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Revenue from Contracts with Customers (Tables) | 3 Months Ended
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Mar. 31, 2020
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, 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 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts |
(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 |
Schedule of Contract Assets and Liabilities |
(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 |

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