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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
The Company operates in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). Revenue is disaggregated within these two business segments by diversified global markets, primary geographical markets and diversified products. 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, 2024July 2, 2023
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$331.8 $21.0 $352.8 $319.2 $21.7 $340.9 
   Airframes- Commercial93.7 117.1 210.8 67.0 97.2 164.2 
   Defense52.0 68.3 120.3 50.0 51.7 101.7 
   Total Aerospace & Defense477.5 206.4 683.9 436.2 170.6 606.8 
Energy:
   Conventional Energy2.4 63.7 66.1 3.7 107.6 111.3 
   Specialty Energy22.5 54.1 76.6 29.9 38.3 68.2 
   Total Energy24.9 117.8 142.7 33.6 145.9 179.5 
Automotive3.8 67.0 70.8 6.0 46.8 52.8 
Medical33.0 28.7 61.7 24.3 17.6 41.9 
Construction/Mining8.3 35.9 44.2 11.0 37.4 48.4 
Electronics2.0 38.8 40.8 0.7 35.3 36.0 
Food Equipment & Appliances— 16.2 16.2 — 20.9 20.9 
Other12.5 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, 2024July 2, 2023
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$628.7 $35.3 $664.0 $601.7 $50.1 $651.8 
   Airframes- Commercial179.4 221.5 400.9 138.0 196.1 334.1 
   Defense112.0 122.7 234.7 91.9 104.7 196.6 
   Total Aerospace & Defense920.1 379.5 1,299.6 831.6 350.9 1,182.5 
Energy:
   Conventional Energy5.9 162.7 168.6 6.1 232.7 238.8 
   Specialty Energy40.7 92.0 132.7 54.8 96.1 150.9 
   Total Energy46.6 254.7 301.3 60.9 328.8 389.7 
Automotive8.8 118.0 126.8 12.3 99.9 112.2 
Medical68.9 51.9 120.8 41.8 35.1 76.9 
Electronics3.0 90.7 93.7 1.2 69.2 70.4 
Construction/Mining15.0 56.4 71.4 19.2 69.6 88.8 
Food Equipment & Appliances— 28.1 28.1 — 42.4 42.4 
Other29.5 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, 2024July 2, 2023
HPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$271.4 $367.1 $638.5 $222.0 $346.3 $568.3 
Europe224.0 54.2 278.2 207.8 43.6 251.4 
Asia37.3 88.2 125.5 51.0 103.5 154.5 
Canada13.7 12.2 25.9 16.6 13.3 29.9 
South America, Middle East and other15.6 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, 2024July 2, 2023
HPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$512.1 $698.0 $1,210.1 $418.5 $738.1 $1,156.6 
Europe435.5 104.9 540.4 402.0 88.0 490.0 
Asia76.2 165.5 241.7 95.0 213.0 308.0 
Canada29.0 24.5 53.5 28.6 24.5 53.1 
South America, Middle East and other39.1 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, 2024July 2, 2023
HPMCAA&STotalHPMCAA&STotal
Diversified Products and Services:
     Nickel-based alloys and specialty alloys39 %49 %44 %49 %55 %52 %
     Titanium and titanium-based alloys24 %15 %20 %17 %11 %14 %
     Precision forgings, castings and components37 %— %19 %33 %— %17 %
     Precision rolled strip products— %18 %9 %1 %18 %9 %
     Zirconium and related alloys— %18 %8 %— %16 %8 %
Total100 %100 %100 %100 %100 %100 %
Year-to-date period ended
June 30, 2024July 2, 2023
HPMCAA&STotalHPMCAA&STotal
Diversified Products and Services:
     Nickel-based alloys and specialty alloys39 %50 %44 %47 %57 %52 %
     Precision forgings, castings and components36 %— %19 %33 %— %16 %
     Titanium and titanium-based alloys24 %13 %19 %19 %10 %14 %
     Zirconium and related alloys— %19 %9 %— %15 %8 %
     Precision rolled strip products1 %18 %9 %1 %18 %10 %
Total100 %100 %100 %100 %100 %100 %
The Company maintained a backlog of confirmed orders totaling $4.1 billion and $3.5 billion at June 30, 2024 and July 2, 2023, respectively. Due to the structure of the Company’s long-term agreements, approximately 70% of this backlog at June 30, 2024 represented booked orders with performance obligations that will be satisfied within the next 12 months. The backlog does not reflect any elements of variable consideration.
Contract balances
As of June 30, 2024 and December 31, 2023, accounts receivable from customers were $722.5 million and $628.2 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts and contract assets and liabilities for the year-to-date periods ended June 30, 2024 and July 2, 2023:
(in millions)
Accounts Receivable - Reserve for Doubtful AccountsJune 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 
(in millions)
Contract Assets
Short-termJune 30,
2024		July 2,
2023
Balance as of beginning of year$59.1 $64.1 
Recognized in current year53.2 41.1 
Reclassified to accounts receivable(24.7)(53.4)
Balance as of period end$87.6 $51.8 
(in millions)
Contract Liabilities
Short-termJune 30,
2024		July 2,
2023
Balance as of beginning of year$163.6 $149.1 
Recognized in current year59.9 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-term8.8 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 year3.3 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.

Contract costs for obtaining and fulfilling a contract were $9.0 million and $8.1 million as of June 30, 2024 and December 31, 2023, respectively, and are reported in other long-term assets on the consolidated balance sheet. Contract cost amortization expense for the quarter and year-to-date period ended June 30, 2024 was $0.3 million and $0.6 million, respectively. Contract cost amortization expense for the quarter and year-to-date period ended July 2, 2023 was $0.4 million and $0.7 million, respectively.