aviation reporting unit, which required a quantitative impairment test. The result of the quantitative impairment test indicated that the reporting unit was not impaired. Due to the ongoing impact of the COVID-19 pandemic, we performed an interim impairment analysis during the second quarter of 2020, utilizing a quantitative approach. The result of the impairment analysis indicated that the fair value of our reporting units, with the exception of our VSE Aviation reporting unit, exceeded their carrying values and no impairment charge was required. The estimated fair value of our VSE Aviation reporting unit was determined to be below its carrying value, which resulted in a $30.9 million goodwill impairment charge for the three and six months ended June 30, 2020. This impairment charge resulted from changes to our estimates and assumptions of the expected future cash flows for the reporting unit due to the adverse impacts of the COVID-19 pandemic on the reporting unit revenues during the second quarter of 2020 as well as updated assumptions related to the timing of recovery and the speed at which recovery from the pandemic could occur. We will continue to evaluate these reporting units as it relates to goodwill impairment as market conditions evolve. In the first quarter of 2020, we completed the sale of our Prime Turbines subsidiary and certain related inventory assets and recognized a loss on the sale of the business and inventory. Prime Turbines was reported within our Aviation segment. As part of determining the loss on sale, goodwill of $7.4 million was allocated to the disposal group on a relative fair value basis and was written-off upon the completion of the sale. Intangible assets, net comprised the following (in thousands): Cost Accumulated Amortization Accumulated Impairment Loss Net Intangible Assets June 30, 2020 Contract and customer-related $ 213,194 $ (103,739 ) $ (3,814 ) $ 105,641 Acquired technologies 12,400 (10,224 ) — 2,176 Trade names 18,770 (14,675 ) — 4,095 Total $ 244,364 $ (128,638 ) $ (3,814 ) $ 111,912 December 31, 2019 Contract and customer-related $ 227,594 $ (102,169 ) $ (1,025 ) $ 124,400 Acquired technologies 12,400 (9,660 ) — 2,740 Trade names 18,770 (13,735 ) — 5,035 Total $ 258,764 $ (125,564 ) $ (1,025 ) $ 132,175 Amortization expense related to intangible assets was approximately $4.5 million and $9.2 million for the three and six months ended June 30, 2020 , respectively, and $5.0 million and $10.0 million for the three and six months ended June 30, 2019 , respectively. During the second quarter of 2020, we completed the sale of all of the inventory of the CT Aerospace subsidiary, which is reported within our Aviation segment. As a result of the sale, we concluded that the useful life of certain long-lived assets, which represented the intangible assets acquired in the acquisition of the subsidiary, was zero and that there was no ongoing expected future cash flows related to these long-lived assets and no residual value. As a result, such assets were determined to be fully impaired and an impairment charge of approximately $2.8 million , representing the carrying value of these intangible assets, was recorded during the quarter ended June 30, 2020. As the sale did not represent a disposition of a business, no goodwill was allocated to the disposal group.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The accounting standard for fair value measurements defines fair value, and establishes a market-based framework or hierarchy for measuring fair value. The standard is applicable whenever assets and liabilities are measured at fair value. The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows: Level 1–Observable inputs – quoted prices in active markets for identical assets and liabilities; Level 2–Observable inputs other than the quoted prices in active markets for identical assets and liabilities – includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets and amounts derived from valuation models where all significant inputs are observable in active markets; and Level 3–Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable and require us to develop relevant assumptions. The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 and the level they fall within the fair value hierarchy (in thousands): Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy Fair Value June 30, 2020 Fair Value December 31, 2019 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $ 1,022 $ 710 Interest rate swap agreements Accrued expenses Level 2 $ 2,741 $ 1,473 Earn-out obligation - short-term Current portion of earn-out obligation Level 3 $ 3,600 $ 31,700 Earn-out obligation - long-term Earn-out obligation Level 3 $ — $ 5,000 Non-COLI assets held in our deferred supplemental compensation plan consist of equity funds with fair value based on observable inputs such as quoted prices for identical assets in active markets and changes in fair value are recorded as selling, general and administrative expenses. We account for our interest rate swap agreements under the provisions of ASC 815, Derivatives and Hedging , and have determined that our swap agreements qualify as highly effective cash flow hedges. We evaluate our hedges to determine their effectiveness and as of June 30, 2020 and December 31, 2019 , the swaps were determined to be fully effective. Accordingly, the fair value of the swap agreements, which is a liability recorded in accrued expenses and other current liabilities in our consolidated balance sheets, was approximately $2.7 million and $1.5 million at June 30, 2020 and December 31, 2019 , respectively. The offset, net of an income tax effect of approximately $658 thousand and $367 thousand , was included in accumulated other comprehensive income in the accompanying balance sheets as of June 30, 2020 and December 31, 2019 , respectively. The amounts paid and received on the swap agreements are recorded in interest expense in the period during which the related floating-rate interest is incurred. We expect the hedges to remain fully effective during the remaining terms of the swap agreements. We determine the fair value of the swap agreements based on a valuation model using primarily observable market data inputs. We utilized an income approach to determine the fair value of our 1st Choice Aerospace acquisition earn-out obligation. Significant unobservable inputs used to value the contingent consideration include projected revenue and cost of services and the discount rate. If a significant increase or decrease in the discount rate occurred in isolation, the result could be significantly higher or lower fair value measurement. Changes in earn-out obligation measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2020 are as follows (in thousands): Current portion Long-term portion Total Balance as of December 31, 2019 $ 31,700 $ 5,000 $ 36,700 Earn-out payments (31,700 ) — (31,700 ) Fair value adjustment included in net income (1,400 ) — (1,400 ) Reclassification from long-term to current 5,000 (5,000 ) — Balance as of June 30, 2020 $ 3,600 $ — $ 3,600 Measurements on a Non-recurring Basis The following table presents changes in the Level 3 fair value of certain assets measured on a non-recurring basis for the six months ended June 30, 2020 (in thousands): Goodwill Assets subject to impairment charges Carrying value prior to impairment $ 174,998 Impairment charge (30,945 ) Carrying value after impairment 144,053 Carrying value of assets not subject to impairment charge 94,073 Balance as of June 30, 2020 $ 238,126 Goodwill is tested annually or upon the occurrence of a triggering event indicating that an impairment loss may have been incurred. Goodwill is measured on a non-recurring basis using fair value measurements with unobservable inputs (Level 3). The goodwill fair value is determined using a weighting of fair values derived from the income and market approach. Fair value is measured as of the impairment date. Goodwill was impaired and written down to its estimated fair value during the second quarter of 2020. For further discussion of the impairment, refer to Note (9) "Goodwill and Intangible Assets."

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense during interim periods is based on our estimated annual effective income tax rate plus any discrete items that are recorded in the period in which they occur. Our tax rate is affected by discrete items that may occur in any given year, but may not be consistent from year to year. Our effective tax rate was 9.4% and (3.0)% for the three and six months ended June 30, 2020 , respectively, and 24.0% and 23.9% for the three and six months ended June 30, 2019 , respectively. The difference in the effective tax rate for the three and six months ended June 30, 2020 compared to the same periods of prior year primarily results from the following: 1) approximately $16.4 million of our goodwill impairment loss that is non-deductible for income tax purposes, and 2) a full valuation allowance established to offset the capital loss benefit in connection with our sale of Prime Turbines due to a lack of anticipated capital gain income in the carryforward period.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements Not Yet Adopted	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Our accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to SEC Form 10-Q and Article 10 of SEC Regulation S-X. Therefore, such financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and footnotes thereto included in our 2019 Form 10-K. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020 .
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements include accruals for contract disallowance reserves, award fee revenues, costs to complete on fixed price contracts, recoverability of goodwill and intangible assets, and earn-out obligations.
Reclassifications	Reclassifications
Recently Adopted Accounting Pronouncements, Significant Accounting Policies Update, and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates certain disclosures related to transfers and the valuation process, modifies disclosures for investments that are valued based on net asset value, clarifies the measurement uncertainty disclosure, and requires additional disclosures for Level 3 fair value measurements. The new standard is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. We adopted ASU 2018-13 in the first quarter of 2020. The adoption did not have a material impact on our consolidated financial position, results of operations or cash flows. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which clarifies the accounting for implementation costs in cloud computing arrangements. The new standard is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. We adopted ASU 2018-15 in the first quarter of 2020 and applied the standard prospectively. The adoption did not have a material impact on our consolidated financial position, results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which changes the methodology for measuring credit losses on financial instruments and certain other instruments, including trade receivables and contract assets. The new standard replaces the current incurred loss model for measurement of credit losses on financial assets with a forward-looking expected loss model based on historical experience, current conditions, and reasonable and supportable forecasts. The new standard is effective for reporting periods beginning after December 15, 2019. We adopted the standard in the first quarter In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard.
Earnings Per Share
Business Segments	Business Segments The following business segments names were changed effective January 1, 2020 as indicated below. The organization and financial reporting structure was not impacted by this change. Management of our business operations is conducted under three reportable operating segments: Aviation – Distribution and Maintenance, Repair and Overhaul ("MRO") Services Our Aviation segment (formerly Aviation Group) provides aftermarket repair and distribution services to commercial, cargo, business and general aviation, military and defense, and rotorcraft customers globally. Core services include parts distribution, engine accessory maintenance, MRO services, rotable exchange and supply chain services. Fleet – Distribution and Fleet Services Our Fleet segment (formerly Supply Chain Management Group) provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, the United States Postal Service ("USPS"), and the United States Department of Defense ("DoD"). Core services include vehicle parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, and engineering and technical support. Federal and Defense – Logistics and Sustainment Services Our Federal and Defense segment (formerly Federal Services Group) provides aftermarket MRO and logistics services to improve operational readiness and extend the life cycle of military vehicles, ships and aircraft for the DoD, federal agencies and international defense customers. Core services include base operations support; procurement; supply chain management; vehicle, maritime and aircraft sustainment services; IT services and energy consulting.
Fair Value Measurements	The accounting standard for fair value measurements defines fair value, and establishes a market-based framework or hierarchy for measuring fair value. The standard is applicable whenever assets and liabilities are measured at fair value. The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows: Level 1–Observable inputs – quoted prices in active markets for identical assets and liabilities; Level 2–Observable inputs other than the quoted prices in active markets for identical assets and liabilities – includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets and amounts derived from valuation models where all significant inputs are observable in active markets; and Level 3–Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable and require us to develop relevant assumptions.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A summary of revenues by type and operating segment for the three and six months ended June 30, 2020 is as follows (in thousands): Three months ended June 30, 2020 Aviation Fleet Federal and Defense Total Repair $ 16,848 $ — $ — $ 16,848 Distribution 15,373 71,222 — 86,595 Cost Plus Contract — — 23,307 23,307 Fixed Price Contract — — 36,079 36,079 T&M Contract — — 5,886 5,886 Total $ 32,221 $ 71,222 $ 65,272 $ 168,715 Six months ended June 30, 2020 Aviation Fleet Federal and Defense Total Repair $ 49,656 $ — $ — $ 49,656 Distribution 40,645 124,426 — 165,071 Cost Plus Contract — — 42,988 42,988 Fixed Price Contract — — 74,995 74,995 T&M Contract — — 13,423 13,423 Total $ 90,301 $ 124,426 $ 131,406 $ 346,133 A summary of revenues by type and operating segment for the three and six months ended June 30, 2019 is as follows (in thousands): Three months ended June 30, 2019 Aviation Fleet Federal and Defense Total Repair $ 29,560 $ — $ — $ 29,560 Distribution 25,437 53,805 — 79,242 Cost Plus Contract — — 33,496 33,496 Fixed Price Contract — — 19,153 19,153 T&M Contract — — 27,660 27,660 Total $ 54,997 $ 53,805 $ 80,309 $ 189,111 Six months ended June 30, 2019 Aviation Fleet Federal and Defense Total Repair $ 54,994 $ — $ — $ 54,994 Distribution 49,373 105,509 — 154,882 Cost Plus Contract — — 61,336 61,336 Fixed Price Contract — — 39,020 39,020 T&M Contract — — 48,798 48,798 Total $ 104,367 $ 105,509 $ 149,154 $ 359,030 A summary of revenues for our operating segments by customer for the three and six months ended June 30, 2020 are as follows (in thousands): Three months ended June 30, 2020 Aviation Fleet Federal and Defense Total DoD $ 837 $ 5,095 $ 58,955 $ 64,887 Other government 214 57,602 5,850 63,666 Commercial 31,170 8,525 467 40,162 $ 32,221 $ 71,222 $ 65,272 $ 168,715 Six months ended June 30, 2020 Aviation Fleet Federal and Defense Total DoD $ 837 $ 9,662 $ 118,522 $ 129,021 Other government 244 97,417 11,995 109,656 Commercial 89,220 17,347 889 107,456 $ 90,301 $ 124,426 $ 131,406 $ 346,133 A summary of revenues for our operating segments by customer for the three and six months ended June 30, 2019 are as follows (in thousands): Three months ended June 30, 2019 Aviation Fleet Federal and Defense Total DoD $ 260 $ 6,461 $ 68,359 $ 75,080 Other government 651 42,254 11,950 54,855 Commercial 54,086 5,090 — 59,176 $ 54,997 $ 53,805 $ 80,309 $ 189,111

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands): June 30, December 31, 2020 2019 Bank credit facility - term loan $ 97,363 $ 120,800 Bank credit facility - revolver loans 165,712 152,000 Principal amount of long-term debt 263,075 272,800 Less debt issuance costs (2,959 ) (2,789 ) Total long-term debt 260,116 270,011 Less current portion (18,504 ) (16,883 ) Long-term debt, less current portion $ 241,612 $ 253,128
Schedule of Term Loan Payments	Our required term and revolver loan payments after June 30, 2020 are as follows (in thousands): 2020 9,375 2021 21,563 2022 22,500 2023* 209,637 Total $ 263,075 *Includes the revolver loan required payment of $165.7 million

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Basic weighted average common shares outstanding 11,041,235 10,969,899 11,020,720 10,945,172 Effect of dilutive shares — 102,846 — 78,513 Diluted weighted average common shares outstanding 11,041,235 11,072,745 11,020,720 11,023,685

Business Segments and Custome_2

Business Segments and Customer Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	Our segment information is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Revenues: Aviation $ 32,221 $ 54,997 $ 90,301 $ 104,367 Fleet 71,222 53,805 124,426 105,509 Federal and Defense 65,272 80,309 131,406 149,154 Total revenues $ 168,715 $ 189,111 $ 346,133 $ 359,030 Operating (loss) income: Aviation $ (34,387 ) $ 5,204 $ (36,267 ) $ 8,252 Fleet 7,014 7,557 13,920 14,545 Federal and Defense 6,772 5,059 11,696 8,444 Corporate/unallocated expenses (1,309 ) (1,404 ) (1,525 ) (3,012 ) Operating (loss) income $ (21,910 ) $ 16,416 $ (12,176 ) $ 28,229
Revenue by Customer	Our revenue by customer is as follows (in thousands): Three months ended June 30, Six months ended June 30, Customer 2020 % 2019 % 2020 % 2019 % DoD $ 64,887 38 $ 75,080 40 $ 129,021 37 $ 137,781 38 Other government 63,666 38 54,855 29 109,656 32 108,514 31 Commercial 40,162 24 59,176 31 107,456 31 112,735 31 Total $ 168,715 100 189,111 100 $ 346,133 100 359,030 100

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill by Operating Segment	Changes in goodwill for the six months ended June 30, 2020 are as follows (in thousands): Fleet Federal and Defense Aviation Total Balance as of December 31, 2019 $ 63,190 $ 30,883 $ 182,377 $ 276,450 Impairment charge — — (30,945 ) (30,945 ) Decrease from divestiture — — (7,379 ) (7,379 ) Balance as of June 30, 2020 $ 63,190 $ 30,883 $ 144,053 $ 238,126
Schedule of Intangible Assets	Intangible assets, net comprised the following (in thousands): Cost Accumulated Amortization Accumulated Impairment Loss Net Intangible Assets June 30, 2020 Contract and customer-related $ 213,194 $ (103,739 ) $ (3,814 ) $ 105,641 Acquired technologies 12,400 (10,224 ) — 2,176 Trade names 18,770 (14,675 ) — 4,095 Total $ 244,364 $ (128,638 ) $ (3,814 ) $ 111,912 December 31, 2019 Contract and customer-related $ 227,594 $ (102,169 ) $ (1,025 ) $ 124,400 Acquired technologies 12,400 (9,660 ) — 2,740 Trade names 18,770 (13,735 ) — 5,035 Total $ 258,764 $ (125,564 ) $ (1,025 ) $ 132,175

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 and the level they fall within the fair value hierarchy (in thousands): Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy Fair Value June 30, 2020 Fair Value December 31, 2019 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $ 1,022 $ 710 Interest rate swap agreements Accrued expenses Level 2 $ 2,741 $ 1,473 Earn-out obligation - short-term Current portion of earn-out obligation Level 3 $ 3,600 $ 31,700 Earn-out obligation - long-term Earn-out obligation Level 3 $ — $ 5,000
Fair Value Measured on a Recurring Basis	Changes in earn-out obligation measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2020 are as follows (in thousands): Current portion Long-term portion Total Balance as of December 31, 2019 $ 31,700 $ 5,000 $ 36,700 Earn-out payments (31,700 ) — (31,700 ) Fair value adjustment included in net income (1,400 ) — (1,400 ) Reclassification from long-term to current 5,000 (5,000 ) — Balance as of June 30, 2020 $ 3,600 $ — $ 3,600
Fair Value Measurements on a Non-recurring Basis	The following table presents changes in the Level 3 fair value of certain assets measured on a non-recurring basis for the six months ended June 30, 2020 (in thousands): Goodwill Assets subject to impairment charges Carrying value prior to impairment $ 174,998 Impairment charge (30,945 ) Carrying value after impairment 144,053 Carrying value of assets not subject to impairment charge 94,073 Balance as of June 30, 2020 $ 238,126

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($)	Jan. 10, 2019	Jan. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Current portion of earn-out obligation			$ 3,600,000	$ 31,700,000
Goodwill			$ 238,126,000	$ 276,450,000
Employment Contracts
Business Acquisition [Line Items]
Term of contract	3 years
Noncompete Agreements
Business Acquisition [Line Items]
Term of contract	5 years
1st Choice Aerospace
Business Acquisition [Line Items]
Business acquisition, percentage acquired	100.00%
Earn-out payments	$ 40,000,000
Consideration payment		$ 31,700,000

Divestiture (Details)

Divestiture (Details) $ in Thousands	Jun. 26, 2020USD ($)	Feb. 26, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jan. 28, 2020agreement
Schedule of Business Divestitures, by Divestiture [Line Items]
Loss on sale of a business entity and certain assets			$ (678)		$ 0	$ (8,214)	$ 0
Prime Turbines
Schedule of Business Divestitures, by Divestiture [Line Items]
Number of sale agreements | agreement								2
Proceeds from sale of business		$ 20,000
Note receivable		$ 8,300
Loss on sale of a business entity and certain assets				$ 7,500
CT Aerospace
Schedule of Business Divestitures, by Divestiture [Line Items]
Proceeds from sale of business	$ 6,900
Loss on sale of a business entity and certain assets			(678)
Legacy Turbines
Schedule of Business Divestitures, by Divestiture [Line Items]
Note receivable, net			6,700			6,700
Other assets | PTB
Schedule of Business Divestitures, by Divestiture [Line Items]
Note receivable			5,400			5,400
Other assets | Legacy Turbines
Schedule of Business Divestitures, by Divestiture [Line Items]
Variable discount			275			275
Other current assets | PTB
Schedule of Business Divestitures, by Divestiture [Line Items]
Note receivable			$ 1,400			$ 1,400

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 168,715	$ 189,111	$ 346,133	$ 359,030
Repair
Disaggregation of Revenue [Line Items]
Revenues	16,848	29,560	49,656	54,994
Distribution
Disaggregation of Revenue [Line Items]
Revenues	86,595	79,242	165,071	154,882
Cost Plus Contract
Disaggregation of Revenue [Line Items]
Revenues	23,307	33,496	42,988	61,336
Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	36,079	19,153	74,995	39,020
T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	5,886	27,660	13,423	48,798
DoD
Disaggregation of Revenue [Line Items]
Revenues	64,887	75,080	129,021	137,781
Other government
Disaggregation of Revenue [Line Items]
Revenues	63,666	54,855	109,656	108,514
Commercial
Disaggregation of Revenue [Line Items]
Revenues	40,162	59,176	107,456	112,735
Aviation
Disaggregation of Revenue [Line Items]
Revenues	32,221	54,997	90,301	104,367
Aviation | Repair
Disaggregation of Revenue [Line Items]
Revenues	16,848	29,560	49,656	54,994
Aviation | Distribution
Disaggregation of Revenue [Line Items]
Revenues	15,373	25,437	40,645	49,373
Aviation | Cost Plus Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Aviation | Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Aviation | T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Aviation | DoD
Disaggregation of Revenue [Line Items]
Revenues	837	260	837	1,155
Aviation | Other government
Disaggregation of Revenue [Line Items]
Revenues	214	651	244	651
Aviation | Commercial
Disaggregation of Revenue [Line Items]
Revenues	31,170	54,086	89,220	102,561
Fleet
Disaggregation of Revenue [Line Items]
Revenues	71,222	53,805	124,426	105,509
Fleet | Repair
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | Distribution
Disaggregation of Revenue [Line Items]
Revenues	71,222	53,805	124,426	105,509
Fleet | Cost Plus Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | DoD
Disaggregation of Revenue [Line Items]
Revenues	5,095	6,461	9,662	11,303
Fleet | Other government
Disaggregation of Revenue [Line Items]
Revenues	57,602	42,254	97,417	85,136
Fleet | Commercial
Disaggregation of Revenue [Line Items]
Revenues	8,525	5,090	17,347	9,070
Federal and Defense
Disaggregation of Revenue [Line Items]
Revenues	65,272	80,309	131,406	149,154
Federal and Defense | Repair
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Federal and Defense | Distribution
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Federal and Defense | Cost Plus Contract
Disaggregation of Revenue [Line Items]
Revenues	23,307	33,496	42,988	61,336
Federal and Defense | Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	36,079	19,153	74,995	39,020
Federal and Defense | T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	5,886	27,660	13,423	48,798
Federal and Defense | DoD
Disaggregation of Revenue [Line Items]
Revenues	58,955	68,359	118,522	125,323
Federal and Defense | Other government
Disaggregation of Revenue [Line Items]
Revenues	5,850	11,950	11,995	22,727
Federal and Defense | Commercial
Disaggregation of Revenue [Line Items]
Revenues	$ 467	$ 0	$ 889	$ 1,104

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unbilled receivables, net	$ 41,859		$ 41,859		$ 46,279
Contract with customer, liability	10,900		10,900		$ 5,000
Contract with customer, liability, revenue recognized			1,500	$ 2,000
Revenue, remaining performance obligation	$ 171,000		$ 171,000
Sales Revenue, Net | Product Concentration Risk | Transferred at Point in Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	50.00%	43.00%	50.00%	43.00%
Sales Revenue, Net | Product Concentration Risk | Transferred over Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	50.00%	57.00%	50.00%	57.00%

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details)	Jun. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	97.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	3.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period

Debt - Long-term debt (Details)

Debt - Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 263,075	$ 272,800
Less debt issuance costs	(2,959)	(2,789)
Total long-term debt	260,116	270,011
Less current portion	(18,504)	(16,883)
Long-term debt, less current portion	241,612	253,128
Term Loan
Debt Instrument [Line Items]
Long-term debt	97,363	120,800
Revolving Loans
Debt Instrument [Line Items]
Long-term debt	$ 165,712	$ 152,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Less debt issuance costs	$ (2,959,000)		$ (2,959,000)		$ (2,789,000)
LIBOR
Debt Instrument [Line Items]
Base margin			3.00%
Base Rate
Debt Instrument [Line Items]
Base margin			1.75%
Amended and Restated
Debt Instrument [Line Items]
Less debt issuance costs	$ (636,000)		$ (636,000)
Increase in maximum availability			$ 100,000,000
Effective interest rate	4.54%		4.54%
Interest expense, net	$ 2,900,000	$ 3,400,000	$ 6,300,000	$ 6,300,000
Amended and Restated | Swap
Debt Instrument [Line Items]
Derivative notional amount	145,000,000		145,000,000		125,000,000
Revolving Loans
Debt Instrument [Line Items]
Revolving loans maximum borrowing capacity	350,000,000		350,000,000
Letters of credit outstanding	$ 0		$ 0		$ 54,000
Minimum | Amended and Restated
Debt Instrument [Line Items]
Interest rate range	3.73%		3.73%
Maximum | Amended and Restated
Debt Instrument [Line Items]
Interest rate range	5.81%		5.81%

Debt - Loan Payments (Details)

Debt - Loan Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Long-term Debt, Fiscal Year Maturity [Abstract]
2020	$ 9,375
2021	21,563
2022	22,500
2023	209,637
Long-term debt	263,075	$ 272,800
Long-term debt	263,075	272,800
Revolving Loans
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-term debt	165,712	152,000
Long-term debt	$ 165,712	$ 152,000

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	11,041,235	10,969,899	11,020,720	10,945,172
Effect of dilutive shares (in shares)	0	102,846	0	78,513
Diluted weighted average common shares outstanding (in shares)	11,041,235	11,072,745	11,020,720	11,023,685

Business Segments and Custome_3

Business Segments and Customer Information - Segment Information (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)lease_renewal_periods	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable operating segments | segment				3
Segment Reporting Information [Line Items]
Revenues	$ 168,715		$ 189,111	$ 346,133	$ 359,030
Operating income	(21,910)		16,416	(12,176)	28,229
Goodwill and intangible asset impairment	(33,734)		0	(33,734)	0
Loss on sale of business	678		0	8,214	0
Gain on sale of property	$ 0		0	$ 1,108	0
Miami, Florida
Segment Reporting Information [Line Items]
Sale-leaseback agreement, net book value		$ 1,300
Sale-leaseback agreement, gain (loss)		$ 2,600
Lease term		6 years
Number of renewal options | lease_renewal_periods		2
Lease renewal term	5 years			5 years
Gain on sale of property		$ 200
Aviation
Segment Reporting Information [Line Items]
Revenues	$ 32,221		54,997	$ 90,301	104,367
Aviation | Miami, Florida
Segment Reporting Information [Line Items]
Gain on sale of property				1,100
Fleet
Segment Reporting Information [Line Items]
Revenues	71,222		53,805	124,426	105,509
Federal and Defense
Segment Reporting Information [Line Items]
Revenues	65,272		80,309	131,406	149,154
Operating Segments | Aviation
Segment Reporting Information [Line Items]
Revenues	32,221		54,997	90,301	104,367
Operating income	(34,387)		5,204	(36,267)	8,252
Operating Segments | Fleet
Segment Reporting Information [Line Items]
Revenues	71,222		53,805	124,426	105,509
Operating income	7,014		7,557	13,920	14,545
Operating Segments | Federal and Defense
Segment Reporting Information [Line Items]
Revenues	65,272		80,309	131,406	149,154
Operating income	6,772		5,059	11,696	8,444
Corporate/unallocated expenses
Segment Reporting Information [Line Items]
Operating income	(1,309)		$ (1,404)	(1,525)	$ (3,012)
CT Aerospace | Aviation
Segment Reporting Information [Line Items]
Goodwill and intangible asset impairment	(33,700)
Loss on sale of business	$ 678
Prime Turbines | Aviation
Segment Reporting Information [Line Items]
Goodwill and intangible asset impairment				(33,700)
Loss on sale of business				$ 8,200

Business Segments and Custome_4

Business Segments and Customer Information - Major Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Major Customer [Line Items]
Revenues	$ 168,715	$ 189,111	$ 346,133	$ 359,030
DoD
Revenue, Major Customer [Line Items]
Revenues	64,887	75,080	129,021	137,781
Other government
Revenue, Major Customer [Line Items]
Revenues	63,666	54,855	109,656	108,514
Commercial
Revenue, Major Customer [Line Items]
Revenues	$ 40,162	$ 59,176	$ 107,456	$ 112,735
Customer Concentration Risk | Sales Revenue, Net
Revenue, Major Customer [Line Items]
Percentage of revenue by customer	100.00%	100.00%	100.00%	100.00%
Customer Concentration Risk | Sales Revenue, Net | DoD
Revenue, Major Customer [Line Items]
Percentage of revenue by customer	38.00%	40.00%	37.00%	38.00%
Customer Concentration Risk | Sales Revenue, Net | Other government
Revenue, Major Customer [Line Items]
Percentage of revenue by customer	38.00%	29.00%	32.00%	31.00%
Customer Concentration Risk | Sales Revenue, Net | Commercial
Revenue, Major Customer [Line Items]
Percentage of revenue by customer	24.00%	31.00%	31.00%	31.00%

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020
Goodwill [Roll Forward]
Balance as of beginning of period		$ 276,450	$ 276,450
Impairment charge			(30,945)
Decrease from divestiture			(7,379)
Balance as of end of period	$ 238,126		238,126
Fleet
Goodwill [Roll Forward]
Balance as of beginning of period		63,190	63,190
Impairment charge			0
Decrease from divestiture			0
Balance as of end of period	63,190		63,190
Federal and Defense
Goodwill [Roll Forward]
Balance as of beginning of period		30,883	30,883
Impairment charge			0
Decrease from divestiture			0
Balance as of end of period	30,883		30,883
Aviation
Goodwill [Roll Forward]
Balance as of beginning of period		182,377	182,377
Impairment charge	(30,900)		(30,945)
Decrease from divestiture		$ (7,400)	(7,379)
Balance as of end of period	$ 144,053		$ 144,053

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Cost	$ 244,364		$ 244,364		$ 258,764
Accumulated Amortization	(128,638)		(128,638)		(125,564)
Accumulated Impairment Loss	(3,814)		(3,814)		(1,025)
Net Intangible Assets	111,912		111,912		132,175
Amortization of intangible assets	4,500	$ 5,000	9,200	$ 10,000
Impairment charge			30,945
Aviation
Finite-Lived Intangible Assets [Line Items]
Impairment charge	30,900		30,945
Aviation | CT Aerospace
Finite-Lived Intangible Assets [Line Items]
Impairment charge	2,800
Contract and customer-related
Finite-Lived Intangible Assets [Line Items]
Cost	213,194		213,194		227,594
Accumulated Amortization	(103,739)		(103,739)		(102,169)
Accumulated Impairment Loss	(3,814)		(3,814)		(1,025)
Net Intangible Assets	105,641		105,641		124,400
Acquired technologies
Finite-Lived Intangible Assets [Line Items]
Cost	12,400		12,400		12,400
Accumulated Amortization	(10,224)		(10,224)		(9,660)
Accumulated Impairment Loss	0		0		0
Net Intangible Assets	2,176		2,176		2,740
Trade names
Finite-Lived Intangible Assets [Line Items]
Cost	18,770		18,770		18,770
Accumulated Amortization	(14,675)		(14,675)		(13,735)
Accumulated Impairment Loss	0		0		0
Net Intangible Assets	$ 4,095		$ 4,095		$ 5,035

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligation - short-term	$ 3,600	$ 31,700
Earn-out obligation - long-term	0	5,000
Fair Value, Measurements, Recurring | Level 1 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-COLI assets held in Deferred Supplemental Compensation Plan	1,022	710
Fair Value, Measurements, Recurring | Level 2 | Accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements	2,741	1,473
Fair Value, Measurements, Recurring | Level 3 | Earn-out obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligation - short-term	3,600	31,700
Earn-out obligation - long-term	$ 0	$ 5,000

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Income tax expense benefit on interest rate swap	$ 658	$ 367
Accrued expenses | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements	$ 2,741	$ 1,473

Fair Value Measurements - Earn-

Fair Value Measurements - Earn-out Obligation Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 36,700
Earn-out payments	(31,700)
Fair value adjustment included in net income	(1,400)
Reclassification from long-term to current	0
Ending balance	3,600
Current Portion
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	31,700
Earn-out payments	(31,700)
Reclassification from long-term to current	5,000
Ending balance	3,600
Long-term Portion
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	5,000
Earn-out payments	0
Fair value adjustment included in net income	0
Reclassification from long-term to current	(5,000)
Ending balance	0
Level 3 | Current Portion
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value adjustment included in net income	$ (1,400)

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Fair Value of Certain Assets Measured on a Non-recurring Basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Goodwill [Roll Forward]
Carrying value prior to impairment	$ 174,998
Impairment charge	(30,945)
Carrying value after impairment	144,053
Carrying value of assets not subject to impairment charge	94,073
Balance as of June 30, 2020	238,126	$ 276,450
Intangible Assets [Roll Forward]
Carrying value prior to impairment	2,789
Impairment charge	(2,789)
Carrying value after impairment	0
Carrying value of assets not subject to impairment charge	111,912
Balance as of June 30, 2020	$ 111,912	$ 132,175

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	9.40%	24.00%	(3.00%)	23.90%