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v3.23.3

Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 30, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | 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 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts |
(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 |
Schedule of Contract Assets and Liabilities |
(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.

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