VSE (VSEC) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-03676
Entity Registrant Name	VSE CORPORATION
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 Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		12,711,915
Entity Central Index Key	0000102752
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 383	$ 378
Receivables, net	76,495	55,471
Unbilled receivables, net	30,824	22,358
Inventories, net	314,705	253,422
Other current assets	37,454	23,328
Total current assets	459,861	354,957
Property and equipment, net	41,785	36,363
Intangible assets, net	117,041	103,595
Goodwill	240,826	238,126
Operating lease - right-of-use assets	26,410	20,515
Other assets	27,015	26,525
Total assets	912,938	780,081
Current liabilities:
Current portion of long-term debt	14,162	20,379
Accounts payable	96,898	72,682
Accrued expenses and other current liabilities	54,492	45,172
Dividends payable	1,143	995
Total current liabilities	166,695	139,228
Long-term debt, less current portion	280,047	230,714
Deferred compensation	17,234	16,027
Long-term operating lease obligations	26,700	22,815
Deferred tax liabilities	10,983	14,897
Other long-term liabilities	258	83
Total liabilities	501,917	423,764
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, par value $0.05 per share, authorized 15,000,000 shares; issued and outstanding 12,704,165 and 11,055,037, respectively	635	553
Additional paid-in capital	87,322	31,870
Retained earnings	323,431	325,097
Accumulated other comprehensive loss	(367)	(1,203)
Total stockholders' equity	411,021	356,317
Total liabilities and stockholders' equity	$ 912,938	$ 780,081

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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)	12,704,165	11,055,037
Common stock, outstanding (in shares)	12,704,165	11,055,037

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues	$ 200,582	$ 165,505	$ 540,675	$ 511,638
Costs and operating expenses:
Selling, general and administrative expenses	809	885	1,897	2,428
Amortization of intangible assets	4,921	4,158	13,812	13,345
Total costs and operating expenses	186,690	151,320	529,894	468,789
Operating income before non-recurring items	13,892	14,185	10,781	42,849
Loss on sale of a business entity and certain assets	0	0	0	(8,214)
Gain on sale of property	0	0	0	1,108
Goodwill and intangible asset impairment	0	0	0	(33,734)
Operating income	13,892	14,185	10,781	2,009
Interest expense, net	2,780	3,530	8,476	10,088
Income (Loss) before income taxes	11,112	10,655	2,305	(8,079)
Provision for income taxes	2,091	2,547	539	3,105
Net income (loss)	$ 9,021	$ 8,108	$ 1,766	$ (11,184)
Basic earnings per share (in dollars per share)	$ 0.71	$ 0.73	$ 0.14	$ (1.01)
Basic weighted average shares outstanding (in shares)	12,704,165	11,043,246	12,496,646	11,028,283
Diluted earnings per share (in dollars per share)	$ 0.71	$ 0.73	$ 0.14	$ (1.01)
Diluted weighted average shares outstanding (in shares)	12,774,636	11,100,356	12,573,076	11,028,283
Dividends declared per share (in dollars per share)	$ 0.09	$ 0.09	$ 0.27	$ 0.27
Products
Revenues:
Total revenues	$ 113,005	$ 80,942	$ 276,048	$ 243,031
Costs and operating expenses:
Costs and operating expenses	101,044	72,526	273,081	214,575
Services
Revenues:
Total revenues	87,577	84,563	264,627	268,607
Costs and operating expenses:
Costs and operating expenses	$ 79,916	$ 73,751	$ 241,104	$ 238,441

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,021	$ 8,108	$ 1,766	$ (11,184)
Change in fair value of interest rate swap agreements, net of tax	173	388	836	(564)
Other comprehensive income (loss), net of tax	173	388	836	(564)
Comprehensive income (loss)	$ 9,194	$ 8,496	$ 2,602	$ (11,748)

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance, beginning balance (in shares) at Dec. 31, 2019		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 income (loss)	(11,184)			(11,184)
Stock-based compensation (in shares)		73,000
Stock-based compensation	2,086	$ 3	2,083
Other comprehensive gain (loss), net of tax	(564)				(564)
Dividends declared	(2,982)			(2,982)
Balance, ending balance (in shares) at Sep. 30, 2020		11,043,000
Balance, ending balance at Sep. 30, 2020	350,457	$ 552	31,494	320,080	(1,669)
Balance, beginning balance (in shares) at Jun. 30, 2020		11,043,000
Balance, beginning balance at Jun. 30, 2020	342,954	$ 552	31,494	312,965	(2,057)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,108			8,108
Other comprehensive gain (loss), net of tax	388				388
Dividends declared	(993)			(993)
Balance, ending balance (in shares) at Sep. 30, 2020		11,043,000
Balance, ending balance at Sep. 30, 2020	$ 350,457	$ 552	31,494	320,080	(1,669)
Balance, beginning balance (in shares) at Dec. 31, 2020	11,055,037	11,055,000
Balance, beginning balance at Dec. 31, 2020	$ 356,317	$ 553	31,870	325,097	(1,203)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,599,000
Issuance of common stock	52,017	$ 80	51,937
Net income (loss)	1,766			1,766
Stock-based compensation (in shares)		50,000
Stock-based compensation	3,517	$ 2	3,515
Other comprehensive gain (loss), net of tax	836				836
Dividends declared	$ (3,432)			(3,432)
Balance, ending balance (in shares) at Sep. 30, 2021	12,704,165	12,704,000
Balance, ending balance at Sep. 30, 2021	$ 411,021	$ 635	87,322	323,431	(367)
Balance, beginning balance (in shares) at Jun. 30, 2021		12,704,000
Balance, beginning balance at Jun. 30, 2021	401,494	$ 635	85,844	315,555	(540)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,021			9,021
Stock-based compensation (in shares)		0
Stock-based compensation	1,478		1,478
Other comprehensive gain (loss), net of tax	173				173
Dividends declared	$ (1,145)			(1,145)
Balance, ending balance (in shares) at Sep. 30, 2021	12,704,165	12,704,000
Balance, ending balance at Sep. 30, 2021	$ 411,021	$ 635	$ 87,322	$ 323,431	$ (367)

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.09	$ 0.09	$ 0.27	$ 0.27

Unaudited Consolidated Statem_5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 1,766	$ (11,184)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	18,996	18,213
Deferred taxes	(4,803)	(2,089)
Stock-based compensation	2,968	1,723
Inventory valuation adjustment	24,420	0
Loss on sale of a business entity and certain assets	0	8,214
Gain on sale of property and equipment	(48)	(928)
Goodwill and intangible asset impairment	0	33,734
Earn-out obligation fair value adjustment	0	(3,094)
Changes in operating assets and liabilities, net of impact of acquisitions:
Receivables	(9,321)	4,068
Unbilled receivables	(4,484)	15,099
Inventories	(66,518)	(27,566)
Other current assets and noncurrent assets	(18,912)	(2,119)
Accounts payable and deferred compensation	17,955	(3,290)
Accrued expenses and other current and noncurrent liabilities	7,458	4,454
Net cash (used in) provided by operating activities	(30,523)	35,235
Cash flows from investing activities:
Purchases of property and equipment	(7,606)	(2,956)
Proceeds from the sale of property and equipment	199	2,847
Proceeds from payments on notes receivable	1,550	838
Proceeds from the sale of a business entity and certain assets	0	19,915
Payment for Contingent Consideration Liability, Investing Activities	(750)	0
Cash paid for acquisitions, net of cash acquired	(53,232)	0
Net cash (used in) provided by investing activities	(59,839)	20,644
Cash flows from financing activities:
Borrowings on loan agreement	394,079	340,679
Repayments on loan agreement	(350,956)	(360,794)
Proceeds from issuance of common stock, net of underwriters' discounts and issuance costs	52,017	0
Earn-out obligation payments	0	(31,701)
Payment of debt financing costs	(808)	(636)
Payments of taxes for equity transactions	(681)	(635)
Dividends paid	(3,284)	(2,975)
Net cash provided by (used in) financing activities	90,367	(56,062)
Net increase (decrease) in cash and cash equivalents	5	(183)
Cash and cash equivalents at beginning of period	378	734
Cash and cash equivalents at end of period	383	551
Supplemental disclosure of noncash investing and financing activities:
Notes receivable from the sale of a business entity and certain assets	0	13,129
Earn-out obligation in connection with acquisitions	$ 1,250	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Accounting Policies [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 2020 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 nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. 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, inventory reserves, costs to complete on fixed price contracts, and recoverability of goodwill and intangible assets. 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 pandemic triggered a decline in demand for our Aviation segment products and services beginning with the second quarter of 2020 and continues to have an impact on the segment. Our results of operations for the first nine months of 2021 continue to reflect the adverse impact from the COVID-19 pandemic. Although demand has improved since the onset of the pandemic, it remains below pre-pandemic levels in certain areas of our business. The extent to which the impact of COVID-19 may continue to have an adverse effect on our future business and results of operations is highly uncertain and unpredictable. However, we believe that the global vaccination effort underway may generate an increase in commercial air travel and result in a gradual recovery in demand for our Aviation segment products and services for the remainder of 2021. We are closely monitoring the effects and risks of COVID-19 to assess its continuing impact on our business, financial condition and results of operations. 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. Underwritten Public Offering

Acquisition and Divestitures

Acquisition and Divestitures	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisition and Divestitures	Acquisitions and Divestitures Acquisitions HAECO Special Services, LLC On March 1, 2021, we acquired HAECO Special Services, LLC ("HSS") from HAECO Airframe Services, LLC, a division of HAECO Americas ("HAECO") for the purchase price of $14.8 million, subject to post-closing and working capital adjustments. HSS is a leading provider of fully integrated maintenance, repair and overhaul ("MRO") support solutions for military and government aircraft. HSS provides scheduled depot maintenance, contract field deployment and unscheduled drop-in maintenance for a United States Department of Defense ("DoD") contract specifically for the sustainment of the U.S. Air Force ("USAF") KC-10 fleet. The acquisition was not significant to our consolidated financial statements. HSS operating results are included in our Federal and Defense segment in the accompanying unaudited consolidated financial statements beginning on the acquisition date of March 1, 2021. The allocation of the total consideration for the acquisition to the tangible and identifiable intangible assets acquired and liabilities assumed is preliminary until we obtain final information regarding their fair values. Based on preliminary estimates, we allocated approximately $7.5 million to the fair value of net tangible assets (including $9.2 million of accounts receivable) and $7.3 million to customer relationship intangible asset, which is being amortized over approximately 4 years from the acquisition date. Global Parts Group, Inc. On July 26, 2021, we acquired Global Parts Group, Inc. ("Global Parts"), a privately owned company with operations in Augusta, Kansas. Global Parts provides distribution and MRO services for business and general aviation ("B&GA") aircraft families. The acquisition expands our existing B&GA focus and further diversifies our existing product and platform offerings to include additional airframe components, while expanding our customer base of regional and global B&GA customers. Global Parts will operate as a subsidiary of VSE Aviation, Inc. under our Aviation segment. The initial cash purchase price for Global Parts was approximately $38 million, subject to certain post-closing and working capital adjustments, which was funded using our existing bank revolving loan. We may also be required to make earn-out payments of up to $2 million should Global Parts meet certain revenue targets during the first twelve months following the acquisition and a certain milestone event on or before March 2023. See Note (9) "Fair Value Measurements," for additional information regarding the contingent consideration obligation. We are in the process of finalizing our valuation and the allocation of the total consideration for the acquisition to the tangible and identifiable intangible assets acquired and liabilities assumed is preliminary until we obtain final information regarding their fair values. The fair values assigned to our Global Parts earn-out obligation and intangible assets acquired were based on preliminary estimates, assumptions, and other information compiled by management, including independent valuations that utilized established valuation techniques. The total preliminary estimated purchase price has been allocated to assets acquired (including identifiable intangible assets and goodwill) and liabilities assumed, as follows (in thousands): Description Fair Value Accounts receivable $ 6,410 Inventories 18,746 Prepaid expenses and other current assets 620 Property and equipment 433 Intangibles - customer related 19,957 Goodwill 2,088 Operating lease right-of-use-assets 3,066 Accounts payable (6,176) Accrued expenses and other current liabilities (1,800) Long-term operating lease liabilities (2,897) Net assets acquired, excluding cash $ 40,447 Cash consideration, net of cash acquired $ 38,447 Acquisition date estimated fair value of earn-out obligation 2,000 Total consideration $ 40,447 The estimated value attributed to the customer relationship intangible asset is being amortized on a straight-line basis using a useful life of 10 years. None of the value attributed to goodwill and customer relationships is deductible for income tax purposes. The preliminary amount of goodwill recorded for our Global Parts acquisition reflects the strategic advantage of expanding our supply chain management capabilities through the diversification our existing product and platform offerings to new customers. We incurred approximately $532 thousand of acquisition-related expenses associated with our Global Parts acquisition during the nine months ended September 30, 2021, which are included in selling, general and administrative expenses. Global Parts' results of operations are included in our Aviation segment in the accompanying unaudited consolidated financial statements beginning on the acquisition date of July 26, 2021. Had the acquisition occurred as of January 1, 2020, revenue and net income (loss) from consolidated operations, and basic and diluted earnings (loss) per share on a pro forma basis for the three and nine months ended September 30, 2021 and 2020 would not have been materially different than our reported amounts. Divestitures Prime Turbines Sale In January 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. 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 loss in the first quarter of 2020 which was reflected within loss on sale of a business entity and certain assets in the consolidated statements of income. As of September 30, 2021 and December 31, 2020, the total outstanding balance of the note receivable from PTB was $5.0 million and $6.1 million, respectively, which represent the present value of the consideration to be received with an imputed interest rate discount, of which $1.5 million and $1.4 million were current as of September 30, 2021 and December 31, 2020, respectively. The note receivable balance is included in other assets and other current assets in our consolidated balance sheets. CT Aerospace Asset Sale

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregated Revenue Our revenues are derived from the delivery of products to our customers and from contract services performed for the DoD or federal civilian agencies. 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 nine months ended September 30, 2021 are as follows (in thousands): Three months ended September 30, 2021 Aviation Fleet Federal and Defense Total Commercial $ 72,542 $ 20,690 $ 931 $ 94,163 DoD — 2,739 58,123 60,862 Other government 582 36,839 8,136 45,557 $ 73,124 $ 60,268 $ 67,190 $ 200,582 Nine months ended September 30, 2021 Aviation Fleet Federal and Defense Total Commercial $ 164,353 $ 52,757 $ 1,434 $ 218,544 DoD — 10,517 162,984 173,501 Other government 657 109,798 38,175 148,630 $ 165,010 $ 173,072 $ 202,593 $ 540,675 A summary of revenues for our operating segments by customer for the three and nine months ended September 30, 2020 are as follows (in thousands): Three months ended September 30, 2020 Aviation Fleet Federal and Defense Total Commercial $ 36,075 $ 12,471 $ 428 $ 48,974 DoD 104 7,275 49,556 56,935 Other government 39 43,973 15,584 59,596 $ 36,218 $ 63,719 $ 65,568 $ 165,505 Nine months ended September 30, 2020 Aviation Fleet Federal and Defense Total Commercial $ 125,295 $ 29,818 $ 1,317 $ 156,430 DoD 941 16,937 168,078 185,956 Other government 283 141,390 27,579 169,252 $ 126,519 $ 188,145 $ 196,974 $ 511,638 A summary of revenues for our operating segments by type for the three and nine months ended September 30, 2021 is as follows (in thousands): Three months ended September 30, 2021 Aviation Fleet Federal and Defense Total Repair $ 18,714 $ — $ — $ 18,714 Distribution 54,410 60,268 — 114,678 Cost Plus Contract — — 26,775 26,775 Fixed Price Contract — — 25,729 25,729 T&M Contract — — 14,686 14,686 Total $ 73,124 $ 60,268 $ 67,190 $ 200,582 Nine months ended September 30, 2021 Aviation Fleet Federal and Defense Total Repair $ 56,051 $ — $ — $ 56,051 Distribution 108,959 173,072 — 282,031 Cost Plus Contract — — 65,139 65,139 Fixed Price Contract — — 82,090 82,090 T&M Contract — — 55,364 55,364 Total $ 165,010 $ 173,072 $ 202,593 $ 540,675 A summary of revenues for our operating segments by type for the three and nine months ended September 30, 2020 is as follows (in thousands): Three months ended September 30, 2020 Aviation Fleet Federal and Defense Total Repair $ 17,280 $ — $ — $ 17,280 Distribution 18,938 63,719 — 82,657 Cost Plus Contract — — 18,194 18,194 Fixed Price Contract — — 32,937 32,937 T&M Contract — — 14,437 14,437 Total $ 36,218 $ 63,719 $ 65,568 $ 165,505 Nine months ended September 30, 2020 Aviation Fleet Federal and Defense Total Repair $ 66,936 $ — $ — $ 66,936 Distribution 59,583 188,145 — 247,728 Cost Plus Contract — — 61,182 61,182 Fixed Price Contract — — 107,932 107,932 T&M Contract — — 27,860 27,860 Total $ 126,519 $ 188,145 $ 196,974 $ 511,638 Contract Balances Unbilled receivables (contract assets) 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 increased from $22.4 million as of December 31, 2020 to $30.8 million as of September 30, 2021, primarily due to the unbilled receivables acquired as a result of the HSS acquisition and revenues recognized as performance obligations are satisfied in excess of billings. Contract liabilities, which are included in accrued expenses and other current liabilities in our consolidated balance sheets, decreased from $10.1 million as of December 31, 2020 to $8.6 million as of September 30, 2021, primarily due to revenue recognized in excess of advance payments received. For the nine months ended September 30, 2021 and September 30, 2020, we recognized revenue that was previously included in the beginning balance of contract liabilities of $2.7 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 57% of our revenues for the three and nine months ended September 30, 2021 and 50% of our revenues for the three and nine months ended September 30, 2020. Revenues from products and services transferred to customers over time accounted for approximately 43% of our revenues for the three and nine months ended September 30, 2021 and 50% of our revenues for the three and nine months ended September 30, 2020, primarily related to revenues in our Federal and Defense segment and MRO services in our Aviation segment. As of September 30, 2021, the aggregate amount of transaction prices allocated to unsatisfied or partially unsatisfied performance obligations was $218 million. Performance obligations expected to be satisfied within one year and greater than one year are 90% and 10%, 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 nine months ended September 30, 2021 and September 30, 2020, revenue recognized from performance obligations satisfied in prior periods was not material.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following (in thousands): September 30, December 31, 2021 2020 Bank credit facility - term loan $ 63,925 $ 77,988 Bank credit facility - revolver loans 232,659 175,473 Principal amount of long-term debt 296,584 253,461 Less debt issuance costs (2,375) (2,368) Total long-term debt 294,209 251,093 Less current portion (14,162) (20,379) Long-term debt, less current portion $ 280,047 $ 230,714 We have a loan agreement with a group of banks from which we borrow amounts under the loan agreement to provide working capital support, fund letters of credit, and finance acquisitions. The loan agreement includes term and revolving loan facilities. The revolving loan facility provides for revolving loans and letters of credit. On July 23, 2021, we entered into a third amendment to our loan agreement which, among other things, extended the maturity dates with respect to the revolving credit facility and term loan facility to July 2024, lowered the applicable LIBOR rate floor, and modified the maximum Total Funded Debt to EBITDA Ratio. Except as described above, the amended loan agreement has substantially the same terms as the existing loan agreement, including covenants and events of default. The fair value of outstanding debt as of September 30, 2021 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 September 30, 2021 are as follows (in thousands): 2021 3,750 2022 15,000 2023 15,000 2024* 262,834 Total $ 296,584 *Includes the revolver loan required payment of $232.7 million. The maximum amount of credit available under the loan agreement for revolving loans and letters of credit as of September 30, 2021 was $350 million. We pay an unused commitment fee and fees on letters of credit that are issued. We had letters of credit outstanding totaling $803 thousand as of September 30, 2021 and no letters of credit outstanding as of December 31, 2020. 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 September 30, 2021, the LIBOR base margin was 2.25% 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. We use interest rate hedges on a portion of our debt. The amount of our debt with interest rate swap agreements was $75 million and $145 million as of September 30, 2021 and December 31, 2020, respectively. After taking into account the impact of interest rate swap agreements, as of September 30, 2021, interest rates on portions of our outstanding debt ranged from 3.50% to 6.18%, and the effective interest rate on our aggregate outstanding debt was 3.90%. Interest expense incurred on bank loan borrowings and interest rate hedges was $2.7 million and $3.3 million for the three months ended September 30, 2021 and 2020, respectively, and $7.9 million and $9.5 million for the nine months ended September 30, 2021 and 2020, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic 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. For the nine months ended September 30, 2020, diluted earnings per share does not include an adjustment for the potential dilutive effect of dilutive securities as the effect would have been anti-dilutive due to the Company's net loss. The antidilutive common stock equivalents excluded from the diluted per share calculation are not material. Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 12,704,165 11,043,246 12,496,646 11,028,283 Effect of dilutive shares 70,471 57,110 76,430 — Diluted weighted average common shares outstanding 12,774,636 11,100,356 12,573,076 11,028,283

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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 audit or investigate whether our operations are being conducted in accordance with applicable contractual and regulatory requirements. Government audits or 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, audits 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	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Business Segments and Customer Information	Business Segments and Customer Information Business Segments Management of our business operations is conducted under three reportable operating segments: Aviation – Distribution and MRO Services Our Aviation segment provides aftermarket repair and distribution services to commercial, business and general aviation, cargo, 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 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 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 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. Corporate expenses are primarily selling, general and administrative expenses not allocated to segments. Our segment information is as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Revenues: Aviation $ 73,124 $ 36,218 $ 165,010 $ 126,519 Fleet 60,268 63,719 173,072 188,145 Federal and Defense 67,190 65,568 202,593 196,974 Total revenues $ 200,582 $ 165,505 $ 540,675 $ 511,638 Operating income (loss): Aviation $ 3,719 $ 1,586 $ (18,885) $ (34,680) Fleet 5,387 6,589 15,128 20,509 Federal and Defense 5,386 6,746 17,410 18,441 Corporate/unallocated expenses (600) (736) (2,872) (2,261) Operating income $ 13,892 $ 14,185 $ 10,781 $ 2,009 Our Aviation segment operating income for the first nine months of 2021 was reduced by $23.7 million primarily attributable to an inventory reserve expense which was recorded in the second quarter of 2021. The inventory reserve increase was primarily due to excess quantities of inventory at levels higher than our updated forecasts of future demand. The continued effects of the COVID-19 pandemic on commercial air travel for our region-specific distribution programs, entered into prior to 2019, resulted in lowered demand assumptions. Customer Information 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 September 30, Nine months ended September 30, Customer 2021 % 2020 % 2021 % 2020 % Commercial $ 94,163 47 $ 48,974 30 $ 218,544 41 $ 156,430 31 DoD 60,862 30 56,935 34 173,501 32 185,956 36 Other government 45,557 23 59,596 36 148,630 27 169,252 33 Total $ 200,582 100 $ 165,505 100 $ 540,675 100 $ 511,638 100

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Changes in goodwill for the nine months ended September 30, 2021 are as follows (in thousands): Fleet Federal and Defense Aviation Total Balance as of December 31, 2020 $ 63,190 $ 30,883 $ 144,053 $ 238,126 Increase from acquisitions — — 2,700 2,700 Balance as of September 30, 2021 $ 63,190 $ 30,883 $ 146,753 $ 240,826 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. Intangible assets, net comprised the following (in thousands): Cost Accumulated Amortization Accumulated Net Intangible Assets September 30, 2021 Contract and customer-related $ 240,452 $ (123,019) $ (3,814) $ 113,619 Acquired technologies 12,400 (11,633) — 767 Trade names 18,770 (16,115) — 2,655 Total $ 271,622 $ (150,767) $ (3,814) $ 117,041 December 31, 2020 Contract and customer-related $ 213,194 $ (110,917) $ (3,814) $ 98,463 Acquired technologies 12,400 (10,787) — 1,613 Trade names 18,770 (15,251) — 3,519 Total $ 244,364 $ (136,955) $ (3,814) $ 103,595 The increase in the gross carrying amount of contract and customer-related intangibles during the nine months ended September 30, 2021 is related to customer relationship intangibles recognized in connection with the acquisitions of HSS and Global Parts. See Note (2) "Acquisitions and Divestitures" for additional details regarding the acquisitions. Amortization expense related to intangible assets was $4.9 million and $4.2 million for the three months ended September 30, 2021 and 2020, respectively, and $13.8 million and $13.3 million for the nine months ended September 30, 2021 and 2020, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 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 September 30, 2021 Fair Value December 31, 2020 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $ 1,299 $ 1,120 Interest rate swap agreements Accrued expenses and other current liabilities Level 2 $ 490 $ 1,603 Earn-out obligation - short-term Accrued expenses and other current liabilities Level 3 $ 1,000 $ — Earn-out obligation - long-term Other long-term liabilities Level 3 $ 250 $ — Non-Company Owned Life Insurance ("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 September 30, 2021 and December 31, 2020, 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 $490 thousand and $1.6 million at September 30, 2021 and December 31, 2020, respectively. The offset, net of an income tax effect of $122 thousand and $400 thousand, was included in accumulated other comprehensive income in the accompanying balance sheets as of September 30, 2021 and December 31, 2020, 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. In connection with the acquisition of Global Parts, we may be required to pay earn-out obligation payments of up to $2.0 million should Global Parts meet certain financial targets during the twelve months following the acquisition and meet a certain milestone event on or before March 2023. The preliminary fair value of the earn-out obligation was determined using a probability-based scenario analysis approach. Any change in the fair value of contingent consideration from events after the acquisition date will be recognized in earnings of the period when the event occurs. The probability-based approach used to fair value earn-out obligation is based on significant inputs not observed in the market and thus represents a Level 3 measurement. The significant unobservable inputs include projected revenues and percentage probability of occurrence. Changes in the revenue assumptions could result in a material change to the amount of the fair value measurement. Under the agreement, we were required to make an advanced payment of the earn-out obligation. The payment was made in August 2021. Changes in the earn-out obligation measured at fair value on a recurring basis using unobservable inputs (Level 3) for the nine months ended September 30, 2021 are as follows (in thousands): Current portion Long-term portion Total Opening Balance $ — $ — $ — Acquisition date fair value of contingent consideration 1,750 250 2,000 Earn-out payments (750) — (750) Fair value adjustment included in costs and operating expenses — — — Balance as of September 30, 2021 $ 1,000 $ 250 $ 1,250

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIncome 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 18.8% and 23.4% for the three and nine months ended September 30, 2021, respectively, and 23.9% and (38.4)% for the three and nine months ended September 30, 2020, respectively. The difference in the effective tax rate for the three and nine months ended September 30, 2021 compared to the same period of prior year primarily results from 1) a significantly higher tax loss than book loss in connection with our sale of Prime Turbines stock and a full valuation allowance established in 2020 to offset the capital loss benefit due to a lack of anticipated capital gain income in the carryforward period, 2) goodwill impairment loss recognized in 2020 that was not deductible for tax purposes, and 3) book loss in 2020 compared to book income in the same period in 2021. The tax rate for the current year benefited from tax deductions for foreign derived intangible income ("FDII") and COLI income, and various federal and state income tax incentives.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements Not Yet Adopted	9 Months Ended
	Sep. 30, 2021
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

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [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 2020 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 nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021.
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, inventory reserves, costs to complete on fixed price contracts, and recoverability of goodwill and intangible assets.
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.
Business Segments	Management of our business operations is conducted under three reportable operating segments: Aviation – Distribution and MRO Services Our Aviation segment provides aftermarket repair and distribution services to commercial, business and general aviation, cargo, 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 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 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 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.
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
Revenue from Contract with Customer	Unbilled receivables (contract assets) 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.

Acquisition and Divestitures (T

Acquisition and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The total preliminary estimated purchase price has been allocated to assets acquired (including identifiable intangible assets and goodwill) and liabilities assumed, as follows (in thousands): Description Fair Value Accounts receivable $ 6,410 Inventories 18,746 Prepaid expenses and other current assets 620 Property and equipment 433 Intangibles - customer related 19,957 Goodwill 2,088 Operating lease right-of-use-assets 3,066 Accounts payable (6,176) Accrued expenses and other current liabilities (1,800) Long-term operating lease liabilities (2,897) Net assets acquired, excluding cash $ 40,447 Cash consideration, net of cash acquired $ 38,447 Acquisition date estimated fair value of earn-out obligation 2,000 Total consideration $ 40,447
Business Acquisition, Pro Forma Information

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A summary of revenues for our operating segments by customer for the three and nine months ended September 30, 2021 are as follows (in thousands): Three months ended September 30, 2021 Aviation Fleet Federal and Defense Total Commercial $ 72,542 $ 20,690 $ 931 $ 94,163 DoD — 2,739 58,123 60,862 Other government 582 36,839 8,136 45,557 $ 73,124 $ 60,268 $ 67,190 $ 200,582 Nine months ended September 30, 2021 Aviation Fleet Federal and Defense Total Commercial $ 164,353 $ 52,757 $ 1,434 $ 218,544 DoD — 10,517 162,984 173,501 Other government 657 109,798 38,175 148,630 $ 165,010 $ 173,072 $ 202,593 $ 540,675 A summary of revenues for our operating segments by customer for the three and nine months ended September 30, 2020 are as follows (in thousands): Three months ended September 30, 2020 Aviation Fleet Federal and Defense Total Commercial $ 36,075 $ 12,471 $ 428 $ 48,974 DoD 104 7,275 49,556 56,935 Other government 39 43,973 15,584 59,596 $ 36,218 $ 63,719 $ 65,568 $ 165,505 Nine months ended September 30, 2020 Aviation Fleet Federal and Defense Total Commercial $ 125,295 $ 29,818 $ 1,317 $ 156,430 DoD 941 16,937 168,078 185,956 Other government 283 141,390 27,579 169,252 $ 126,519 $ 188,145 $ 196,974 $ 511,638 A summary of revenues for our operating segments by type for the three and nine months ended September 30, 2021 is as follows (in thousands): Three months ended September 30, 2021 Aviation Fleet Federal and Defense Total Repair $ 18,714 $ — $ — $ 18,714 Distribution 54,410 60,268 — 114,678 Cost Plus Contract — — 26,775 26,775 Fixed Price Contract — — 25,729 25,729 T&M Contract — — 14,686 14,686 Total $ 73,124 $ 60,268 $ 67,190 $ 200,582 Nine months ended September 30, 2021 Aviation Fleet Federal and Defense Total Repair $ 56,051 $ — $ — $ 56,051 Distribution 108,959 173,072 — 282,031 Cost Plus Contract — — 65,139 65,139 Fixed Price Contract — — 82,090 82,090 T&M Contract — — 55,364 55,364 Total $ 165,010 $ 173,072 $ 202,593 $ 540,675 A summary of revenues for our operating segments by type for the three and nine months ended September 30, 2020 is as follows (in thousands): Three months ended September 30, 2020 Aviation Fleet Federal and Defense Total Repair $ 17,280 $ — $ — $ 17,280 Distribution 18,938 63,719 — 82,657 Cost Plus Contract — — 18,194 18,194 Fixed Price Contract — — 32,937 32,937 T&M Contract — — 14,437 14,437 Total $ 36,218 $ 63,719 $ 65,568 $ 165,505 Nine months ended September 30, 2020 Aviation Fleet Federal and Defense Total Repair $ 66,936 $ — $ — $ 66,936 Distribution 59,583 188,145 — 247,728 Cost Plus Contract — — 61,182 61,182 Fixed Price Contract — — 107,932 107,932 T&M Contract — — 27,860 27,860 Total $ 126,519 $ 188,145 $ 196,974 $ 511,638

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands): September 30, December 31, 2021 2020 Bank credit facility - term loan $ 63,925 $ 77,988 Bank credit facility - revolver loans 232,659 175,473 Principal amount of long-term debt 296,584 253,461 Less debt issuance costs (2,375) (2,368) Total long-term debt 294,209 251,093 Less current portion (14,162) (20,379) Long-term debt, less current portion $ 280,047 $ 230,714
Schedule of Term Loan Payments	Our required term and revolver loan payments after September 30, 2021 are as follows (in thousands): 2021 3,750 2022 15,000 2023 15,000 2024* 262,834 Total $ 296,584

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 12,704,165 11,043,246 12,496,646 11,028,283 Effect of dilutive shares 70,471 57,110 76,430 — Diluted weighted average common shares outstanding 12,774,636 11,100,356 12,573,076 11,028,283

Business Segments and Custome_2

Business Segments and Customer Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	Our segment information is as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Revenues: Aviation $ 73,124 $ 36,218 $ 165,010 $ 126,519 Fleet 60,268 63,719 173,072 188,145 Federal and Defense 67,190 65,568 202,593 196,974 Total revenues $ 200,582 $ 165,505 $ 540,675 $ 511,638 Operating income (loss): Aviation $ 3,719 $ 1,586 $ (18,885) $ (34,680) Fleet 5,387 6,589 15,128 20,509 Federal and Defense 5,386 6,746 17,410 18,441 Corporate/unallocated expenses (600) (736) (2,872) (2,261) Operating income $ 13,892 $ 14,185 $ 10,781 $ 2,009
Revenue by Customer	Our revenue by customer is as follows (in thousands): Three months ended September 30, Nine months ended September 30, Customer 2021 % 2020 % 2021 % 2020 % Commercial $ 94,163 47 $ 48,974 30 $ 218,544 41 $ 156,430 31 DoD 60,862 30 56,935 34 173,501 32 185,956 36 Other government 45,557 23 59,596 36 148,630 27 169,252 33 Total $ 200,582 100 $ 165,505 100 $ 540,675 100 $ 511,638 100

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill by Operating Segment	Changes in goodwill for the nine months ended September 30, 2021 are as follows (in thousands): Fleet Federal and Defense Aviation Total Balance as of December 31, 2020 $ 63,190 $ 30,883 $ 144,053 $ 238,126 Increase from acquisitions — — 2,700 2,700 Balance as of September 30, 2021 $ 63,190 $ 30,883 $ 146,753 $ 240,826
Schedule of Intangible Assets	Intangible assets, net comprised the following (in thousands): Cost Accumulated Amortization Accumulated Net Intangible Assets September 30, 2021 Contract and customer-related $ 240,452 $ (123,019) $ (3,814) $ 113,619 Acquired technologies 12,400 (11,633) — 767 Trade names 18,770 (16,115) — 2,655 Total $ 271,622 $ (150,767) $ (3,814) $ 117,041 December 31, 2020 Contract and customer-related $ 213,194 $ (110,917) $ (3,814) $ 98,463 Acquired technologies 12,400 (10,787) — 1,613 Trade names 18,770 (15,251) — 3,519 Total $ 244,364 $ (136,955) $ (3,814) $ 103,595

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020 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 September 30, 2021 Fair Value December 31, 2020 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $ 1,299 $ 1,120 Interest rate swap agreements Accrued expenses and other current liabilities Level 2 $ 490 $ 1,603 Earn-out obligation - short-term Accrued expenses and other current liabilities Level 3 $ 1,000 $ — Earn-out obligation - long-term Other long-term liabilities Level 3 $ 250 $ —
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in the earn-out obligation measured at fair value on a recurring basis using unobservable inputs (Level 3) for the nine months ended September 30, 2021 are as follows (in thousands): Current portion Long-term portion Total Opening Balance $ — $ — $ — Acquisition date fair value of contingent consideration 1,750 250 2,000 Earn-out payments (750) — (750) Fair value adjustment included in costs and operating expenses — — — Balance as of September 30, 2021 $ 1,000 $ 250 $ 1,250

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 02, 2021	Jan. 29, 2021
Accounting Policies [Abstract]
Public offering, issued (in shares)	170,497	1,428,600
Public offering, price (in dollars per share)		$ 35
Public offering proceeds	$ 52

Acquisition and Divestitures -

Acquisition and Divestitures - Narrative (Details)	Jul. 26, 2021USD ($)	Mar. 01, 2021USD ($)	Feb. 26, 2020USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Jan. 31, 2020agreement
Business Acquisition [Line Items]
Amortization of intangible assets					$ 4,921,000	$ 4,158,000			$ 13,812,000	$ 13,345,000
Gain (loss) on sale of business					0	$ 0			0	$ (8,214,000)
Prime Turbines
Business Acquisition [Line Items]
Number of sale agreements | agreement												2
Proceeds from sale of business			$ 20,000,000
Note receivable			$ 8,300,000
Gain (loss) on sale of business								$ (7,500,000)
PTB
Business Acquisition [Line Items]
Note receivable					5,000,000				5,000,000		$ 6,100,000
Financing receivable, current					1,500,000				1,500,000		1,400,000
CT Aerospace
Business Acquisition [Line Items]
Proceeds from sale of business				$ 6,900,000
Gain (loss) on sale of business							$ (678,000)
Legacy Turbines
Business Acquisition [Line Items]
Financing receivable, current					1,700,000				1,700,000		1,300,000
Note receivable, net					6,100,000				6,100,000		6,400,000
Variable discount					$ 275,000				275,000		$ 275,000
HAECO Special Services, LLC
Business Acquisition [Line Items]
Cash consideration, net of cash acquired		$ 14,800,000
Tangible assets, net		7,500,000
Accounts receivable		9,200,000
HAECO Special Services, LLC | Customer Relationships
Business Acquisition [Line Items]
Intangibles - customer related		$ 7,300,000
Useful life (in years)		4 years
Global Parts
Business Acquisition [Line Items]
Cash consideration, net of cash acquired	$ 38,447,000
Accounts receivable	6,410,000
Intangibles - customer related	19,957,000
Acquisition related expenses									$ 532,000
Earn-out payments	$ 2,000,000
Intangible assets useful life (in years)	10 years
Tax deductible goodwill	$ 0

Acquisition and Divestitures _2

Acquisition and Divestitures - Fair Value of Acquired Assets and Liabilities (Details) - USD ($) $ in Thousands	Jul. 26, 2021	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 240,826	$ 238,126
Global Parts
Business Acquisition [Line Items]
Accounts receivable	$ 6,410
Inventories	18,746
Prepaid expenses and other current assets	620
Property and equipment	433
Intangibles - customer related	19,957
Goodwill	2,088
Operating lease right-of-use-assets	3,066
Accounts payable	(6,176)
Accrued expenses and other current liabilities	(1,800)
Long-term operating lease liabilities	(2,897)
Net assets acquired, excluding cash	40,447
Cash consideration, net of cash acquired	38,447
Acquisition date estimated fair value of earn-out obligation	2,000
Cash consideration, net of cash acquired	$ 40,447

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 200,582	$ 165,505	$ 540,675	$ 511,638
Repair
Disaggregation of Revenue [Line Items]
Revenues	18,714	17,280	56,051	66,936
Distribution
Disaggregation of Revenue [Line Items]
Revenues	114,678	82,657	282,031	247,728
Cost Plus Contract
Disaggregation of Revenue [Line Items]
Revenues	26,775	18,194	65,139	61,182
Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	25,729	32,937	82,090	107,932
T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	14,686	14,437	55,364	27,860
Commercial
Disaggregation of Revenue [Line Items]
Revenues	94,163	48,974	218,544	156,430
DoD
Disaggregation of Revenue [Line Items]
Revenues	60,862	56,935	173,501	185,956
Other government
Disaggregation of Revenue [Line Items]
Revenues	45,557	59,596	148,630	169,252
Aviation
Disaggregation of Revenue [Line Items]
Revenues	73,124	36,218	165,010	126,519
Aviation | Repair
Disaggregation of Revenue [Line Items]
Revenues	18,714	17,280	56,051	66,936
Aviation | Distribution
Disaggregation of Revenue [Line Items]
Revenues	54,410	18,938	108,959	59,583
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 | Commercial
Disaggregation of Revenue [Line Items]
Revenues	72,542	36,075	164,353	125,295
Aviation | DoD
Disaggregation of Revenue [Line Items]
Revenues	0	104	0	941
Aviation | Other government
Disaggregation of Revenue [Line Items]
Revenues	582	39	657	283
Fleet
Disaggregation of Revenue [Line Items]
Revenues	60,268	63,719	173,072	188,145
Fleet | Repair
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | Distribution
Disaggregation of Revenue [Line Items]
Revenues	60,268	63,719	173,072	188,145
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 | Commercial
Disaggregation of Revenue [Line Items]
Revenues	20,690	12,471	52,757	29,818
Fleet | DoD
Disaggregation of Revenue [Line Items]
Revenues	2,739	7,275	10,517	16,937
Fleet | Other government
Disaggregation of Revenue [Line Items]
Revenues	36,839	43,973	109,798	141,390
Federal and Defense
Disaggregation of Revenue [Line Items]
Revenues	67,190	65,568	202,593	196,974
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	26,775	18,194	65,139	61,182
Federal and Defense | Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	25,729	32,937	82,090	107,932
Federal and Defense | T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	14,686	14,437	55,364	27,860
Federal and Defense | Commercial
Disaggregation of Revenue [Line Items]
Revenues	931	428	1,434	1,317
Federal and Defense | DoD
Disaggregation of Revenue [Line Items]
Revenues	58,123	49,556	162,984	168,078
Federal and Defense | Other government
Disaggregation of Revenue [Line Items]
Revenues	$ 8,136	$ 15,584	$ 38,175	$ 27,579

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unbilled receivables, net	$ 30,824		$ 30,824		$ 22,358
Contract with customer, liability	8,600		8,600		$ 10,100
Contract with customer, liability, revenue recognized			2,700	$ 2,000
Revenue, remaining performance obligation	$ 218,000		$ 218,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year		1 year
Revenue, remaining performance obligation, percentage	90.00%		90.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, percentage	10.00%		10.00%
Revenue from Contract with Customer Benchmark | Product Concentration Risk | Transferred at Point in Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	57.00%	50.00%	57.00%	50.00%
Revenue from Contract with Customer Benchmark | Product Concentration Risk | Transferred over Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	43.00%	50.00%	43.00%	50.00%

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details)	Sep. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, percentage	90.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, percentage	10.00%

Debt - Long-term debt (Details)

Debt - Long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 296,584	$ 253,461
Less debt issuance costs	(2,375)	(2,368)
Total long-term debt	294,209	251,093
Less current portion	(14,162)	(20,379)
Long-term debt, less current portion	280,047	230,714
Term Loan
Debt Instrument [Line Items]
Long-term debt	63,925	77,988
Revolving Loans
Debt Instrument [Line Items]
Long-term debt	$ 232,659	$ 175,473

Debt - Loan Payments (Details)

Debt - Loan Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity [Abstract]
2021	$ 3,750
2022	15,000
2023	15,000
2024	262,834
Long-term debt	296,584	$ 253,461
Long-term debt	296,584	253,461
Revolving Loans
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-term debt	232,659	175,473
Long-term debt	$ 232,659	$ 175,473

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
2021	$ 3,750,000		$ 3,750,000
2022	15,000,000		15,000,000
2023	15,000,000		15,000,000
2024	$ 262,834,000		262,834,000
Loans Payable And Revolving Credit Facility
Debt Instrument [Line Items]
Increase in maximum availability			$ 100,000,000
Effective interest rate	3.90%		3.90%
Interest expense, net	$ 2,700,000	$ 3,300,000	$ 7,900,000	$ 9,500,000
Loans Payable And Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Interest rate range	3.50%		3.50%
Loans Payable And Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Interest rate range	6.18%		6.18%
Loans Payable And Revolving Credit Facility | Swap
Debt Instrument [Line Items]
Derivative notional amount	$ 75,000,000		$ 75,000,000		$ 145,000,000
Loans Payable And Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Base margin			2.25%
Loans Payable And Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Base margin			1.75%
Revolving Loans
Debt Instrument [Line Items]
Revolving loans maximum borrowing capacity	350,000,000		$ 350,000,000
Letters of credit outstanding	$ 803,000		$ 803,000		$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	12,704,165	11,043,246	12,496,646	11,028,283
Effect of dilutive shares (in shares)	70,471	57,110	76,430	0
Diluted weighted average common shares outstanding (in shares)	12,774,636	11,100,356	12,573,076	11,028,283

Business Segments and Custome_3

Business Segments and Customer Information - Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			3
Number of reportable segments | segment			3
Segment Reporting Information [Line Items]
Revenues	$ 200,582	$ 165,505	$ 540,675	$ 511,638
Operating income (loss)	13,892	14,185	10,781	2,009
Corporate/unallocated expenses
Segment Reporting Information [Line Items]
Operating income (loss)	(600)	(736)	(2,872)	(2,261)
Aviation
Segment Reporting Information [Line Items]
Revenues	73,124	36,218	165,010	126,519
Inventory reserve expense	23,700		23,700
Aviation | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	3,719	1,586	(18,885)	(34,680)
Fleet
Segment Reporting Information [Line Items]
Revenues	60,268	63,719	173,072	188,145
Fleet | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	5,387	6,589	15,128	20,509
Federal and Defense
Segment Reporting Information [Line Items]
Revenues	67,190	65,568	202,593	196,974
Federal and Defense | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	$ 5,386	$ 6,746	$ 17,410	$ 18,441

Business Segments and Custome_4

Business Segments and Customer Information - Major Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue, Major Customer [Line Items]
Revenues	$ 200,582	$ 165,505	$ 540,675	$ 511,638
Commercial
Revenue, Major Customer [Line Items]
Revenues	94,163	48,974	218,544	156,430
DoD
Revenue, Major Customer [Line Items]
Revenues	60,862	56,935	173,501	185,956
Other government
Revenue, Major Customer [Line Items]
Revenues	$ 45,557	$ 59,596	$ 148,630	$ 169,252
Customer Concentration Risk | Revenue from Contract with Customer Benchmark
Revenue, Major Customer [Line Items]
Percentage of revenue by customer	100.00%	100.00%	100.00%	100.00%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Commercial
Revenue, Major Customer [Line Items]
Percentage of revenue by customer	47.00%	30.00%	41.00%	31.00%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | DoD
Revenue, Major Customer [Line Items]
Percentage of revenue by customer	30.00%	34.00%	32.00%	36.00%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Other government
Revenue, Major Customer [Line Items]
Percentage of revenue by customer	23.00%	36.00%	27.00%	33.00%

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill Roll Forward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance as of beginning of period	$ 238,126
Increase from acquisitions	2,700
Balance as of end of period	240,826
Fleet
Goodwill [Roll Forward]
Balance as of beginning of period	63,190
Increase from acquisitions	0
Balance as of end of period	63,190
Federal and Defense
Goodwill [Roll Forward]
Balance as of beginning of period	30,883
Increase from acquisitions	0
Balance as of end of period	30,883
Aviation
Goodwill [Roll Forward]
Balance as of beginning of period	144,053
Increase from acquisitions	2,700
Balance as of end of period	$ 146,753

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Cost	$ 271,622		$ 271,622		$ 244,364
Accumulated Amortization	(150,767)		(150,767)		(136,955)
Accumulated Impairment Loss	(3,814)		(3,814)		(3,814)
Net Intangible Assets	117,041		117,041		103,595
Amortization of intangible assets	4,900	$ 4,200	13,800	$ 13,300
Contract and customer-related
Finite-Lived Intangible Assets [Line Items]
Cost	240,452		240,452		213,194
Accumulated Amortization	(123,019)		(123,019)		(110,917)
Accumulated Impairment Loss	(3,814)		(3,814)		(3,814)
Net Intangible Assets	113,619		113,619		98,463
Acquired technologies
Finite-Lived Intangible Assets [Line Items]
Cost	12,400		12,400		12,400
Accumulated Amortization	(11,633)		(11,633)		(10,787)
Accumulated Impairment Loss	0		0		0
Net Intangible Assets	767		767		1,613
Trade names
Finite-Lived Intangible Assets [Line Items]
Cost	18,770		18,770		18,770
Accumulated Amortization	(16,115)		(16,115)		(15,251)
Accumulated Impairment Loss	0		0		0
Net Intangible Assets	$ 2,655		$ 2,655		$ 3,519

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
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	$ 1,299	$ 1,120
Level 2 | Accrued expenses and other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements	490	1,603
Level 3 | Other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of earn-out obligation	1,000	0
Earn-out obligation, less current portion	$ 250	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jul. 26, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Income tax expense benefit on interest rate swap	$ 122	$ 400
Global Parts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out payments			$ 2,000
Accrued expenses and other current liabilities | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements	$ 490	$ 1,600

Fair Value Measurements - Earn-

Fair Value Measurements - Earn-out Obligations (Details) - Level 3 - Fair Value, Measurements, Recurring $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Acquisition date fair value of contingent consideration	2,000
Earn-out payments	(750)
Fair value adjustment included in costs and operating expenses	0
Ending balance	1,250
Current portion
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Acquisition date fair value of contingent consideration	1,750
Earn-out payments	(750)
Fair value adjustment included in costs and operating expenses	0
Ending balance	1,000
Long-term portion
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Acquisition date fair value of contingent consideration	250
Earn-out payments	0
Fair value adjustment included in costs and operating expenses	0
Ending balance	$ 250

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	18.80%	23.90%	23.40%	(38.40%)