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 March 31,				Six Months Ended March 31,
	2020		2019		2020		2019

Commercial revenue	$	12,497	$	14,435	$	22,688	$	26,500
Military revenue	18,040		12,957		34,056		29,958
Total	$	30,537	$	27,392	$	56,744	$	56,458

The following table represents revenue by the various components:



	Three Months Ended March 31,				Six Months Ended March 31,
Net Sales	2020		2019		2020		2019
Aerospace components for:
Fixed wing aircraft	$	14,065	$	13,088	$	25,400	$	26,392
Rotorcraft	6,813		7,043		13,661		12,173
Energy components for power generation units	3,417		4,730		6,074		8,460
Commercial product and other revenue	6,242		2,531		11,609		9,433
Total	$	30,537	$	27,392	$	56,744	$	56,458

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



	Three Months Ended March 31,				Six Months Ended March 31,
Net Sales	2020		2019		2020		2019
North America	27,495		22,721		51,271		48,443
Europe	3,042		4,671		5,473		8,015
Total	$	30,537	$	27,392	$	56,744	$	56,458

In addition to the disaggregating revenue information provided above, approximately 63% of total net sales as of March 31, 2020 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 March 31, 2020:




Contract assets - Beginning balance, October 1, 2019	$	10,349
Additional revenue recognized over-time	35,688
Less amounts billed to the customers	$	(33,517	)
Contract assets - Ending balance, March 31, 2020	$	12,520




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, March 31, 2020	$	—

There were no impairment losses recorded on contract assets as of March 31, 2020.

Remaining performance obligations

As of March 31, 2020, the Company has $106,987 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.