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Business Segments (Tables) | 3 Months Ended
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Mar. 30, 2025
Segment Reporting [Abstract] |
Schedule of sales and profit by segment | Following is certain financial information with respect to the Company’s business segments for the periods indicated (in millions):
| Quarter ended March 30, 2025 |  | Quarter ended March 31, 2024
| HPMC | AA&S | Total |  | HPMC | AA&S | Total
Sales to external customers | $ | 584.1 |  | $ | 560.3 |  | $ | 1,144.4 |  |  | $ | 529.9 |  | $ | 513.0 |  | $ | 1,042.9 |
Intersegment sales | 59.9 |  | 57.4 |  | 117.3 |  |  | 42.0 |  | 47.7 |  | 89.7 |
Total sales | 644.0 |  | 617.7 |  | 1,261.7 |  |  | 571.9 |  | 560.7 |  | 1,132.6 |
Reconciliation of sales |  |  |  |  |  |  |
Elimination of intersegment sales |  |  | (117.3) |  |  |  |  | (89.7) |
Total consolidated sales |  |  | $ | 1,144.4 |  |  |  |  | $ | 1,042.9 |
Less(1): |  |  |  |  |  |  |
Allocated corporate overhead(2) | 15.8 |  | 16.1 |  |  |  | 15.4 |  | 14.9 |  |
Other segment items(3) | 497.2 |  | 518.2 |  |  |  | 458.9 |  | 474.0 |  |
Segment EBITDA | 131.0 |  | 83.4 |  | 214.4 |  |  | 97.6 |  | 71.8 |  | 169.4 |
Reconciliation of segment EBITDA |  |  |  |  |  |  |
Corporate expenses |  |  | (17.4) |  |  |  |  | (17.1) |
Closed operations and other income (expenses) |  |  | (2.4) |  |  |  |  | (1.3) |
Depreciation & amortization |  |  | (40.8) |  |  |  |  | (36.0) |
Interest expense, net |  |  | (23.0) |  |  |  |  | (26.6) |
Restructuring and other charges |  |  | (5.6) |  |  |  |  | (3.1) |
Loss on sales of business, net |  |  | (3.7) |  |  |  |  | — |
Income before taxes |  |  | $ | 121.5 |  |  |  |  | $ | 85.3 |
(1) The CODM is regularly provided with allocated corporate overhead and segment EBITDA, which is used to assess operating performance. Therefore, the significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown. (2) The increase in corporate overhead costs over the time periods presented represent the consolidation and centralization of certain functions, including information technology, human resources and talent acquisition, payroll and accounts payable, into the Company’s corporate shared services function. Such amounts are subject to change from year to year as allocation methodologies are revised to match the nature of these corporate costs. (3) Other segment items for each reportable segment include: cost of sales, general and administrative expenses, and gain/loss on asset sales. General & administrative expenses consist of non-manufacturing payroll and benefits, office expenses, professional service and legal expenses, occupancy expenses including rent and lease expense, and travel expense.
Schedule of other financial information by segment | Certain additional information regarding the Company’s business segments is presented below:
|  | Quarter ended
(In millions) |  | March 30, 2025 |  | March 31, 2024
Depreciation and amortization: |  |  |  |
High Performance Materials & Components |  | $ | 19.7 |  |  | $ | 16.3 |
Advanced Alloys & Solutions |  | 19.5 |  |  | 18.0 |
Other |  | 1.6 |  |  | 1.7 |
Total depreciation and amortization |  | $ | 40.8 |  |  | $ | 36.0 |
Capital expenditures: |  |  |  |
High Performance Materials & Components |  | $ | 29.4 |  |  | $ | 41.7 |
Advanced Alloys & Solutions |  | 23.0 |  |  | 23.6 |
Corporate |  | 0.9 |  |  | 0.5 |
Total capital expenditures |  | $ | 53.3 |  |  | $ | 65.8 |
Identifiable assets: |  | March 30, 2025 |  | December 29, 2024
High Performance Materials & Components |  | $ | 2,336.9 |  |  | $ | 2,225.9 |
Advanced Alloys & Solutions |  | 2,273.6 |  |  | 2,207.8 |
Corporate: |  |  |  |
Deferred Taxes |  | 40.4 |  |  | 46.5 |
Cash and cash equivalents and other |  | 533.1 |  |  | 750.4 |
Total assets |  | $ | 5,184.0 |  |  | $ | 5,230.6 |
Schedule of company assets by country |
($ in millions) |  | March 30, 2025 |  | Percent of total |  | December 29, 2024 |  | Percent of total
Total assets: |  |  |  |  |  |  |  |
United States |  | $ | 4,619.9 |  |  | 89 | % |  | $ | 4,666.3 |  |  | 89 | %
China |  | 279.3 |  |  | 6 | % |  | 310.3 |  |  | 6 | %
Other |  | 284.8 |  |  | 5 | % |  | 254.0 |  |  | 5 | %
Total Assets |  | $ | 5,184.0 |  |  | 100 | % |  | $ | 5,230.6 |  |  | 100 | %

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- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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