Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Note 11 — Revenue

Our revenue is primarily derived from the sale of inventory under long-term contracts with our customers. The majority of our revenue is recognized at a point in time. In instances where our customers acquire our goods related to government contracts, the contracts are typically subject to terms similar, or equal to, the Federal Acquisition Regulation Part 52.249-2, which contains a termination for convenience clause ("T for C") that requires the customer to pay for the cost of both the finished and unfinished goods at the time of cancellation plus a reasonable profit.

We recognize revenue over time for those contracts that have a T for C clause and where the products being produced have no alternative use. As our production cycle is typically nine months or less, it is expected that goods related to the revenue recognized over time will be shipped and billed within the next twelve months.

We disaggregate our revenue based on market for analytical purposes. The following table details our revenue by market for the years ended December 31, 2023, 2022 and 2021:

(In millions)	2023		2022		2021
Consolidated Net Sales	$	1,789.0	$	1,577.7	$	1,324.7
Commercial Aerospace		1,068.2		911.8		668.2
Space & Defense		544.8		465.2		434.9
Industrial		176.0		200.7		221.6

Revenue recognized over time gives rise to contract assets, which represent revenue recognized but unbilled. Contract assets are included in our Consolidated Balance Sheets as a component of current assets. The activity related to contract assets is as follows:

	Composite			Engineered
(In millions)	Materials			Products			Total
Opening adjustment - January 1, 2021	$	7.8		$	35.3		$	43.1
Net revenue billed		(1.0	)		(11.6	)		(12.6	)
Balance at December 31, 2021	$	6.8		$	23.7		$	30.5
Net revenue billed		2.3			(0.8	)		1.5
Balance at December 31, 2022		9.1			22.9			32.0
Net revenue billed		(0.8	)		(6.1	)		(6.9	)
Balance at December 31, 2023	$	8.3		$	16.8		$	25.1

Contract assets as of December 31, 2023, will be billed and reclassified to accounts receivable during 2024. Accounts receivable, net, includes amounts billed to customers where the right to payment is unconditional.