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Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Comparative information of the Company’s overall revenues (in millions) by global and geographical markets for the second quarters and six months ended June 30, 2018 and 2017 were as follows:

(in millions)		Second quarter ended
		June 30, 2018										June 30, 2017
		HPMC			FRP			Total				HPMC			FRP			Total
Diversified Global Markets:
Aerospace & Defense		$	438.5		$	43.4		$	481.9			$	398.8		$	36.8		$	435.6
Oil & Gas		18.3			114.4			132.7				18.9			79.6			98.5
Automotive		2.8			77.6			80.4				2.0			66.8			68.8
Electrical Energy		40.2			28.0			68.2				24.1			20.0			44.1
Medical		46.0			4.0			50.0				45.4			2.6			48.0
Total Key Markets		545.8			267.4			813.2				489.2			205.8			695.0
Food Equipment & Appliances		—			63.6			63.6				0.5			54.9			55.4
Construction/Mining		19.0			36.9			55.9				12.5			33.8			46.3
Electronics/Computers/Communications		2.3			33.2			35.5				1.2			30.3			31.5
Other		24.8			16.5			41.3				23.0			29.0			52.0
Total		$	591.9		$	417.6		$	1,009.5			$	526.4		$	353.8		$	880.2

(in millions)		Six months ended
		June 30, 2018										June 30, 2017
		HPMC			FRP			Total				HPMC			FRP			Total
Diversified Global Markets:
Aerospace & Defense		$	865.2		$	79.2		$	944.4			$	780.2		$	72.6		$	852.8
Oil & Gas		33.5			251.8			285.3				35.4			156.0			191.4
Automotive		5.4			154.1			159.5				4.0			140.7			144.7
Electrical Energy		71.0			49.4			120.4				53.7			42.0			95.7
Medical		87.2			7.7			94.9				92.4			5.8			98.2
Total Key Markets		1,062.3			542.2			1,604.5				965.7			417.1			1,382.8
Food Equipment & Appliances		0.1			122.4			122.5				0.8			113.6			114.4
Construction/Mining		36.6			74.9			111.5				24.1			72.2			96.3
Electronics/Computers/Communications		3.7			64.7			68.4				2.4			63.6			66.0
Other		49.9			31.7			81.6				43.8			42.8			86.6
Total		$	1,152.6		$	835.9		$	1,988.5			$	1,036.8		$	709.3		$	1,746.1

(in millions)		Second quarter ended
		June 30, 2018										June 30, 2017
		HPMC			FRP			Total				HPMC			FRP			Total
Primary Geographical Market:
United States		$	292.1		$	283.7		$	575.8			$	271.9		$	252.3		$	524.2
Europe		195.2			35.3			230.5				176.4			25.2			201.6
Asia		71.5			72.2			143.7				40.1			54.4			94.5
Canada		18.4			10.9			29.3				20.0			8.5			28.5
South America, Middle East and other		14.7			15.5			30.2				18.0			13.4			31.4
Total		$	591.9		$	417.6		$	1,009.5			$	526.4		$	353.8		$	880.2

(in millions)		Six months ended
		June 30, 2018										June 30, 2017
		HPMC			FRP			Total				HPMC			FRP			Total
Primary Geographical Market:
United States		$	581.9		$	548.2		$	1,130.1			$	547.1		$	502.1		$	1,049.2
Europe		392.2			63.8			456.0				337.4			50.6			388.0
Asia		119.8			174.7			294.5				82.2			115.0			197.2
Canada		35.0			21.5			56.5				37.1			15.3			52.4
South America, Middle East and other		23.7			27.7			51.4				33.0			26.3			59.3
Total		$	1,152.6		$	835.9		$	1,988.5			$	1,036.8		$	709.3		$	1,746.1

Comparative information of the Company’s major high-value and standard products based on their percentages of total sales is as follows:

		Second quarter ended
		June 30, 2018							June 30, 2017
		HPMC		FRP		Total			HPMC		FRP		Total
Diversified Products and Services:
High-Value Products
Nickel-based alloys and specialty alloys		32	%	27	%	30	%		31	%	22	%	27	%
Precision forgings, castings and components		35	%	—	%	20	%		33	%	—	%	19	%
Titanium and titanium-based alloys		23	%	5	%	16	%		25	%	5	%	16	%
Precision and engineered strip		—	%	32	%	13	%		—	%	33	%	13	%
Zirconium and related alloys		10	%	—	%	5	%		11	%	—	%	7	%
Total High-Value Products		100	%	64	%	84	%		100	%	60	%	82	%
Standard Products
Stainless steel sheet		—	%	21	%	9	%		—	%	22	%	9	%
Specialty stainless sheet		—	%	11	%	4	%		—	%	13	%	5	%
Stainless steel plate and other		—	%	4	%	3	%		—	%	5	%	4	%
Total Standard Products		—	%	36	%	16	%		—	%	40	%	18	%
Total		100	%	100	%	100	%		100	%	100	%	100	%

		Six months ended
		June 30, 2018							June 30, 2017
		HPMC		FRP		Total			HPMC		FRP		Total
Diversified Products and Services:
High-Value Products
Nickel-based alloys and specialty alloys		31	%	29	%	30	%		31	%	21	%	26	%
Precision forgings, castings and components		36	%	—	%	20	%		32	%	—	%	18	%
Titanium and titanium-based alloys		24	%	5	%	16	%		26	%	5	%	17	%
Precision and engineered strip		—	%	32	%	13	%		—	%	34	%	14	%
Zirconium and related alloys		9	%	—	%	5	%		11	%	—	%	7	%
Total High-Value Products		100	%	66	%	84	%		100	%	60	%	82	%
Standard Products
Stainless steel sheet		—	%	20	%	9	%		—	%	23	%	9	%
Specialty stainless sheet		—	%	10	%	4	%		—	%	12	%	5	%
Stainless steel plate and other		—	%	4	%	3	%		—	%	5	%	4	%
Total Standard Products		—	%	34	%	16	%		—	%	40	%	18	%
Total		100	%	100	%	100	%		100	%	100	%	100	%

Schedule of Accounts Receivable - Reserve for Doubtful Accounts

(in millions)
Accounts Receivable - Reserve for Doubtful Accounts
Balance as of January 1, 2018	$	5.9
Expense to increase the reserve	0.6
Write-off of uncollectible accounts	(0.4		)
Balance as of June 30, 2018	$	6.1

Schedule of Contract Assets and Liabilities

(in millions)
Contract Assets
Short-term
Balance as of January 1, 2018	$	36.5
Recognized in current year	42.2
Reclassified to accounts receivable	(47.8		)
Impairment	—
Reclassification to/from long-term	16.8
Balance as of June 30, 2018	$	47.7
Long-term
Balance as of January 1, 2018	$	16.9
Recognized in current year	—
Reclassified to accounts receivable	—
Impairment	—
Reclassification to/from short-term	(16.8		)
Balance as of June 30, 2018	$	0.1

(in millions)
Contract Liabilities
Short-term
Balance as of January 1, 2018	$	69.7
Recognized in current year	31.8
Amounts in beginning balance reclassified to revenue	(31.7		)
Current year amounts reclassified to revenue	(8.5		)
Other	1.7
Reclassification to/from long-term	7.4
Balance as of June 30, 2018	$	70.4
Long-term
Balance as of January 1, 2018	$	22.2
Recognized in current year	0.3
Amounts in beginning balance reclassified to revenue	(0.5		)
Current year amounts reclassified to revenue	—
Other	—
Reclassification to/from short-term	(7.4		)
Balance as of June 30, 2018	$	14.6

X

- Definition

Tabular disclosure of contract balances and changes in contract balances.

+ References

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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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