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:



	Three Months Ended December 31,
	2019		2018

Commercial revenue	$	10,191	$	12,067
Military revenue	16,016		17,000
Total	$	26,207	$	29,067

The following table represents revenue by the various components:



	Three Months Ended December 31,
Net Sales	2019		2018
Aerospace components for:
Fixed wing aircraft	$	11,335	$	13,304
Rotorcraft	6,848		5,130
Energy components for power generation units	2,658		3,732
Commercial product and other revenue	5,366		6,901
Total	$	26,207	$	29,067

The following table represents revenue by geographic region based on the Company's selling operation locations:



	Three Months Ended December 31,
Net Sales	2019		2018
North America	23,776		25,721
Europe	2,431		3,346
Total	$	26,207	$	29,067

In addition to the disaggregating revenue information provided above, approximately 61% of total net sales as of December 31, 2019 is recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized at 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 December 31, 2019:




Contract assets - Beginning balance, October 1, 2019	$	10,349
Additional revenue recognized over-time	17,446
Less amounts billed to the customers	$	(17,294	)
Contract assets - Ending balance, December 31, 2019	$	10,501




Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2019	$	(382	)
Payments received in advance of performance obligations	—
Performance obligations satisfied	382
Contract liabilities (included within Accrued liabilities) - Ending balance, December 31, 2019	$	—

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

Remaining performance obligations

As of December 31, 2019, the Company has $119,513 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.