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 twelve months ended September 30, 2019 and 2018, respectively.



	Years Ended September 30,
	2019		2018 ¹

Commercial revenue	$	54,999	$	58,747
Military revenue	57,455		52,465
Total	$	112,454	$	111,212

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 twelve months ended September 30, 2019 and 2018, respectively.



	Years Ended September 30,
Net Sales	2019		2018 ¹
Aerospace components for:
Fixed wing aircraft	$	52,895	$	56,891
Rotorcraft	23,602		22,053
Energy components for power generation units	17,646		20,893
Commercial product and other revenue	18,311		11,375
Total	$	112,454	$	111,212

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 twelve months ended September 30 , 2019 and 2018, respectively:



	Years Ended September 30,
Net Sales	2019		2018 ¹
North America	95,667		91,316
Europe	16,787		19,896
Total	$	112,454	$	111,212

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 September 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 satisfaction of the performance obligation occurs over time, the contract liability is reversed over the course of production. If the satisfaction of 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 September 30, 2019:




Contract assets - Beginning balance, October 1, 2018	$	10,140
Additional revenue recognized over-time	62,499
Less amounts billed to the customers	$	(62,290	)
Contract assets - Ending balance, September 30, 2019	$	10,349




Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2018	$	—
Payments received in advance of performance obligations	(2,000		)
Performance obligations satisfied	1,618
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2019	$	(382	)

There were no impairment losses recorded on contract assets during the year ended September 30, 2019.

Remaining performance obligations

As of September 30, 2019, the Company has $117,600 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.