Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Comparative information regarding the Company’s overall revenues by global and geographical markets for the quarters and year-to-date periods ended June 30, 2024 and July 2, 2023 is included in the following tables.


(in millions)	Quarter ended
	June 30, 2024						July 2, 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Global Markets:
Aerospace & Defense:
Jet Engines- Commercial	$	331.8	$	21.0	$	352.8	$	319.2	$	21.7	$	340.9
Airframes- Commercial	93.7		117.1		210.8		67.0		97.2		164.2
Defense	52.0		68.3		120.3		50.0		51.7		101.7
Total Aerospace & Defense	477.5		206.4		683.9		436.2		170.6		606.8
Energy:
Conventional Energy	2.4		63.7		66.1		3.7		107.6		111.3
Specialty Energy	22.5		54.1		76.6		29.9		38.3		68.2
Total Energy	24.9		117.8		142.7		33.6		145.9		179.5
Automotive	3.8		67.0		70.8		6.0		46.8		52.8
Medical	33.0		28.7		61.7		24.3		17.6		41.9
Construction/Mining	8.3		35.9		44.2		11.0		37.4		48.4
Electronics	2.0		38.8		40.8		0.7		35.3		36.0
Food Equipment & Appliances	—		16.2		16.2		—		20.9		20.9
Other	12.5		22.5		35.0		15.3		44.4		59.7
Total	$	562.0	$	533.3	$	1,095.3	$	527.1	$	518.9	$	1,046.0


(in millions)	Year-to-date period ended
	June 30, 2024						July 2, 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Global Markets:
Aerospace & Defense:
Jet Engines- Commercial	$	628.7	$	35.3	$	664.0	$	601.7	$	50.1	$	651.8
Airframes- Commercial	179.4		221.5		400.9		138.0		196.1		334.1
Defense	112.0		122.7		234.7		91.9		104.7		196.6
Total Aerospace & Defense	920.1		379.5		1,299.6		831.6		350.9		1,182.5
Energy:
Conventional Energy	5.9		162.7		168.6		6.1		232.7		238.8
Specialty Energy	40.7		92.0		132.7		54.8		96.1		150.9
Total Energy	46.6		254.7		301.3		60.9		328.8		389.7
Automotive	8.8		118.0		126.8		12.3		99.9		112.2
Medical	68.9		51.9		120.8		41.8		35.1		76.9
Electronics	3.0		90.7		93.7		1.2		69.2		70.4
Construction/Mining	15.0		56.4		71.4		19.2		69.6		88.8
Food Equipment & Appliances	—		28.1		28.1		—		42.4		42.4
Other	29.5		67.0		96.5		31.2		90.0		121.2
Total	$	1,091.9	$	1,046.3	$	2,138.2	$	998.2	$	1,085.9	$	2,084.1


(in millions)	Quarter ended
	June 30, 2024						July 2, 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total
Primary Geographical Market:
United States	$	271.4	$	367.1	$	638.5	$	222.0	$	346.3	$	568.3
Europe	224.0		54.2		278.2		207.8		43.6		251.4
Asia	37.3		88.2		125.5		51.0		103.5		154.5
Canada	13.7		12.2		25.9		16.6		13.3		29.9
South America, Middle East and other	15.6		11.6		27.2		29.7		12.2		41.9
Total	$	562.0	$	533.3	$	1,095.3	$	527.1	$	518.9	$	1,046.0


(in millions)	Year-to-date period ended
	June 30, 2024						July 2, 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total
Primary Geographical Market:
United States	$	512.1	$	698.0	$	1,210.1	$	418.5	$	738.1	$	1,156.6
Europe	435.5		104.9		540.4		402.0		88.0		490.0
Asia	76.2		165.5		241.7		95.0		213.0		308.0
Canada	29.0		24.5		53.5		28.6		24.5		53.1
South America, Middle East and other	39.1		53.4		92.5		54.1		22.3		76.4
Total	$	1,091.9	$	1,046.3	$	2,138.2	$	998.2	$	1,085.9	$	2,084.1

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
	June 30, 2024						July 2, 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Products and Services:
Nickel-based alloys and specialty alloys	39	%	49	%	44	%	49	%	55	%	52	%
Titanium and titanium-based alloys	24	%	15	%	20	%	17	%	11	%	14	%
Precision forgings, castings and components	37	%	—	%	19	%	33	%	—	%	17	%
Precision rolled strip products	—	%	18	%	9	%	1	%	18	%	9	%
Zirconium and related alloys	—	%	18	%	8	%	—	%	16	%	8	%
Total	100	%	100	%	100	%	100	%	100	%	100	%


	Year-to-date period ended
	June 30, 2024						July 2, 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Products and Services:
Nickel-based alloys and specialty alloys	39	%	50	%	44	%	47	%	57	%	52	%
Precision forgings, castings and components	36	%	—	%	19	%	33	%	—	%	16	%
Titanium and titanium-based alloys	24	%	13	%	19	%	19	%	10	%	14	%
Zirconium and related alloys	—	%	19	%	9	%	—	%	15	%	8	%
Precision rolled strip products	1	%	18	%	9	%	1	%	18	%	10	%
Total	100	%	100	%	100	%	100	%	100	%	100	%

Schedule of Accounts Receivable - Reserve for Doubtful Accounts


(in millions)
Accounts Receivable - Reserve for Doubtful Accounts	June 30, 2024		July 2, 2023
Balance as of beginning of year	$	3.2	$	7.7
Expense to increase the reserve	—		0.2
Write-off of uncollectible accounts	(0.5)		(0.8)
Balance as of period end	$	2.7	$	7.1

Schedule of Contract Assets and Liabilities


(in millions)
Contract Assets
Short-term	June 30, 2024		July 2, 2023
Balance as of beginning of year	$	59.1	$	64.1
Recognized in current year	53.2		41.1
Reclassified to accounts receivable	(24.7)		(53.4)
Balance as of period end	$	87.6	$	51.8


(in millions)
Contract Liabilities
Short-term	June 30, 2024		July 2, 2023
Balance as of beginning of year	$	163.6	$	149.1
Recognized in current year	59.9		58.8
Amounts in beginning balance reclassified to revenue	(50.9)		(69.4)
Current year amounts reclassified to revenue	(20.5)		(22.9)
Other	—		(0.1)
Reclassification to/from long-term	8.8		22.3
Balance as of period end	$	160.9	$	137.8

Long-term (a)	June 30, 2024		July 2, 2023
Balance as of beginning of year	$	39.4	$	66.8
Recognized in current year	3.3		0.9
Reclassification to/from short-term	(8.8)		(22.3)
Balance as of period end	$	33.9	$	45.4

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