Revenue

12 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

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:

	Years Ended September 30,
	2021		2020
Commercial revenue	$	36,587	$	48,335
Military revenue	63,004		65,238
Total	$	99,591	$	113,573

The following table represents revenue by the various components:

	Years Ended September 30,
Net Sales	2021		2020
Aerospace components for:
Fixed wing aircraft	$	38,474	$	52,039
Rotorcraft	27,214		31,454
Energy components for power generation units	20,390		16,682
Commercial product and other revenue	13,513		13,398
Total	$	99,591	$	113,573

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

	Years Ended September 30,
Net Sales	2021		2020
North America	$	81,719	$	98,144
Europe	17,872		15,429
Total	$	99,591	$	113,573

In addition to the disaggregating revenue information provided above, approximately 65% and 59% of total net sales as of September 30, 2021 and 2020, respectively, was 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 that 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, 2021 and 2020:

Contract assets - Ending balance, September 30, 2019	$	10,349
Additional revenue recognized over-time	67,043
Less amounts billed to the customers	(65,395)
Contract assets - Ending balance, September 30, 2020	$	11,997
Additional revenue recognized over-time	64,384
Less amounts billed to the customers	(63,507)
Contract assets - Ending balance, September 30, 2021	$	12,874

Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2019	$	(382)
Payments received in advance of performance obligations	(865)
Performance obligations satisfied	611
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2020	$	(636)
Payments received in advance of performance obligations	(829)
Performance obligations satisfied	1,229
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2021	$	(236)

There were no impairment losses recorded on contract assets during the year ended September 30, 2021 and 2020, respectively.

Remaining performance obligations

As of September 30, 2021 and 2020, the Company has $77,198 and $91,135, respectively, of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.