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Revenue Recognition
3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 10 - Revenue Recognition
As discussed in Note 2 - Recent Accounting Pronouncements, on January 1, 2018 TimkenSteel adopted the new revenue recognition standard. Under this new standard, TimkenSteel recognizes revenue from contracts at a point in time when it has satisfied its performance obligation and the customer obtains control of the goods, at the amount that reflects the consideration the Company expects to receive for those goods. The Company receives and acknowledges purchase orders from its customers, which define the quantity, pricing, payment and other applicable terms and conditions. In some cases, the Company receives a blanket purchase order from its customer, which includes pricing, payment and other terms and conditions, with quantities defined at the time the customer issues periodic releases from the blanket purchase order. Certain contracts contain variable consideration, which primarily consists of rebates, that are accounted for in net sales and accrued based on the estimated probability of the requirements being met. Amounts billed to customers related to shipping and handling costs are included in net sales and related costs are included in costs of products sold in the Unaudited Consolidated Financial Statements.
The following table provides the major sources of revenue by end market sector.
 
Three Months Ended March 31,
 
2018

2017
Mobile

$142.5

 

$136.6

Industrial
147.7

 
110.6

Energy
49.1

 
23.7

Other
41.5

 
38.5

Total Net Sales

$380.8

 

$309.4

The following table provides the major sources of revenue by product type.
 
Three Months Ended March 31,
 
2018
 
2017
Bar

$234.4

 

$198.1

Tube
63.7

 
34.6

Value-add
72.7

 
67.9

Other
10.0

 
8.8

Total Net Sales

$380.8

 

$309.4