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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 30, 2025

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 March 30, 2025 and March 31, 2024 is included in the following tables.

(in millions)						Quarter ended
						March 30, 2025												March 31, 2024
						HPMC			AA&S			Total						HPMC			AA&S			Total
Diversified Global Markets:
Aerospace & Defense:
Jet Engines- Commercial						$	397.3		$	24.1		$	421.4					$	296.9		$	14.3		$	311.2
Airframes- Commercial						81.8			124.0			205.8						85.7			104.4			190.1
Defense						58.4			68.8			127.2						60.0			54.4			114.4
Total Aerospace & Defense						537.5			216.9			754.4						442.6			173.1			615.7
Specialty Energy						12.4			38.1			50.5						18.2			37.9			56.1
Medical						15.8			26.6			42.4						35.9			23.2			59.1
Electronics						—			39.6			39.6						1.0			51.9			52.9
Other Core Markets						28.2			104.3			132.5						55.1			113.0			168.1
Core End Markets						565.7			321.2			886.9						497.7			286.1			783.8
Conventional Energy						1.7			120.1			121.8						3.5			99.0			102.5
Automotive						1.4			59.2			60.6						5.0			51.0			56.0
Construction/Mining						7.1			25.8			32.9						6.7			20.5			27.2
Other						8.2			34.0			42.2						17.0			56.4			73.4
Industrial Markets						18.4			239.1			257.5						32.2			226.9			259.1
Total						$	584.1		$	560.3		$	1,144.4					$	529.9		$	513.0		$	1,042.9

(in millions)						Quarter ended
						March 30, 2025												March 31, 2024
						HPMC			AA&S			Total						HPMC			AA&S			Total
Primary Geographical Market:
United States						$	316.4		$	327.4		$	643.8					$	240.7		$	330.9		$	571.6
Europe						191.3			69.4			260.7						211.5			50.7			262.2
Asia						33.3			81.0			114.3						38.9			77.3			116.2
Canada						20.1			19.7			39.8						15.3			12.3			27.6
South America, Middle East and other						23.0			62.8			85.8						23.5			41.8			65.3
Total						$	584.1		$	560.3		$	1,144.4					$	529.9		$	513.0		$	1,042.9

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
						March 30, 2025												March 31, 2024
						HPMC			AA&S			Total						HPMC			AA&S			Total
Diversified Products and Services:
Nickel-based alloys and specialty alloys						41		%	55		%	48		%				39		%	51		%	45		%
Precision forgings, castings and components						39		%	—		%	20		%				36		%	—		%	19		%
Titanium and titanium-based alloys						20		%	17		%	19		%				24		%	12		%	18		%
Zirconium and related alloys						—		%	17		%	8		%				—		%	20		%	10		%
Precision rolled strip products						—		%	11		%	5		%				1		%	17		%	8		%
Total						100		%	100		%	100		%				100		%	100		%	100		%

Schedule of Accounts Receivable - Reserve for Doubtful Accounts

(in millions)
Accounts Receivable - Reserve for Doubtful Accounts			March 30, 2025			March 31, 2024
Balance as of beginning of year			$	15.0		$	3.2
Expense to increase the reserve			0.1			—
Write-offs and recoveries of uncollectible accounts			(3.5)			(0.1)
Balance as of period end			$	11.6		$	3.1

Schedule of Contract Assets and Liabilities

(in millions)
Contract Assets
Short-term			March 30, 2025			March 31, 2024
Balance as of beginning of year			$	75.6		$	59.1
Recognized in current year			35.2			28.0
Reclassified to accounts receivable			(24.9)			(21.8)
Balance as of period end			$	85.9		$	65.3

(in millions)
Contract Liabilities
Short-term			March 30, 2025			March 31, 2024
Balance as of beginning of year			$	169.4		$	163.6
Recognized in current year			53.4			38.1
Amounts in beginning balance reclassified to revenue			(48.5)			(36.7)
Current year amounts reclassified to revenue			(6.6)			(9.3)
Other			(0.3)			—
Reclassification to/from long-term			19.7			5.9
Balance as of period end			$	187.1		$	161.6
Long-term (a)			March 30, 2025			March 31, 2024
Balance as of beginning of year			$	45.3		$	39.4
Recognized in current year			1.7			0.6
Amounts in beginning balance reclassified to revenue			(0.4)			—
Other			(1.9)			—
Reclassification to/from short-term			(19.7)			(5.9)
Balance as of period end			$	25.0		$	34.1

(a) Long-term contract liabilities are included in other long-term liabilities on the consolidated balance sheets.

X

- 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
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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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

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