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Revenue from Contracts with Customers | 3 Months Ended
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Mar. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue The Company operates in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). Revenue is disaggregated within these two business segments by diversified global markets, primary geographical markets and diversified products. Comparative information of the Company’s overall revenues (in millions) by global and geographical markets for the first quarters ended March 31, 2020 and 2019 were as follows:
(in millions) |  | First quarter ended
|  | March 31, 2020 |  | March 31, 2019
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 358.8 |  | $ | 133.7 |  | $ | 492.5 |  |  | $ | 400.6 |  | $ | 125.0 |  | $ | 525.6 |
Energy* |  | 24.1 |  | 146.5 |  | 170.6 |  |  | 28.1 |  | 140.4 |  | 168.5 |
Automotive |  | 2.0 |  | 74.5 |  | 76.5 |  |  | 3.6 |  | 73.3 |  | 76.9 |
Food Equipment & Appliances |  | — |  | 50.4 |  | 50.4 |  |  | 0.1 |  | 53.1 |  | 53.2 |
Construction/Mining |  | 5.3 |  | 38.3 |  | 43.6 |  |  | 18.5 |  | 39.4 |  | 57.9 |
Medical |  | 17.0 |  | 21.6 |  | 38.6 |  |  | 24.7 |  | 21.4 |  | 46.1 |
Electronics/Computers/Communications |  | 0.3 |  | 32.9 |  | 33.2 |  |  | — |  | 34.1 |  | 34.1 |
Other |  | 12.8 |  | 37.3 |  | 50.1 |  |  | 21.0 |  | 21.5 |  | 42.5 |
Total |  | $ | 420.3 |  | $ | 535.2 |  | $ | 955.5 |  |  | $ | 496.6 |  | $ | 508.2 |  | $ | 1,004.8 |
*Includes the oil & gas, hydrocarbon and chemical processing, and electrical energy markets.
(in millions) |  | First quarter ended
|  | March 31, 2020 |  | March 31, 2019
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 227.3 |  | $ | 378.8 |  | $ | 606.1 |  |  | $ | 269.0 |  | $ | 352.1 |  | $ | 621.1 |
Europe |  | 133.5 |  | 37.6 |  | 171.1 |  |  | 158.6 |  | 52.4 |  | 211.0 |
Asia |  | 25.1 |  | 94.2 |  | 119.3 |  |  | 42.7 |  | 80.5 |  | 123.2 |
Canada |  | 11.6 |  | 10.4 |  | 22.0 |  |  | 11.4 |  | 15.0 |  | 26.4 |
South America, Middle East and other |  | 22.8 |  | 14.2 |  | 37.0 |  |  | 14.9 |  | 8.2 |  | 23.1 |
Total |  | $ | 420.3 |  | $ | 535.2 |  | $ | 955.5 |  |  | $ | 496.6 |  | $ | 508.2 |  | $ | 1,004.8 |
Comparative information of the Company’s major high-value and standard products based on their percentages of sales is included in the following table. Hot-Rolling and Processing Facility (HRPF) conversion service sales in the AA&S segment are excluded from this presentation.
|  | First quarter ended
|  | March 31, 2020 |  | March 31, 2019
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 40 | % | 25 | % | 32 | % |  | 37 | % | 23 | % | 30 | %
Titanium and titanium-based alloys |  | 25 | % | 11 | % | 17 | % |  | 25 | % | 12 | % | 19 | %
Precision forgings, castings and components |  | 35 | % | — | % | 16 | % |  | 38 | % | — | % | 19 | %
Precision rolled strip products |  | — | % | 21 | % | 12 | % |  | — | % | 23 | % | 11 | %
Zirconium and related alloys |  | — | % | 13 | % | 7 | % |  | — | % | 12 | % | 6 | %
Total High-Value Products |  | 100 | % | 70 | % | 84 | % |  | 100 | % | 70 | % | 85 | %
Standard Products |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 30 | % | 16 | % |  | — | % | 30 | % | 15 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
The Company maintains a backlog of confirmed orders totaling $2.12 billion and $2.59 billion at March 31, 2020 and 2019, respectively. Due to the structure of the Company’s long-term agreements, approximately 80% of this backlog at March 31, 2020 represented booked orders with performance obligations that will be satisfied within the next 12 months. The backlog does not reflect any elements of variable consideration. Contract balances As of March 31, 2020 and December 31, 2019, accounts receivable with customers were $597.8 million and $558.7 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts and contract assets and liabilities for the three months ended March 31, 2020 and 2019:
(in millions) |  |
Accounts Receivable - Reserve for Doubtful Accounts | March 31, 2020 | March 31, 2019
Balance as of beginning of fiscal year | $ | 4.6 |  | $ | 6.0 |
Expense to increase the reserve | 0.1 |  | 0.1 |
Write-off of uncollectible accounts | (0.3 | ) | (0.4 | )
Balance as of period end | $ | 4.4 |  | $ | 5.7 |
(in millions) |  |
Contract Assets |  |
Short-term | March 31, 2020 | March 31, 2019
Balance as of beginning of fiscal year | $ | 38.5 |  | $ | 51.2 |
Recognized in current year | 25.1 |  | 23.9 |
Reclassified to accounts receivable | (20.2 | ) | (26.4 | )
Impairment | — |  | — |
Reclassification to/from long-term | 0.1 |  | — |
Balance as of period end | $ | 43.5 |  | $ | 48.7 |
Long-term | March 31, 2020 | March 31, 2019
Balance as of beginning of fiscal year | $ | 0.1 |  | $ | 0.1 |
Recognized in current year | — |  | — |
Reclassified to accounts receivable | — |  | — |
Impairment | — |  | — |
Reclassification to/from short-term | (0.1 | ) | — |
Balance as of period end | $ | — |  | $ | 0.1 |
(in millions) |
Contract Liabilities |  |
Short-term | March 31, 2020 | March 31, 2019
Balance as of beginning of fiscal year | $ | 78.7 |  | $ | 71.4 |
Recognized in current year | 71.7 |  | 38.6 |
Amounts in beginning balance reclassified to revenue | (22.1 | ) | (29.3 | )
Current year amounts reclassified to revenue | (17.1 | ) | (2.8 | )
Other | (0.3 | ) | — |
Reclassification to/from long-term | 3.4 |  | — |
Balance as of period end | $ | 114.3 |  | $ | 77.9 |
Long-term | March 31, 2020 | March 31, 2019
Balance as of beginning of fiscal year | $ | 25.9 |  | $ | 7.3 |
Recognized in current year | 7.4 |  | 0.3 |
Amounts in beginning balance reclassified to revenue | (0.2 | ) | (0.3 | )
Current year amounts reclassified to revenue | — |  | — |
Other | — |  | — |
Reclassification to/from short-term | (3.4 | ) | — |
Balance as of period end | $ | 29.7 |  | $ | 7.3 |
Contract costs for obtaining and fulfilling a contract were $6.3 million and $6.5 million as of March 31, 2020 and December 31, 2019, respectively, and are reported in other long-term assets on the consolidated balance sheet. Contract cost amortization expense for the three months ended March 31, 2020 and 2019 was $0.3 million.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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