Universal Stainless & Alloy Products (USAP) 10-Q 21 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 16, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
Entity Central Index Key	0000931584
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		8,894,822
Entity Shell Company	false
Entity File Number	001-39467
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1724540
Entity Address, Address Line One	600 Mayer Street
Entity Address, City or Town	Bridgeville
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15017
City Area Code	412
Local Phone Number	257-7600
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Trading Symbol	USAP
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Preferrerd Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 37,038	$ 58,494
Cost of products sold	37,286	53,585
Gross margin	(248)	4,909
Selling, general and administrative expenses	5,231	5,908
Operating loss	(5,479)	(999)
Interest expense and other financing costs	550	952
Other expense (income), net	16	(17)
Loss before income taxes	(6,045)	(1,934)
Income taxes	(1,516)	(523)
Net loss	$ (4,529)	$ (1,411)
Net loss per common share - Basic	$ (0.51)	$ (0.16)
Net loss per common share - Diluted	$ (0.51)	$ (0.16)
Weighted average shares of common stock outstanding
Basic	8,888,815	8,801,337
Diluted	8,888,815	8,801,337

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (4,529)	$ (1,411)
Other comprehensive income, net of tax
Unrealized gain on derivatives	15	120
Comprehensive loss	$ (4,514)	$ (1,291)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 423	$ 164
Accounts receivable (less allowance for doubtful accounts of $203)	20,669	18,101
Inventory, net	111,596	111,380
Other current assets	7,177	7,471
Total current assets	139,865	137,116
Property, plant and equipment, net	163,693	164,983
Other long-term assets	1,079	947
Total assets	304,637	303,046
Current liabilities:
Accounts payable	19,151	12,632
Accrued employment costs	3,087	1,826
Current portion of long-term debt	1,893	16,713
Other current liabilities	840	2,722
Total current liabilities	24,971	33,893
Long-term debt, net	49,672	33,471
Deferred income taxes	4,214	5,725
Other long-term liabilities, net	4,305	4,277
Total liabilities	83,162	77,366
Stockholders’ equity:
Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; 0 shares issued and outstanding
Common stock, par value $0.001 per share; 20,000,000 shares authorized; 8,894,822 and 8,883,788 shares issued, respectively	9	9
Additional paid-in capital	94,585	94,276
Accumulated other comprehensive loss	(30)	(45)
Retained earnings	126,911	131,440
Total stockholders’ equity	221,475	225,680
Total liabilities and stockholders’ equity	$ 304,637	$ 303,046

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 203	$ 203
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,980,000	1,980,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	8,894,822	8,883,788

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Net (loss) income	$ (4,529)	$ (1,411)
Adjustments for non-cash items:
Depreciation and amortization	4,834	5,025
Deferred income tax	(1,518)	(525)
Share-based compensation expense	309	511
Changes in assets and liabilities:
Accounts receivable, net	(2,568)	(1,019)
Inventory, net	(639)	12
Accounts payable	6,149	(9,161)
Accrued employment costs	1,261	(687)
Income taxes	7	7
Other	(1,689)	(524)
Net cash provided by (used in) operating activities	1,617	(7,772)
Investing Activity:
Capital expenditures	(2,683)	(4,042)
Net cash used in investing activity	(2,683)	(4,042)
Financing Activities:
Borrowings under revolving credit facility	29,541	49,232
Payments on revolving credit facility	(20,820)	(34,872)
Proceeds from term loan facility	8,571
Payments on term loan facility, finance leases, and notes	(15,428)	(2,483)
Payments of financing costs	(539)
Net cash provided by financing activities	1,325	11,877
Net increase in cash	259	63
Cash at beginning of period	164	170
Cash at end of period	$ 423	$ 233

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]
Beginning Balance at Dec. 31, 2019		$ 9	$ 94,982	$ 150,487	$ (31)	$ (2,311)
Beginning Balance (shares) at Dec. 31, 2019		8,799,436				294,279
Share-based compensation			511
Share-based compensation (shares)		3,680
Net gain (loss) on derivative instruments					120
Net loss	$ (1,411)			(1,411)
Ending Balance at Mar. 31, 2020		$ 9	95,493	149,076	89	$ (2,311)
Ending Balance (shares) at Mar. 31, 2020		8,803,116				294,279
Beginning Balance at Dec. 31, 2020	225,680	$ 9	94,276	131,440	(45)
Beginning Balance (shares) at Dec. 31, 2020		8,883,788
Share-based compensation			309
Share-based compensation (shares)		11,034
Net gain (loss) on derivative instruments					15
Net loss	(4,529)			(4,529)
Ending Balance at Mar. 31, 2021	$ 221,475	$ 9	$ 94,585	$ 126,911	$ (30)
Ending Balance (shares) at Mar. 31, 2021		8,894,822

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Nature of Business and Basis of Presentation	Note 1: Nature of Business and Basis of Presentation Universal Stainless & Alloy Products, Inc., and its wholly-owned subsidiaries (collectively, “Universal,” “we,” “us,” “our,” or the “Company”), manufacture and market semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Our manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Our products are sold to service centers, forgers, rerollers, original equipment manufacturers and wire redrawers. Our customers further process our products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment, and general industrial manufacturing industries. We also perform conversion services on materials supplied by customers. The accompanying unaudited consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. GAAP have been condensed or omitted pursuant to such regulations. Although the December 31, 2020 consolidated balance sheet data was derived from the audited financial statements, it does not include all disclosures required by U.S. GAAP. However, we believe that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our most recently audited financial statements and the notes thereto included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In the opinion of management, the accompanying financial statements include all adjustments necessary to present a fair presentation of the consolidated financial statements for the periods shown. Interim results are not necessarily indicative of the operating results for the full fiscal year or any future period. The preparation of these financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The consolidated financial statements include our accounts and the accounts of our wholly–owned subsidiaries. We also consolidate, regardless of our ownership percentage, variable interest entities (each a “VIE”) for which we are deemed to have a controlling financial interest. All intercompany transactions and balances have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if the entity is a VIE, and if we are deemed to be a primary beneficiary. As a part of our evaluation, we are required to qualitatively assess if we are the primary beneficiary of the VIE based on whether we hold the power to direct those matters that most significantly impacted the activities of the VIE and the obligation to absorb losses or the right to receive the benefits of the VIE that could potentially be significant. Refer to Note 7, New Markets Tax Credit Financing Transaction, for a description of the VIEs included in our consolidated financial statements. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740),” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments in this ASU also improve consistency and simplify other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this ASU will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. An entity is permitted to early adopt the guidance, and we early adopted ASU 2019-12 as of January 1, 2020. The adoption did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all ASUs. Recently issued ASUs not listed were assessed and were determined not applicable, or are expected to have minimal impact on our consolidated financial statements .

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per Common Share	Note 2: Net loss per Common Share The following table sets forth the computation of basic and diluted net income per common share: Three months ended March 31, (dollars in thousands, except per share amounts) 2021 2020 Numerator: Net loss $ (4,529 ) $ (1,411 ) Denominator: Weighted average number of shares of common stock outstanding 8,888,815 8,801,337 Weighted average effect of dilutive share-based compensation - - Diluted weighted average number of shares of common stock outstanding 8,888,815 8,801,337 Net loss per common share: Net loss per common share - Basic $ (0.51 ) $ (0.16 ) Net loss per common share - Basic $ (0.51 ) $ (0.16 ) We had options to purchase 757,775 and 741,550 shares of common stock outstanding at a weighted average price of $21.78 and $24.27 for the three months ended March 31, 2021 and 2020, respectively, which were excluded in the computation of diluted net loss per common share. These options were not included in the computation of diluted net loss per common share because their exercise prices were greater than the average market price of our common stock. In addition, the calculation of diluted net loss per share for the three months ended March 31, 2021 and 2020, respectively, excluded 30,553 and 19,650 shares for the assumed exercise of stock options as a result of being in a net loss position.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	Note 3: Revenue Recognition The Company’s revenues are primarily comprised of sales of products. Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product. A performance obligation is a promise in a contract to transfer a distinct product to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales and other taxes are excluded from revenues. Invoiced shipping and handling costs are included in revenue. The Company’s revenue is primarily from products transferred to customers at a point in time. The Company recognizes revenue at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer upon shipment. We have determined that there are certain customer agreements involving production of specified product grades and shapes that require revenue to be recognized over time, in advance of shipment, due to there being no alternative use for these grades and shapes without significant economic loss. Also, the Company maintains an enforceable right to payment including a normal profit margin from the customer in the event of contract termination. Contract assets related to services performed and not yet billed of $2.0 million and $2.3 million are included in Accounts Receivable in the Consolidated Balance Sheets at March 31, 2021 and December 31, 2020, respectively. The Company has elected the following practical expedients allowed under Accounting Standards Codification Topic 606: • Shipping costs are not considered to be separate performance obligations. • Performance obligations are satisfied within one year from a given reporting date; consequently, we omit disclosure of the transaction price apportioned to remaining performance obligations on open orders. The following summarizes our revenue by melt type: Three months ended March 31, 2021 2020 Net sales: Specialty alloys $ 29,091 $ 49,920 Premium alloys (A) 7,553 7,664 Conversion services and other sales 394 910 Total net sales $ 37,038 58,494 (A) Premium alloys represent all vacuum induction melted (VIM) products.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventory	Note 4: Inventory Our raw material and starting stock inventory is primarily comprised of ferrous and non-ferrous scrap metal and alloys such as nickel, chrome, molybdenum, cobalt, vanadium and copper. Our semi-finished and finished steel products are work-in-process in various stages of production or are finished products waiting to be shipped to our customers. Operating materials are primarily comprised of forge dies and production molds and rolls that are consumed over their useful lives. During the three months ended March 31, 2021 and 2020, we amortized these operating materials in the amount of $0.4 million and $0.6 million, respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statements of cash flows. Inventory is stated at the lower of cost or net realizable value with cost principally determined on a weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead. We assess market based upon actual and estimated transactions at or around the balance sheet date. Typically, we reserve for slow-moving inventory and inventory that is being evaluated under our quality control process. The reserves are based upon management’s expected method of disposition. Due to low activity levels at our production facilities caused by the COVID-19 pandemic, management revised its accounting estimates for the absorption of costs into inventory during 2020. As a result, $2.6 million of fixed overhead costs were not absorbed into inventory and $1.8 million of negative operating efficiency variances were incurred during the three months ended March 31, 2021. The total impact of $4.4 million was charged directly to expense in the quarter. Inventories consisted of the following: March 31, December 31, (in thousands) 2021 2020 Raw materials and starting stock $ 8,944 $ 9,286 Semi-finished and finished steel products 95,423 94,928 Operating materials 11,198 11,502 Gross inventory 115,565 115,716 Inventory reserves (3,969) (4,336) Total inventory, net $ 111,596 $ 111,380

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Note 5: Leases The Company periodically enters into leases in its normal course of business. At March 31, 2021, the leases in effect were primarily related to mobile and other production equipment. The term of our leases is generally 60 months or less, and the leases do not have significant restrictions, covenants, or other nonstandard terms. Right-of-use assets and lease liabilities are recorded at the present value of minimum lease payments. For our operating leases, the assets are included in Other long-term assets on the consolidated balance sheets and are amortized within operating income over the respective lease terms. The long-term component of the lease liability is included in Other long-term liabilities, net, and the current component is included in Other current liabilities. For our finance leases, the assets are included in Property, plant and equipment, net on the consolidated balance sheets and are depreciated over the respective lease terms which range from three to five years. The long-term component of the lease liability is included in Long-term debt and the current component is included in Current portion of long-term debt. The Company entered into one new lease agreement accounted for as an operating lease, and did not enter into any new lease agreements accounted for as a finance lease, during the first quarter of 2021. As of March 31, 2021, future minimum lease payments applicable to operating and finance leases were as follows: Operating Leases Finance Leases 2021 $ 238 $ 255 2022 308 319 2023 214 240 2024 118 240 2025 6 80 Total minimum lease payments 884 1,134 Less amounts representing interest (37) (135) Present value of minimum lease payments 847 999 Less current obligations (312) (286) Total long-term lease obligations, net $ 535 $ 713 Weighted-average remaining lease term 3.0 years 3.2 years Right-of-use assets recorded to the consolidated balance sheet at March 31, 2021 were $0.8 million for operating leases and $1.0 million for finance leases. For the three months ended March 31, 2021, the amortization of finance lease assets was $0.1 million, and was included in cost of products sold in the Consolidated Statements of Operations. The Company applies the practical expedient allowed under Leases (Topic 842) to exclude leases with a term of 12 months or less from the calculation of our lease liabilities and right-of-use assets. In determining the lease liability and corresponding right-of-use asset for each lease, the Company calculated the present value of future lease payments using the interest rate implicit in the lease, when available, or the Company’s incremental borrowing rate. The incremental borrowing rate was determined with reference to the interest rate applicable under revolving credit facility discussed in Note 6, Long-Term Debt, as this facility is collateralized by a first lien on substantially all of the assets of the Company and its term is similar to the term of our leases.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Note 6: Long-Term Debt Long-term debt consisted of the following: March 31, December 31, (in thousands) 2021 2020 Revolving credit facility $ 27,200 $ 18,479 Term loan 15,000 6,786 Paycheck Protection Program Note 10,000 10,000 Notes - 15,000 Finance leases 999 1,070 Total debt 53,199 51,335 Less: current portion of long-term debt (1,893) (16,713) Less: deferred financing costs (1,634) (1,151) Long-term debt, net $ 49,672 $ 33,471 Credit Facility On March 17, 2021, we entered into the Second Amended and Restated Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”), with PNC Bank, National Association, as administrative agent and co-collateral agent (the “Agent”), Bank of America, N.A., as co-collateral agent (“Bank of America”), the Lenders (as defined in the New Credit Agreement) party thereto from time to time and PNC Capital Markets LLC, as sole lead arranger and sole bookrunner (“PNC Capital Markets”). The Credit Agreement replaces our prior credit agreement, and provides for a senior secured revolving credit facility in an aggregate principal amount not to exceed $105.0 million (“Revolving Credit Facility”) and a senior secured term loan facility (“Term Loan”) in the amount of $15.0 million (together with the Revolving Credit Facility, the “Facilities”) The Company was in compliance with all the applicable financial covenants on the date we entered into the Credit Agreement and at March 31, 2021. The Facilities, which expire on March 17, 2026 (the ‘Expiration Date”), are collateralized by a first lien on substantially all of the assets of the company and its subsidiaries, except that no real property is collateral under the Facilities other than Company’s real property in North Jackson, Ohio. Availability under the Credit Agreement is based on eligible accounts receivable and inventory. The Company must maintain undrawn availability under the Credit Agreement of at least $11.0 million. That requirement can be overcome if the Company maintains a fixed charge coverage ratio of not less than 1.10 to 1.0 measured on a rolling two-quarter basis and calculated in accordance with the terms of the Credit Agreement . The Company is required to pay a commitment fee of 0.25 % based on the daily unused portion of the Revolving Credit Facility . With respect to the Term Loan, the Company pays quarterly installments of the principal of approximately $0.5 million, plus accrued and unpaid interest, on the first day of each fiscal quarter beginning after June 30, 2021. To the extent not previously paid, the Term Loan will become due and payable in full on the Expiration Date. Amounts outstanding under the Facilities, at the Company’s option, bear interest at either a base rate or a LIBOR based rate, in either case calculated in accordance with the terms of the Credit Agreement. Interest under the Credit Agreement is payable monthly. We elected to use the LIBOR based rate for the majority of the debt outstanding under the Facilities for the three months ended March 31, 2021, which was 2.61% on our Revolving Credit Facility and 3.11% for the Term Loan. We incurred $0.5 million in additional financing costs in conjunction with the execution of the Credit Agreement, which were recorded to the consolidated balance sheet at March 31, 2021 and will be amortized to interest expense over the life of the Credit Agreement. At March 31, 2021, we had total Credit Agreement related net deferred financing costs of approximately $1.0 million. For the three months ended March 31, 2021, we amortized $0.1 million of those deferred financing costs. Paycheck Protection Program Term Note On April 16, 2020, the Company entered into a promissory note, dated April 15, 2020, with PNC Bank, National Association, evidencing an unsecured loan with a principal amount of $10.0 million made to the Company pursuant to the Paycheck Protection Program (the “PPP Term Note”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Term Note is guaranteed by the United States Small Business Administration. The proceeds may be used to maintain payroll or make certain covered interest payments, lease payments and utility payments. Under the terms of the CARES Act, the Company may be granted forgiveness for all or a portion of loan granted under the PPP, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of certain covered interest, lease and utility payments. The PPP Term Note bears interest at a fixed annual rate of 1.00%, with the first six months of interest deferred. According to the terms of the PPP Term Note, the Company would begin to make 18 equal monthly payments of principal and interest in November 2020 with the final payment due in April 2022. The PPP Term Note may be accelerated upon the occurrence of an event of default. The Company applied for forgiveness of the PPP Term Note during the third quarter of 2020. As of March 31, 2021, the Company has not made any principal or interest payments related to the PPP Term Note. The Company anticipates forgiveness of the entire amount of the PPP Term Note; however, we are unable to estimate the timing of the completion of the forgiveness process. We have elected to classify the full principal balance of the PPP Term Note within Long-term debt, net on the consolidated balance sheet as of March 31, 2021. Under the existing terms of the PPP Term Note, if no forgiveness were granted the entire principal amount would be due within approximately twelve months. Notes In connection with the acquisition of the North Jackson facility, in August 2011, we issued $20.0 million in aggregate principal amount of notes to the sellers of the North Jackson facility as partial consideration of the acquisition. On January 21, 2016, the Company entered into Amended and Restated Notes in the aggregate principal amount of $20.0 million (the “Notes”), each in favor of Gorbert Inc. (“Holder”). The Company’s obligations under the Notes were collateralized by a second lien on the same assets of the Company that collateralize the obligations of the Company under the Facilities. The Holder had the right to elect at any time on or prior to August 17, 2017 to convert all or any portion of the outstanding principal amount of the Notes. The Notes were originally scheduled to mature on March 17, 2019. In 2019, the Company extended the maturity date to March 17, 2020 in accordance with the terms of the Notes. In 2020, the Company extended the maturity date to March 17, 2021 in accordance with the terms of the Notes. The Company made partial principal payments on the notes upon extension, and an aggregate principal amount of $15.0 million remained outstanding at the 2021 maturity date. On March 17, 2021, the Company paid the remaining principal balance and all applicable interest to settle the notes obligation. The Notes had an applicable interest at a rate of 6.0% per year from August 17, 2017 until the time they were paid off. All accrued and unpaid interest was payable quarterly in arrears on September 18, December 18, March 18 and June 18 of each year.

New Markets Tax Credit Financin

New Markets Tax Credit Financing Transaction	3 Months Ended
	Mar. 31, 2021
New Markets Tax Credit Financing Transaction Disclosure [Abstract]
New Markets Tax Credit Financing Transaction	Note 7: New Markets Tax Credit Financing Transaction On March 9, 2018, the Company entered into a qualified New Markets Tax Credit (“NMTC”) financing program with PNC New Markets Investment Partners, LLC and Boston Community Capital, Inc. related to a new mid-size bar cell capital project at the Company’s Dunkirk, NY facility. PNC New Markets Investment Partners, LLC made a capital contribution and the Company made a loan to Dunkirk Investment Fund, LLC (“Investment Fund”) under the qualified NMTC program. Through this financing transaction, the Company secured low interest financing and the potential for other future benefits related to its mid-size bar cell capital project. In connection with the NMTC financing program, the Company loaned $6.7 million aggregate principal amount (“Leverage Loan”) due in March 2048, to the Investment Fund. Additionally, PNC New Markets Investment Partners, LLC contributed $3.5 million to the Investment Fund, and as such, PNC New Markets Investment Partners, LLC is entitled to substantially all tax and other benefits derived from the NMTC. The Investment Fund then contributed the proceeds to a community development entity (“CDE”). The CDE then loaned the funds, on similar terms, as the Leverage Loan to Dunkirk Specialty Steel, LLC, a wholly-owned subsidiary of the Company. The CDE loan proceeds are restricted for use on the mid-size bar cell capital project. The NMTC is subject to 100 percent recapture for a period of seven years as provided in the Internal Revenue Code. The Company is required to comply with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, require the Company to indemnify PNC New Markets Investment Partners, LLC for any loss or recapture of NMTCs related to the financing until the Company’s obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with this arrangement. As of March 31, 2021 and December 31, 2020, the Company recorded $2.8 million within Other long-term liabilities related to this transaction, which represents the funds contributed to the Investment Fund by PNC New Markets Investment Partners, LLC. This transaction also includes a put/call provision whereby the Company may be obligated or entitled to repurchase PNC New Markets Investment Partners, LLC’s interest in the Investment Fund. The Company believes that PNC New Markets Investment Partners, LLC will exercise the put option in March 2025, at the end of the recapture period, resulting in a gain of $2.8 million at that time. The value attributed to the put/call is negligible. Direct costs incurred in structuring this financing transaction totaled $0.7 million. These costs were deferred and are amortized over the term of the loans. The Company has determined that the Investment Fund and CDE are each a VIE, and that it is the primary beneficiary of each VIE. This conclusion was reached based on the following: • The ongoing activities of the VIE, collecting and remitting interest and fees, and NMTC compliance were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the VIE; • Contractual arrangements obligate the Company to comply with NMTC rules and regulations and provide various other guarantees to the Investment Fund and CDE; • PNC New Markets Investment Partners, LLC lacks a material interest in the underlying economics of the project; and • The Company is obligated to absorb losses of the VIE. Because the Company is the primary beneficiary of each VIE, these entities have been included in the Company’s Consolidated Financial Statements.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	Note 8: Fair Value Measurement The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows: Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date. Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The carrying amounts of our cash, accounts receivable and accounts payable approximated fair value at March 31, 2021 and December 31, 2020 due to their short-term maturities (Level 1). The fair value of the Term Loan and Revolving Credit facility at March 31, 2021 and December 31, 2020 approximated the carrying amount as the interest rate is based upon floating short-term interest rates (Level 2). The fair value of our Notes was approximately $15.0 million at December 31, 2020 (Level 2).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9: Commitments and Contingencies From time to time, various lawsuits and claims have been or may be asserted against us relating to the conduct of our business, including routine litigation relating to commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on our financial condition, or liquidity or a material impact on our results of operations is remote, although the resolution of one or more of these matters may have a material adverse effect on our results of operations for the period in which the resolution occurs.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 10: Income Taxes Management estimates the annual effective income tax rate quarterly, based on current annual forecasted results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision includes tax on ordinary income provided at the most recent estimated annual effective tax rate (“ETR”), increased or decreased for the tax effect of discrete items. For the three months ended March 31, 2021 and 2020, our estimated annual effective tax rates applied to ordinary income were 25.8% and 28.3%, respectively. The difference between the federal statutory rate of 21.0% and the projected annual ETR of 25.8% for 2021 is primarily due to research and development credits. Discrete items during the three months ended March 31, 2021 and 2020 were not significant, and our ETR for the first quarter in each year was 25.1% and 27.0%, respectively.

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Note 11: Derivatives and Hedging The Company invoices certain customers in foreign currencies. In order to mitigate the risks associated with fluctuations in exchange rates with the U.S. Dollar, the Company entered into foreign exchange forward contracts to mitigate the foreign currency risk related to a portion of these sales, and has designated these contracts as cash flow hedges. The notional value of contracts was $0.9 million and $1.2 million at March 31, 2021 and December 31, 2020, respectively, and a related unrealized loss of less than $0.1 million was recorded in accumulated other comprehensive income at each date. Additionally, the Company entered into a forward interest rate swap contract during 2020 to fix the interest rate on a portion of its variable-rate debt from January 1, 2021 to June 30, 2023. The forward interest rate swap was designated as a cash flow hedge. The notional amount of the contract at its inception and at March 31, 2021 was $16 million, and the notional amount will step down throughout the term. The contract had a related unrealized loss recorded in accumulated other comprehensive income of less than $0.1 million at March 31, 2021 and December 31, 2020.

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. GAAP have been condensed or omitted pursuant to such regulations. Although the December 31, 2020 consolidated balance sheet data was derived from the audited financial statements, it does not include all disclosures required by U.S. GAAP. However, we believe that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our most recently audited financial statements and the notes thereto included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In the opinion of management, the accompanying financial statements include all adjustments necessary to present a fair presentation of the consolidated financial statements for the periods shown. Interim results are not necessarily indicative of the operating results for the full fiscal year or any future period. The preparation of these financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The consolidated financial statements include our accounts and the accounts of our wholly–owned subsidiaries. We also consolidate, regardless of our ownership percentage, variable interest entities (each a “VIE”) for which we are deemed to have a controlling financial interest. All intercompany transactions and balances have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if the entity is a VIE, and if we are deemed to be a primary beneficiary. As a part of our evaluation, we are required to qualitatively assess if we are the primary beneficiary of the VIE based on whether we hold the power to direct those matters that most significantly impacted the activities of the VIE and the obligation to absorb losses or the right to receive the benefits of the VIE that could potentially be significant. Refer to Note 7, New Markets Tax Credit Financing Transaction, for a description of the VIEs included in our consolidated financial statements.
New Accounting Pronouncement	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740),” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments in this ASU also improve consistency and simplify other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this ASU will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. An entity is permitted to early adopt the guidance, and we early adopted ASU 2019-12 as of January 1, 2020. The adoption did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all ASUs. Recently issued ASUs not listed were assessed and were determined not applicable, or are expected to have minimal impact on our consolidated financial statements .

Revenue Recognition (Policies)

Revenue Recognition (Policies)	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	The Company’s revenues are primarily comprised of sales of products. Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product. A performance obligation is a promise in a contract to transfer a distinct product to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales and other taxes are excluded from revenues. Invoiced shipping and handling costs are included in revenue. The Company’s revenue is primarily from products transferred to customers at a point in time. The Company recognizes revenue at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer upon shipment.

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Common Share	The following table sets forth the computation of basic and diluted net income per common share: Three months ended March 31, (dollars in thousands, except per share amounts) 2021 2020 Numerator: Net loss $ (4,529 ) $ (1,411 ) Denominator: Weighted average number of shares of common stock outstanding 8,888,815 8,801,337 Weighted average effect of dilutive share-based compensation - - Diluted weighted average number of shares of common stock outstanding 8,888,815 8,801,337 Net loss per common share: Net loss per common share - Basic $ (0.51 ) $ (0.16 ) Net loss per common share - Basic $ (0.51 ) $ (0.16 )

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Summary of Revenue	The following summarizes our revenue by melt type: Three months ended March 31, 2021 2020 Net sales: Specialty alloys $ 29,091 $ 49,920 Premium alloys (A) 7,553 7,664 Conversion services and other sales 394 910 Total net sales $ 37,038 58,494 (A) Premium alloys represent all vacuum induction melted (VIM) products.

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Major Classes of Inventory	Inventories consisted of the following: March 31, December 31, (in thousands) 2021 2020 Raw materials and starting stock $ 8,944 $ 9,286 Semi-finished and finished steel products 95,423 94,928 Operating materials 11,198 11,502 Gross inventory 115,565 115,716 Inventory reserves (3,969) (4,336) Total inventory, net $ 111,596 $ 111,380

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Future Minimum Lease Payments Applicable to Operating and Finance Leases	As of March 31, 2021, future minimum lease payments applicable to operating and finance leases were as follows: Operating Leases Finance Leases 2021 $ 238 $ 255 2022 308 319 2023 214 240 2024 118 240 2025 6 80 Total minimum lease payments 884 1,134 Less amounts representing interest (37) (135) Present value of minimum lease payments 847 999 Less current obligations (312) (286) Total long-term lease obligations, net $ 535 $ 713 Weighted-average remaining lease term 3.0 years 3.2 years

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: March 31, December 31, (in thousands) 2021 2020 Revolving credit facility $ 27,200 $ 18,479 Term loan 15,000 6,786 Paycheck Protection Program Note 10,000 10,000 Notes - 15,000 Finance leases 999 1,070 Total debt 53,199 51,335 Less: current portion of long-term debt (1,893) (16,713) Less: deferred financing costs (1,634) (1,151) Long-term debt, net $ 49,672 $ 33,471

Net Loss Per Common Share (Comp

Net Loss Per Common Share (Computation of Basic and Diluted Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss	$ (4,529)	$ (1,411)
Denominator:
Weighted average number of shares of common stock outstanding	8,888,815	8,801,337
Diluted weighted average number of shares of common stock outstanding	8,888,815	8,801,337
Net loss per common share:
Net loss per common share - Basic	$ (0.51)	$ (0.16)
Net loss per common share - Diluted	$ (0.51)	$ (0.16)

Net Loss Per Common Share (Narr

Net Loss Per Common Share (Narrative) (Details) - Stock Compensation Plan [Member] - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	757,775	741,550
Weighted average price of anti-dilutive options outstanding	$ 21.78	$ 24.27
Exercise of stock options excluded	30,553	19,650

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounting Standards Codification Topic 606 [Member]
Revenue Recognition [Line Items]
Revenue practical expedient remaining performance obligation [true/false]	true
Accounts Receivable [Member]
Revenue Recognition [Line Items]
Contract assets	$ 2	$ 2.3

Revenue Recognition (Summary of

Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Net sales	$ 37,038	$ 58,494
Specialty Alloys [Member]
Disaggregation Of Revenue [Line Items]
Net sales	29,091	49,920
Premium Alloys [Member]
Disaggregation Of Revenue [Line Items]
Net sales	7,553	7,664
Conversion Services and Other Sales [Member]
Disaggregation Of Revenue [Line Items]
Net sales	$ 394	$ 910

Inventory (Narrative) (Details)

Inventory (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Inventory Disclosure [Abstract]
Cost of goods sold, amortization of operating materials	$ 0.4	$ 0.6
Fixed Production Overhead To Cost of Inventory	2.6
Other Cost and Expense, Operating	1.8
Operating Expenses	$ 4.4

Inventory (Major Classes of Inv

Inventory (Major Classes of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and starting stock	$ 8,944	$ 9,286
Semi-finished and finished steel products	95,423	94,928
Operating materials	11,198	11,502
Gross inventory	115,565	115,716
Inventory reserves	(3,969)	(4,336)
Total inventory, net	$ 111,596	$ 111,380

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)Lease
Lessee Lease Description [Line Items]
Number of lease agreements accounted for as operating leases | Lease	1
Operating leases, right-of-use assets	$ 0.8
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other long-term assets
Finance leases, right-of-use assets	$ 1
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net
Amortization of finance lease assets	$ 0.1
Lease practical expedient (true/false)	true
Maximum [Member]
Lessee Lease Description [Line Items]
Operating and finance lease, lease terms	60 months
Finance lease term applicable to depreciate right-of-use assets and lease liabilities	5 years
Minimum [Member]
Lessee Lease Description [Line Items]
Finance lease term applicable to depreciate right-of-use assets and lease liabilities	3 years

Leases (Future Minimum Lease Pa

Leases (Future Minimum Lease Payments Applicable to Operating and Finance Leases) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Operating Leases
2021	$ 238
2022	308
2023	214
2024	118
2025	6
Total minimum lease payments	884
Less amounts representing interest	(37)
Present value of minimum lease payments	847
Less current obligations	(312)
Total long-term lease obligations, net	$ 535
Weighted-average remaining lease term	3 years
Finance Leases
2021	$ 255
2022	319
2023	240
2024	240
2025	80
Total minimum lease payments	1,134
Less amounts representing interest	(135)
Present value of minimum lease payments	999
Less current obligations	(286)
Total long-term lease obligations, net	$ 713
Weighted-average remaining lease term	3 years 2 months 12 days

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 53,199	$ 51,335
Less: current portion of long-term debt	(1,893)	(16,713)
Less: deferred financing costs	(1,634)	(1,151)
Long-term debt, net	49,672	33,471
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	27,200	18,479
Notes [Member]
Debt Instrument [Line Items]
Total debt		15,000
Term Loan [Member]
Debt Instrument [Line Items]
Total debt	15,000	6,786
Paycheck Protection Program Note [Member]
Debt Instrument [Line Items]
Total debt	10,000	10,000
Finance Leases [Member]
Debt Instrument [Line Items]
Total debt	$ 999	$ 1,070

Long-Term Debt (Credit Facility

Long-Term Debt (Credit Facility) (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 17, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Payments of financing costs	$ 539,000
Net deferred financing fees	1,634,000		$ 1,151,000
Amortization of deferred financing costs	100,000
PNC Bank [Member]
Line of Credit Facility [Line Items]
Minimum secured borrowing capacity	$ 11,000,000
Minimum fixed charge coverage ratio	110.00%
Amended and Restated Prior Credit Agreement [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Debt instrument, expiration date	Mar. 17, 2026
Revolving Credit Facility [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Commitment fee on the daily unused portion of the Revolver	0.25%
Net deferred financing fees	$ 1,000,000
Revolving Credit Facility [Member] | PNC Bank [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, effective interest rate	2.61%
Revolving Credit Facility [Member] | Amended and Restated Prior Credit Agreement [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		$ 105,000,000
Term Loan [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Frequency of Periodic Payment	quarterly
Quarterly term loan payments	$ 500,000
Term Loan [Member] | PNC Bank [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, effective interest rate	3.11%
Term Loan [Member] | Amended and Restated Prior Credit Agreement [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		$ 15,000,000

Long-Term Debt (Notes) (Narrati

Long-Term Debt (Notes) (Narrative) (Details) - USD ($)	Mar. 18, 2019	Mar. 17, 2019	Jan. 21, 2016	Apr. 16, 2020	Mar. 17, 2020	Aug. 17, 2017	Aug. 31, 2011
Paycheck Protection Program Note [Member] | PNC Bank [Member]
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount				$ 10,000,000
Debt instrument interest rate				1.00%
Notes [Member] | North Jackson Facility [Member]
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount							$ 20,000,000
Notes [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount			$ 20,000,000
Debt instrument, maturity date	Mar. 17, 2021	Mar. 17, 2020	Mar. 17, 2019
Aggregate principal payment required if maturity date extend					$ 15,000,000
Notes [Member] | Gorbert Inc. [Member] | Since August 17, 2017 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate						6.00%

New Markets Tax Credit Financ_2

New Markets Tax Credit Financing Transaction (Narrative) (Details) - USD ($) $ in Thousands	Mar. 09, 2018	Mar. 31, 2021	Dec. 31, 2020
New Markets Tax Credit Financing Transaction [Line Items]
New market tax credits recapture percentage	100.00%
New market tax credits period of recapture	7 years
Other long-term liabilities		$ 4,305	$ 4,277
Gain (Loss) on Sale of Derivatives		2,800
Direct costs incurred in structuring financing transaction		1,634	1,151
New Markets Tax Credit (NMTC) Program [Member]
New Markets Tax Credit Financing Transaction [Line Items]
Aggregate principal amount of leverage loan loaned to investment fund	$ 6,700
Leverage loan, due date	2048-03
Other long-term liabilities		$ 2,800	$ 2,800
Direct costs incurred in structuring financing transaction	$ 700
New Markets Tax Credit (NMTC) Program [Member] | PNC New Markets Investment Partners, LLC [Member]
New Markets Tax Credit Financing Transaction [Line Items]
Capital contributions to investment fund	$ 3,500

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details) $ in Millions	Dec. 31, 2020USD ($)
Fair Value, Inputs, Level 2 [Member]
Notes payable, fair value disclosure	$ 15

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Taxes [Line Items]
Estimated annual effective tax rate	25.80%	28.30%
Effective income tax rate continuing operations	25.10%	27.00%
Research and Development [Member]
Income Taxes [Line Items]
Effective income tax rate, federal statutory rate	21.00%
Effective income tax rate continuing operations	25.80%

Derivatives and Hedging (Narrat

Derivatives and Hedging (Narrative) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Maximum [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Accumulated unrealized gain on foreign currency contracts , net of tax	$ 100,000	$ 100,000
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Notional value of derivative contracts	900,000	1,200,000
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Notional value of derivative contracts	16,000,000
Interest Rate Swap | Maximum [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Accumulated unrealized gain on foreign currency contracts , net of tax	$ 100,000	$ 100,000