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v3.19.3

Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 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 third quarters and nine months ended September 30, 2019 and 2018 were as follows:
(in millions) |  | Third quarter ended
|  | September 30, 2019 |  | September 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 437.9 |  | $ | 65.6 |  | $ | 503.5 |  |  | $ | 446.5 |  | $ | 52.7 |  | $ | 499.2 |
Oil & Gas |  | 13.9 |  | 133.4 |  | 147.3 |  |  | 17.9 |  | 110.3 |  | 128.2 |
Automotive |  | 2.3 |  | 71.3 |  | 73.6 |  |  | 2.0 |  | 83.0 |  | 85.0 |
Energy |  | 36.5 |  | 33.4 |  | 69.9 |  |  | 30.9 |  | 29.0 |  | 59.9 |
Food Equipment & Appliances |  | 0.2 |  | 53.4 |  | 53.6 |  |  | 0.2 |  | 58.6 |  | 58.8 |
Electronics/Computers/Communications |  | 1.7 |  | 42.8 |  | 44.5 |  |  | 1.0 |  | 40.3 |  | 41.3 |
Construction/Mining |  | 5.4 |  | 38.3 |  | 43.7 |  |  | 18.5 |  | 39.9 |  | 58.4 |
Medical |  | 37.7 |  | 3.3 |  | 41.0 |  |  | 44.3 |  | 3.6 |  | 47.9 |
Other |  | 16.1 |  | 25.5 |  | 41.6 |  |  | 24.2 |  | 17.3 |  | 41.5 |
Total |  | $ | 551.7 |  | $ | 467.0 |  | $ | 1,018.7 |  |  | $ | 585.5 |  | $ | 434.7 |  | $ | 1,020.2 |
(in millions) |  | Nine months ended
|  | September 30, 2019 |  | September 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 1,415.3 |  | $ | 186.0 |  | $ | 1,601.3 |  |  | $ | 1,311.7 |  | $ | 131.9 |  | $ | 1,443.6 |
Oil & Gas |  | 49.0 |  | 347.1 |  | 396.1 |  |  | 51.4 |  | 362.1 |  | 413.5 |
Automotive |  | 9.0 |  | 215.1 |  | 224.1 |  |  | 7.4 |  | 237.1 |  | 244.5 |
Energy |  | 97.9 |  | 105.1 |  | 203.0 |  |  | 101.9 |  | 78.4 |  | 180.3 |
Food Equipment & Appliances |  | 0.3 |  | 156.1 |  | 156.4 |  |  | 0.3 |  | 181.0 |  | 181.3 |
Construction/Mining |  | 37.3 |  | 116.9 |  | 154.2 |  |  | 55.1 |  | 114.8 |  | 169.9 |
Medical |  | 119.0 |  | 10.5 |  | 129.5 |  |  | 131.5 |  | 11.3 |  | 142.8 |
Electronics/Computers/Communications |  | 4.0 |  | 112.7 |  | 116.7 |  |  | 4.7 |  | 105.0 |  | 109.7 |
Other |  | 63.5 |  | 59.1 |  | 122.6 |  |  | 74.1 |  | 49.0 |  | 123.1 |
Total |  | $ | 1,795.3 |  | $ | 1,308.6 |  | $ | 3,103.9 |  |  | $ | 1,738.1 |  | $ | 1,270.6 |  | $ | 3,008.7 |
(in millions) |  | Third quarter ended
|  | September 30, 2019 |  | September 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 312.0 |  | $ | 293.4 |  | $ | 605.4 |  |  | $ | 316.7 |  | $ | 290.9 |  | $ | 607.6 |
Europe |  | 150.3 |  | 36.0 |  | 186.3 |  |  | 173.2 |  | 40.5 |  | 213.7 |
Asia |  | 48.4 |  | 116.1 |  | 164.5 |  |  | 60.9 |  | 84.0 |  | 144.9 |
Canada |  | 21.2 |  | 4.4 |  | 25.6 |  |  | 16.3 |  | 7.5 |  | 23.8 |
South America, Middle East and other |  | 19.8 |  | 17.1 |  | 36.9 |  |  | 18.4 |  | 11.8 |  | 30.2 |
Total |  | $ | 551.7 |  | $ | 467.0 |  | $ | 1,018.7 |  |  | $ | 585.5 |  | $ | 434.7 |  | $ | 1,020.2 |
(in millions) |  | Nine months ended
|  | September 30, 2019 |  | September 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 1,005.6 |  | $ | 861.4 |  | $ | 1,867.0 |  |  | $ | 898.6 |  | $ | 839.1 |  | $ | 1,737.7 |
Europe |  | 509.7 |  | 94.8 |  | 604.5 |  |  | 565.4 |  | 104.3 |  | 669.7 |
Asia |  | 161.7 |  | 297.9 |  | 459.6 |  |  | 180.7 |  | 258.7 |  | 439.4 |
Canada |  | 64.8 |  | 16.6 |  | 81.4 |  |  | 51.3 |  | 29.0 |  | 80.3 |
South America, Middle East and other |  | 53.5 |  | 37.9 |  | 91.4 |  |  | 42.1 |  | 39.5 |  | 81.6 |
Total |  | $ | 1,795.3 |  | $ | 1,308.6 |  | $ | 3,103.9 |  |  | $ | 1,738.1 |  | $ | 1,270.6 |  | $ | 3,008.7 |
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.
|  | Third quarter ended
|  | September 30, 2019 |  | September 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 33 | % | 34 | % | 33 | % |  | 32 | % | 29 | % | 30 | %
Titanium and titanium-based alloys |  | 29 | % | 7 | % | 19 | % |  | 25 | % | 3 | % | 16 | %
Precision forgings, castings and components |  | 29 | % | — | % | 16 | % |  | 33 | % | — | % | 18 | %
Precision and engineered strip |  | — | % | 30 | % | 14 | % |  | — | % | 34 | % | 15 | %
Zirconium and related alloys |  | 9 | % | — | % | 5 | % |  | 10 | % | — | % | 6 | %
Total High-Value Products |  | 100 | % | 71 | % | 87 | % |  | 100 | % | 66 | % | 85 | %
Standard Products |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 29 | % | 13 | % |  | — | % | 34 | % | 15 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
|  | Nine months ended
|  | September 30, 2019 |  | September 30, 2018
|  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 31 | % | 33 | % | 32 | % |  | 31 | % | 29 | % | 30 | %
Titanium and titanium-based alloys |  | 28 | % | 6 | % | 18 | % |  | 24 | % | 5 | % | 16 | %
Precision forgings, castings and components |  | 31 | % | — | % | 18 | % |  | 35 | % | — | % | 20 | %
Precision and engineered strip |  | — | % | 31 | % | 13 | % |  | — | % | 32 | % | 14 | %
Zirconium and related alloys |  | 10 | % | — | % | 6 | % |  | 10 | % | — | % | 5 | %
Total High-Value Products |  | 100 | % | 70 | % | 87 | % |  | 100 | % | 66 | % | 85 | %
Standard Products |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 30 | % | 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 | September 30, 2019 | September 30, 2018
Balance as of beginning of fiscal year | $ | 6.0 |  | $ | 5.9 |
Expense to increase the reserve | 0.3 |  | 0.7 |
Write-off of uncollectible accounts | (1.3 | ) | (0.4 | )
Balance as of period end | $ | 5.0 |  | $ | 6.2 |
Schedule of Contract Assets and Liabilities |
(in millions) |  |
Contract Assets |  |
Short-term | September 30, 2019 | September 30, 2018
Balance as of beginning of fiscal year | $ | 51.2 |  | $ | 36.5 |
Recognized in current year | 57.0 |  | 66.2 |
Reclassified to accounts receivable | (63.1 | ) | (67.9 | )
Impairment | — |  | — |
Reclassification to/from long-term | — |  | 16.8 |
Divestiture | (7.3 | ) | — |
Balance as of period end | $ | 37.8 |  | $ | 51.6 |
Long-term | September 30, 2019 | September 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 | September 30, 2019 | September 30, 2018
Balance as of beginning of fiscal year | $ | 71.4 |  | $ | 69.7 |
Recognized in current year | 104.2 |  | 46.9 |
Amounts in beginning balance reclassified to revenue | (43.9 | ) | (40.1 | )
Current year amounts reclassified to revenue | (34.8 | ) | (23.6 | )
Other | 0.2 |  | 1.7 |
Reclassification to/from long-term | — |  | 14.6 |
Balance as of period end | $ | 97.1 |  | $ | 69.2 |
Long-term | September 30, 2019 | September 30, 2018
Balance as of beginning of fiscal year | $ | 7.3 |  | $ | 22.2 |
Recognized in current year | 0.8 |  | 0.5 |
Amounts in beginning balance reclassified to revenue | (0.8 | ) | (0.8 | )
Current year amounts reclassified to revenue | — |  | — |
Other | — |  | — |
Reclassification to/from short-term | — |  | (14.6 | )
Balance as of period end | $ | 7.3 |  | $ | 7.3 |

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