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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2022
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 second quarters and six months ended June 30, 2022 and 2021 were as follows:
(in millions)Second quarter ended
June 30, 2022June 30, 2021
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$231.4 $17.3 $248.7 $122.0 $7.6 $129.6 
   Airframes- Commercial43.9 62.2 106.1 34.1 20.3 54.4 
   Defense40.7 40.9 81.6 62.5 34.7 97.2 
   Total Aerospace & Defense316.0 120.4 436.4 218.6 62.6 281.2 
Energy:
   Oil & Gas8.1 117.1 125.2 10.3 45.8 56.1 
   Specialty Energy31.5 43.6 75.1 38.3 23.9 62.2 
   Total Energy39.6 160.7 200.3 48.6 69.7 118.3 
Automotive2.3 73.2 75.5 1.4 66.6 68.0 
Food Equipment & Appliances— 62.7 62.7 0.1 20.6 20.7 
Electronics0.7 48.7 49.4 0.2 43.1 43.3 
Construction/Mining7.9 32.0 39.9 6.1 15.8 21.9 
Medical16.8 22.7 39.5 14.6 17.4 32.0 
Other12.8 43.0 55.8 11.0 19.8 30.8 
Total$396.1 $563.4 $959.5 $300.6 $315.6 $616.2 
(in millions)Six months ended
June 30, 2022June 30, 2021
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$410.4 $34.9 $445.3 $217.9 $17.8 $235.7 
   Airframes- Commercial81.1 118.7 199.8 60.6 52.0 112.6 
   Defense82.1 76.0 158.1 119.9 67.2 187.1 
   Total Aerospace & Defense573.6 229.6 803.2 398.4 137.0 535.4 
Energy:
   Oil & Gas25.2 203.1 228.3 18.6 120.0 138.6 
   Specialty Energy61.6 70.1 131.7 60.5 68.3 128.8 
   Total Energy86.8 273.2 360.0 79.1 188.3 267.4 
Automotive5.2 161.3 166.5 3.4 156.1 159.5 
Electronics1.2 99.8 101.0 0.5 98.4 98.9 
Food Equipment & Appliances— 96.7 96.7 0.1 56.0 56.1 
Construction/Mining16.3 75.6 91.9 11.2 53.2 64.4 
Medical30.0 45.7 75.7 25.8 35.2 61.0 
Other24.6 74.0 98.6 23.0 43.0 66.0 
Total$737.7 $1,055.9 $1,793.6 $541.5 $767.2 $1,308.7 
(in millions)Second quarter ended
June 30, 2022June 30, 2021
HPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$179.8 $388.8 $568.6 $157.6 $172.1 $329.7 
Europe135.0 48.8 183.8 86.3 27.1 113.4 
Asia50.5 104.4 154.9 40.6 94.7 135.3 
Canada12.7 11.7 24.4 9.3 10.7 20.0 
South America, Middle East and other18.1 9.7 27.8 6.8 11.0 17.8 
Total$396.1 $563.4 $959.5 $300.6 $315.6 $616.2 
(in millions)Six months ended
June 30, 2022June 30, 2021
HPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$336.2 $710.1 $1,046.3 $285.9 $443.7 $729.6 
Europe256.3 87.4 343.7 165.4 61.1 226.5 
Asia94.7 219.5 314.2 60.7 217.3 278.0 
Canada23.0 20.4 43.4 17.5 19.8 37.3 
South America, Middle East and other27.5 18.5 46.0 12.0 25.3 37.3 
Total$737.7 $1,055.9 $1,793.6 $541.5 $767.2 $1,308.7 
Comparative information of the Company’s major products based on their percentages of sales is included in the following table. The Company no longer reports standard stainless product sales as a separate product category. Prior period information includes these sales within the nickel-based alloys and specialty alloys category. Hot-Rolling and Processing Facility (HRPF) conversion service sales in the AA&S segment are excluded from this presentation.
Second quarter ended
June 30, 2022June 30, 2021
HPMCAA&STotalHPMCAA&STotal
Diversified Products and Services:
     Nickel-based alloys and specialty alloys48 %55 %52 %45 %31 %38 %
     Precision forgings, castings and components35 %— %15 %36 %— %18 %
     Precision rolled strip products— %24 %14 %— %39 %19 %
     Titanium and titanium-based alloys17 %6 %11 %19 %6 %13 %
     Zirconium and related alloys— %15 %8 %— %24 %12 %
Total100 %100 %100 %100 %100 %100 %
Six months ended
June 30, 2022June 30, 2021
HPMCAA&STotalHPMCAA&STotal
Diversified Products and Services:
     Nickel-based alloys and specialty alloys48 %54 %51 %41 %40 %41 %
     Precision rolled strip products— %26 %15 %— %35 %20 %
     Precision forgings, castings and components35 %— %15 %39 %— %17 %
     Titanium and titanium-based alloys17 %6 %10 %20 %6 %12 %
     Zirconium and related alloys— %14 %9 %— %19 %10 %
Total100 %100 %100 %100 %100 %100 %
The Company maintained a backlog of confirmed orders totaling $2.6 billion and $1.6 billion at June 30, 2022 and 2021, respectively. Due to the structure of the Company’s long-term agreements, approximately 80% of this backlog at June 30, 2022 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 June 30, 2022 and December 31, 2021, accounts receivable with customers were $631.0 million and $473.8 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts and contract assets and liabilities for the six months ended June 30, 2022 and 2021:
(in millions)
Accounts Receivable - Reserve for Doubtful AccountsJune 30,
2022		June 30,
2021
Balance as of beginning of fiscal year$3.8 $4.3 
Expense to increase the reserve0.4 — 
Write-off of uncollectible accounts(0.3)(0.4)
Balance as of period end$3.9 $3.9 
(in millions)
Contract Assets
Short-termJune 30,
2022		June 30,
2021
Balance as of beginning of fiscal year$53.9 $38.9 
Recognized in current year35.3 48.9 
Reclassified to accounts receivable(34.9)(30.4)
Reclassification to/from long-term and contract liability— (5.1)
Balance as of period end$54.3 $52.3 
(in millions)
Contract Liabilities
Short-termJune 30,
2022		June 30,
2021
Balance as of beginning of fiscal year$116.2 $111.8 
Recognized in current year59.6 77.9 
Amounts in beginning balance reclassified to revenue(54.4)(63.9)
Current year amounts reclassified to revenue(13.4)(18.7)
Other1.5 — 
Reclassification to/from long-term and contract asset16.2 (3.3)
Balance as of period end$125.7 $103.8 
Long-termJune 30,
2022		June 30,
2021
Balance as of beginning of fiscal year$84.4 $32.0 
Recognized in current year7.5 41.0 
Amounts in beginning balance reclassified to revenue(0.5)(0.5)
Current year amounts reclassified to revenue— — 
Reclassification to/from short-term(16.2)(1.8)
Balance as of period end$75.2 $70.7 
Contract costs for obtaining and fulfilling a contract were $4.9 million and $5.2 million as of June 30, 2022 and December 31, 2021, respectively, and are reported in other long-term assets on the consolidated balance sheet. Contract cost amortization expense for the three and six months ended June 30, 2022 was $0.3 million and $0.5 million, respectively. Contract cost amortization for the three and six months ended June 30, 2021 was $0.3 million and $0.5 million, respectively.