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v3.22.4

Revenue from Contracts with Customers (Tables) | 12 Months Ended
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Dec. 31, 2022
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 fiscal years ended December 31, 2022, 2021 and 2020 is as follows:
(in millions) |  | 2022 |  | 2021 |  | 2020
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |  |  |  |  |
Jet-Engines- Commercial |  | $ | 975.7 |  | $ | 87.8 |  | $ | 1,063.5 |  |  | $ | 480.9 |  | $ | 36.3 |  | $ | 517.2 |  |  | $ | 542.7 |  | $ | 58.2 |  | $ | 600.9 |
Airframes- Commercial |  | 184.1 |  | 284.8 |  | 468.9 |  |  | 132.8 |  | 129.9 |  | 262.7 |  |  | 219.8 |  | 191.0 |  | 410.8 |
Defense |  | 158.2 |  | 183.0 |  | 341.2 |  |  | 221.8 |  | 131.0 |  | 352.8 |  |  | 184.4 |  | 163.9 |  | 348.3 |
Total Aerospace & Defense |  | $ | 1,318.0 |  | $ | 555.6 |  | $ | 1,873.6 |  |  | $ | 835.5 |  | $ | 297.2 |  | $ | 1,132.7 |  |  | $ | 946.9 |  | $ | 413.1 |  | $ | 1,360.0 |
Energy: |  |  |  |  |  |  |  |  |  |  |  |
Oil & Gas |  | 35.0 |  | 441.7 |  | 476.7 |  |  | 42.2 |  | 290.1 |  | 332.3 |  |  | 37.3 |  | 328.5 |  | 365.8 |
Specialty Energy |  | 113.6 |  | 163.0 |  | 276.6 |  |  | 136.1 |  | 123.5 |  | 259.6 |  |  | 68.9 |  | 184.2 |  | 253.1 |
Total Energy |  | 148.6 |  | 604.7 |  | 753.3 |  |  | 178.3 |  | 413.6 |  | 591.9 |  |  | 106.2 |  | 512.7 |  | 618.9 |
Automotive |  | 11.2 |  | 290.9 |  | 302.1 |  |  | 8.7 |  | 296.4 |  | 305.1 |  |  | 5.5 |  | 257.7 |  | 263.2 |
Electronics |  | 2.4 |  | 197.6 |  | 200.0 |  |  | 1.2 |  | 213.9 |  | 215.1 |  |  | 0.9 |  | 176.8 |  | 177.7 |
Construction/Mining |  | 34.1 |  | 142.3 |  | 176.4 |  |  | 24.0 |  | 98.2 |  | 122.2 |  |  | 18.6 |  | 123.4 |  | 142.0 |
Medical |  | 73.2 |  | 89.9 |  | 163.1 |  |  | 60.3 |  | 71.2 |  | 131.5 |  |  | 47.7 |  | 71.4 |  | 119.1 |
Food Equipment & Appliances |  | 0.2 |  | 158.3 |  | 158.5 |  |  | 0.1 |  | 153.0 |  | 153.1 |  |  | — |  | 159.2 |  | 159.2 |
Other |  | 53.5 |  | 155.5 |  | 209.0 |  |  | 47.0 |  | 101.2 |  | 148.2 |  |  | 38.8 |  | 103.2 |  | 142.0 |
Total |  | $ | 1,641.2 |  | $ | 2,194.8 |  | $ | 3,836.0 |  |  | $ | 1,155.1 |  | $ | 1,644.7 |  | $ | 2,799.8 |  |  | $ | 1,164.6 |  | $ | 1,817.5 |  | $ | 2,982.1 |
(in millions) |  | 2022 |  | 2021 |  | 2020
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 742.9 |  | $ | 1,475.7 |  | $ | 2,218.6 |  |  | $ | 571.3 |  | $ | 963.6 |  | $ | 1,534.9 |  |  | $ | 641.0 |  | $ | 1,168.1 |  | $ | 1,809.1 |
China |  | 59.8 |  | 292.0 |  | 351.8 |  |  | 49.5 |  | 320.9 |  | 370.4 |  |  | 31.0 |  | 284.5 |  | 315.5 |
United Kingdom |  | 165.7 |  | 52.0 |  | 217.7 |  |  | 136.7 |  | 17.2 |  | 153.9 |  |  | 101.9 |  | 24.6 |  | 126.5 |
Germany |  | 148.4 |  | 52.5 |  | 200.9 |  |  | 74.1 |  | 47.2 |  | 121.3 |  |  | 76.6 |  | 48.8 |  | 125.4 |
France |  | 125.7 |  | 31.5 |  | 157.2 |  |  | 48.7 |  | 9.8 |  | 58.5 |  |  | 66.5 |  | 18.4 |  | 84.9 |
Canada |  | 46.2 |  | 41.2 |  | 87.4 |  |  | 36.3 |  | 39.6 |  | 75.9 |  |  | 28.3 |  | 40.6 |  | 68.9 |
Rest of World |  | 352.5 |  | 249.9 |  | 602.4 |  |  | 238.5 |  | 246.4 |  | 484.9 |  |  | 219.3 |  | 232.5 |  | 451.8 |
Total |  | $ | 1,641.2 |  | $ | 2,194.8 |  | $ | 3,836.0 |  |  | $ | 1,155.1 |  | $ | 1,644.7 |  | $ | 2,799.8 |  |  | $ | 1,164.6 |  | $ | 1,817.5 |  | $ | 2,982.1 |
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. HRPF conversion service sales in the AA&S segment are excluded from this presentation.
|  | 2022 |  | 2021 |  | 2020
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products: |  |  |  |  |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 49 | % | 54 | % | 52 | % |  | 43 | % | 44 | % | 43 | % |  | 38 | % | 49 | % | 45 | %
Precision forgings, castings and components |  | 34 | % | — | % | 15 | % |  | 38 | % | — | % | 16 | % |  | 34 | % | — | % | 14 | %
Precision rolled strip |  | — | % | 25 | % | 14 | % |  | — | % | 33 | % | 19 | % |  | — | % | 25 | % | 15 | %
Titanium and titanium-based alloys |  | 17 | % | 7 | % | 11 | % |  | 19 | % | 6 | % | 12 | % |  | 28 | % | 11 | % | 17 | %
Zirconium and related alloys |  | — | % | 14 | % | 8 | % |  | — | % | 17 | % | 10 | % |  | — | % | 15 | % | 9 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts | The following represents the rollforward of accounts receivable - reserve for doubtful accounts for the fiscal years ended December 31, 2022, 2021 and 2020:
(in millions)
Accounts Receivable - Reserve for Doubtful Accounts
Balance as of December 31, 2019 | 4.6 |
Expense to increase the reserve | 0.2 |
Write-off of uncollectible accounts | (0.5) |
Balance as of December 31, 2020 | 4.3 |
Expense to increase the reserve | 0.3 |
Write-off of uncollectible accounts | (0.8) |
Balance as of December 31, 2021 | 3.8 |
Expense to increase the reserve | 4.6 |
Write-off of uncollectible accounts | (0.7) |
Balance as of December 31, 2022 | $ | 7.7 |
Schedule of Contract Assets and Liabilities | The following represents the rollforward of contract assets and liabilities for the fiscal years ended December 31, 2022, 2021 and 2020:
(in millions) |
Contract Assets |
Short-term | 2022 | 2021 | 2020
Balance as of beginning of fiscal year | $ | 53.9 |  | $ | 38.9 |  | $ | 38.5 |
Recognized in current year | 105.0 |  | 93.8 |  | 84.2 |
Reclassified to accounts receivable | (88.0) |  | (76.2) |  | (83.9) |
Reclassification to/from long-term and contract liability | (6.8) |  | (2.6) |  | 0.1 |
Balance as of period end | $ | 64.1 |  | $ | 53.9 |  | $ | 38.9 |
Long-term (a) | 2022 | 2021 | 2020
Balance as of beginning of fiscal year | $ | — |  | $ | — |  | $ | 0.1 |
Reclassification to/from short-term | — |  | — |  | (0.1) |
Balance as of period end | $ | — |  | $ | — |  | $ | — |
(in millions) |
Contract Liabilities |
Short-term | 2022 | 2021 | 2020
Balance as of beginning of fiscal year | $ | 116.2 |  | $ | 111.8 |  | $ | 78.7 |
Recognized in current year | 183.1 |  | 161.5 |  | 170.3 |
Amounts in beginning balance reclassified to revenue | (99.8) |  | (85.1) |  | (55.9) |
Current year amounts reclassified to revenue | (72.3) |  | (72.9) |  | (90.1) |
Divestiture | — |  | (0.8) |  | — |
Other | 0.7 |  | 0.1 |  | — |
Reclassification to/from long-term and contract asset | 21.2 |  | 1.6 |  | 8.8 |
Balance as of period end | $ | 149.1 |  | $ | 116.2 |  | $ | 111.8 |
Long-term (a) | 2022 | 2021 | 2020
Balance as of beginning of fiscal year | $ | 84.4 |  | $ | 32.0 |  | $ | 25.9 |
Recognized in current year | 10.4 |  | 56.6 |  | 14.9 |
Reclassification to/from short-term | (28.0) |  | (4.2) |  | (8.8) |
Balance as of period end | $ | 66.8 |  | $ | 84.4 |  | $ | 32.0 |
(a) Long-term contract assets are included in Other long-term assets and long-term contract liabilities are included in Other long-term liabilities on the consolidated balance sheets.

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