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Revenue from Contracts with Customers (Tables) | 12 Months Ended
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Dec. 29, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | 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 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts | 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 |
Schedule of Contract Assets and Liabilities | 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.

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