Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018 and 2017 were as follows:

(in millions)	Third quarter ended
	September 30, 2018						September 30, 2017
	HPMC		FRP		Total		HPMC		FRP		Total
Diversified Global Markets:
Aerospace & Defense	$	446.5	$	52.7	$	499.2	$	389.5	$	38.2	$	427.7
Oil & Gas	17.9		110.3		128.2		14.3		84.1		98.4
Automotive	2.0		83.0		85.0		2.4		59.3		61.7
Electrical Energy	30.9		29.0		59.9		30.4		18.1		48.5
Medical	44.3		3.6		47.9		41.8		2.7		44.5
Total Key Markets	541.6		278.6		820.2		478.4		202.4		680.8
Food Equipment & Appliances	0.2		58.6		58.8		0.2		54.3		54.5
Construction/Mining	18.5		39.9		58.4		13.5		34.8		48.3
Electronics/Computers/Communications	1.0		40.3		41.3		1.1		41.2		42.3
Other	24.2		17.3		41.5		19.7		23.5		43.2
Total	$	585.5	$	434.7	$	1,020.2	$	512.9	$	356.2	$	869.1

(in millions)	Nine months ended
	September 30, 2018						September 30, 2017
	HPMC		FRP		Total		HPMC		FRP		Total
Diversified Global Markets:
Aerospace & Defense	$	1,311.7	$	131.9	$	1,443.6	$	1,169.7	$	110.8	$	1,280.5
Oil & Gas	51.4		362.1		413.5		49.7		240.0		289.7
Automotive	7.4		237.1		244.5		6.4		200.0		206.4
Electrical Energy	101.9		78.4		180.3		84.1		60.1		144.2
Medical	131.5		11.3		142.8		134.2		8.5		142.7
Total Key Markets	1,603.9		820.8		2,424.7		1,444.1		619.4		2,063.5
Food Equipment & Appliances	0.3		181.0		181.3		1.0		167.9		168.9
Construction/Mining	55.1		114.8		169.9		37.6		107.0		144.6
Electronics/Computers/Communications	4.7		105.0		109.7		3.5		104.7		108.2
Other	74.1		49.0		123.1		63.5		66.5		130.0
Total	$	1,738.1	$	1,270.6	$	3,008.7	$	1,549.7	$	1,065.5	$	2,615.2

(in millions)	Third quarter ended
	September 30, 2018						September 30, 2017
	HPMC		FRP		Total		HPMC		FRP		Total
Primary Geographical Market:
United States	$	316.7	$	290.9	$	607.6	$	273.4	$	233.1	$	506.5
Europe	173.2		40.5		213.7		164.8		23.8		188.6
Asia	60.9		84.0		144.9		45.1		75.2		120.3
Canada	16.3		7.5		23.8		15.3		5.8		21.1
South America, Middle East and other	18.4		11.8		30.2		14.3		18.3		32.6
Total	$	585.5	$	434.7	$	1,020.2	$	512.9	$	356.2	$	869.1

(in millions)	Nine months ended
	September 30, 2018						September 30, 2017
	HPMC		FRP		Total		HPMC		FRP		Total
Primary Geographical Market:
United States	$	898.6	$	839.1	$	1,737.7	$	820.5	$	735.2	$	1,555.7
Europe	565.4		104.3		669.7		502.2		74.4		576.6
Asia	180.7		258.7		439.4		127.3		190.2		317.5
Canada	51.3		29.0		80.3		52.4		21.1		73.5
South America, Middle East and other	42.1		39.5		81.6		47.3		44.6		91.9
Total	$	1,738.1	$	1,270.6	$	3,008.7	$	1,549.7	$	1,065.5	$	2,615.2

Comparative information of the Company’s major high-value and standard products based on their percentages of total sales is as follows:

	Third quarter ended
	September 30, 2018						September 30, 2017
	HPMC		FRP		Total		HPMC		FRP		Total
Diversified Products and Services:
High-Value Products
Nickel-based alloys and specialty alloys	32	%	29	%	30	%	30	%	27	%	28	%
Precision forgings, castings and components	33	%	—	%	18	%	33	%	—	%	19	%
Titanium and titanium-based alloys	25	%	3	%	16	%	26	%	3	%	17	%
Precision and engineered strip	—	%	34	%	14	%	—	%	34	%	14	%
Zirconium and related alloys	10	%	—	%	6	%	11	%	—	%	6	%
Total High-Value Products	100	%	66	%	84	%	100	%	64	%	84	%
Standard Products
Stainless steel sheet	—	%	20	%	9	%	—	%	20	%	9	%
Specialty stainless sheet	—	%	9	%	4	%	—	%	11	%	4	%
Stainless steel plate and other	—	%	5	%	3	%	—	%	5	%	3	%
Total Standard Products	—	%	34	%	16	%	—	%	36	%	16	%
Total	100	%	100	%	100	%	100	%	100	%	100	%

	Nine months ended
	September 30, 2018						September 30, 2017
	HPMC		FRP		Total		HPMC		FRP		Total
Diversified Products and Services:
High-Value Products
Nickel-based alloys and specialty alloys	31	%	29	%	30	%	30	%	23	%	27	%
Precision forgings, castings and components	35	%	—	%	20	%	32	%	—	%	19	%
Titanium and titanium-based alloys	24	%	5	%	15	%	27	%	4	%	17	%
Precision and engineered strip	—	%	32	%	14	%	—	%	34	%	14	%
Zirconium and related alloys	10	%	—	%	5	%	11	%	—	%	6	%
Total High-Value Products	100	%	66	%	84	%	100	%	61	%	83	%
Standard Products
Stainless steel sheet	—	%	20	%	9	%	—	%	22	%	9	%
Specialty stainless sheet	—	%	10	%	4	%	—	%	12	%	4	%
Stainless steel plate and other	—	%	4	%	3	%	—	%	5	%	4	%
Total Standard Products	—	%	34	%	16	%	—	%	39	%	17	%
Total	100	%	100	%	100	%	100	%	100	%	100	%

Schedule of Accounts Receivable - Reserve for Doubtful Accounts

(in millions)
Accounts Receivable - Reserve for Doubtful Accounts
Balance as of January 1, 2018	$	5.9
Expense to increase the reserve	0.7
Write-off of uncollectible accounts	(0.4		)
Balance as of September 30, 2018	$	6.2

Schedule of Contract Assets and Liabilities

(in millions)
Contract Assets
Short-term
Balance as of January 1, 2018	$	36.5
Recognized in current year	66.2
Reclassified to accounts receivable	(67.9		)
Impairment	—
Reclassification to/from long-term	16.8
Balance as of September 30, 2018	$	51.6
Long-term
Balance as of January 1, 2018	$	16.9
Recognized in current year	—
Reclassified to accounts receivable	—
Impairment	—
Reclassification to/from short-term	(16.8		)
Balance as of September 30, 2018	$	0.1

(in millions)
Contract Liabilities
Short-term
Balance as of January 1, 2018	$	69.7
Recognized in current year	46.9
Amounts in beginning balance reclassified to revenue	(40.1		)
Current year amounts reclassified to revenue	(23.6		)
Other	1.7
Reclassification to/from long-term	14.6
Balance as of September 30, 2018	$	69.2
Long-term
Balance as of January 1, 2018	$	22.2
Recognized in current year	0.5
Amounts in beginning balance reclassified to revenue	(0.8		)
Current year amounts reclassified to revenue	—
Other	—
Reclassification to/from short-term	(14.6		)
Balance as of September 30, 2018	$	7.3