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v3.19.1

Revenue from Contracts with Customers (Tables) | 3 Months Ended
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Mar. 31, 2019
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 first quarters ended March 31, 2019 and 2018 were as follows:
(in millions) |  | First quarter ended
|  | March 31, 2019 |  | March 31, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 465.1 |  | $ | 60.5 |  | $ | 525.6 |  |  | $ | 426.7 |  | $ | 35.7 |  | $ | 462.4 |
Oil & Gas |  | 16.7 |  | 96.1 |  | 112.8 |  |  | 15.2 |  | 137.5 |  | 152.7 |
Automotive |  | 3.6 |  | 73.3 |  | 76.9 |  |  | 2.6 |  | 76.5 |  | 79.1 |
Construction/Mining |  | 18.5 |  | 39.4 |  | 57.9 |  |  | 17.6 |  | 38.0 |  | 55.6 |
Electrical Energy |  | 27.3 |  | 28.4 |  | 55.7 |  |  | 30.8 |  | 21.4 |  | 52.2 |
Food Equipment & Appliances |  | 0.1 |  | 53.1 |  | 53.2 |  |  | 0.1 |  | 58.8 |  | 58.9 |
Medical |  | 42.7 |  | 3.4 |  | 46.1 |  |  | 41.2 |  | 3.7 |  | 44.9 |
Electronics/Computers/Communications |  | 1.1 |  | 33.0 |  | 34.1 |  |  | 1.5 |  | 31.4 |  | 32.9 |
Other |  | 26.1 |  | 16.4 |  | 42.5 |  |  | 25.0 |  | 15.3 |  | 40.3 |
Total |  | $ | 601.2 |  | $ | 403.6 |  | $ | 1,004.8 |  |  | $ | 560.7 |  | $ | 418.3 |  | $ | 979.0 |
(in millions) |  | First quarter ended
|  | March 31, 2019 |  | March 31, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 336.0 |  | $ | 285.1 |  | $ | 621.1 |  |  | $ | 289.8 |  | $ | 264.5 |  | $ | 554.3 |
Europe |  | 178.3 |  | 32.7 |  | 211.0 |  |  | 197.0 |  | 28.5 |  | 225.5 |
Asia |  | 52.8 |  | 70.4 |  | 123.2 |  |  | 48.3 |  | 102.5 |  | 150.8 |
Canada |  | 19.1 |  | 7.3 |  | 26.4 |  |  | 16.6 |  | 10.6 |  | 27.2 |
South America, Middle East and other |  | 15.0 |  | 8.1 |  | 23.1 |  |  | 9.0 |  | 12.2 |  | 21.2 |
Total |  | $ | 601.2 |  | $ | 403.6 |  | $ | 1,004.8 |  |  | $ | 560.7 |  | $ | 418.3 |  | $ | 979.0 |
Comparative information of the Company’s major high-value and standard products based on their percentages of sales is included in the following table. FRP conversion services are excluded from this presentation.
|  | First quarter ended
|  | March 31, 2019 |  | March 31, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 31 | % | 29 | % | 30 | % |  | 29 | % | 31 | % | 30 | %
Precision forgings, castings and components |  | 32 | % | — | % | 19 | % |  | 38 | % | — | % | 21 | %
Titanium and titanium-based alloys |  | 27 | % | 6 | % | 19 | % |  | 24 | % | 5 | % | 16 | %
Precision and engineered strip |  | — | % | 33 | % | 13 | % |  | — | % | 31 | % | 14 | %
Zirconium and related alloys |  | 10 | % | — | % | 6 | % |  | 9 | % | — | % | 5 | %
Total High-Value Products |  | 100 | % | 68 | % | 87 | % |  | 100 | % | 67 | % | 86 | %
Standard Products |  |  |  |  |  |  |  |
Stainless steel sheet |  | — | % | 17 | % | 7 | % |  | — | % | 20 | % | 8 | %
Specialty stainless sheet |  | — | % | 11 | % | 4 | % |  | — | % | 9 | % | 4 | %
Stainless steel plate and other |  | — | % | 4 | % | 2 | % |  | — | % | 4 | % | 2 | %
Total Standard Products |  | — | % | 32 | % | 13 | % |  | — | % | 33 | % | 14 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts |
(in millions) |  |
Accounts Receivable - Reserve for Doubtful Accounts | March 31, 2019 | March 31, 2018
Balance as of beginning of fiscal year | $ | 6.0 |  | $ | 5.9 |
Expense to increase the reserve | 0.1 |  | 0.3 |
Write-off of uncollectible accounts | (0.4 | ) | (0.3 | )
Balance as of period end | $ | 5.7 |  | $ | 5.9 |
Schedule of Contract Assets and Liabilities |
(in millions) |  |
Contract Assets |  |
Short-term | March 31, 2019 | March 31, 2018
Balance as of beginning of fiscal year | $ | 51.2 |  | $ | 36.5 |
Recognized in current year | 23.9 |  | 23.4 |
Reclassified to accounts receivable | (26.4 | ) | (22.1 | )
Impairment | — |  | — |
Reclassification to/from long-term | — |  | 0.8 |
Balance as of period end | $ | 48.7 |  | $ | 38.6 |
Long-term | March 31, 2019 | March 31, 2018
Balance as of beginning of fiscal year | $ | 0.1 |  | $ | 16.9 |
Recognized in current year | — |  | — |
Reclassified to accounts receivable | — |  | — |
Impairment | — |  | — |
Reclassification to/from short-term | — |  | (0.8 | )
Balance as of period end | $ | 0.1 |  | $ | 16.1 |
(in millions) |
Contract Liabilities |  |
Short-term | March 31, 2019 | March 31, 2018
Balance as of beginning of fiscal year | $ | 71.4 |  | $ | 69.7 |
Recognized in current year | 38.6 |  | 8.4 |
Amounts in beginning balance reclassified to revenue | (29.3 | ) | (14.1 | )
Current year amounts reclassified to revenue | (2.8 | ) | (0.3 | )
Other | — |  | — |
Reclassification to/from long-term | — |  | 2.5 |
Balance as of period end | $ | 77.9 |  | $ | 66.2 |
Long-term | March 31, 2019 | March 31, 2018
Balance as of beginning of fiscal year | $ | 7.3 |  | $ | 22.2 |
Recognized in current year | 0.3 |  | 0.2 |
Amounts in beginning balance reclassified to revenue | (0.3 | ) | (0.2 | )
Current year amounts reclassified to revenue | — |  | — |
Other | — |  | — |
Reclassification to/from short-term | — |  | (2.5 | )
Balance as of period end | $ | 7.3 |  | $ | 19.7 |

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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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