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v3.24.3

Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 29, 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 and year-to-date periods ended September 29, 2024 and October 1, 2023 is included in the following tables.
(in millions) |  | Quarter ended
|  | September 29, 2024 |  | October 1, 2023
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |
Jet Engines- Commercial |  | $ | 341.9 |  | $ | 24.0 |  | $ | 365.9 |  |  | $ | 312.5 |  | $ | 16.9 |  | $ | 329.4 |
Airframes- Commercial |  | 84.1 |  | 96.7 |  | 180.8 |  |  | 104.0 |  | 99.6 |  | 203.6 |
Defense |  | 48.9 |  | 58.2 |  | 107.1 |  |  | 39.7 |  | 53.1 |  | 92.8 |
Total Aerospace & Defense |  | 474.9 |  | 178.9 |  | 653.8 |  |  | 456.2 |  | 169.6 |  | 625.8 |
Energy: |  |  |  |  |  |  |  |
Conventional Energy |  | 2.4 |  | 70.2 |  | 72.6 |  |  | 2.5 |  | 84.5 |  | 87.0 |
Specialty Energy |  | 26.3 |  | 43.6 |  | 69.9 |  |  | 20.2 |  | 41.7 |  | 61.9 |
Total Energy |  | 28.7 |  | 113.8 |  | 142.5 |  |  | 22.7 |  | 126.2 |  | 148.9 |
Automotive |  | 4.6 |  | 59.2 |  | 63.8 |  |  | 7.2 |  | 40.9 |  | 48.1 |
Medical |  | 28.6 |  | 24.5 |  | 53.1 |  |  | 28.9 |  | 18.6 |  | 47.5 |
Electronics |  | — |  | 49.1 |  | 49.1 |  |  | 0.6 |  | 44.2 |  | 44.8 |
Construction/Mining |  | 4.9 |  | 36.9 |  | 41.8 |  |  | 7.7 |  | 32.3 |  | 40.0 |
Food Equipment & Appliances |  | — |  | 12.9 |  | 12.9 |  |  | — |  | 16.2 |  | 16.2 |
Other |  | 10.7 |  | 23.5 |  | 34.2 |  |  | 16.2 |  | 38.1 |  | 54.3 |
Total |  | $ | 552.4 |  | $ | 498.8 |  | $ | 1,051.2 |  |  | $ | 539.5 |  | $ | 486.1 |  | $ | 1,025.6 |
(in millions) |  | Year-to-date period ended
|  | September 29, 2024 |  | October 1, 2023
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |
Jet Engines- Commercial |  | $ | 970.6 |  | $ | 59.3 |  | $ | 1,029.9 |  |  | $ | 914.2 |  | $ | 67.0 |  | $ | 981.2 |
Airframes- Commercial |  | 263.5 |  | 318.2 |  | 581.7 |  |  | 242.0 |  | 295.7 |  | 537.7 |
Defense |  | 160.9 |  | 180.9 |  | 341.8 |  |  | 131.6 |  | 157.8 |  | 289.4 |
Total Aerospace & Defense |  | 1,395.0 |  | 558.4 |  | 1,953.4 |  |  | 1,287.8 |  | 520.5 |  | 1,808.3 |
Energy: |  |  |  |  |  |  |  |
Conventional Energy |  | 8.3 |  | 232.9 |  | 241.2 |  |  | 8.6 |  | 317.2 |  | 325.8 |
Specialty Energy |  | 67.0 |  | 135.6 |  | 202.6 |  |  | 75.0 |  | 137.8 |  | 212.8 |
Total Energy |  | 75.3 |  | 368.5 |  | 443.8 |  |  | 83.6 |  | 455.0 |  | 538.6 |
Automotive |  | 13.4 |  | 177.2 |  | 190.6 |  |  | 19.5 |  | 140.8 |  | 160.3 |
Medical |  | 97.5 |  | 76.4 |  | 173.9 |  |  | 70.7 |  | 53.7 |  | 124.4 |
Electronics |  | 3.0 |  | 139.8 |  | 142.8 |  |  | 1.8 |  | 113.4 |  | 115.2 |
Construction/Mining |  | 19.9 |  | 93.3 |  | 113.2 |  |  | 26.9 |  | 101.9 |  | 128.8 |
Food Equipment & Appliances |  | — |  | 41.0 |  | 41.0 |  |  | — |  | 58.6 |  | 58.6 |
Other |  | 40.2 |  | 90.5 |  | 130.7 |  |  | 47.4 |  | 128.1 |  | 175.5 |
Total |  | $ | 1,644.3 |  | $ | 1,545.1 |  | $ | 3,189.4 |  |  | $ | 1,537.7 |  | $ | 1,572.0 |  | $ | 3,109.7 |
(in millions) |  | Quarter ended
|  | September 29, 2024 |  | October 1, 2023
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 285.8 |  | $ | 339.8 |  | $ | 625.6 |  |  | $ | 242.6 |  | $ | 314.2 |  | $ | 556.8 |
Europe |  | 201.4 |  | 41.6 |  | 243.0 |  |  | 217.7 |  | 49.7 |  | 267.4 |
Asia |  | 30.3 |  | 93.0 |  | 123.3 |  |  | 37.8 |  | 103.4 |  | 141.2 |
Canada |  | 16.4 |  | 15.0 |  | 31.4 |  |  | 13.1 |  | 10.4 |  | 23.5 |
South America, Middle East and other |  | 18.5 |  | 9.4 |  | 27.9 |  |  | 28.3 |  | 8.4 |  | 36.7 |
Total |  | $ | 552.4 |  | $ | 498.8 |  | $ | 1,051.2 |  |  | $ | 539.5 |  | $ | 486.1 |  | $ | 1,025.6 |
(in millions) |  | Year-to-date period ended
|  | September 29, 2024 |  | October 1, 2023
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 797.9 |  | $ | 1,037.8 |  | $ | 1,835.7 |  |  | $ | 661.1 |  | $ | 1,052.3 |  | $ | 1,713.4 |
Europe |  | 636.9 |  | 146.5 |  | 783.4 |  |  | 619.7 |  | 137.7 |  | 757.4 |
Asia |  | 106.5 |  | 258.5 |  | 365.0 |  |  | 132.8 |  | 316.4 |  | 449.2 |
Canada |  | 45.4 |  | 39.5 |  | 84.9 |  |  | 41.7 |  | 34.9 |  | 76.6 |
South America, Middle East and other |  | 57.6 |  | 62.8 |  | 120.4 |  |  | 82.4 |  | 30.7 |  | 113.1 |
Total |  | $ | 1,644.3 |  | $ | 1,545.1 |  | $ | 3,189.4 |  |  | $ | 1,537.7 |  | $ | 1,572.0 |  | $ | 3,109.7 |
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
|  | September 29, 2024 |  | October 1, 2023
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 43 | % | 50 | % | 46 | % |  | 42 | % | 52 | % | 47 | %
Precision forgings, castings and components |  | 36 | % | — | % | 20 | % |  | 33 | % | — | % | 18 | %
Titanium and titanium-based alloys |  | 21 | % | 12 | % | 17 | % |  | 24 | % | 13 | % | 19 | %
Precision rolled strip products |  | — | % | 21 | % | 9 | % |  | 1 | % | 19 | % | 9 | %
Zirconium and related alloys |  | — | % | 17 | % | 8 | % |  | — | % | 16 | % | 7 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
|  | Year-to-date period ended
|  | September 29, 2024 |  | October 1, 2023
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 41 | % | 50 | % | 45 | % |  | 45 | % | 56 | % | 50 | %
Precision forgings, castings and components |  | 36 | % | — | % | 19 | % |  | 33 | % | — | % | 17 | %
Titanium and titanium-based alloys |  | 23 | % | 13 | % | 18 | % |  | 21 | % | 11 | % | 16 | %
Zirconium and related alloys |  | — | % | 18 | % | 9 | % |  | — | % | 15 | % | 8 | %
Precision rolled strip products |  | — | % | 19 | % | 9 | % |  | 1 | % | 18 | % | 9 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts |
(in millions) |  |
Accounts Receivable - Reserve for Doubtful Accounts | September 29, 2024 | October 1, 2023
Balance as of beginning of year | $ | 3.2 |  | $ | 7.7 |
Expense to increase the reserve | — |  | 0.2 |
Write-off of uncollectible accounts | (0.6) |  | (4.2) |
Balance as of period end | $ | 2.6 |  | $ | 3.7 |
Schedule of Contract Assets and Liabilities |
(in millions) |  |
Contract Assets |  |
Short-term | September 29, 2024 | October 1, 2023
Balance as of beginning of year | $ | 59.1 |  | $ | 64.1 |
Recognized in current year | 68.9 |  | 66.6 |
Reclassified to accounts receivable | (37.5) |  | (74.1) |
Balance as of period end | $ | 90.5 |  | $ | 56.6 |
(in millions) |
Contract Liabilities |  |
Short-term | September 29, 2024 | October 1, 2023
Balance as of beginning of year | $ | 163.6 |  | $ | 149.1 |
Recognized in current year | 75.1 |  | 61.4 |
Amounts in beginning balance reclassified to revenue | (67.7) |  | (86.7) |
Current year amounts reclassified to revenue | (36.9) |  | (40.9) |
Other | — |  | (0.1) |
Reclassification to/from long-term | 12.4 |  | 27.4 |
Balance as of period end | $ | 146.5 |  | $ | 110.2 |
Long-term (a) | September 29, 2024 | October 1, 2023
Balance as of beginning of year | $ | 39.4 |  | $ | 66.8 |
Recognized in current year | 10.8 |  | 1.0 |
Reclassification to/from short-term | (12.4) |  | (27.4) |
Balance as of period end | $ | 37.8 |  | $ | 40.4 |
(a) Long-term contract liabilities are included in other long-term liabilities on the consolidated balance sheets.

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- 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
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- 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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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