XML 18 R9.htm IDEA: XBRL DOCUMENT
v3.23.3

Revenue from Contracts with Customers | 9 Months Ended
--- | ---
Sep. 30, 2023
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 regarding the Company’s overall revenues (in millions) by global and geographical markets for the third quarters and nine months ended September 30, 2023 and 2022 is included in the following tables.
(in millions) |  | Third quarter ended
|  | September 30, 2023 |  | September 30, 2022
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |
Jet Engines- Commercial |  | $ | 312.5 |  | $ | 16.9 |  | $ | 329.4 |  |  | $ | 285.7 |  | $ | 26.9 |  | $ | 312.6 |
Airframes- Commercial |  | 104.0 |  | 99.6 |  | 203.6 |  |  | 49.8 |  | 81.6 |  | 131.4 |
Defense |  | 39.7 |  | 53.1 |  | 92.8 |  |  | 38.5 |  | 47.6 |  | 86.1 |
Total Aerospace & Defense |  | 456.2 |  | 169.6 |  | 625.8 |  |  | 374.0 |  | 156.1 |  | 530.1 |
Energy: |  |  |  |  |  |  |  |
Oil & Gas |  | 2.5 |  | 84.5 |  | 87.0 |  |  | 6.9 |  | 120.2 |  | 127.1 |
Specialty Energy |  | 20.2 |  | 41.7 |  | 61.9 |  |  | 26.4 |  | 39.2 |  | 65.6 |
Total Energy |  | 22.7 |  | 126.2 |  | 148.9 |  |  | 33.3 |  | 159.4 |  | 192.7 |
Automotive |  | 7.2 |  | 40.9 |  | 48.1 |  |  | 3.5 |  | 66.1 |  | 69.6 |
Medical |  | 28.9 |  | 18.6 |  | 47.5 |  |  | 22.3 |  | 25.1 |  | 47.4 |
Electronics |  | 0.6 |  | 44.2 |  | 44.8 |  |  | 0.7 |  | 47.8 |  | 48.5 |
Construction/Mining |  | 7.7 |  | 32.3 |  | 40.0 |  |  | 9.5 |  | 38.3 |  | 47.8 |
Food Equipment & Appliances |  | — |  | 16.2 |  | 16.2 |  |  | 0.2 |  | 45.0 |  | 45.2 |
Other |  | 16.2 |  | 38.1 |  | 54.3 |  |  | 14.1 |  | 36.6 |  | 50.7 |
Total |  | $ | 539.5 |  | $ | 486.1 |  | $ | 1,025.6 |  |  | $ | 457.6 |  | $ | 574.4 |  | $ | 1,032.0 |
(in millions) |  | Nine months ended
|  | September 30, 2023 |  | September 30, 2022
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |
Jet Engines- Commercial |  | $ | 914.2 |  | $ | 67.0 |  | $ | 981.2 |  |  | $ | 696.1 |  | $ | 61.8 |  | $ | 757.9 |
Airframes- Commercial |  | 242.0 |  | 295.7 |  | 537.7 |  |  | 130.9 |  | 200.3 |  | 331.2 |
Defense |  | 131.6 |  | 157.8 |  | 289.4 |  |  | 120.6 |  | 123.6 |  | 244.2 |
Total Aerospace & Defense |  | 1,287.8 |  | 520.5 |  | 1,808.3 |  |  | 947.6 |  | 385.7 |  | 1,333.3 |
Energy: |  |  |  |  |  |  |  |
Oil & Gas |  | 8.6 |  | 317.2 |  | 325.8 |  |  | 32.1 |  | 323.3 |  | 355.4 |
Specialty Energy |  | 75.0 |  | 137.8 |  | 212.8 |  |  | 88.0 |  | 109.3 |  | 197.3 |
Total Energy |  | 83.6 |  | 455.0 |  | 538.6 |  |  | 120.1 |  | 432.6 |  | 552.7 |
Automotive |  | 19.5 |  | 140.8 |  | 160.3 |  |  | 8.7 |  | 227.4 |  | 236.1 |
Construction/Mining |  | 26.9 |  | 101.9 |  | 128.8 |  |  | 25.8 |  | 113.9 |  | 139.7 |
Medical |  | 70.7 |  | 53.7 |  | 124.4 |  |  | 52.3 |  | 70.8 |  | 123.1 |
Electronics |  | 1.8 |  | 113.4 |  | 115.2 |  |  | 1.9 |  | 147.6 |  | 149.5 |
Food Equipment & Appliances |  | — |  | 58.6 |  | 58.6 |  |  | 0.2 |  | 141.7 |  | 141.9 |
Other |  | 47.4 |  | 128.1 |  | 175.5 |  |  | 38.7 |  | 110.6 |  | 149.3 |
Total |  | $ | 1,537.7 |  | $ | 1,572.0 |  | $ | 3,109.7 |  |  | $ | 1,195.3 |  | $ | 1,630.3 |  | $ | 2,825.6 |
(in millions) |  | Third quarter ended
|  | September 30, 2023 |  | September 30, 2022
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 242.6 |  | $ | 314.2 |  | $ | 556.8 |  |  | $ | 221.6 |  | $ | 395.5 |  | $ | 617.1 |
Europe |  | 217.7 |  | 49.7 |  | 267.4 |  |  | 147.0 |  | 53.2 |  | 200.2 |
Asia |  | 37.8 |  | 103.4 |  | 141.2 |  |  | 60.7 |  | 108.9 |  | 169.6 |
Canada |  | 13.1 |  | 10.4 |  | 23.5 |  |  | 10.0 |  | 9.5 |  | 19.5 |
South America, Middle East and other |  | 28.3 |  | 8.4 |  | 36.7 |  |  | 18.3 |  | 7.3 |  | 25.6 |
Total |  | $ | 539.5 |  | $ | 486.1 |  | $ | 1,025.6 |  |  | $ | 457.6 |  | $ | 574.4 |  | $ | 1,032.0 |
(in millions) |  | Nine months ended
|  | September 30, 2023 |  | September 30, 2022
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 661.1 |  | $ | 1,052.3 |  | $ | 1,713.4 |  |  | $ | 557.8 |  | $ | 1,105.6 |  | $ | 1,663.4 |
Europe |  | 619.7 |  | 137.7 |  | 757.4 |  |  | 403.3 |  | 140.6 |  | 543.9 |
Asia |  | 132.8 |  | 316.4 |  | 449.2 |  |  | 155.4 |  | 328.4 |  | 483.8 |
Canada |  | 41.7 |  | 34.9 |  | 76.6 |  |  | 33.0 |  | 29.9 |  | 62.9 |
South America, Middle East and other |  | 82.4 |  | 30.7 |  | 113.1 |  |  | 45.8 |  | 25.8 |  | 71.6 |
Total |  | $ | 1,537.7 |  | $ | 1,572.0 |  | $ | 3,109.7 |  |  | $ | 1,195.3 |  | $ | 1,630.3 |  | $ | 2,825.6 |
Comparative information regarding the Company’s major 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, 2023 |  | September 30, 2022
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 42 | % | 52 | % | 47 | % |  | 52 | % | 57 | % | 54 | %
Titanium and titanium-based alloys |  | 24 | % | 13 | % | 19 | % |  | 16 | % | 7 | % | 11 | %
Precision forgings, castings and components |  | 33 | % | — | % | 18 | % |  | 32 | % | — | % | 15 | %
Precision rolled strip products |  | 1 | % | 19 | % | 9 | % |  | — | % | 22 | % | 12 | %
Zirconium and related alloys |  | — | % | 16 | % | 7 | % |  | — | % | 14 | % | 8 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
|  | Nine months ended
|  | September 30, 2023 |  | September 30, 2022
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 45 | % | 56 | % | 50 | % |  | 50 | % | 55 | % | 52 | %
Precision forgings, castings and components |  | 33 | % | — | % | 17 | % |  | 34 | % | — | % | 15 | %
Titanium and titanium-based alloys |  | 21 | % | 11 | % | 16 | % |  | 16 | % | 6 | % | 11 | %
Precision rolled strip products |  | 1 | % | 18 | % | 9 | % |  | — | % | 25 | % | 14 | %
Zirconium and related alloys |  | — | % | 15 | % | 8 | % |  | — | % | 14 | % | 8 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
The Company maintained a backlog of confirmed orders totaling $3.6 billion and $2.7 billion at September 30, 2023 and 2022, respectively. Due to the structure of the Company’s long-term agreements, approximately 70% of this backlog at September 30, 2023 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 September 30, 2023 and December 31, 2022, accounts receivable with customers were $686.7 million and $586.9 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts and contract assets and liabilities for the nine months ended September 30, 2023 and 2022:
(in millions) |  |
Accounts Receivable - Reserve for Doubtful Accounts | September 30, 2023 | September 30, 2022
Balance as of beginning of fiscal year | $ | 7.7 |  | $ | 3.8 |
Expense to increase the reserve | 0.2 |  | 0.7 |
Write-off of uncollectible accounts | (4.2) |  | (0.6) |
Balance as of period end | $ | 3.7 |  | $ | 3.9 |
(in millions) |  |
Contract Assets |  |
Short-term | September 30, 2023 | September 30, 2022
Balance as of beginning of fiscal year | $ | 64.1 |  | $ | 53.9 |
Recognized in current year | 66.6 |  | 74.1 |
Reclassified to accounts receivable | (74.1) |  | (57.9) |
Reclassification to/from long-term and contract liability | — |  | 0.1 |
Balance as of period end | $ | 56.6 |  | $ | 70.2 |
(in millions) |
Contract Liabilities |  |
Short-term | September 30, 2023 | September 30, 2022
Balance as of beginning of fiscal year | $ | 149.1 |  | $ | 116.2 |
Recognized in current year | 61.4 |  | 105.3 |
Amounts in beginning balance reclassified to revenue | (86.7) |  | (80.8) |
Current year amounts reclassified to revenue | (40.9) |  | (42.9) |
Other | (0.1) |  | 0.8 |
Reclassification to/from long-term and contract asset | 27.4 |  | 22.1 |
Balance as of period end | $ | 110.2 |  | $ | 120.7 |
Long-term (a) | September 30, 2023 | September 30, 2022
Balance as of beginning of fiscal year | $ | 66.8 |  | $ | 84.4 |
Recognized in current year | 1.0 |  | 9.6 |
Reclassification to/from short-term | (27.4) |  | (22.0) |
Balance as of period end | $ | 40.4 |  | $ | 72.0 |
(a) 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 $7.7 million and $7.3 million as of September 30, 2023 and December 31, 2022, respectively, and are reported in other long-term assets on the consolidated balance sheet. Contract cost amortization expense for the three and nine months ended September 30, 2023 was $0.2 million and $0.9 million, respectively. Contract cost amortization expense for the three and nine months ended September 30, 2022 was $0.2 million and $0.7 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration