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Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 3 - Revenue Recognition

The following table provides the major sources of revenue by end-market sector for the three and nine months ended September 30, 2024 and 2023:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Industrial

 

$

91.4

 

 

$

143.0

 

 

$

313.3

 

 

$

415.3

 

Automotive

 

 

104.9

 

 

 

140.1

 

 

 

350.1

 

 

 

404.8

 

Aerospace & Defense(1)

 

 

12.3

 

 

 

30.7

 

 

 

102.3

 

 

 

70.9

 

Energy

 

 

14.5

 

 

 

35.6

 

 

 

63.4

 

 

 

127.7

 

Other (2)

 

 

4.1

 

 

 

4.8

 

 

 

14.4

 

 

 

15.6

 

Total Net Sales

 

$

227.2

 

 

$

354.2

 

 

$

843.5

 

 

$

1,034.3

 

 

(1) “Aerospace & Defense” sales by end-market were previously included in "Industrial" and have been broken out separately for all periods.

(2) “Other” sales by end-market sector relates to the Company’s scrap sales.

The following table provides the major sources of revenue by product type for the three and nine months ended September 30, 2024 and 2023:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Bar

 

$

126.3

 

 

$

240.9

 

 

$

500.3

 

 

$

712.8

 

Tube

 

 

27.6

 

 

 

43.3

 

 

 

110.4

 

 

 

127.5

 

Manufactured components

 

 

69.2

 

 

 

65.2

 

 

 

218.4

 

 

 

178.4

 

Other (3)

 

 

4.1

 

 

 

4.8

 

 

 

14.4

 

 

 

15.6

 

Total Net Sales

 

$

227.2

 

 

$

354.2

 

 

$

843.5

 

 

$

1,034.3

 

(3) “Other” sales by product type relates to the Company’s scrap sales.

 

Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods at a future point in time. Contract liabilities are primarily related to deferred revenue resulting from any cash payments received in advance from customers and are included in other current liabilities on the Consolidated Balance Sheets. There were no contract liabilities as of September 30, 2024 and $0.7 million as of September 30, 2023.