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Revenue from Contracts with Customers (Tables)

9 Months Ended

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.

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

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