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Business Segments (Tables)

9 Months Ended

Sep. 28, 2025

Segment Reporting [Abstract]

Schedule of sales and profit by segment

Following is certain financial information with respect to the Company’s business segments for the periods indicated (in millions):

			Quarter ended September 28, 2025												Quarter ended September 29, 2024
			HPMC			AA&S			Total						HPMC			AA&S			Total
Sales to external customers			$	602.9		$	522.6		$	1,125.5					$	552.4		$	498.8		$	1,051.2
Intersegment sales			58.6			47.5			106.1						60.5			89.6			150.1
Total sales			661.5			570.1			1,231.6						612.9			588.4			1,201.3
Reconciliation of sales
Elimination of intersegment sales									(106.1)												(150.1)
Total consolidated sales									$	1,125.5											$	1,051.2
Less(1):
Allocated corporate overhead			14.3			14.2									17.9			18.4
Other segment items(2)			501.4			465.5									471.8			496.4
Segment EBITDA			145.8			90.4			236.2						123.2			73.6			196.8
Reconciliation of segment EBITDA
Corporate expenses									(15.6)												(13.4)
Closed operations and other income									4.5												2.3
Depreciation & amortization									(42.6)												(38.5)
Interest expense, net									(26.1)												(28.0)
Restructuring and other charges									(12.9)												(4.3)
Gain on sales of businesses									1.1												—
Income before taxes									$	144.6											$	114.9

			Year-to-date period ended September 28, 2025												Year-to-date period ended September 29, 2024
			HPMC			AA&S			Total						HPMC			AA&S			Total
Sales to external customers			$	1,795.8		$	1,614.5		$	3,410.3					$	1,644.3		$	1,545.1		$	3,189.4
Intersegment sales			171.8			151.8			323.6						184.3			208.6			392.9
Total sales			1,967.6			1,766.3			3,733.9						1,828.6			1,753.7			3,582.3
Reconciliation of sales
Elimination of intersegment sales									(323.6)												(392.9)
Total consolidated sales									$	3,410.3											$	3,189.4
Less(1):
Allocated corporate overhead			48.6			50.2									50.4			50.8
Other segment items(2)			1,498.2			1,465.6									1,443.6			1,470.0
Segment EBITDA			420.8			250.5			671.3						334.6			232.9			567.5
Reconciliation of segment EBITDA
Corporate expenses									(48.4)												(49.9)
Closed operations and other income									4.5												1.7
Depreciation & amortization									(125.0)												(112.4)
Interest expense, net									(74.5)												(83.0)
Restructuring and other charges									(25.9)												(12.8)
Loss on sales of businesses, net									(2.6)												—
Income before taxes									$	399.4											$	311.1

(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.

Schedule of other financial information by segment

Certain additional information regarding the Company’s business segments is presented below:

						Quarter ended												Year-to-date period ended
(In millions)						September 28, 2025						September 29, 2024						September 28, 2025						September 29, 2024
Depreciation and amortization:
High Performance Materials & Components						$	21.2					$	18.6					$	61.8					$	52.8
Advanced Alloys & Solutions						19.7						18.2						58.3						54.5
Other						1.7						1.7						4.9						5.1
Total depreciation and amortization						$	42.6					$	38.5					$	125.0					$	112.4
Capital expenditures:
High Performance Materials & Components						$	36.9					$	32.7					$	111.5					$	111.2
Advanced Alloys & Solutions						25.2						31.6						74.4						77.1
Corporate						0.4						1.5						2.0						3.5
Total capital expenditures						$	62.5					$	65.8					$	187.9					$	191.8

Identifiable assets:						September 28, 2025						December 29, 2024
High Performance Materials & Components						$	2,340.4					$	2,225.9
Advanced Alloys & Solutions						2,240.8						2,207.8
Corporate:
Deferred Taxes						37.3						46.5
Cash and cash equivalents and other						384.2						750.4
Total assets						$	5,002.7					$	5,230.6

Schedule of company assets by country

($ in millions)						September 28, 2025						Percent of total						December 29, 2024						Percent of total
Total assets:
United States						$	4,469.5					89		%				$	4,666.3					89		%
China						313.3						6		%				310.3						6		%
Other						219.9						5		%				254.0						5		%
Total Assets						$	5,002.7					100		%				$	5,230.6					100		%

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

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Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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