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Revenue from Contracts with Customers | 6 Months Ended
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Jun. 29, 2025
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 regarding the Company’s overall revenues by global and geographical markets for the quarters and year-to-date periods ended June 29, 2025 and June 30, 2024 is included in the following tables.
(in millions) |  | Quarter ended
|  | June 29, 2025 |  | June 30, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |
Jet Engines- Commercial |  | $ | 419.6 |  | $ | 28.2 |  | $ | 447.8 |  |  | $ | 331.8 |  | $ | 21.0 |  | $ | 352.8 |
Airframes- Commercial |  | 77.3 |  | 117.9 |  | 195.2 |  |  | 93.7 |  | 117.1 |  | 210.8 |
Defense |  | 61.8 |  | 57.0 |  | 118.8 |  |  | 52.0 |  | 68.3 |  | 120.3 |
Total Aerospace & Defense |  | 558.7 |  | 203.1 |  | 761.8 |  |  | 477.5 |  | 206.4 |  | 683.9 |
Specialty Energy |  | 14.7 |  | 48.8 |  | 63.5 |  |  | 22.5 |  | 54.1 |  | 76.6 |
Medical |  | 15.4 |  | 23.5 |  | 38.9 |  |  | 33.0 |  | 28.7 |  | 61.7 |
Electronics |  | — |  | 43.7 |  | 43.7 |  |  | 2.0 |  | 38.8 |  | 40.8 |
Other Core Markets |  | 30.1 |  | 116.0 |  | 146.1 |  |  | 57.5 |  | 121.6 |  | 179.1 |
Core End Markets |  | 588.8 |  | 319.1 |  | 907.9 |  |  | 535.0 |  | 328.0 |  | 863.0 |
Conventional Energy |  | 1.4 |  | 91.5 |  | 92.9 |  |  | 2.4 |  | 63.7 |  | 66.1 |
Automotive |  | 2.8 |  | 62.0 |  | 64.8 |  |  | 3.8 |  | 67.0 |  | 70.8 |
Construction/Mining |  | 8.1 |  | 25.2 |  | 33.3 |  |  | 8.3 |  | 35.9 |  | 44.2 |
Other |  | 7.7 |  | 33.8 |  | 41.5 |  |  | 12.5 |  | 38.7 |  | 51.2 |
Industrial Markets |  | 20.0 |  | 212.5 |  | 232.5 |  |  | 27.0 |  | 205.3 |  | 232.3 |
Total |  | $ | 608.8 |  | $ | 531.6 |  | $ | 1,140.4 |  |  | $ | 562.0 |  | $ | 533.3 |  | $ | 1,095.3 |
(in millions) |  | Year-to-date period ended
|  | June 29, 2025 |  | June 30, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |
Jet Engines- Commercial |  | $ | 816.9 |  | $ | 52.3 |  | $ | 869.2 |  |  | $ | 628.7 |  | $ | 35.3 |  | $ | 664.0 |
Airframes- Commercial |  | 159.1 |  | 241.9 |  | 401.0 |  |  | 179.4 |  | 221.5 |  | 400.9 |
Defense |  | 120.2 |  | 125.8 |  | 246.0 |  |  | 112.0 |  | 122.7 |  | 234.7 |
Total Aerospace & Defense |  | 1,096.2 |  | 420.0 |  | 1,516.2 |  |  | 920.1 |  | 379.5 |  | 1,299.6 |
Specialty Energy |  | 27.1 |  | 86.9 |  | 114.0 |  |  | 40.7 |  | 92.0 |  | 132.7 |
Medical |  | 31.2 |  | 50.1 |  | 81.3 |  |  | 68.9 |  | 51.9 |  | 120.8 |
Electronics |  | — |  | 83.3 |  | 83.3 |  |  | 3.0 |  | 90.7 |  | 93.7 |
Other Core Markets |  | 58.3 |  | 220.3 |  | 278.6 |  |  | 112.6 |  | 234.6 |  | 347.2 |
Core End Markets |  | 1,154.5 |  | 640.3 |  | 1,794.8 |  |  | 1,032.7 |  | 614.1 |  | 1,646.8 |
Conventional Energy |  | 3.1 |  | 211.6 |  | 214.7 |  |  | 5.9 |  | 162.7 |  | 168.6 |
Automotive |  | 4.2 |  | 121.2 |  | 125.4 |  |  | 8.8 |  | 118.0 |  | 126.8 |
Construction/Mining |  | 15.2 |  | 51.0 |  | 66.2 |  |  | 15.0 |  | 56.4 |  | 71.4 |
Other |  | 15.9 |  | 67.8 |  | 83.7 |  |  | 29.5 |  | 95.1 |  | 124.6 |
Industrial Markets |  | 38.4 |  | 451.6 |  | 490.0 |  |  | 59.2 |  | 432.2 |  | 491.4 |
Total |  | $ | 1,192.9 |  | $ | 1,091.9 |  | $ | 2,284.8 |  |  | $ | 1,091.9 |  | $ | 1,046.3 |  | $ | 2,138.2 |
(in millions) |  | Quarter ended
|  | June 29, 2025 |  | June 30, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 350.3 |  | $ | 300.1 |  | $ | 650.4 |  |  | $ | 271.4 |  | $ | 367.1 |  | $ | 638.5 |
Europe |  | 168.7 |  | 67.1 |  | 235.8 |  |  | 224.0 |  | 54.2 |  | 278.2 |
Asia |  | 43.8 |  | 105.4 |  | 149.2 |  |  | 37.3 |  | 88.2 |  | 125.5 |
Canada |  | 17.0 |  | 22.9 |  | 39.9 |  |  | 13.7 |  | 12.2 |  | 25.9 |
South America, Middle East and other |  | 29.0 |  | 36.1 |  | 65.1 |  |  | 15.6 |  | 11.6 |  | 27.2 |
Total |  | $ | 608.8 |  | $ | 531.6 |  | $ | 1,140.4 |  |  | $ | 562.0 |  | $ | 533.3 |  | $ | 1,095.3 |
(in millions) |  | Year-to-date period ended
|  | June 29, 2025 |  | June 30, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 666.7 |  | $ | 627.5 |  | $ | 1,294.2 |  |  | $ | 512.1 |  | $ | 698.0 |  | $ | 1,210.1 |
Europe |  | 360.0 |  | 136.5 |  | 496.5 |  |  | 435.5 |  | 104.9 |  | 540.4 |
Asia |  | 77.1 |  | 186.4 |  | 263.5 |  |  | 76.2 |  | 165.5 |  | 241.7 |
Canada |  | 37.1 |  | 42.6 |  | 79.7 |  |  | 29.0 |  | 24.5 |  | 53.5 |
South America, Middle East and other |  | 52.0 |  | 98.9 |  | 150.9 |  |  | 39.1 |  | 53.4 |  | 92.5 |
Total |  | $ | 1,192.9 |  | $ | 1,091.9 |  | $ | 2,284.8 |  |  | $ | 1,091.9 |  | $ | 1,046.3 |  | $ | 2,138.2 |
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
|  | June 29, 2025 |  | June 30, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 44 | % | 53 | % | 48 | % |  | 39 | % | 49 | % | 44 | %
Precision forgings, castings and components |  | 39 | % | — | % | 21 | % |  | 37 | % | — | % | 19 | %
Titanium and titanium-based alloys |  | 17 | % | 17 | % | 17 | % |  | 24 | % | 15 | % | 20 | %
Zirconium and related alloys |  | — | % | 19 | % | 9 | % |  | — | % | 18 | % | 8 | %
Precision rolled strip products |  | — | % | 11 | % | 5 | % |  | — | % | 18 | % | 9 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
|  | Year-to-date period ended
|  | June 29, 2025 |  | June 30, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 43 | % | 54 | % | 48 | % |  | 39 | % | 50 | % | 44 | %
Precision forgings, castings and components |  | 39 | % | — | % | 21 | % |  | 36 | % | — | % | 19 | %
Titanium and titanium-based alloys |  | 18 | % | 17 | % | 18 | % |  | 24 | % | 13 | % | 19 | %
Zirconium and related alloys |  | — | % | 18 | % | 8 | % |  | — | % | 19 | % | 9 | %
Precision rolled strip products |  | — | % | 11 | % | 5 | % |  | 1 | % | 18 | % | 9 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
The Company maintained a backlog of confirmed orders totaling $3.7 billion and $4.1 billion at June 29, 2025 and June 30, 2024, respectively. Due to the structure of the Company’s long-term agreements, approximately 70% of this backlog at June 29, 2025 represented booked orders with performance obligations that will be satisfied within the next 12 months. The backlog does not reflect any elements of variable consideration. Contract balances As of June 29, 2025 and December 29, 2024, accounts receivable from customers were $791.3 million and $724.2 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts and contract assets and liabilities for the year-to-date periods ended June 29, 2025 and June 30, 2024:
(in millions) |  |
Accounts Receivable - Reserve for Doubtful Accounts | June 29, 2025 | June 30, 2024
Balance as of beginning of year | $ | 15.0 |  | $ | 3.2 |
Expense to increase the reserve | 0.6 |  | — |
Write-offs and recoveries of uncollectible accounts | (12.2) |  | (0.5) |
Balance as of period end | $ | 3.4 |  | $ | 2.7 |
(in millions) |  |
Contract Assets |  |
Short-term | June 29, 2025 | June 30, 2024
Balance as of beginning of year | $ | 75.6 |  | $ | 59.1 |
Recognized in current year | 62.0 |  | 53.2 |
Reclassified to accounts receivable | (51.2) |  | (24.7) |
Balance as of period end | $ | 86.4 |  | $ | 87.6 |
(in millions) |
Contract Liabilities |  |
Short-term | June 29, 2025 | June 30, 2024
Balance as of beginning of year | $ | 169.4 |  | $ | 163.6 |
Recognized in current year | 78.6 |  | 59.9 |
Amounts in beginning balance reclassified to revenue | (68.6) |  | (50.9) |
Current year amounts reclassified to revenue | (22.0) |  | (20.5) |
Other | (0.4) |  | — |
Reclassification to/from long-term | 14.7 |  | 8.8 |
Balance as of period end | $ | 171.7 |  | $ | 160.9 |
Long-term (a) | June 29, 2025 | June 30, 2024
Balance as of beginning of year | $ | 45.3 |  | $ | 39.4 |
Recognized in current year | 2.4 |  | 3.3 |
Amounts in beginning balance reclassified to revenue | (0.4) |  | — |
Other | (2.4) |  | — |
Reclassification to/from short-term | (14.7) |  | (8.8) |
Balance as of period end | $ | 30.2 |  | $ | 33.9 |
(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 $13.9 million and $12.0 million as of June 29, 2025 and December 29, 2024, respectively, and are reported in other long-term assets on the consolidated balance sheet. Contract cost amortization expense for the quarter and year-to-date period ended June 29, 2025 was $0.7 million and $0.9 million, respectively. Contract cost amortization expense for the quarter and year-to-date period ended June 30, 2024 was $0.3 million and $0.6 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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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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