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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
The Company operates in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). Revenue is disaggregated within these two business segments by diversified global markets, primary geographical markets and diversified products. Comparative information regarding the Company’s overall revenues (in millions) by global and geographical markets for the second quarters and six months ended June 30, 2023 and 2022 is included in the following tables.
(in millions)Second quarter ended
June 30, 2023June 30, 2022
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$319.2 $21.7 $340.9 $231.4 $17.3 $248.7 
   Airframes- Commercial67.0 97.2 164.2 43.9 62.2 106.1 
   Defense50.0 51.7 101.7 40.7 40.9 81.6 
   Total Aerospace & Defense436.2 170.6 606.8 316.0 120.4 436.4 
Energy:
   Oil & Gas3.7 107.6 111.3 8.1 117.1 125.2 
   Specialty Energy29.9 38.3 68.2 31.5 43.6 75.1 
   Total Energy33.6 145.9 179.5 39.6 160.7 200.3 
Automotive6.0 46.8 52.8 2.3 73.2 75.5 
Construction/Mining11.0 37.4 48.4 7.9 32.0 39.9 
Medical24.3 17.6 41.9 16.8 22.7 39.5 
Electronics0.7 35.3 36.0 0.7 48.7 49.4 
Food Equipment & Appliances— 20.9 20.9 — 62.7 62.7 
Other15.3 44.4 59.7 12.8 43.0 55.8 
Total$527.1 $518.9 $1,046.0 $396.1 $563.4 $959.5 
(in millions)Six months ended
June 30, 2023June 30, 2022
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$601.7 $50.1 $651.8 $410.4 $34.9 $445.3 
   Airframes- Commercial138.0 196.1 334.1 81.1 118.7 199.8 
   Defense91.9 104.7 196.6 82.1 76.0 158.1 
   Total Aerospace & Defense831.6 350.9 1,182.5 573.6 229.6 803.2 
Energy:
   Oil & Gas6.1 232.7 238.8 25.2 203.1 228.3 
   Specialty Energy54.8 96.1 150.9 61.6 70.1 131.7 
   Total Energy60.9 328.8 389.7 86.8 273.2 360.0 
Automotive12.3 99.9 112.2 5.2 161.3 166.5 
Construction/Mining19.2 69.6 88.8 16.3 75.6 91.9 
Medical41.8 35.1 76.9 30.0 45.7 75.7 
Electronics1.2 69.2 70.4 1.2 99.8 101.0 
Food Equipment & Appliances— 42.4 42.4 — 96.7 96.7 
Other31.2 90.0 121.2 24.6 74.0 98.6 
Total$998.2 $1,085.9 $2,084.1 $737.7 $1,055.9 $1,793.6 
(in millions)Second quarter ended
June 30, 2023June 30, 2022
HPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$222.0 $346.3 $568.3 $179.8 $388.8 $568.6 
Europe207.8 43.6 251.4 135.0 48.8 183.8 
Asia51.0 103.5 154.5 50.5 104.4 154.9 
Canada16.6 13.3 29.9 12.7 11.7 24.4 
South America, Middle East and other29.7 12.2 41.9 18.1 9.7 27.8 
Total$527.1 $518.9 $1,046.0 $396.1 $563.4 $959.5 
(in millions)Six months ended
June 30, 2023June 30, 2022
HPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$418.5 $738.1 $1,156.6 $336.2 $710.1 $1,046.3 
Europe402.0 88.0 490.0 256.3 87.4 343.7 
Asia95.0 213.0 308.0 94.7 219.5 314.2 
Canada28.6 24.5 53.1 23.0 20.4 43.4 
South America, Middle East and other54.1 22.3 76.4 27.5 18.5 46.0 
Total$998.2 $1,085.9 $2,084.1 $737.7 $1,055.9 $1,793.6 
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.
Second quarter ended
June 30, 2023June 30, 2022
HPMCAA&STotalHPMCAA&STotal
Diversified Products and Services:
     Nickel-based alloys and specialty alloys49 %55 %52 %48 %55 %52 %
     Precision forgings, castings and components33 %— %17 %35 %— %15 %
     Titanium and titanium-based alloys17 %11 %14 %17 %6 %11 %
     Precision rolled strip products1 %18 %9 %— %24 %14 %
     Zirconium and related alloys— %16 %8 %— %15 %8 %
Total100 %100 %100 %100 %100 %100 %
Six months ended
June 30, 2023June 30, 2022
HPMCAA&STotalHPMCAA&STotal
Diversified Products and Services:
     Nickel-based alloys and specialty alloys47 %57 %52 %48 %54 %51 %
     Precision forgings, castings and components33 %— %16 %35 %— %15 %
     Titanium and titanium-based alloys19 %10 %14 %17 %6 %10 %
     Precision rolled strip products1 %18 %10 %— %26 %15 %
     Zirconium and related alloys— %15 %8 %— %14 %9 %
Total100 %100 %100 %100 %100 %100 %
The Company maintained a backlog of confirmed orders totaling $3.5 billion and $2.6 billion at June 30, 2023 and 2022, respectively. Due to the structure of the Company’s long-term agreements, approximately 70% of this backlog at June 30, 2023 represented booked orders with performance obligations that will be satisfied within the next 12 months. The backlog does not reflect any elements of variable consideration.
Contract balances
As of June 30, 2023 and December 31, 2022, accounts receivable with customers were $717.2 million and $586.9 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts and contract assets and liabilities for the six months ended June 30, 2023 and 2022:
(in millions)
Accounts Receivable - Reserve for Doubtful AccountsJune 30,
2023		June 30,
2022
Balance as of beginning of fiscal year$7.7 $3.8 
Expense to increase the reserve0.2 0.4 
Write-off of uncollectible accounts(0.8)(0.3)
Balance as of period end$7.1 $3.9 
(in millions)
Contract Assets
Short-termJune 30,
2023		June 30,
2022
Balance as of beginning of fiscal year$64.1 $53.9 
Recognized in current year41.1 35.3 
Reclassified to accounts receivable(53.4)(34.9)
Balance as of period end$51.8 $54.3 
(in millions)
Contract Liabilities
Short-termJune 30,
2023		June 30,
2022
Balance as of beginning of fiscal year$149.1 $116.2 
Recognized in current year58.8 59.6 
Amounts in beginning balance reclassified to revenue(69.4)(54.9)
Current year amounts reclassified to revenue(22.9)(13.4)
Other(0.1)1.5 
Reclassification to/from long-term and contract asset22.3 16.7 
Balance as of period end$137.8 $125.7 
Long-term (a)June 30,
2023		June 30,
2022
Balance as of beginning of fiscal year$66.8 $84.4 
Recognized in current year0.9 7.5 
Reclassification to/from short-term(22.3)(16.7)
Balance as of period end$45.4 $75.2 
(a) Long-term contract liabilities are included in Other long-term liabilities on the consolidated balance sheets.

Contract costs for obtaining and fulfilling a contract were $7.4 million and $7.3 million as of June 30, 2023 and December 31, 2022, respectively, and are reported in other long-term assets on the consolidated balance sheet. Contract cost amortization expense for the three and six months ended June 30, 2023 was $0.4 million and $0.7 million, respectively. Contract cost amortization expense for the three and six months ended June 30, 2022 was $0.3 million and $0.5 million, respectively.