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 nine months ended June 30, 2019 and 2018, respectively.



	Three Months Ended June 30,				Nine Months Ended June 30,
	2019		2018 ¹		2019		2018 ¹

Commercial revenue	$	14,713	$	15,071	$	41,213	$	44,091
Military revenue	10,160		13,610		40,118		36,635
Total	$	24,873	$	28,681	$	81,331	$	80,726

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 nine months ended June 30, 2019 and 2018, respectively.



	Three Months Ended June 30,				Nine Months Ended June 30,
Net Sales	2019		2018 ¹		2019		2018 ¹
Aerospace components for:
Fixed wing aircraft	$	12,557	$	16,087	$	38,949	$	43,610
Rotorcraft	5,088		5,516		17,261		16,385
Energy components for power generation units	4,887		4,629		13,347		16,318
Commercial product and other revenue	2,341		2,449		11,774		4,413
Total	$	24,873	$	28,681	$	81,331	$	80,726

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 nine months ended June 30, 2019 and 2018, respectively:



	Three Months Ended June 30,				Nine Months Ended June 30,
Net Sales	2019		2018 ¹		2019		2018 ¹
North America	20,301		24,197		68,745		65,544
Europe	4,572		4,484		12,586		15,182
Total	$	24,873	$	28,681	$	81,331	$	80,726

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

In addition to the disaggregating revenue information provided above, approximately 56% of total net sales as of June 30, 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 period ended June 30, 2019:




Contract assets - Beginning balance, October 1, 2018	$	10,140
Additional revenue recognized over-time	45,034
Less amounts billed to the customers	$	(46,264	)
Contract assets - Ending balance, June 30, 2019	$	8,910




Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2018	$	—
Payments received in advance of performance obligations	(2,000		)
Performance obligations satisfied	1,000
Contract liabilities (included within Accrued liabilities) - Ending balance, June 30, 2019	$	(1,000	)

There were no impairment losses recorded on contract assets as of June 30, 2019.

Remaining performance obligations

As of June 30, 2019, the Company has $104,369 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.