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Business Segments | 6 Months Ended
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Jun. 29, 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. Following is certain financial information with respect to the Company’s business segments for the periods indicated (in millions):
| Quarter ended June 29, 2025 |  | Quarter ended June 30, 2024
| HPMC | AA&S | Total |  | HPMC | AA&S | Total
Sales to external customers | $ | 608.8 |  | $ | 531.6 |  | $ | 1,140.4 |  |  | $ | 562.0 |  | $ | 533.3 |  | $ | 1,095.3 |
Intersegment sales | 53.3 |  | 46.9 |  | 100.2 |  |  | 81.8 |  | 71.3 |  | 153.1 |
Total sales | 662.1 |  | 578.5 |  | 1,240.6 |  |  | 643.8 |  | 604.6 |  | 1,248.4 |
Reconciliation of sales |  |  |  |  |  |  |
Elimination of intersegment sales |  |  | (100.2) |  |  |  |  | (153.1) |
Total consolidated sales |  |  | $ | 1,140.4 |  |  |  |  | $ | 1,095.3 |
Less(1): |  |  |  |  |  |  |
Allocated corporate overhead | 18.5 |  | 19.9 |  |  |  | 17.1 |  | 17.5 |  |
Other segment items(2) | 499.6 |  | 481.9 |  |  |  | 512.9 |  | 499.6 |  |
Segment EBITDA | 144.0 |  | 76.7 |  | 220.7 |  |  | 113.8 |  | 87.5 |  | 201.3 |
Reconciliation of segment EBITDA |  |  |  |  |  |  |
Corporate expenses |  |  | (15.4) |  |  |  |  | (19.4) |
Closed operations and other income (expenses) |  |  | 2.4 |  |  |  |  | 0.7 |
Depreciation & amortization |  |  | (41.6) |  |  |  |  | (37.9) |
Interest expense, net |  |  | (25.4) |  |  |  |  | (28.4) |
Restructuring and other charges |  |  | (7.4) |  |  |  |  | (5.4) |
Loss on sales of businesses, net |  |  | — |  |  |  |  | — |
Income before taxes |  |  | $ | 133.3 |  |  |  |  | $ | 110.9 |
| Year-to-date period ended June 29, 2025 |  | Year-to-date period ended June 30, 2024
| HPMC | AA&S | Total |  | HPMC | AA&S | Total
Sales to external customers | $ | 1,192.9 |  | $ | 1,091.9 |  | $ | 2,284.8 |  |  | $ | 1,091.9 |  | $ | 1,046.3 |  | $ | 2,138.2 |
Intersegment sales | 113.2 |  | 104.3 |  | 217.5 |  |  | 123.8 |  | 119.0 |  | 242.8 |
Total sales | 1,306.1 |  | 1,196.2 |  | 2,502.3 |  |  | 1,215.7 |  | 1,165.3 |  | 2,381.0 |
Reconciliation of sales |  |  |  |  |  |  |
Elimination of intersegment sales |  |  | (217.5) |  |  |  |  | (242.8) |
Total consolidated sales |  |  | $ | 2,284.8 |  |  |  |  | $ | 2,138.2 |
Less(1): |  |  |  |  |  |  |
Allocated corporate overhead | 34.3 |  | 36.0 |  |  |  | 32.5 |  | 32.4 |  |
Other segment items(2) | 996.8 |  | 1,000.1 |  |  |  | 971.8 |  | 973.6 |  |
Segment EBITDA | 275.0 |  | 160.1 |  | 435.1 |  |  | 211.4 |  | 159.3 |  | 370.7 |
Reconciliation of segment EBITDA |  |  |  |  |  |  |
Corporate expenses |  |  | (32.8) |  |  |  |  | (36.5) |
Closed operations and other income (expenses) |  |  | — |  |  |  |  | (0.6) |
Depreciation & amortization |  |  | (82.4) |  |  |  |  | (73.9) |
Interest expense, net |  |  | (48.4) |  |  |  |  | (55.0) |
Restructuring and other charges |  |  | (13.0) |  |  |  |  | (8.5) |
Loss on sales of businesses, net |  |  | (3.7) |  |  |  |  | — |
Income before taxes |  |  | $ | 254.8 |  |  |  |  | $ | 196.2 |
(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) 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 second quarter and year-to-date periods ended June 29, 2025 were $490.0 million and $990.6 million, respectively, and $456.8 million and $928.1 million for the second quarter and year-to-date period ended June 30, 2024, respectively. Of these amounts, sales by operations in the U.S. to customers in other countries for the second quarter and year-to-date period ended June 29, 2025 were $393.4 million and $808.3 million, respectively, and $355.3 million and $716.6 million for the second quarter and year-to-date period ended June 30, 2024, respectively. Restructuring and other charges of $7.4 million for the quarter ended June 29, 2025 include $7.1 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 receivable, which are included within selling and administrative expenses on the consolidated statements of operations. These charges were partially offset by credits of $1.3 million due to a reduction in severance-related reserves for a previous restructuring in the AA&S segment (see Note 7). Restructuring and other charges of $13.0 million for the year-to-date period ended June 29, 2025 include $11.1 million of start-up and transaction related costs, which are included within cost of sales on the consolidated statements of operations and $3.2 million of losses on the sale of accounts receivable, which are included within selling and administrative expenses on the consolidated statements of operations. These charges were partially offset by credits of $1.3 million due to a reduction in severance-related reserves for a previous restructuring in the AA&S segment (see Note 7). Restructuring and other charges of $5.4 million for the quarter ended June 30, 2024 include $5.5 million of inventory write-downs related to the Company’s European restructuring and $1.8 million of start-up costs, both of which are included within cost of sales on the consolidated statements of operations. These charges were partially offset by credits of $1.9 million primarily due to a reduction in severance-related reserves (see Note 7). Restructuring and other charges of $8.5 million for the year-to-date period ended June 30, 2024 include $5.5 million of inventory write-downs related to the Company’s European restructuring and $4.7 million of start-up costs, both of which are included within cost of sales on the consolidated statements of operations. These charges were partially offset by credits of $1.7 million primarily due to a reduction in severance-related reserves (see Note 7). Certain additional information regarding the Company’s business segments is presented below:
|  | Quarter ended |  | Year-to-date period ended
(In millions) |  | June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
Depreciation and amortization: |  |  |  |  |  |  |  |
High Performance Materials & Components |  | $ | 20.9 |  |  | $ | 17.9 |  |  | $ | 40.6 |  |  | $ | 34.2 |
Advanced Alloys & Solutions |  | 19.1 |  |  | 18.3 |  |  | 38.6 |  |  | 36.3 |
Other |  | 1.6 |  |  | 1.7 |  |  | 3.2 |  |  | 3.4 |
Total depreciation and amortization |  | $ | 41.6 |  |  | $ | 37.9 |  |  | $ | 82.4 |  |  | $ | 73.9 |
Capital expenditures: |  |  |  |  |  |  |  |
High Performance Materials & Components |  | $ | 45.2 |  |  | $ | 36.8 |  |  | $ | 74.6 |  |  | $ | 78.5 |
Advanced Alloys & Solutions |  | 26.2 |  |  | 21.9 |  |  | 49.2 |  |  | 45.5 |
Corporate |  | 0.7 |  |  | 1.5 |  |  | 1.6 |  |  | 2.0 |
Total capital expenditures |  | $ | 72.1 |  |  | $ | 60.2 |  |  | $ | 125.4 |  |  | $ | 126.0 |
Identifiable assets: |  | June 29, 2025 |  | December 29, 2024
High Performance Materials & Components |  | $ | 2,368.3 |  |  | $ | 2,225.9 |
Advanced Alloys & Solutions |  | 2,253.2 |  |  | 2,207.8 |
Corporate: |  |  |  |
Deferred Taxes |  | 41.7 |  |  | 46.5 |
Cash and cash equivalents and other |  | 357.8 |  |  | 750.4 |
Total assets |  | $ | 5,021.0 |  |  | $ | 5,230.6 |
($ in millions) |  | June 29, 2025 |  | Percent of total |  | December 29, 2024 |  | Percent of total
Total assets: |  |  |  |  |  |  |  |
United States |  | $ | 4,493.3 |  |  | 89 | % |  | $ | 4,666.3 |  |  | 89 | %
China |  | 293.5 |  |  | 6 | % |  | 310.3 |  |  | 6 | %
Other |  | 234.2 |  |  | 5 | % |  | 254.0 |  |  | 5 | %
Total Assets |  | $ | 5,021.0 |  |  | 100 | % |  | $ | 5,230.6 |  |  | 100 | %

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- Definition The entire disclosure for reporting segments including data and tables. 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