XML 39 R29.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Revenue from Contracts with Customers (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | Comparative information regarding the Company’s overall revenues by global and geographical markets for the quarters ended March 31, 2024 and April 2, 2023 is included in the following tables.
(in millions) |  | Quarter ended
|  | March 31, 2024 |  | April 2, 2023
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |
Jet Engines- Commercial |  | $ | 296.9 |  | $ | 14.3 |  | $ | 311.2 |  |  | $ | 282.5 |  | $ | 28.4 |  | $ | 310.9 |
Airframes- Commercial |  | 85.7 |  | 104.4 |  | 190.1 |  |  | 71.0 |  | 98.9 |  | 169.9 |
Defense |  | 60.0 |  | 54.4 |  | 114.4 |  |  | 41.9 |  | 53.0 |  | 94.9 |
Total Aerospace & Defense |  | 442.6 |  | 173.1 |  | 615.7 |  |  | 395.4 |  | 180.3 |  | 575.7 |
Energy: |  |  |  |  |  |  |  |
Oil & Gas |  | 3.5 |  | 99.0 |  | 102.5 |  |  | 2.4 |  | 125.1 |  | 127.5 |
Specialty Energy |  | 18.2 |  | 37.9 |  | 56.1 |  |  | 24.9 |  | 57.8 |  | 82.7 |
Total Energy |  | 21.7 |  | 136.9 |  | 158.6 |  |  | 27.3 |  | 182.9 |  | 210.2 |
Medical |  | 35.9 |  | 23.2 |  | 59.1 |  |  | 17.5 |  | 17.5 |  | 35.0 |
Automotive |  | 5.0 |  | 51.0 |  | 56.0 |  |  | 6.3 |  | 53.1 |  | 59.4 |
Electronics |  | 1.0 |  | 51.9 |  | 52.9 |  |  | 0.5 |  | 33.9 |  | 34.4 |
Construction/Mining |  | 6.7 |  | 20.5 |  | 27.2 |  |  | 8.2 |  | 32.2 |  | 40.4 |
Food Equipment & Appliances |  | — |  | 11.9 |  | 11.9 |  |  | — |  | 21.5 |  | 21.5 |
Other |  | 17.0 |  | 44.5 |  | 61.5 |  |  | 15.9 |  | 45.6 |  | 61.5 |
Total |  | $ | 529.9 |  | $ | 513.0 |  | $ | 1,042.9 |  |  | $ | 471.1 |  | $ | 567.0 |  | $ | 1,038.1 |
(in millions) |  | Quarter ended
|  | March 31, 2024 |  | April 2, 2023
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 240.7 |  | $ | 330.9 |  | $ | 571.6 |  |  | $ | 196.5 |  | $ | 391.8 |  | $ | 588.3 |
Europe |  | 211.5 |  | 50.7 |  | 262.2 |  |  | 194.2 |  | 44.4 |  | 238.6 |
Asia |  | 38.9 |  | 77.3 |  | 116.2 |  |  | 44.0 |  | 109.5 |  | 153.5 |
Canada |  | 15.3 |  | 12.3 |  | 27.6 |  |  | 12.0 |  | 11.2 |  | 23.2 |
South America, Middle East and other |  | 23.5 |  | 41.8 |  | 65.3 |  |  | 24.4 |  | 10.1 |  | 34.5 |
Total |  | $ | 529.9 |  | $ | 513.0 |  | $ | 1,042.9 |  |  | $ | 471.1 |  | $ | 567.0 |  | $ | 1,038.1 |
Comparative information regarding the Company’s major products based on their percentages of sales is included in the following table. Hot-Rolling and Processing Facility (HRPF) conversion service sales in the AA&S segment are excluded from this presentation.
|  | Quarter ended
|  | March 31, 2024 |  | April 2, 2023
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 39 | % | 51 | % | 45 | % |  | 45 | % | 60 | % | 53 | %
Precision forgings, castings and components |  | 36 | % | — | % | 19 | % |  | 34 | % | — | % | 16 | %
Titanium and titanium-based alloys |  | 24 | % | 12 | % | 18 | % |  | 20 | % | 8 | % | 14 | %
Zirconium and related alloys |  | — | % | 20 | % | 10 | % |  | — | % | 13 | % | 7 | %
Precision rolled strip products |  | 1 | % | 17 | % | 8 | % |  | 1 | % | 19 | % | 10 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts |
(in millions) |  |
Accounts Receivable - Reserve for Doubtful Accounts | March 31, 2024 | April 2, 2023
Balance as of beginning of year | $ | 3.2 |  | $ | 7.7 |
Expense to increase the reserve | — |  | — |
Write-off of uncollectible accounts | (0.1) |  | (0.3) |
Balance as of period end | $ | 3.1 |  | $ | 7.4 |
Schedule of Contract Assets and Liabilities |
(in millions) |  |
Contract Assets |  |
Short-term | March 31, 2024 | April 2, 2023
Balance as of beginning of year | $ | 59.1 |  | $ | 64.1 |
Recognized in current year | 28.0 |  | 20.4 |
Reclassified to accounts receivable | (21.8) |  | (31.8) |
Balance as of period end | $ | 65.3 |  | $ | 52.7 |
(in millions) |
Contract Liabilities |  |
Short-term | March 31, 2024 | April 2, 2023
Balance as of beginning of year | $ | 163.6 |  | $ | 149.1 |
Recognized in current year | 38.1 |  | 33.6 |
Amounts in beginning balance reclassified to revenue | (36.7) |  | (51.7) |
Current year amounts reclassified to revenue | (9.3) |  | (0.4) |
Reclassification to/from long-term | 5.9 |  | 19.1 |
Balance as of period end | $ | 161.6 |  | $ | 149.7 |
Long-term (a) | March 31, 2024 | April 2, 2023
Balance as of beginning of year | $ | 39.4 |  | $ | 66.8 |
Recognized in current year | 0.6 |  | 1.0 |
Reclassification to/from short-term | (5.9) |  | (19.1) |
Balance as of period end | $ | 34.1 |  | $ | 48.7 |
(a) Long-term contract liabilities are included in other long-term liabilities on the consolidated balance sheets.

X
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration