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Revenue from Contracts with Customers | 12 Months Ended
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Dec. 29, 2024
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue The Company operates in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). Revenue is disaggregated within these two business segments by diversified global markets, primary geographical markets, and diversified products. Comparative information of the Company’s overall revenues (in millions) by global and geographical markets for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023 is as follows:
|  | Fiscal Year
(in millions) |  | 2024 |  | 2023 |  | 2022
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |  |  |  |  |
Jet-Engines- Commercial |  | $ | 1,365.4 |  | $ | 92.4 |  | $ | 1,457.8 |  |  | $ | 1,255.3 |  | $ | 78.2 |  | $ | 1,333.5 |  |  | $ | 975.7 |  | $ | 87.8 |  | $ | 1,063.5 |
Airframes- Commercial |  | 369.7 |  | 403.2 |  | 772.9 |  |  | 350.6 |  | 388.8 |  | 739.4 |  |  | 184.1 |  | 284.8 |  | 468.9 |
Defense |  | 224.8 |  | 265.4 |  | 490.2 |  |  | 181.0 |  | 220.9 |  | 401.9 |  |  | 158.2 |  | 183.0 |  | 341.2 |
Total Aerospace & Defense |  | $ | 1,959.9 |  | $ | 761.0 |  | $ | 2,720.9 |  |  | $ | 1,786.9 |  | $ | 687.9 |  | $ | 2,474.8 |  |  | $ | 1,318.0 |  | $ | 555.6 |  | $ | 1,873.6 |
Specialty Energy |  | 96.8 |  | 187.8 |  | 284.6 |  |  | 93.9 |  | 179.3 |  | 273.2 |  |  | 113.6 |  | 163.0 |  | 276.6 |
Medical |  | 115.5 |  | 109.4 |  | 224.9 |  |  | 102.6 |  | 74.3 |  | 176.9 |  |  | 73.2 |  | 89.9 |  | 163.1 |
Electronics |  | 3.0 |  | 191.3 |  | 194.3 |  |  | 3.1 |  | 156.8 |  | 159.9 |  |  | 2.4 |  | 197.6 |  | 200.0 |
Other Core Markets |  | 215.3 |  | 488.5 |  | 703.8 |  |  | 199.6 |  | 410.4 |  | 610.0 |  |  | 189.2 |  | 450.5 |  | 639.7 |
Core End Markets |  | 2,175.2 |  | 1,249.5 |  | 3,424.7 |  |  | 1,986.5 |  | 1,098.3 |  | 3,084.8 |  |  | 1,507.2 |  | 1,006.1 |  | 2,513.3 |
Conventional Energy |  | 9.8 |  | 292.2 |  | 302.0 |  |  | 10.6 |  | 404.0 |  | 414.6 |  |  | 35.0 |  | 441.7 |  | 476.7 |
Automotive |  | 15.2 |  | 244.2 |  | 259.4 |  |  | 24.6 |  | 186.1 |  | 210.7 |  |  | 11.2 |  | 290.9 |  | 302.1 |
Construction/Mining |  | 26.3 |  | 132.2 |  | 158.5 |  |  | 35.0 |  | 127.9 |  | 162.9 |  |  | 34.1 |  | 142.3 |  | 176.4 |
Other |  | 52.0 |  | 165.5 |  | 217.5 |  |  | 63.5 |  | 237.2 |  | 300.7 |  |  | 53.7 |  | 313.8 |  | 367.5 |
Industrial Markets |  | $ | 103.3 |  | $ | 834.1 |  | $ | 937.4 |  |  | $ | 133.7 |  | $ | 955.2 |  | $ | 1,088.9 |  |  | $ | 134.0 |  | $ | 1,188.7 |  | $ | 1,322.7 |
Total |  | $ | 2,278.5 |  | $ | 2,083.6 |  | $ | 4,362.1 |  |  | $ | 2,120.2 |  | $ | 2,053.5 |  | $ | 4,173.7 |  |  | $ | 1,641.2 |  | $ | 2,194.8 |  | $ | 3,836.0 |
|  | Fiscal Year
(in millions) |  | 2024 |  | 2023 |  | 2022
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,134.0 |  | $ | 1,391.2 |  | $ | 2,525.2 |  |  | $ | 915.3 |  | $ | 1,335.5 |  | $ | 2,250.8 |  |  | $ | 742.9 |  | $ | 1,475.7 |  | $ | 2,218.6 |
China |  | 57.6 |  | 242.0 |  | 299.6 |  |  | 70.1 |  | 263.2 |  | 333.3 |  |  | 59.8 |  | 292.0 |  | 351.8 |
Germany |  | 202.5 |  | 57.2 |  | 259.7 |  |  | 204.2 |  | 38.8 |  | 243.0 |  |  | 148.4 |  | 52.5 |  | 200.9 |
United Kingdom |  | 217.0 |  | 40.9 |  | 257.9 |  |  | 224.8 |  | 34.3 |  | 259.1 |  |  | 165.7 |  | 52.0 |  | 217.7 |
France |  | 186.9 |  | 40.6 |  | 227.5 |  |  | 172.4 |  | 47.0 |  | 219.4 |  |  | 125.7 |  | 31.5 |  | 157.2 |
Canada |  | 60.9 |  | 55.3 |  | 116.2 |  |  | 64.9 |  | 46.1 |  | 111.0 |  |  | 46.2 |  | 41.2 |  | 87.4 |
Rest of World |  | 419.6 |  | 256.4 |  | 676.0 |  |  | 468.5 |  | 288.6 |  | 757.1 |  |  | 352.5 |  | 249.9 |  | 602.4 |
Total |  | $ | 2,278.5 |  | $ | 2,083.6 |  | $ | 4,362.1 |  |  | $ | 2,120.2 |  | $ | 2,053.5 |  | $ | 4,173.7 |  |  | $ | 1,641.2 |  | $ | 2,194.8 |  | $ | 3,836.0 |
Comparative information of the Company’s major products based on their percentages of sales is included in the following table. HRPF conversion service sales in the AA&S segment are excluded from this presentation.
|  | Fiscal Year
|  | 2024 |  | 2023 |  | 2022
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products: |  |  |  |  |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 41 | % | 49 | % | 45 | % |  | 44 | % | 54 | % | 49 | % |  | 49 | % | 54 | % | 52 | %
Precision forgings, castings and components |  | 36 | % | — | % | 20 | % |  | 33 | % | — | % | 17 | % |  | 34 | % | — | % | 15 | %
Titanium and titanium-based alloys |  | 23 | % | 13 | % | 18 | % |  | 22 | % | 12 | % | 17 | % |  | 17 | % | 7 | % | 11 | %
Zirconium and related alloys |  | — | % | 19 | % | 9 | % |  | — | % | 15 | % | 7 | % |  | — | % | 14 | % | 8 | %
Precision rolled strip |  | — | % | 19 | % | 8 | % |  | 1 | % | 19 | % | 10 | % |  | — | % | 25 | % | 14 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
The Company maintains a backlog of confirmed orders totaling $3.9 billion, $3.8 billion and $2.9 billion at December 29, 2024, December 31, 2023 and January 1, 2023, respectively. Due to the structure of the Company’s LTAs, 70% of this backlog at December 29, 2024 represented booked orders with performance obligations that will be satisfied within the next twelve months. The backlog does not reflect any elements of variable consideration. Accounts Receivable As of December 29, 2024 and December 31, 2023, accounts receivable with customers were $724.2 million and $628.2 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023:
(in millions)
Accounts Receivable - Reserve for Doubtful Accounts
Balance as of January 2, 2022 | $ | 3.8 |
Expense to increase the reserve | 4.6 |
Write-off of uncollectible accounts | (0.7) |
Balance as of January 1, 2023 | 7.7 |
Expense to increase the reserve | 0.1 |
Write-off of uncollectible accounts | (4.6) |
Balance as of December 31, 2023 | 3.2 |
Expense to increase the reserve | 12.3 |
Write-off of uncollectible accounts | (0.5) |
Balance as of December 29, 2024 | $ | 15.0 |
Contract balances The following represents the rollforward of contract assets and liabilities for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023:
(in millions) |
Contract Assets |
| Fiscal Year
Short-term | 2024 | 2023 | 2022
Balance as of beginning of fiscal year | $ | 59.1 |  | $ | 64.1 |  | $ | 53.9 |
Recognized in current year | 88.9 |  | 84.1 |  | 105.0 |
Reclassified to accounts receivable | (72.4) |  | (89.5) |  | (88.0) |
Reclassification to/from contract liability | — |  | 0.4 |  | (6.8) |
Balance as of period end | $ | 75.6 |  | $ | 59.1 |  | $ | 64.1 |
(in millions) |
Contract Liabilities |
| Fiscal Year
Short-term | 2024 | 2023 | 2022
Balance as of beginning of fiscal year | $ | 163.6 |  | $ | 149.1 |  | $ | 116.2 |
Recognized in current year | 133.6 |  | 133.4 |  | 183.1 |
Amounts in beginning balance reclassified to revenue | (88.2) |  | (107.9) |  | (99.8) |
Current year amounts reclassified to revenue | (56.3) |  | (40.9) |  | (72.3) |
Other | — |  | (0.7) |  | 0.7 |
Reclassification to/from long-term and contract asset | 16.7 |  | 30.6 |  | 21.2 |
Balance as of period end | $ | 169.4 |  | $ | 163.6 |  | $ | 149.1 |
| Fiscal Year
Long-term (a) | 2024 | 2023 | 2022
Balance as of beginning of fiscal year | $ | 39.4 |  | $ | 66.8 |  | $ | 84.4 |
Recognized in current year | 22.6 |  | 2.8 |  | 10.4 |
Reclassification to/from short-term | (16.7) |  | (30.2) |  | (28.0) |
Balance as of period end | $ | 45.3 |  | $ | 39.4 |  | $ | 66.8 |
(a) Long-term contract liabilities are included in Other long-term liabilities on the consolidated balance sheets. Contract costs for obtaining and fulfilling a contract were $12.0 million and $8.1 million as of December 29, 2024 and December 31, 2023, respectively, which are reported in other long-term assets on the consolidated balance sheets. Amortization expense for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023 of these contract costs was $1.1 million, $1.2 million, and $1.0 million, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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