Revenue

The Company produces forged components for (i) turbine engines that power commercial, business and regional aircraft as well as military aircraft and armored military vehicles; (ii) airframe applications for a variety of aircraft; (iii) industrial gas and steam turbine engines for power generation units; and (iv) other commercial applications.

The following table represents a breakout of total revenue by customer type for the three months ended December 31, 2018 and 2017, respectively.



	Three Months Ended December 31,
	2018		2017 ¹

Commercial revenue	$	12,067	$	13,641
Military revenue	17,000		10,610
Total	$	29,067	$	24,251

¹ Prior period amounts have not been adjusted under the modified retrospective adoption method.

The following table represents revenue by the various components for the three months ended December 31, 2018 and 2017, respectively.



	Three Months Ended December 31,
Net Sales	2018		2017 ¹
Aerospace components for:
Fixed wing aircraft	$	13,304	$	12,520
Rotorcraft	5,130		5,537
Energy components for power generation units	3,732		5,508
Commercial product and other revenue	6,901		686
Total	$	29,067	$	24,251

¹ Prior period amounts have not been adjusted under the modified retrospective adoption method.

The following table represents revenue by geographic region based on the Company's selling operation locations for the three months ended December 31, 2018 and 2017, respectively:



	Three Months Ended December 31,
Net Sales	2018		2017 ¹
North America	25,721		19,255
Europe	3,346		4,996
Total	$	29,067	$	24,251

¹ Prior period amounts have not been adjusted under the modified retrospective adoption method.

In addition to the disaggregating revenue information provided above, approximately 61% of total net sales as of December 31, 2018 is recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized as a point in time.

Contract Balances

Generally, payment is due shortly after the shipment of goods. For performance obligations recognized at a point in time, a contract asset is not established as the billing and revenue recognition occur at the same time. For performance obligations recognized over time, a contract asset is established as revenue is recognized prior to billing and shipment. Upon shipment and billing, the value of the contract asset is reversed and accounts receivable is recorded. In circumstances where prepayments are required and payment is made prior to satisfaction of performance obligations, a contract liability is established. If the performance obligation occurs over time, the contract liability is reversed over the course of production. If the performance obligation is point in time, the contract liability reverses upon shipping.

The following table contains a roll forward of contract assets and contract liabilities for the three months ended December 31, 2018:




Contract assets - Beginning balance, October 1, 2018	$	10,140
Additional revenue recognized over-time	17,827
Less amounts billed to the customers	$	(17,705	)
Contract assets - Ending balance, December 31, 2018	$	10,262




Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2018	$	—
Performance obligations satisfied	559
Payments received in advance of performance obligations	(1,000		)
Contract liabilities (included within Accrued liabilities) - Ending balance, December 31, 2018	$	(441	)

There were no impairment losses recorded on contract assets for the three months ended December 31, 2018.

Remaining performance obligations

As of December 31, 2018, the Company has $86,364 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.