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v3.19.2

Revenue from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 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 second quarters and six months ended June 30, 2019 and 2018 were as follows:
(in millions) |  | Second quarter ended
|  | June 30, 2019 |  | June 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 512.3 |  | $ | 59.9 |  | $ | 572.2 |  |  | $ | 438.5 |  | $ | 43.4 |  | $ | 481.9 |
Oil & Gas |  | 18.4 |  | 117.6 |  | 136.0 |  |  | 18.3 |  | 114.4 |  | 132.7 |
Energy |  | 34.1 |  | 43.3 |  | 77.4 |  |  | 40.2 |  | 28.0 |  | 68.2 |
Automotive |  | 3.1 |  | 70.5 |  | 73.6 |  |  | 2.8 |  | 77.6 |  | 80.4 |
Construction/Mining |  | 13.4 |  | 39.2 |  | 52.6 |  |  | 19.0 |  | 36.9 |  | 55.9 |
Food Equipment & Appliances |  | — |  | 49.6 |  | 49.6 |  |  | — |  | 63.6 |  | 63.6 |
Medical |  | 38.6 |  | 3.8 |  | 42.4 |  |  | 46.0 |  | 4.0 |  | 50.0 |
Electronics/Computers/Communications |  | 1.2 |  | 36.9 |  | 38.1 |  |  | 2.3 |  | 33.2 |  | 35.5 |
Other |  | 21.3 |  | 17.2 |  | 38.5 |  |  | 24.8 |  | 16.5 |  | 41.3 |
Total |  | $ | 642.4 |  | $ | 438.0 |  | $ | 1,080.4 |  |  | $ | 591.9 |  | $ | 417.6 |  | $ | 1,009.5 |
(in millions) |  | Six months ended
|  | June 30, 2019 |  | June 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 977.4 |  | $ | 120.4 |  | $ | 1,097.8 |  |  | $ | 865.2 |  | $ | 79.2 |  | $ | 944.4 |
Oil & Gas |  | 35.1 |  | 213.7 |  | 248.8 |  |  | 33.5 |  | 251.8 |  | 285.3 |
Automotive |  | 6.7 |  | 143.8 |  | 150.5 |  |  | 5.4 |  | 154.1 |  | 159.5 |
Energy |  | 61.4 |  | 71.7 |  | 133.1 |  |  | 71.0 |  | 49.4 |  | 120.4 |
Construction/Mining |  | 31.9 |  | 78.6 |  | 110.5 |  |  | 36.6 |  | 74.9 |  | 111.5 |
Food Equipment & Appliances |  | 0.1 |  | 102.7 |  | 102.8 |  |  | 0.1 |  | 122.4 |  | 122.5 |
Medical |  | 81.3 |  | 7.2 |  | 88.5 |  |  | 87.2 |  | 7.7 |  | 94.9 |
Electronics/Computers/Communications |  | 2.3 |  | 69.9 |  | 72.2 |  |  | 3.7 |  | 64.7 |  | 68.4 |
Other |  | 47.4 |  | 33.6 |  | 81.0 |  |  | 49.9 |  | 31.7 |  | 81.6 |
Total |  | $ | 1,243.6 |  | $ | 841.6 |  | $ | 2,085.2 |  |  | $ | 1,152.6 |  | $ | 835.9 |  | $ | 1,988.5 |
(in millions) |  | Second quarter ended
|  | June 30, 2019 |  | June 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 357.6 |  | $ | 282.9 |  | $ | 640.5 |  |  | $ | 292.1 |  | $ | 283.7 |  | $ | 575.8 |
Europe |  | 181.1 |  | 26.1 |  | 207.2 |  |  | 195.2 |  | 35.3 |  | 230.5 |
Asia |  | 60.5 |  | 111.4 |  | 171.9 |  |  | 71.5 |  | 72.2 |  | 143.7 |
Canada |  | 24.5 |  | 4.9 |  | 29.4 |  |  | 18.4 |  | 10.9 |  | 29.3 |
South America, Middle East and other |  | 18.7 |  | 12.7 |  | 31.4 |  |  | 14.7 |  | 15.5 |  | 30.2 |
Total |  | $ | 642.4 |  | $ | 438.0 |  | $ | 1,080.4 |  |  | $ | 591.9 |  | $ | 417.6 |  | $ | 1,009.5 |
(in millions) |  | Six months ended
|  | June 30, 2019 |  | June 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 693.6 |  | $ | 568.0 |  | $ | 1,261.6 |  |  | $ | 581.9 |  | $ | 548.2 |  | $ | 1,130.1 |
Europe |  | 359.4 |  | 58.8 |  | 418.2 |  |  | 392.2 |  | 63.8 |  | 456.0 |
Asia |  | 113.3 |  | 181.8 |  | 295.1 |  |  | 119.8 |  | 174.7 |  | 294.5 |
Canada |  | 43.6 |  | 12.2 |  | 55.8 |  |  | 35.0 |  | 21.5 |  | 56.5 |
South America, Middle East and other |  | 33.7 |  | 20.8 |  | 54.5 |  |  | 23.7 |  | 27.7 |  | 51.4 |
Total |  | $ | 1,243.6 |  | $ | 841.6 |  | $ | 2,085.2 |  |  | $ | 1,152.6 |  | $ | 835.9 |  | $ | 1,988.5 |
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.
|  | Second quarter ended
|  | June 30, 2019 |  | June 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 31 | % | 35 | % | 33 | % |  | 32 | % | 27 | % | 30 | %
Precision forgings, castings and components |  | 32 | % | — | % | 19 | % |  | 35 | % | — | % | 20 | %
Titanium and titanium-based alloys |  | 27 | % | 4 | % | 18 | % |  | 23 | % | 5 | % | 16 | %
Precision and engineered strip |  | — | % | 30 | % | 12 | % |  | — | % | 32 | % | 13 | %
Zirconium and related alloys |  | 10 | % | — | % | 6 | % |  | 10 | % | — | % | 6 | %
Total High-Value Products |  | 100 | % | 69 | % | 88 | % |  | 100 | % | 64 | % | 85 | %
Standard Products |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 31 | % | 12 | % |  | — | % | 36 | % | 15 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
|  | Six months ended
|  | June 30, 2019 |  | June 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 31 | % | 32 | % | 31 | % |  | 31 | % | 29 | % | 30 | %
Precision forgings, castings and components |  | 32 | % | — | % | 19 | % |  | 36 | % | — | % | 21 | %
Titanium and titanium-based alloys |  | 27 | % | 6 | % | 18 | % |  | 24 | % | 5 | % | 16 | %
Precision and engineered strip |  | — | % | 31 | % | 13 | % |  | — | % | 32 | % | 13 | %
Zirconium and related alloys |  | 10 | % | — | % | 6 | % |  | 9 | % | — | % | 5 | %
Total High-Value Products |  | 100 | % | 69 | % | 87 | % |  | 100 | % | 66 | % | 85 | %
Standard Products |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 31 | % | 13 | % |  | — | % | 34 | % | 15 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts |
(in millions) |  |
Accounts Receivable - Reserve for Doubtful Accounts | June 30, 2019 | June 30, 2018
Balance as of beginning of fiscal year | $ | 6.0 |  | $ | 5.9 |
Expense to increase the reserve | 0.2 |  | 0.6 |
Write-off of uncollectible accounts | (1.0 | ) | (0.4 | )
Reclassification to held for sale (see Note 5) | (0.2 | ) | — |
Balance as of period end | $ | 5.0 |  | $ | 6.1 |
Schedule of Contract Assets and Liabilities |
(in millions) |  |
Contract Assets |  |
Short-term | June 30, 2019 | June 30, 2018
Balance as of beginning of fiscal year | $ | 51.2 |  | $ | 36.5 |
Recognized in current year | 45.1 |  | 42.2 |
Reclassified to accounts receivable | (48.0 | ) | (47.8 | )
Impairment | — |  | — |
Reclassification to/from long-term | — |  | 16.8 |
Reclassification to held for sale (See Note 5) | (7.4 | ) | — |
Balance as of period end | $ | 40.9 |  | $ | 47.7 |
Long-term | June 30, 2019 | June 30, 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 | — |  | (16.8 | )
Balance as of period end | $ | 0.1 |  | $ | 0.1 |
(in millions) |
Contract Liabilities |  |
Short-term | June 30, 2019 | June 30, 2018
Balance as of beginning of fiscal year | $ | 71.4 |  | $ | 69.7 |
Recognized in current year | 57.1 |  | 31.8 |
Amounts in beginning balance reclassified to revenue | (44.8 | ) | (31.7 | )
Current year amounts reclassified to revenue | (14.4 | ) | (8.5 | )
Other | — |  | 1.7 |
Reclassification to/from long-term | — |  | 7.4 |
Balance as of period end | $ | 69.3 |  | $ | 70.4 |
Long-term | June 30, 2019 | June 30, 2018
Balance as of beginning of fiscal year | $ | 7.3 |  | $ | 22.2 |
Recognized in current year | 0.5 |  | 0.3 |
Amounts in beginning balance reclassified to revenue | (0.5 | ) | (0.5 | )
Current year amounts reclassified to revenue | — |  | — |
Other | — |  | — |
Reclassification to/from short-term | — |  | (7.4 | )
Balance as of period end | $ | 7.3 |  | $ | 14.6 |

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