Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020

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 third quarters and nine months ended September 30, 2020 and 2019 were as follows:

(in millions)	Third quarter ended
	September 30, 2020						September 30, 2019
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Global Markets:
Aerospace & Defense	$	171.8	$	74.3	$	246.1	$	377.7	$	125.8	$	503.5
Energy*	24.4		106.0		130.4		36.2		181.0		217.2
Automotive	1.5		57.9		59.4		2.2		71.4		73.6
Electronics/Computers/Communications	0.2		45.7		45.9		0.1		44.4		44.5
Food Equipment & Appliances	—		33.8		33.8		0.1		53.5		53.6
Construction/Mining	4.0		24.3		28.3		5.4		38.3		43.7
Medical	10.6		16.7		27.3		18.9		22.1		41.0
Other	8.8		18.0		26.8		11.2		30.4		41.6
Total	$	221.3	$	376.7	$	598.0	$	451.8	$	566.9	$	1,018.7

(in millions)	Nine Months Ended
	September 30, 2020						September 30, 2019
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Global Markets:
Aerospace & Defense	$	782.9	$	321.3	$	1,104.2	$	1,223.1	$	378.2	$	1,601.3
Energy*	71.3		397.2		468.5		97.7		501.4		599.1
Automotive	4.5		182.2		186.7		8.9		215.2		224.1
Food Equipment & Appliances	0.1		131.3		131.4		0.2		156.2		156.4
Electronics/Computers/Communications	0.7		117.9		118.6		0.4		116.3		116.7
Construction/Mining	14.3		92.4		106.7		37.3		116.9		154.2
Medical	37.9		57.9		95.8		64.7		64.8		129.5
Other	30.6		81.3		111.9		49.2		73.4		122.6
Total	$	942.3	$	1,381.5	$	2,323.8	$	1,481.5	$	1,622.4	$	3,103.9

*Includes the oil & gas, hydrocarbon and chemical processing, and electrical energy markets.

(in millions)	Third quarter ended
	September 30, 2020						September 30, 2019
	HPMC		AA&S		Total		HPMC		AA&S		Total
Primary Geographical Market:
United States	$	129.3	$	219.3	$	348.6	$	241.1	$	364.3	$	605.4
Asia	19.9		103.0		122.9		44.1		120.4		164.5
Europe	60.7		34.1		94.8		134.5		51.8		186.3
Canada	4.4		8.5		12.9		12.6		13.0		25.6
South America, Middle East and other	7.0		11.8		18.8		19.5		17.4		36.9
Total	$	221.3	$	376.7	$	598.0	$	451.8	$	566.9	$	1,018.7

(in millions)	Nine Months Ended
	September 30, 2020						September 30, 2019
	HPMC		AA&S		Total		HPMC		AA&S		Total
Primary Geographical Market:
United States	$	522.8	$	909.1	$	1,431.9	$	800.3	$	1,066.7	$	1,867.0
Europe	286.2		104.1		390.3		454.0		150.5		604.5
Asia	72.6		288.3		360.9		136.2		323.4		459.6
Canada	21.1		30.0		51.1		38.9		42.5		81.4
South America, Middle East and other	39.6		50.0		89.6		52.1		39.3		91.4
Total	$	942.3	$	1,381.5	$	2,323.8	$	1,481.5	$	1,622.4	$	3,103.9

Comparative information of the Company’s major high-value and standard 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, 2020						September 30, 2019
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Products and Services:
High-Value Products
Nickel-based alloys and specialty alloys	38	%	22	%	28	%	38	%	29	%	33	%
Precision rolled strip products	—	%	28	%	18	%	—	%	22	%	12	%
Titanium and titanium-based alloys	32	%	8	%	17	%	27	%	13	%	19	%
Precision forgings, castings and components	30	%	—	%	11	%	35	%	—	%	16	%
Zirconium and related alloys	—	%	16	%	10	%	—	%	9	%	5	%
Total High-Value Products	100	%	74	%	84	%	100	%	73	%	85	%
Standard Products
Standard stainless products	—	%	26	%	16	%	—	%	27	%	15	%
Total	100	%	100	%	100	%	100	%	100	%	100	%

	Nine Months Ended
	September 30, 2020						September 30, 2019
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Products and Services:
High-Value Products
Nickel-based alloys and specialty alloys	38	%	25	%	30	%	37	%	26	%	32	%
Titanium and titanium-based alloys	27	%	12	%	18	%	25	%	11	%	18	%
Precision forgings, castings and components	35	%	—	%	14	%	38	%	—	%	18	%
Precision rolled strip products	—	%	21	%	13	%	—	%	22	%	11	%
Zirconium and related alloys	—	%	13	%	9	%	—	%	12	%	6	%
Total High-Value Products	100	%	71	%	84	%	100	%	71	%	85	%
Standard Products
Standard stainless products	—	%	29	%	16	%	—	%	29	%	15	%
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, 2020		September 30, 2019
Balance as of beginning of fiscal year	$	4.6	$	6.0
Expense to increase the reserve	0.1		0.3
Write-off of uncollectible accounts	(0.4)		(1.3)
Balance as of period end	$	4.3	$	5.0

Schedule of Contract Assets and Liabilities

(in millions)
Contract Assets
Short-term	September 30, 2020		September 30, 2019
Balance as of beginning of fiscal year	$	38.5	$	51.2
Recognized in current year	55.8		57.0
Reclassified to accounts receivable	(52.7)		(63.1)
Impairment	—		—
Reclassification to/from long-term	0.1		—
Divestiture	—		(7.3)
Balance as of period end	$	41.7	$	37.8
Long-term	September 30, 2020		September 30, 2019
Balance as of beginning of fiscal year	$	0.1	$	0.1
Recognized in current year	—		—
Reclassified to accounts receivable	—		—
Impairment	—		—
Reclassification to/from short-term	(0.1)		—
Balance as of period end	$	—	$	0.1

(in millions)
Contract Liabilities
Short-term	September 30, 2020		September 30, 2019
Balance as of beginning of fiscal year	$	78.7	$	71.4
Recognized in current year	121.5		104.2
Amounts in beginning balance reclassified to revenue	(42.9)		(43.9)
Current year amounts reclassified to revenue	(65.6)		(34.8)
Other	—		0.2
Reclassification to/from long-term	6.1		—
Balance as of period end	$	97.8	$	97.1
Long-term	September 30, 2020		September 30, 2019
Balance as of beginning of fiscal year	$	25.9	$	7.3
Recognized in current year	12.9		0.8
Amounts in beginning balance reclassified to revenue	(0.8)		(0.8)
Current year amounts reclassified to revenue	—		—
Other	—		—
Reclassification to/from short-term	(6.1)		—
Balance as of period end	$	31.9	$	7.3