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v3.20.2

Revenue from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 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 second quarters and six months ended June 30, 2020 and 2019 were as follows:
(in millions) |  | Second quarter ended |  |  |  |  |  |
|  | June 30, 2020 |  |  |  | June 30, 2019 |  |
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 252.3 |  | $ | 113.3 |  | $ | 365.6 |  |  | $ | 444.8 |  | $ | 127.4 |  | $ | 572.2 |
Energy* |  | 22.8 |  | 144.7 |  | 167.5 |  |  | 33.4 |  | 180.0 |  | 213.4 |
Automotive |  | 1.0 |  | 49.8 |  | 50.8 |  |  | 3.1 |  | 70.5 |  | 73.6 |
Food Equipment & Appliances |  | 0.1 |  | 47.1 |  | 47.2 |  |  | — |  | 49.6 |  | 49.6 |
Electronics/Computers/Communications |  | 0.2 |  | 39.3 |  | 39.5 |  |  | 0.3 |  | 37.8 |  | 38.1 |
Construction/Mining |  | 5.0 |  | 29.8 |  | 34.8 |  |  | 13.4 |  | 39.2 |  | 52.6 |
Medical |  | 10.3 |  | 19.6 |  | 29.9 |  |  | 21.1 |  | 21.3 |  | 42.4 |
Other |  | 9.0 |  | 26.0 |  | 35.0 |  |  | 17.0 |  | 21.5 |  | 38.5 |
Total |  | $ | 300.7 |  | $ | 469.6 |  | $ | 770.3 |  |  | $ | 533.1 |  | $ | 547.3 |  | $ | 1,080.4 |
(in millions) |  | Six Months Ended |  |  |  |  |  |
|  | June 30, 2020 |  |  |  | June 30, 2019 |  |
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 611.1 |  | $ | 247.0 |  | $ | 858.1 |  |  | $ | 845.4 |  | $ | 252.4 |  | $ | 1,097.8 |
Energy* |  | 46.9 |  | 291.2 |  | 338.1 |  |  | 61.5 |  | 320.4 |  | 381.9 |
Automotive |  | 3.0 |  | 124.3 |  | 127.3 |  |  | 6.7 |  | 143.8 |  | 150.5 |
Food Equipment & Appliances |  | 0.1 |  | 97.5 |  | 97.6 |  |  | 0.1 |  | 102.7 |  | 102.8 |
Construction/Mining |  | 10.3 |  | 68.1 |  | 78.4 |  |  | 31.9 |  | 78.6 |  | 110.5 |
Electronics/Computers/Communications |  | 0.5 |  | 72.2 |  | 72.7 |  |  | 0.3 |  | 71.9 |  | 72.2 |
Medical |  | 27.3 |  | 41.2 |  | 68.5 |  |  | 45.8 |  | 42.7 |  | 88.5 |
Other |  | 21.8 |  | 63.3 |  | 85.1 |  |  | 38.0 |  | 43.0 |  | 81.0 |
Total |  | $ | 721.0 |  | $ | 1,004.8 |  | $ | 1,725.8 |  |  | $ | 1,029.7 |  | $ | 1,055.5 |  | $ | 2,085.2 |
*Includes the oil & gas, hydrocarbon and chemical processing, and electrical energy markets.
(in millions) |  | Second quarter ended |  |  |  |  |  |
|  | June 30, 2020 |  |  |  | June 30, 2019 |  |
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 166.2 |  | $ | 311.0 |  | $ | 477.2 |  |  | $ | 290.2 |  | $ | 350.3 |  | $ | 640.5 |
Europe |  | 92.0 |  | 32.4 |  | 124.4 |  |  | 160.9 |  | 46.3 |  | 207.2 |
Asia |  | 27.6 |  | 91.1 |  | 118.7 |  |  | 49.4 |  | 122.5 |  | 171.9 |
Canada |  | 5.1 |  | 11.1 |  | 16.2 |  |  | 14.9 |  | 14.5 |  | 29.4 |
South America, Middle East and other |  | 9.8 |  | 24.0 |  | 33.8 |  |  | 17.7 |  | 13.7 |  | 31.4 |
Total |  | $ | 300.7 |  | $ | 469.6 |  | $ | 770.3 |  |  | $ | 533.1 |  | $ | 547.3 |  | $ | 1,080.4 |
(in millions) |  | Six Months Ended |  |  |  |  |  |
|  | June 30, 2020 |  |  |  | June 30, 2019 |  |
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 393.5 |  | $ | 689.8 |  | $ | 1,083.3 |  |  | $ | 559.2 |  | $ | 702.4 |  | $ | 1,261.6 |
Europe |  | 225.5 |  | 70.0 |  | 295.5 |  |  | 319.5 |  | 98.7 |  | 418.2 |
Asia |  | 52.7 |  | 185.3 |  | 238.0 |  |  | 92.1 |  | 203.0 |  | 295.1 |
Canada |  | 16.7 |  | 21.5 |  | 38.2 |  |  | 26.3 |  | 29.5 |  | 55.8 |
South America, Middle East and other |  | 32.6 |  | 38.2 |  | 70.8 |  |  | 32.6 |  | 21.9 |  | 54.5 |
Total |  | $ | 721.0 |  | $ | 1,004.8 |  | $ | 1,725.8 |  |  | $ | 1,029.7 |  | $ | 1,055.5 |  | $ | 2,085.2 |
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.
|  | Second quarter ended |  |  |  |  |  |
|  | June 30, 2020 |  |  |  | June 30, 2019 |  |
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 36 | % | 26 | % | 30 | % |  | 37 | % | 30 | % | 33 | %
Titanium and titanium-based alloys |  | 29 | % | 13 | % | 19 | % |  | 25 | % | 10 | % | 18 | %
Precision forgings, castings and components |  | 35 | % | — | % | 14 | % |  | 38 | % | — | % | 19 | %
Precision rolled strip products |  | — | % | 19 | % | 12 | % |  | — | % | 21 | % | 10 | %
Zirconium and related alloys |  | — | % | 14 | % | 8 | % |  | — | % | 11 | % | 6 | %
Total High-Value Products |  | 100 | % | 72 | % | 83 | % |  | 100 | % | 72 | % | 86 | %
Standard Products |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 28 | % | 17 | % |  | — | % | 28 | % | 14 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
|  | Six Months Ended |  |  |  |  |  |
|  | June 30, 2020 |  |  |  | June 30, 2019 |  |
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 38 | % | 25 | % | 31 | % |  | 37 | % | 26 | % | 32 | %
Titanium and titanium-based alloys |  | 27 | % | 12 | % | 18 | % |  | 25 | % | 11 | % | 18 | %
Precision forgings, castings and components |  | 35 | % | — | % | 15 | % |  | 38 | % | — | % | 19 | %
Precision rolled strip products |  | — | % | 21 | % | 12 | % |  | — | % | 22 | % | 11 | %
Zirconium and related alloys |  | — | % | 13 | % | 8 | % |  | — | % | 12 | % | 6 | %
Total High-Value Products |  | 100 | % | 71 | % | 84 | % |  | 100 | % | 71 | % | 86 | %
Standard Products |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 29 | % | 16 | % |  | — | % | 29 | % | 14 | %
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, 2020 | June 30, 2019
Balance as of beginning of fiscal year | $ | 4.6 |  | $ | 6.0 |
Expense to increase the reserve | 0.2 |  | 0.2 |
Write-off of uncollectible accounts | (0.3) |  | (1.0) |
Reclassification to held for sale | — |  | (0.2) |
Balance as of period end | $ | 4.5 |  | $ | 5.0 |
Schedule of Contract Assets and Liabilities |
(in millions) |  |
Contract Assets |  |
Short-term | June 30, 2020 | June 30, 2019
Balance as of beginning of fiscal year | $ | 38.5 |  | $ | 51.2 |
Recognized in current year | 37.5 |  | 45.1 |
Reclassified to accounts receivable | (34.5) |  | (48.0) |
Impairment | — |  | — |
Reclassification to/from long-term | 0.1 |  | — |
Reclassification to held for sale | — |  | (7.4) |
Balance as of period end | $ | 41.6 |  | $ | 40.9 |
Long-term | June 30, 2020 | June 30, 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 | June 30, 2020 | June 30, 2019
Balance as of beginning of fiscal year | $ | 78.7 |  | $ | 71.4 |
Recognized in current year | 97.9 |  | 57.1 |
Amounts in beginning balance reclassified to revenue | (33.9) |  | (44.8) |
Current year amounts reclassified to revenue | (38.5) |  | (14.4) |
Other | (0.2) |  | — |
Reclassification to/from long-term | 5.8 |  | — |
Balance as of period end | $ | 109.8 |  | $ | 69.3 |
Long-term | June 30, 2020 | June 30, 2019
Balance as of beginning of fiscal year | $ | 25.9 |  | $ | 7.3 |
Recognized in current year | 12.4 |  | 0.5 |
Amounts in beginning balance reclassified to revenue | (0.5) |  | (0.5) |
Current year amounts reclassified to revenue | — |  | — |
Other | — |  | — |
Reclassification to/from short-term | (5.8) |  | — |
Balance as of period end | $ | 32.0 |  | $ | 7.3 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + 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=121604090&loc=SL49130551-203045 + Details
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- 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=120391452&loc=d3e13212-122682 + Details
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