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Business Segments | 3 Months Ended
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Mar. 30, 2025
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company operates under two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). ATI’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer. Segment EBITDA, the Company’s segment operating measure, is used by the CODM to assess segment operating performance and to determine the allocation of resources. Segment EBITDA as a percentage of segment revenues is utilized to assess the profitability of each segment and whether the Company’s strategies are resulting in margin expansion and expected operating performance improvements. The measure of segment EBITDA excludes net interest expense, income taxes, depreciation and amortization, goodwill impairment charges, debt extinguishment charges, corporate expenses, closed operations and other income (expense), restructuring and other credits/charges, gains or losses on the sale of accounts receivables, strike related costs, long-lived asset impairments, pension remeasurement gains and losses, other postretirement/pension curtailment and settlement gains and losses, and gains or losses on sales of businesses. Management believes segment EBITDA, as defined, provides an appropriate measure of controllable operating results at the business segment level. Intersegment sales are generally recorded at full cost or market. 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. Total international sales for the quarters ended March 30, 2025 and March 31, 2024 were $500.6 million and $471.3 million, respectively. Of these amounts, sales by operations in the U.S. to customers in other countries for the quarters ended March 30, 2025 and March 31, 2024 were $414.9 million and $361.3 million, respectively. Restructuring and other charges of $5.6 million for the quarter ended March 30, 2025 include $4.0 million of start-up and transaction related costs, which are included within cost of sales on the consolidated statements of operations and $1.6 million of losses on the sale of accounts receivables. Restructuring and other charges of $3.1 million for the quarter ended March 31, 2024 include $2.9 million of start-up costs, which are included within cost of sales on the consolidated statements of operations, and $0.2 million of restructuring charges (see Note 6). 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 |
($ 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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