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Revenue from Contracts with Customers | 12 Months Ended
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Dec. 31, 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 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 | %
The Company maintains a backlog of confirmed orders totaling $2.9 billion, $2.1 billion and $1.4 billion at December 31, 2022, 2021 and 2020, respectively. Due to the structure of the Company’s LTAs, 80% of this backlog at December 31, 2022 represented booked orders with performance obligations that will be satisfied within the next twelve months. The backlog does not reflect any elements of variable consideration. Accounts Receivable As of December 31, 2022 and 2021, accounts receivable with customers were $586.9 million and $473.8 million, respectively. 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 |
Contract balances 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. Contract costs for obtaining and fulfilling a contract were $7.3 million and $5.2 million as of December 31, 2022 and 2021, respectively, which are reported in other long-term assets on the consolidated balance sheets. Amortization expense for the fiscal years ended December 31, 2022, 2021 and 2020 of these contract costs was $1.0 million, $1.0 million, and $1.4 million, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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