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v3.25.3

Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 28, 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 September 28, 2025 and September 29, 2024 is included in the following tables.
(in millions) |  | Quarter ended
|  | September 28, 2025 |  | September 29, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |
Jet Engines- Commercial |  | $ | 399.3 |  | $ | 34.3 |  | $ | 433.6 |  |  | $ | 341.9 |  | $ | 24.0 |  | $ | 365.9 |
Airframes- Commercial |  | 71.0 |  | 126.7 |  | 197.7 |  |  | 84.1 |  | 96.7 |  | 180.8 |
Defense |  | 83.8 |  | 77.6 |  | 161.4 |  |  | 48.9 |  | 58.2 |  | 107.1 |
Total Aerospace & Defense |  | 554.1 |  | 238.6 |  | 792.7 |  |  | 474.9 |  | 178.9 |  | 653.8 |
Specialty Energy |  | 19.4 |  | 34.5 |  | 53.9 |  |  | 26.3 |  | 43.6 |  | 69.9 |
Electronics |  | — |  | 48.4 |  | 48.4 |  |  | — |  | 49.1 |  | 49.1 |
Medical |  | 11.8 |  | 19.1 |  | 30.9 |  |  | 28.6 |  | 24.5 |  | 53.1 |
Other Core Markets |  | 31.2 |  | 102.0 |  | 133.2 |  |  | 54.9 |  | 117.2 |  | 172.1 |
Core End Markets |  | 585.3 |  | 340.6 |  | 925.9 |  |  | 529.8 |  | 296.1 |  | 825.9 |
Automotive |  | 1.7 |  | 59.6 |  | 61.3 |  |  | 4.6 |  | 59.2 |  | 63.8 |
Conventional Energy |  | 1.1 |  | 55.7 |  | 56.8 |  |  | 2.4 |  | 70.2 |  | 72.6 |
Construction/Mining |  | 5.3 |  | 31.5 |  | 36.8 |  |  | 4.9 |  | 36.9 |  | 41.8 |
Other |  | 9.5 |  | 35.2 |  | 44.7 |  |  | 10.7 |  | 36.4 |  | 47.1 |
Industrial Markets |  | 17.6 |  | 182.0 |  | 199.6 |  |  | 22.6 |  | 202.7 |  | 225.3 |
Total |  | $ | 602.9 |  | $ | 522.6 |  | $ | 1,125.5 |  |  | $ | 552.4 |  | $ | 498.8 |  | $ | 1,051.2 |
(in millions) |  | Year-to-date period ended
|  | September 28, 2025 |  | September 29, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Global Markets: |  |  |  |  |  |  |  |
Aerospace & Defense: |  |  |  |  |  |  |  |
Jet Engines- Commercial |  | $ | 1,216.2 |  | $ | 86.6 |  | $ | 1,302.8 |  |  | $ | 970.6 |  | $ | 59.3 |  | $ | 1,029.9 |
Airframes- Commercial |  | 230.1 |  | 368.6 |  | 598.7 |  |  | 263.5 |  | 318.2 |  | 581.7 |
Defense |  | 204.0 |  | 203.4 |  | 407.4 |  |  | 160.9 |  | 180.9 |  | 341.8 |
Total Aerospace & Defense |  | 1,650.3 |  | 658.6 |  | 2,308.9 |  |  | 1,395.0 |  | 558.4 |  | 1,953.4 |
Specialty Energy |  | 46.5 |  | 121.4 |  | 167.9 |  |  | 67.0 |  | 135.6 |  | 202.6 |
Electronics |  | — |  | 131.7 |  | 131.7 |  |  | 3.0 |  | 139.8 |  | 142.8 |
Medical |  | 43.0 |  | 69.2 |  | 112.2 |  |  | 97.5 |  | 76.4 |  | 173.9 |
Other Core Markets |  | 89.5 |  | 322.3 |  | 411.8 |  |  | 167.5 |  | 351.8 |  | 519.3 |
Core End Markets |  | 1,739.8 |  | 980.9 |  | 2,720.7 |  |  | 1,562.5 |  | 910.2 |  | 2,472.7 |
Conventional Energy |  | 4.2 |  | 267.3 |  | 271.5 |  |  | 8.3 |  | 232.9 |  | 241.2 |
Automotive |  | 5.9 |  | 180.8 |  | 186.7 |  |  | 13.4 |  | 177.2 |  | 190.6 |
Construction/Mining |  | 20.5 |  | 82.5 |  | 103.0 |  |  | 19.9 |  | 93.3 |  | 113.2 |
Other |  | 25.4 |  | 103.0 |  | 128.4 |  |  | 40.2 |  | 131.5 |  | 171.7 |
Industrial Markets |  | 56.0 |  | 633.6 |  | 689.6 |  |  | 81.8 |  | 634.9 |  | 716.7 |
Total |  | $ | 1,795.8 |  | $ | 1,614.5 |  | $ | 3,410.3 |  |  | $ | 1,644.3 |  | $ | 1,545.1 |  | $ | 3,189.4 |
(in millions) |  | Quarter ended
|  | September 28, 2025 |  | September 29, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 337.7 |  | $ | 342.6 |  | $ | 680.3 |  |  | $ | 285.8 |  | $ | 339.8 |  | $ | 625.6 |
Europe |  | 177.4 |  | 71.5 |  | 248.9 |  |  | 201.4 |  | 41.6 |  | 243.0 |
Asia |  | 40.1 |  | 84.5 |  | 124.6 |  |  | 30.3 |  | 93.0 |  | 123.3 |
Canada |  | 22.3 |  | 17.0 |  | 39.3 |  |  | 16.4 |  | 15.0 |  | 31.4 |
South America, Middle East and other |  | 25.4 |  | 7.0 |  | 32.4 |  |  | 18.5 |  | 9.4 |  | 27.9 |
Total |  | $ | 602.9 |  | $ | 522.6 |  | $ | 1,125.5 |  |  | $ | 552.4 |  | $ | 498.8 |  | $ | 1,051.2 |
(in millions) |  | Year-to-date period ended
|  | September 28, 2025 |  | September 29, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Primary Geographical Market: |  |  |  |  |  |  |  |
United States |  | $ | 1,004.4 |  | $ | 970.1 |  | $ | 1,974.5 |  |  | $ | 797.9 |  | $ | 1,037.8 |  | $ | 1,835.7 |
Europe |  | 537.4 |  | 208.0 |  | 745.4 |  |  | 636.9 |  | 146.5 |  | 783.4 |
Asia |  | 117.2 |  | 270.9 |  | 388.1 |  |  | 106.5 |  | 258.5 |  | 365.0 |
Canada |  | 59.4 |  | 59.6 |  | 119.0 |  |  | 45.4 |  | 39.5 |  | 84.9 |
South America, Middle East and other |  | 77.4 |  | 105.9 |  | 183.3 |  |  | 57.6 |  | 62.8 |  | 120.4 |
Total |  | $ | 1,795.8 |  | $ | 1,614.5 |  | $ | 3,410.3 |  |  | $ | 1,644.3 |  | $ | 1,545.1 |  | $ | 3,189.4 |
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
|  | September 28, 2025 |  | September 29, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 44 | % | 45 | % | 44 | % |  | 43 | % | 50 | % | 46 | %
Precision forgings, castings and components |  | 40 | % | — | % | 22 | % |  | 36 | % | — | % | 20 | %
Titanium and titanium-based alloys |  | 16 | % | 22 | % | 19 | % |  | 21 | % | 12 | % | 17 | %
Zirconium and related alloys |  | — | % | 20 | % | 9 | % |  | — | % | 17 | % | 8 | %
Precision rolled strip products |  | — | % | 13 | % | 6 | % |  | — | % | 21 | % | 9 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
|  | Year-to-date period ended
|  | September 28, 2025 |  | September 29, 2024
|  | HPMC | AA&S | Total |  | HPMC | AA&S | Total
Diversified Products and Services: |  |  |  |  |  |  |  |
Nickel-based alloys and specialty alloys |  | 43 | % | 51 | % | 47 | % |  | 41 | % | 50 | % | 45 | %
Precision forgings, castings and components |  | 39 | % | — | % | 21 | % |  | 36 | % | — | % | 19 | %
Titanium and titanium-based alloys |  | 18 | % | 19 | % | 18 | % |  | 23 | % | 13 | % | 18 | %
Zirconium and related alloys |  | — | % | 19 | % | 9 | % |  | — | % | 18 | % | 9 | %
Precision rolled strip products |  | — | % | 11 | % | 5 | % |  | — | % | 19 | % | 9 | %
Total |  | 100 | % | 100 | % | 100 | % |  | 100 | % | 100 | % | 100 | %
Schedule of Accounts Receivable - Reserve for Doubtful Accounts |
(in millions) |  |
Accounts Receivable - Reserve for Doubtful Accounts | September 28, 2025 | September 29, 2024
Balance as of beginning of year | $ | 15.0 |  | $ | 3.2 |
Expense to increase the reserve | 2.1 |  | — |
Write-offs and recoveries of uncollectible accounts | (12.4) |  | (0.6) |
Balance as of period end | $ | 4.7 |  | $ | 2.6 |
Schedule of Contract Assets and Liabilities |
(in millions) |  |
Contract Assets |  |
Short-term | September 28, 2025 | September 29, 2024
Balance as of beginning of year | $ | 75.6 |  | $ | 59.1 |
Recognized in current year | 94.8 |  | 68.9 |
Reclassified to accounts receivable | (76.1) |  | (37.5) |
Balance as of period end | $ | 94.3 |  | $ | 90.5 |
(in millions) |
Contract Liabilities |  |
Short-term | September 28, 2025 | September 29, 2024
Balance as of beginning of year | $ | 169.4 |  | $ | 163.6 |
Recognized in current year | 106.0 |  | 75.1 |
Amounts in beginning balance reclassified to revenue | (84.6) |  | (67.7) |
Current year amounts reclassified to revenue | (44.3) |  | (36.9) |
Other | (1.0) |  | — |
Reclassification to/from long-term | 13.7 |  | 12.4 |
Balance as of period end | $ | 159.2 |  | $ | 146.5 |
Long-term (a) | September 28, 2025 | September 29, 2024
Balance as of beginning of year | $ | 45.3 |  | $ | 39.4 |
Recognized in current year | 33.0 |  | 10.8 |
Amounts in beginning balance reclassified to revenue | (2.2) |  | — |
Other | (2.7) |  | — |
Reclassification to/from short-term | (13.7) |  | (12.4) |
Balance as of period end | $ | 59.7 |  | $ | 37.8 |
(a) Long-term contract liabilities are included in other long-term liabilities on the consolidated balance sheets.

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- 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 -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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