Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Comparative information of the Company’s overall revenues (in millions) by global and geographical markets for the second quarters and six months ended June 30, 2019 and 2018 were as follows:

(in millions)	Second quarter ended
	June 30, 2019						June 30, 2018
	HPMC		FRP		Total		HPMC		FRP		Total
Diversified Global Markets:
Aerospace & Defense	$	512.3	$	59.9	$	572.2	$	438.5	$	43.4	$	481.9
Oil & Gas	18.4		117.6		136.0		18.3		114.4		132.7
Energy	34.1		43.3		77.4		40.2		28.0		68.2
Automotive	3.1		70.5		73.6		2.8		77.6		80.4
Construction/Mining	13.4		39.2		52.6		19.0		36.9		55.9
Food Equipment & Appliances	—		49.6		49.6		—		63.6		63.6
Medical	38.6		3.8		42.4		46.0		4.0		50.0
Electronics/Computers/Communications	1.2		36.9		38.1		2.3		33.2		35.5
Other	21.3		17.2		38.5		24.8		16.5		41.3
Total	$	642.4	$	438.0	$	1,080.4	$	591.9	$	417.6	$	1,009.5

(in millions)	Six months ended
	June 30, 2019						June 30, 2018
	HPMC		FRP		Total		HPMC		FRP		Total
Diversified Global Markets:
Aerospace & Defense	$	977.4	$	120.4	$	1,097.8	$	865.2	$	79.2	$	944.4
Oil & Gas	35.1		213.7		248.8		33.5		251.8		285.3
Automotive	6.7		143.8		150.5		5.4		154.1		159.5
Energy	61.4		71.7		133.1		71.0		49.4		120.4
Construction/Mining	31.9		78.6		110.5		36.6		74.9		111.5
Food Equipment & Appliances	0.1		102.7		102.8		0.1		122.4		122.5
Medical	81.3		7.2		88.5		87.2		7.7		94.9
Electronics/Computers/Communications	2.3		69.9		72.2		3.7		64.7		68.4
Other	47.4		33.6		81.0		49.9		31.7		81.6
Total	$	1,243.6	$	841.6	$	2,085.2	$	1,152.6	$	835.9	$	1,988.5

(in millions)	Second quarter ended
	June 30, 2019						June 30, 2018
	HPMC		FRP		Total		HPMC		FRP		Total
Primary Geographical Market:
United States	$	357.6	$	282.9	$	640.5	$	292.1	$	283.7	$	575.8
Europe	181.1		26.1		207.2		195.2		35.3		230.5
Asia	60.5		111.4		171.9		71.5		72.2		143.7
Canada	24.5		4.9		29.4		18.4		10.9		29.3
South America, Middle East and other	18.7		12.7		31.4		14.7		15.5		30.2
Total	$	642.4	$	438.0	$	1,080.4	$	591.9	$	417.6	$	1,009.5

(in millions)	Six months ended
	June 30, 2019						June 30, 2018
	HPMC		FRP		Total		HPMC		FRP		Total
Primary Geographical Market:
United States	$	693.6	$	568.0	$	1,261.6	$	581.9	$	548.2	$	1,130.1
Europe	359.4		58.8		418.2		392.2		63.8		456.0
Asia	113.3		181.8		295.1		119.8		174.7		294.5
Canada	43.6		12.2		55.8		35.0		21.5		56.5
South America, Middle East and other	33.7		20.8		54.5		23.7		27.7		51.4
Total	$	1,243.6	$	841.6	$	2,085.2	$	1,152.6	$	835.9	$	1,988.5

Comparative information of the Company’s major high-value and standard products based on their percentages of sales is included in the following table. FRP conversion services are excluded from this presentation.

	Second quarter ended
	June 30, 2019						June 30, 2018
	HPMC		FRP		Total		HPMC		FRP		Total
Diversified Products and Services:
High-Value Products
Nickel-based alloys and specialty alloys	31	%	35	%	33	%	32	%	27	%	30	%
Precision forgings, castings and components	32	%	—	%	19	%	35	%	—	%	20	%
Titanium and titanium-based alloys	27	%	4	%	18	%	23	%	5	%	16	%
Precision and engineered strip	—	%	30	%	12	%	—	%	32	%	13	%
Zirconium and related alloys	10	%	—	%	6	%	10	%	—	%	6	%
Total High-Value Products	100	%	69	%	88	%	100	%	64	%	85	%
Standard Products
Standard stainless products	—	%	31	%	12	%	—	%	36	%	15	%
Total	100	%	100	%	100	%	100	%	100	%	100	%

	Six months ended
	June 30, 2019						June 30, 2018
	HPMC		FRP		Total		HPMC		FRP		Total
Diversified Products and Services:
High-Value Products
Nickel-based alloys and specialty alloys	31	%	32	%	31	%	31	%	29	%	30	%
Precision forgings, castings and components	32	%	—	%	19	%	36	%	—	%	21	%
Titanium and titanium-based alloys	27	%	6	%	18	%	24	%	5	%	16	%
Precision and engineered strip	—	%	31	%	13	%	—	%	32	%	13	%
Zirconium and related alloys	10	%	—	%	6	%	9	%	—	%	5	%
Total High-Value Products	100	%	69	%	87	%	100	%	66	%	85	%
Standard Products
Standard stainless products	—	%	31	%	13	%	—	%	34	%	15	%
Total	100	%	100	%	100	%	100	%	100	%	100	%

Schedule of Accounts Receivable - Reserve for Doubtful Accounts

(in millions)
Accounts Receivable - Reserve for Doubtful Accounts	June 30, 2019			June 30, 2018
Balance as of beginning of fiscal year	$	6.0		$	5.9
Expense to increase the reserve	0.2			0.6
Write-off of uncollectible accounts	(1.0		)	(0.4		)
Reclassification to held for sale (see Note 5)	(0.2		)	—
Balance as of period end	$	5.0		$	6.1

Schedule of Contract Assets and Liabilities

(in millions)
Contract Assets
Short-term	June 30, 2019			June 30, 2018
Balance as of beginning of fiscal year	$	51.2		$	36.5
Recognized in current year	45.1			42.2
Reclassified to accounts receivable	(48.0		)	(47.8		)
Impairment	—			—
Reclassification to/from long-term	—			16.8
Reclassification to held for sale (See Note 5)	(7.4		)	—
Balance as of period end	$	40.9		$	47.7
Long-term	June 30, 2019			June 30, 2018
Balance as of beginning of fiscal year	$	0.1		$	16.9
Recognized in current year	—			—
Reclassified to accounts receivable	—			—
Impairment	—			—
Reclassification to/from short-term	—			(16.8		)
Balance as of period end	$	0.1		$	0.1

(in millions)
Contract Liabilities
Short-term	June 30, 2019			June 30, 2018
Balance as of beginning of fiscal year	$	71.4		$	69.7
Recognized in current year	57.1			31.8
Amounts in beginning balance reclassified to revenue	(44.8		)	(31.7		)
Current year amounts reclassified to revenue	(14.4		)	(8.5		)
Other	—			1.7
Reclassification to/from long-term	—			7.4
Balance as of period end	$	69.3		$	70.4
Long-term	June 30, 2019			June 30, 2018
Balance as of beginning of fiscal year	$	7.3		$	22.2
Recognized in current year	0.5			0.3
Amounts in beginning balance reclassified to revenue	(0.5		)	(0.5		)
Current year amounts reclassified to revenue	—			—
Other	—			—
Reclassification to/from short-term	—			(7.4		)
Balance as of period end	$	7.3		$	14.6