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Revenue from Contracts with Customers (Tables)

3 Months Ended

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 contract balances and changes in contract balances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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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

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