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v3.20.2

Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 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 third quarters and nine months ended September 30, 2020 and 2019 were as follows:
(in millions) |  | Third quarter ended
|  | September 30, 2020 |  | September 30, 2019
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 171.8 |  | $ | 74.3 |  | $ | 246.1 |  |  | $ | 377.7 |  | $ | 125.8 |  | $ | 503.5 |
Energy* |  | 24.4 |  | 106.0 |  | 130.4 |  |  | 36.2 |  | 181.0 |  | 217.2 |
Automotive |  | 1.5 |  | 57.9 |  | 59.4 |  |  | 2.2 |  | 71.4 |  | 73.6 |
Electronics/Computers/Communications |  | 0.2 |  | 45.7 |  | 45.9 |  |  | 0.1 |  | 44.4 |  | 44.5 |
Food Equipment & Appliances |  | — |  | 33.8 |  | 33.8 |  |  | 0.1 |  | 53.5 |  | 53.6 |
Construction/Mining |  | 4.0 |  | 24.3 |  | 28.3 |  |  | 5.4 |  | 38.3 |  | 43.7 |
Medical |  | 10.6 |  | 16.7 |  | 27.3 |  |  | 18.9 |  | 22.1 |  | 41.0 |
Other |  | 8.8 |  | 18.0 |  | 26.8 |  |  | 11.2 |  | 30.4 |  | 41.6 |
Total |  | $ | 221.3 |  | $ | 376.7 |  | $ | 598.0 |  |  | $ | 451.8 |  | $ | 566.9 |  | $ | 1,018.7 |
(in millions) |  | Nine Months Ended
|  | September 30, 2020 |  | September 30, 2019
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 782.9 |  | $ | 321.3 |  | $ | 1,104.2 |  |  | $ | 1,223.1 |  | $ | 378.2 |  | $ | 1,601.3 |
Energy* |  | 71.3 |  | 397.2 |  | 468.5 |  |  | 97.7 |  | 501.4 |  | 599.1 |
Automotive |  | 4.5 |  | 182.2 |  | 186.7 |  |  | 8.9 |  | 215.2 |  | 224.1 |
Food Equipment & Appliances |  | 0.1 |  | 131.3 |  | 131.4 |  |  | 0.2 |  | 156.2 |  | 156.4 |
Electronics/Computers/Communications |  | 0.7 |  | 117.9 |  | 118.6 |  |  | 0.4 |  | 116.3 |  | 116.7 |
Construction/Mining |  | 14.3 |  | 92.4 |  | 106.7 |  |  | 37.3 |  | 116.9 |  | 154.2 |
Medical |  | 37.9 |  | 57.9 |  | 95.8 |  |  | 64.7 |  | 64.8 |  | 129.5 |
Other |  | 30.6 |  | 81.3 |  | 111.9 |  |  | 49.2 |  | 73.4 |  | 122.6 |
Total |  | $ | 942.3 |  | $ | 1,381.5 |  | $ | 2,323.8 |  |  | $ | 1,481.5 |  | $ | 1,622.4 |  | $ | 3,103.9 |
*Includes the oil & gas, hydrocarbon and chemical processing, and electrical energy markets.
(in millions) |  | Third quarter ended
|  | September 30, 2020 |  | September 30, 2019
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 129.3 |  | $ | 219.3 |  | $ | 348.6 |  |  | $ | 241.1 |  | $ | 364.3 |  | $ | 605.4 |
Asia |  | 19.9 |  | 103.0 |  | 122.9 |  |  | 44.1 |  | 120.4 |  | 164.5 |
Europe |  | 60.7 |  | 34.1 |  | 94.8 |  |  | 134.5 |  | 51.8 |  | 186.3 |
Canada |  | 4.4 |  | 8.5 |  | 12.9 |  |  | 12.6 |  | 13.0 |  | 25.6 |
South America, Middle East and other |  | 7.0 |  | 11.8 |  | 18.8 |  |  | 19.5 |  | 17.4 |  | 36.9 |
Total |  | $ | 221.3 |  | $ | 376.7 |  | $ | 598.0 |  |  | $ | 451.8 |  | $ | 566.9 |  | $ | 1,018.7 |
(in millions) |  | Nine Months Ended
|  | September 30, 2020 |  | September 30, 2019
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 522.8 |  | $ | 909.1 |  | $ | 1,431.9 |  |  | $ | 800.3 |  | $ | 1,066.7 |  | $ | 1,867.0 |
Europe |  | 286.2 |  | 104.1 |  | 390.3 |  |  | 454.0 |  | 150.5 |  | 604.5 |
Asia |  | 72.6 |  | 288.3 |  | 360.9 |  |  | 136.2 |  | 323.4 |  | 459.6 |
Canada |  | 21.1 |  | 30.0 |  | 51.1 |  |  | 38.9 |  | 42.5 |  | 81.4 |
South America, Middle East and other |  | 39.6 |  | 50.0 |  | 89.6 |  |  | 52.1 |  | 39.3 |  | 91.4 |
Total |  | $ | 942.3 |  | $ | 1,381.5 |  | $ | 2,323.8 |  |  | $ | 1,481.5 |  | $ | 1,622.4 |  | $ | 3,103.9 |
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.
|  | Third quarter ended
|  | September 30, 2020 |  | September 30, 2019
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
High-Value Products |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 38 | % | 22 | % | 28 | % |  | 38 | % | 29 | % | 33 | %
Precision rolled strip products |  | — | % | 28 | % | 18 | % |  | — | % | 22 | % | 12 | %
Titanium and titanium-based alloys |  | 32 | % | 8 | % | 17 | % |  | 27 | % | 13 | % | 19 | %
Precision forgings, castings and components |  | 30 | % | — | % | 11 | % |  | 35 | % | — | % | 16 | %
Zirconium and related alloys |  | — | % | 16 | % | 10 | % |  | — | % | 9 | % | 5 | %
Total High-Value Products |  | 100 | % | 74 | % | 84 | % |  | 100 | % | 73 | % | 85 | %
Standard Products |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 26 | % | 16 | % |  | — | % | 27 | % | 15 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
|  | Nine Months Ended
|  | September 30, 2020 |  | September 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 | % | 30 | % |  | 37 | % | 26 | % | 32 | %
Titanium and titanium-based alloys |  | 27 | % | 12 | % | 18 | % |  | 25 | % | 11 | % | 18 | %
Precision forgings, castings and components |  | 35 | % | — | % | 14 | % |  | 38 | % | — | % | 18 | %
Precision rolled strip products |  | — | % | 21 | % | 13 | % |  | — | % | 22 | % | 11 | %
Zirconium and related alloys |  | — | % | 13 | % | 9 | % |  | — | % | 12 | % | 6 | %
Total High-Value Products |  | 100 | % | 71 | % | 84 | % |  | 100 | % | 71 | % | 85 | %
Standard Products |  |  |  |  |  |  |  |
Standard stainless products |  | — | % | 29 | % | 16 | % |  | — | % | 29 | % | 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, 2020 | September 30, 2019
Balance as of beginning of fiscal year | $ | 4.6 |  | $ | 6.0 |
Expense to increase the reserve | 0.1 |  | 0.3 |
Write-off of uncollectible accounts | (0.4) |  | (1.3) |
Balance as of period end | $ | 4.3 |  | $ | 5.0 |
Schedule of Contract Assets and Liabilities |
(in millions) |  |
Contract Assets |  |
Short-term | September 30, 2020 | September 30, 2019
Balance as of beginning of fiscal year | $ | 38.5 |  | $ | 51.2 |
Recognized in current year | 55.8 |  | 57.0 |
Reclassified to accounts receivable | (52.7) |  | (63.1) |
Impairment | — |  | — |
Reclassification to/from long-term | 0.1 |  | — |
Divestiture | — |  | (7.3) |
Balance as of period end | $ | 41.7 |  | $ | 37.8 |
Long-term | September 30, 2020 | September 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 | September 30, 2020 | September 30, 2019
Balance as of beginning of fiscal year | $ | 78.7 |  | $ | 71.4 |
Recognized in current year | 121.5 |  | 104.2 |
Amounts in beginning balance reclassified to revenue | (42.9) |  | (43.9) |
Current year amounts reclassified to revenue | (65.6) |  | (34.8) |
Other | — |  | 0.2 |
Reclassification to/from long-term | 6.1 |  | — |
Balance as of period end | $ | 97.8 |  | $ | 97.1 |
Long-term | September 30, 2020 | September 30, 2019
Balance as of beginning of fiscal year | $ | 25.9 |  | $ | 7.3 |
Recognized in current year | 12.9 |  | 0.8 |
Amounts in beginning balance reclassified to revenue | (0.8) |  | (0.8) |
Current year amounts reclassified to revenue | — |  | — |
Other | — |  | — |
Reclassification to/from short-term | (6.1) |  | — |
Balance as of period end | $ | 31.9 |  | $ | 7.3 |

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