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Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 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 third quarters and nine months ended September 30, 2018 and 2017 were as follows:
(in millions) |  | Third quarter ended
|  | September 30, 2018 |  | September 30, 2017
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 446.5 |  | $ | 52.7 |  | $ | 499.2 |  |  | $ | 389.5 |  | $ | 38.2 |  | $ | 427.7 |
Oil & Gas |  | 17.9 |  | 110.3 |  | 128.2 |  |  | 14.3 |  | 84.1 |  | 98.4 |
Automotive |  | 2.0 |  | 83.0 |  | 85.0 |  |  | 2.4 |  | 59.3 |  | 61.7 |
Electrical Energy |  | 30.9 |  | 29.0 |  | 59.9 |  |  | 30.4 |  | 18.1 |  | 48.5 |
Medical |  | 44.3 |  | 3.6 |  | 47.9 |  |  | 41.8 |  | 2.7 |  | 44.5 |
Total Key Markets |  | 541.6 |  | 278.6 |  | 820.2 |  |  | 478.4 |  | 202.4 |  | 680.8 |
Food Equipment & Appliances |  | 0.2 |  | 58.6 |  | 58.8 |  |  | 0.2 |  | 54.3 |  | 54.5 |
Construction/Mining |  | 18.5 |  | 39.9 |  | 58.4 |  |  | 13.5 |  | 34.8 |  | 48.3 |
Electronics/Computers/Communications |  | 1.0 |  | 40.3 |  | 41.3 |  |  | 1.1 |  | 41.2 |  | 42.3 |
Other |  | 24.2 |  | 17.3 |  | 41.5 |  |  | 19.7 |  | 23.5 |  | 43.2 |
Total |  | $ | 585.5 |  | $ | 434.7 |  | $ | 1,020.2 |  |  | $ | 512.9 |  | $ | 356.2 |  | $ | 869.1 |
(in millions) |  | Nine months ended
|  | September 30, 2018 |  | September 30, 2017
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 1,311.7 |  | $ | 131.9 |  | $ | 1,443.6 |  |  | $ | 1,169.7 |  | $ | 110.8 |  | $ | 1,280.5 |
Oil & Gas |  | 51.4 |  | 362.1 |  | 413.5 |  |  | 49.7 |  | 240.0 |  | 289.7 |
Automotive |  | 7.4 |  | 237.1 |  | 244.5 |  |  | 6.4 |  | 200.0 |  | 206.4 |
Electrical Energy |  | 101.9 |  | 78.4 |  | 180.3 |  |  | 84.1 |  | 60.1 |  | 144.2 |
Medical |  | 131.5 |  | 11.3 |  | 142.8 |  |  | 134.2 |  | 8.5 |  | 142.7 |
Total Key Markets |  | 1,603.9 |  | 820.8 |  | 2,424.7 |  |  | 1,444.1 |  | 619.4 |  | 2,063.5 |
Food Equipment & Appliances |  | 0.3 |  | 181.0 |  | 181.3 |  |  | 1.0 |  | 167.9 |  | 168.9 |
Construction/Mining |  | 55.1 |  | 114.8 |  | 169.9 |  |  | 37.6 |  | 107.0 |  | 144.6 |
Electronics/Computers/Communications |  | 4.7 |  | 105.0 |  | 109.7 |  |  | 3.5 |  | 104.7 |  | 108.2 |
Other |  | 74.1 |  | 49.0 |  | 123.1 |  |  | 63.5 |  | 66.5 |  | 130.0 |
Total |  | $ | 1,738.1 |  | $ | 1,270.6 |  | $ | 3,008.7 |  |  | $ | 1,549.7 |  | $ | 1,065.5 |  | $ | 2,615.2 |
(in millions) |  | Third quarter ended
|  | September 30, 2018 |  | September 30, 2017
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 316.7 |  | $ | 290.9 |  | $ | 607.6 |  |  | $ | 273.4 |  | $ | 233.1 |  | $ | 506.5 |
Europe |  | 173.2 |  | 40.5 |  | 213.7 |  |  | 164.8 |  | 23.8 |  | 188.6 |
Asia |  | 60.9 |  | 84.0 |  | 144.9 |  |  | 45.1 |  | 75.2 |  | 120.3 |
Canada |  | 16.3 |  | 7.5 |  | 23.8 |  |  | 15.3 |  | 5.8 |  | 21.1 |
South America, Middle East and other |  | 18.4 |  | 11.8 |  | 30.2 |  |  | 14.3 |  | 18.3 |  | 32.6 |
Total |  | $ | 585.5 |  | $ | 434.7 |  | $ | 1,020.2 |  |  | $ | 512.9 |  | $ | 356.2 |  | $ | 869.1 |
(in millions) |  | Nine months ended
|  | September 30, 2018 |  | September 30, 2017
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 898.6 |  | $ | 839.1 |  | $ | 1,737.7 |  |  | $ | 820.5 |  | $ | 735.2 |  | $ | 1,555.7 |
Europe |  | 565.4 |  | 104.3 |  | 669.7 |  |  | 502.2 |  | 74.4 |  | 576.6 |
Asia |  | 180.7 |  | 258.7 |  | 439.4 |  |  | 127.3 |  | 190.2 |  | 317.5 |
Canada |  | 51.3 |  | 29.0 |  | 80.3 |  |  | 52.4 |  | 21.1 |  | 73.5 |
South America, Middle East and other |  | 42.1 |  | 39.5 |  | 81.6 |  |  | 47.3 |  | 44.6 |  | 91.9 |
Total |  | $ | 1,738.1 |  | $ | 1,270.6 |  | $ | 3,008.7 |  |  | $ | 1,549.7 |  | $ | 1,065.5 |  | $ | 2,615.2 |
Comparative information of the Company’s major high-value and standard products based on their percentages of total sales is as follows:
|  | Third quarter ended
|  | September 30, 2018 |  | September 30, 2017
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 32 | % | 29 | % | 30 | % |  | 30 | % | 27 | % | 28 | %
Precision forgings, castings and components |  | 33 | % | — | % | 18 | % |  | 33 | % | — | % | 19 | %
Titanium and titanium-based alloys |  | 25 | % | 3 | % | 16 | % |  | 26 | % | 3 | % | 17 | %
Precision and engineered strip |  | — | % | 34 | % | 14 | % |  | — | % | 34 | % | 14 | %
Zirconium and related alloys |  | 10 | % | — | % | 6 | % |  | 11 | % | — | % | 6 | %
Total High-Value Products |  | 100 | % | 66 | % | 84 | % |  | 100 | % | 64 | % | 84 | %
Standard Products |  |  |  |  |  |  |  |
Stainless steel sheet |  | — | % | 20 | % | 9 | % |  | — | % | 20 | % | 9 | %
Specialty stainless sheet |  | — | % | 9 | % | 4 | % |  | — | % | 11 | % | 4 | %
Stainless steel plate and other |  | — | % | 5 | % | 3 | % |  | — | % | 5 | % | 3 | %
Total Standard Products |  | — | % | 34 | % | 16 | % |  | — | % | 36 | % | 16 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
|  | Nine months ended
|  | September 30, 2018 |  | September 30, 2017
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 31 | % | 29 | % | 30 | % |  | 30 | % | 23 | % | 27 | %
Precision forgings, castings and components |  | 35 | % | — | % | 20 | % |  | 32 | % | — | % | 19 | %
Titanium and titanium-based alloys |  | 24 | % | 5 | % | 15 | % |  | 27 | % | 4 | % | 17 | %
Precision and engineered strip |  | — | % | 32 | % | 14 | % |  | — | % | 34 | % | 14 | %
Zirconium and related alloys |  | 10 | % | — | % | 5 | % |  | 11 | % | — | % | 6 | %
Total High-Value Products |  | 100 | % | 66 | % | 84 | % |  | 100 | % | 61 | % | 83 | %
Standard Products |  |  |  |  |  |  |  |
Stainless steel sheet |  | — | % | 20 | % | 9 | % |  | — | % | 22 | % | 9 | %
Specialty stainless sheet |  | — | % | 10 | % | 4 | % |  | — | % | 12 | % | 4 | %
Stainless steel plate and other |  | — | % | 4 | % | 3 | % |  | — | % | 5 | % | 4 | %
Total Standard Products |  | — | % | 34 | % | 16 | % |  | — | % | 39 | % | 17 | %
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 | 0.7 |
Write-off of uncollectible accounts | (0.4 | )
Balance as of September 30, 2018 | $ | 6.2 |
Schedule of Contract Assets and Liabilities |
(in millions)
Contract Assets
Short-term
Balance as of January 1, 2018 | $ | 36.5 |
Recognized in current year | 66.2 |
Reclassified to accounts receivable | (67.9 | )
Impairment | — |
Reclassification to/from long-term | 16.8 |
Balance as of September 30, 2018 | $ | 51.6 |
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 September 30, 2018 | $ | 0.1 |
(in millions)
Contract Liabilities
Short-term
Balance as of January 1, 2018 | $ | 69.7 |
Recognized in current year | 46.9 |
Amounts in beginning balance reclassified to revenue | (40.1 | )
Current year amounts reclassified to revenue | (23.6 | )
Other | 1.7 |
Reclassification to/from long-term | 14.6 |
Balance as of September 30, 2018 | $ | 69.2 |
Long-term
Balance as of January 1, 2018 | $ | 22.2 |
Recognized in current year | 0.5 |
Amounts in beginning balance reclassified to revenue | (0.8 | )
Current year amounts reclassified to revenue | — |
Other | — |
Reclassification to/from short-term | (14.6 | )
Balance as of September 30, 2018 | $ | 7.3 |

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- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130551-203045 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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