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Revenue | 12 Months Ended
--- | ---
Sep. 30, 2020
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,
|  | 2020 |  | 2019
Commercial revenue |  | $ | 48,335 |  |  | $ | 54,999 |
Military revenue |  | 65,238 |  |  | 57,455 |
Total |  | $ | 113,573 |  |  | $ | 112,454 |
The following table represents revenue by the various components:
|  | Years Ended September 30,
Net Sales |  | 2020 |  | 2019
Aerospace components for: |  |  |  |
Fixed wing aircraft |  | $ | 52,039 |  |  | $ | 52,895 |
Rotorcraft |  | 31,454 |  |  | 23,602 |
Energy components for power generation units |  | 16,682 |  |  | 17,646 |
Commercial product and other revenue |  | 13,398 |  |  | 18,311 |
Total |  | $ | 113,573 |  |  | $ | 112,454 |
The following table represents revenue by geographic region based on the Company's selling operation locations:
|  | Years Ended September 30,
Net Sales |  | 2020 |  | 2019
North America |  | $ | 98,144 |  |  | $ | 95,667 |
Europe |  | 15,429 |  |  | 16,787 |
Total |  | $ | 113,573 |  |  | $ | 112,454 |
In addition to the disaggregating revenue information provided above, approximately 59% and 56% of total net sales as of September 30, 2020 and 2019, 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, 2020 and 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 |
Additional revenue recognized over-time |  | 67,043 |
Less amounts billed to the customers |  | (65,395) |
Contract assets - Ending balance, September 30, 2020 |  | $ | 11,997 |
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) |
Payments received in advance of performance obligations |  | (865) |
Performance obligations satisfied |  | 611 |
Contract liabilities (included within Accrued liabilities) - Ending balance, September 30, 2020 |  | $ | (636) |
There were no impairment losses recorded on contract assets during the year ended September 30, 2020 and 2019, respectively. Remaining performance obligations As of September 30, 2020 and 2019, the Company has $91,135 and $117,600, respectively, of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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