REVENUES

3 Months Ended

Dec. 31, 2020

REVENUES

REVENUES

12.  REVENUES

Disaggregation of Revenues

Revenues by customer type, geographic location, and revenue recognition method for the three-month period ended December 31, 2020 are presented in the table below as the Company deems it best depicts how the nature, amount, timing and uncertainty of net

sales and cash flows are affected by economic factors. The table below also includes a reconciliation of the disaggregated revenue within each reportable segment on a continuing operations basis.

	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	27,879	$	53,864	$	36,722	$	118,465
U.S. Government		39,012		676		4,796		44,484
Total revenues	$	66,891	$	54,540	$	41,518	$	162,949
Geographic location:
United States	$	57,813	$	37,045	$	23,266	$	118,124
International		9,078		17,495		18,252		44,825
Total revenues	$	66,891	$	54,540	$	41,518	$	162,949
Revenue recognition method:
Point in time	$	26,946	$	42,367	$	8,868	$	78,181
Over time		39,945		12,173		32,650		84,768
Total revenues	$	66,891	$	54,540	$	41,518	$	162,949

Remaining Performance Obligations

Remaining performance obligations, which is the equivalent of backlog, represent the expected transaction price allocated to contracts that the Company expects to recognize as revenue in future periods when the Company performs under the contracts. These remaining obligations include amounts that have been formally appropriated under contracts with the U.S. Government, and exclude unexercised contract options and potential orders under ordering-type contracts such as Indefinite Delivery, Indefinite Quantity contracts. At December 31, 2020, the Company had $512.1 million in remaining performance obligations of which the Company expects to recognize revenues of approximately 72% in the next twelve months.

Contract assets and liabilities

Assets and liabilities related to contracts with customers are reported on a contract-by-contract basis at the end of each reporting period. At December 31, 2020, contract assets and liabilities totaled $93.8 million and $112.3 million, respectively.  During the first quarter of 2021, the Company recognized approximately $30 million in revenues that were included in the contract liabilities balance at the adoption date.