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 and six months ended March 31, 2019 and 2019, respectively.



	Three Months Ended March 31,				Six Months Ended March 31,
	2019		2018 ¹		2019		2018 ¹

Commercial revenue	$	14,435	$	15,393	$	26,500	$	29,033
Military revenue	12,957		12,401		29,958		23,011
Total	$	27,392	$	27,794	$	56,458	$	52,044

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 and six months ended March 31, 2019 and 2018, respectively.



	Three Months Ended March 31,				Six Months Ended March 31,
Net Sales	2019		2018 ¹		2019		2018 ¹
Aerospace components for:
Fixed wing aircraft	$	13,088	$	15,092	$	26,392	$	27,623
Rotorcraft	7,043		5,332		12,173		10,813
Energy components for power generation units	4,730		6,132		8,460		11,640
Commercial product and other revenue	2,531		1,238		9,433		1,968
Total	$	27,392	$	27,794	$	56,458	$	52,044

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 and six months ended March 31, 2019 and 2018, respectively:



	Three Months Ended March 31,				Six Months Ended March 31,
Net Sales	2019		2018 ¹		2019		2018 ¹
North America	22,721		22,081		48,443		41,323
Europe	4,671		5,713		8,015		10,721
Total	$	27,392	$	27,794	$	56,458	$	52,044

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

In addition to the disaggregating revenue information provided above, approximately 60% of total net sales as of March 31, 2019 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 shipment.

The following table contains a roll forward of contract assets and contract liabilities for the six months ended March 31, 2019:




Contract assets - Beginning balance, October 1, 2018	$	10,140
Additional revenue recognized over-time	32,348
Less amounts billed to the customers	$	(33,727	)
Contract assets - Ending balance, March 31, 2019	$	8,761




Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2018	$	—
Payments received in advance of performance obligations	(1,000		)
Performance obligations satisfied	1,000
Contract liabilities (included within Accrued liabilities) - Ending balance, March 31, 2019	$	—

There were no impairment losses recorded on contract assets as of March 31, 2019.

Remaining performance obligations

As of March 31, 2019, the Company has $94,079 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.