XML 95 R31.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Revenue from Contracts with Customers (Tables) | 12 Months Ended
--- | ---
Dec. 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 fiscal years ended December 31, 2019, 2018 and 2017 were as follows:
(in millions) |  | 2019 |  | 2018 |  | 2017
|  | HPMC | FRP | Total |  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Global Markets: |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 1,879.1 |  | $ | 251.3 |  | $ | 2,130.4 |  |  | $ | 1,771.3 |  | $ | 194.2 |  | $ | 1,965.5 |  |  | $ | 1,568.9 |  | $ | 149.2 |  | $ | 1,718.1 |
Oil & Gas |  | 64.3 |  | 446.3 |  | 510.6 |  |  | 74.9 |  | 471.3 |  | 546.2 |  |  | 63.9 |  | 354.3 |  | 418.2 |
Automotive |  | 10.5 |  | 286.1 |  | 296.6 |  |  | 9.5 |  | 313.9 |  | 323.4 |  |  | 8.8 |  | 264.9 |  | 273.7 |
Energy |  | 156.9 |  | 129.4 |  | 286.3 |  |  | 131.4 |  | 103.1 |  | 234.5 |  |  | 113.1 |  | 79.1 |  | 192.2 |
Food Equipment & Appliances |  | 0.3 |  | 205.5 |  | 205.8 |  |  | 0.4 |  | 244.5 |  | 244.9 |  |  | 1.1 |  | 224.9 |  | 226.0 |
Construction/Mining |  | 42.5 |  | 152.5 |  | 195.0 |  |  | 72.8 |  | 153.2 |  | 226.0 |  |  | 51.1 |  | 141.8 |  | 192.9 |
Medical |  | 159.2 |  | 13.2 |  | 172.4 |  |  | 168.5 |  | 14.6 |  | 183.1 |  |  | 170.4 |  | 12.6 |  | 183.0 |
Electronics/Computers/Communications |  | 5.8 |  | 157.4 |  | 163.2 |  |  | 7.9 |  | 149.0 |  | 156.9 |  |  | 4.4 |  | 147.2 |  | 151.6 |
Other |  | 79.5 |  | 82.7 |  | 162.2 |  |  | 97.5 |  | 68.6 |  | 166.1 |  |  | 85.7 |  | 83.7 |  | 169.4 |
Total |  | $ | 2,398.1 |  | $ | 1,724.4 |  | $ | 4,122.5 |  |  | $ | 2,334.2 |  | $ | 1,712.4 |  | $ | 4,046.6 |  |  | $ | 2,067.4 |  | $ | 1,457.7 |  | $ | 3,525.1 |
(in millions) |  | 2019 |  | 2018 |  | 2017
|  | HPMC | FRP | Total |  | HPMC | FRP | Total |  | HPMC | FRP | Total
Primary Geographical Market: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,319.7 |  | $ | 1,134.9 |  | $ | 2,454.6 |  |  | $ | 1,214.1 |  | $ | 1,134.0 |  | $ | 2,348.1 |  |  | $ | 1,096.5 |  | $ | 974.1 |  | $ | 2,070.6 |
China |  | 103.0 |  | 252.6 |  | 355.6 |  |  | 83.1 |  | 236.9 |  | 320.0 |  |  | 51.1 |  | 214.5 |  | 265.6 |
Germany |  | 178.2 |  | 41.1 |  | 219.3 |  |  | 192.7 |  | 54.5 |  | 247.2 |  |  | 170.5 |  | 46.6 |  | 217.1 |
United Kingdom |  | 164.9 |  | 8.9 |  | 173.8 |  |  | 232.4 |  | 9.7 |  | 242.1 |  |  | 220.9 |  | 10.7 |  | 231.6 |
France |  | 145.8 |  | 9.7 |  | 155.5 |  |  | 172.7 |  | 10.9 |  | 183.6 |  |  | 157.8 |  | 7.8 |  | 165.6 |
Japan |  | 104.4 |  | 43.3 |  | 147.7 |  |  | 136.5 |  | 78.4 |  | 214.9 |  |  | 95.2 |  | 36.5 |  | 131.7 |
Rest of World |  | 382.1 |  | 233.9 |  | 616.0 |  |  | 302.7 |  | 188.0 |  | 490.7 |  |  | 275.4 |  | 167.5 |  | 442.9 |
Total |  | $ | 2,398.1 |  | $ | 1,724.4 |  | $ | 4,122.5 |  |  | $ | 2,334.2 |  | $ | 1,712.4 |  | $ | 4,046.6 |  |  | $ | 2,067.4 |  | $ | 1,457.7 |  | $ | 3,525.1 |
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.
|  | 2019 |  | 2018 |  | 2017
|  | HPMC | FRP | Total |  | HPMC | FRP | Total |  | HPMC | FRP | Total
Diversified Products: |  |  |  |  |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 32 | % | 32 | % | 32 | % |  | 31 | % | 28 | % | 30 | % |  | 31 | % | 24 | % | 28 | %
Precision forgings, castings and components |  | 30 | % | — | % | 18 | % |  | 34 | % | — | % | 20 | % |  | 32 | % | — | % | 19 | %
Titanium and titanium-based alloys |  | 28 | % | 6 | % | 18 | % |  | 25 | % | 5 | % | 17 | % |  | 26 | % | 5 | % | 17 | %
Precision and engineered strip |  | — | % | 32 | % | 13 | % |  | — | % | 33 | % | 14 | % |  | — | % | 34 | % | 14 | %
Zirconium and related alloys |  | 10 | % | — | % | 6 | % |  | 10 | % | — | % | 5 | % |  | 11 | % | — | % | 6 | %
Total High-Value Products |  | 100 | % | 70 | % | 87 | % |  | 100 | % | 66 | % | 86 | % |  | 100 | % | 63 | % | 84 | %
Standard Products |  |  |  |  |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 30 | % | 13 | % |  | — | % | 34 | % | 14 | % |  | — | % | 37 | % | 16 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts | The following represents the rollforward of accounts receivable - reserve for doubtful accounts for the fiscal years ended December 31, 2019, 2018 and 2017:
(in millions)
Accounts Receivable - Reserve for Doubtful Accounts
Balance as of December 31, 2016 | $ | 7.3 |
Expense to increase the reserve | 0.1 |
Write-off of uncollectible accounts | (1.5 | )
Balance as of December 31, 2017 | 5.9 |
Expense to increase the reserve | 1.9 |
Write-off of uncollectible accounts | (1.8 | )
Balance as of December 31, 2018 | 6.0 |
Expense to increase the reserve | 0.2 |
Write-off of uncollectible accounts | (1.6 | )
Balance as of December 31, 2019 | $ | 4.6 |
Schedule of Contract Assets and Liabilities | The following represents the rollforward of contract assets and liabilities for the fiscal years ended December 31, 2019 and 2018:
(in millions)
Contract Assets
Short-term | 2019 | 2018
Balance as of beginning of fiscal year | $ | 51.2 |  | $ | 36.5 |
Recognized in current year | 74.5 |  | 92.9 |
Reclassified to accounts receivable | (79.9 | ) | (95.8 | )
Impairment | — |  | — |
Reclassification to/from long-term | — |  | 16.8 |
Divestiture | (7.3 | ) | — |
Other | — |  | 0.8 |
Balance as of period end | $ | 38.5 |  | $ | 51.2 |
Long-term | 2019 | 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 | 2019 | 2018
Balance as of beginning of fiscal year | $ | 71.4 |  | $ | 69.7 |
Recognized in current year | 126.1 |  | 76.7 |
Amounts in beginning balance reclassified to revenue | (49.2 | ) | (49.6 | )
Current year amounts reclassified to revenue | (76.0 | ) | (42.7 | )
Other | 1.9 |  | 2.7 |
Reclassification to/from long-term | 4.5 |  | 14.6 |
Balance as of period end | $ | 78.7 |  | $ | 71.4 |
Long-term | 2019 | 2018
Balance as of beginning of fiscal year | $ | 7.3 |  | $ | 22.2 |
Recognized in current year | 24.2 |  | 0.7 |
Amounts in beginning balance reclassified to revenue | (1.1 | ) | (1.0 | )
Current year amounts reclassified to revenue | — |  | — |
Other | — |  | — |
Reclassification to/from short-term | (4.5 | ) | (14.6 | )
Balance as of period end | $ | 25.9 |  | $ | 7.3 |

X
- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration