Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Comparative information regarding the Company’s overall revenues by global and geographical markets for the quarters ended March 31, 2024 and April 2, 2023 is included in the following tables.


(in millions)	Quarter ended
	March 31, 2024						April 2, 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Global Markets:
Aerospace & Defense:
Jet Engines- Commercial	$	296.9	$	14.3	$	311.2	$	282.5	$	28.4	$	310.9
Airframes- Commercial	85.7		104.4		190.1		71.0		98.9		169.9
Defense	60.0		54.4		114.4		41.9		53.0		94.9
Total Aerospace & Defense	442.6		173.1		615.7		395.4		180.3		575.7
Energy:
Oil & Gas	3.5		99.0		102.5		2.4		125.1		127.5
Specialty Energy	18.2		37.9		56.1		24.9		57.8		82.7
Total Energy	21.7		136.9		158.6		27.3		182.9		210.2
Medical	35.9		23.2		59.1		17.5		17.5		35.0
Automotive	5.0		51.0		56.0		6.3		53.1		59.4
Electronics	1.0		51.9		52.9		0.5		33.9		34.4
Construction/Mining	6.7		20.5		27.2		8.2		32.2		40.4
Food Equipment & Appliances	—		11.9		11.9		—		21.5		21.5
Other	17.0		44.5		61.5		15.9		45.6		61.5
Total	$	529.9	$	513.0	$	1,042.9	$	471.1	$	567.0	$	1,038.1


(in millions)	Quarter ended
	March 31, 2024						April 2, 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total
Primary Geographical Market:
United States	$	240.7	$	330.9	$	571.6	$	196.5	$	391.8	$	588.3
Europe	211.5		50.7		262.2		194.2		44.4		238.6
Asia	38.9		77.3		116.2		44.0		109.5		153.5
Canada	15.3		12.3		27.6		12.0		11.2		23.2
South America, Middle East and other	23.5		41.8		65.3		24.4		10.1		34.5
Total	$	529.9	$	513.0	$	1,042.9	$	471.1	$	567.0	$	1,038.1

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 31, 2024						April 2, 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Products and Services:
Nickel-based alloys and specialty alloys	39	%	51	%	45	%	45	%	60	%	53	%
Precision forgings, castings and components	36	%	—	%	19	%	34	%	—	%	16	%
Titanium and titanium-based alloys	24	%	12	%	18	%	20	%	8	%	14	%
Zirconium and related alloys	—	%	20	%	10	%	—	%	13	%	7	%
Precision rolled strip products	1	%	17	%	8	%	1	%	19	%	10	%
Total	100	%	100	%	100	%	100	%	100	%	100	%

Schedule of Accounts Receivable - Reserve for Doubtful Accounts


(in millions)
Accounts Receivable - Reserve for Doubtful Accounts	March 31, 2024		April 2, 2023
Balance as of beginning of year	$	3.2	$	7.7
Expense to increase the reserve	—		—
Write-off of uncollectible accounts	(0.1)		(0.3)
Balance as of period end	$	3.1	$	7.4

Schedule of Contract Assets and Liabilities


(in millions)
Contract Assets
Short-term	March 31, 2024		April 2, 2023
Balance as of beginning of year	$	59.1	$	64.1
Recognized in current year	28.0		20.4
Reclassified to accounts receivable	(21.8)		(31.8)
Balance as of period end	$	65.3	$	52.7


(in millions)
Contract Liabilities
Short-term	March 31, 2024		April 2, 2023
Balance as of beginning of year	$	163.6	$	149.1
Recognized in current year	38.1		33.6
Amounts in beginning balance reclassified to revenue	(36.7)		(51.7)
Current year amounts reclassified to revenue	(9.3)		(0.4)
Reclassification to/from long-term	5.9		19.1
Balance as of period end	$	161.6	$	149.7

Long-term (a)	March 31, 2024		April 2, 2023
Balance as of beginning of year	$	39.4	$	66.8
Recognized in current year	0.6		1.0
Reclassification to/from short-term	(5.9)		(19.1)
Balance as of period end	$	34.1	$	48.7

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