Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue Recognition [Abstract]

Summary of Disaggregated Revenue

The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line:      

	Three Months Ended
	March 31,
Product Line	2020			2019
Carbon Steel Flat		25	%		25	%
Carbon Steel Plate		10			12
Carbon Steel Long		16			16
Stainless Steel Flat		16			15
Stainless Steel Plate		5			4
Stainless Steel Long		5			4
Aluminum Flat		14			15
Aluminum Plate		3			2
Aluminum Long		5			5
Other		1			2
Total		100	%		100	%

A significant majority of the Company’s sales are attributable to its U.S. operations. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico.  The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated:

	Three Months Ended March 31,
	2020		2019
Net Sales	(In millions)
United States		913.5	$	1,120.4
Foreign countries		96.8		110.4
Total	$	1,010.3	$	1,230.8

Revenue is recognized either at a point in time or over time based on if the contract has an enforceable right to payment and the type of product that is being sold to the customer with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold:

	Three Months Ended March 31,
Timing of Revenue Recognition	2020			2019
Revenue on products with an alternative use		88	%		87	%
Revenue on products with no alternative use		12			13
Total		100	%		100	%

Summary of Significant Changes in Contract Assets and Contract Liabilities Balances

Significant changes in the contract assets and the contract liabilities balances during the period are as follows:

	Contract Assets			Contract Liabilities
	(In millions)
Beginning Balance at January 1, 2020	$	13.5		$	10.5
Contract liability satisfied during the period		—			(4.1	)
Contract liability incurred during the period		—			3.3
Net change in contract assets and liabilities for products with no alternative use during the period		(0.5	)		—
Changes to reserves		0.5			(0.6	)
Ending Balance at March 31, 2020	$	13.5		$	9.1