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Revenue Recognition
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Revenue Recognition
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. Quantities are defined at the time the customer issues periodic releases against 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 for the three and nine months ended September 30, 2019 and 2018:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Mobile

$110.2

 

$136.4

 

$389.7

 

$420.5

Industrial
116.9

 
169.7

 
388.2

 
484.3

Energy
32.6

 
70.1

 
147.5

 
188.0

Other(1)
14.5

 
33.7

 
56.5

 
111.4

Total Net Sales

$274.2

 

$409.9

 

$981.9

 

$1,204.2

(1) “Other” for sales by end-market sector includes the Company’s scrap and oil country tubular goods (OCTG) billet sales.
The following table provides the major sources of revenue by product type for the three and nine months ended September 30, 2019 and 2018:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019

2018
 
2019
 
2018
Bar

$179.7

 

$262.2

 

$645.0

 

$759.0

Tube
32.2

 
66.7

 
122.6

 
201.0

Value-add
55.9

 
70.6

 
192.7

 
212.5

Other(2)
6.4

 
10.4

 
21.6

 
31.7

Total Net Sales

$274.2

 

$409.9

 

$981.9

 

$1,204.2

(2) “Other” for sales by product type includes the Company’s scrap sales.