Business Segments (Tables)

12 Months Ended

Dec. 29, 2024


	Fiscal Year 2024						Fiscal Year 2023						Fiscal Year 2022
	HPMC		AA&S		Total		HPMC		AA&S		Total		HPMC		AA&S		Total
Sales to external customers	$	2,278.5	$	2,083.6	$	4,362.1	$	2,120.2	$	2,053.5	$	4,173.7	$	1,641.2	$	2,194.8	$	3,836.0
Intersegment sales	247.7		275.1		522.8		181.8		283.4		465.2		174.5		238.9		413.4
Total sales	2,526.2		2,358.7		4,884.9		2,302.0		2,336.9		4,638.9		1,815.7		2,433.7		4,249.4

Reconciliation of sales
Elimination of intersegment sales					(522.8)						(465.2)						(413.4)
Total consolidated sales					$	4,362.1					$	4,173.7					$	3,836.0

Less(1):
Allocated corporate overhead(2)	65.7		65.4				60.1		58.6				37.9		34.2
Other segment items(3)	1,999.1		1,972.4				1,808.3		2,001.7				1,474.4		2,024.2
Segment EBITDA	461.4		320.9		782.3		433.6		276.6		710.2		303.4		375.3		678.7

Reconciliation of segment EBITDA
Corporate expenses					(64.0)						(62.3)						(60.3)
Closed operations and other income (expenses)					10.8						(13.3)						(5.6)
Depreciation & amortization					(151.5)						(146.1)						(142.9)
Interest expense, net					(108.2)						(92.8)						(87.4)
Restructuring and other charges (See Note 19)					(22.1)						(31.4)						(23.7)
Retirement benefit settlement loss (See Note 14)					—						(41.7)						—
Pension remeasurement gain (loss) (See Note 14)					(14.1)						(26.8)						100.3
Joint venture restructuring credit (See Note 7)					—						—						0.9
Gain (loss) on sales of business, net					52.9						(0.6)						(105.4)

Income before taxes					$	486.1					$	295.2					$	354.6

(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) The increase in corporate overhead costs over the time periods presented represent the consolidation and centralization of certain functions, including information technology, human resources and talent acquisition, payroll and accounts payable, into the Company’s corporate shared services function. Such amounts are subject to change from year to year as allocation methodologies are revised to match the nature of these corporate costs.

(3) 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:


	Fiscal Year
(In millions)	2024		2023		2022
Depreciation and amortization:
High Performance Materials & Components	$	71.6	$	71.1	$	68.3
Advanced Alloys & Solutions	73.2		67.9		67.4
Other	6.7		7.1		7.2
Total depreciation and amortization	$	151.5	$	146.1	$	142.9
Capital expenditures:
High Performance Materials & Components	$	132.0	$	100.4	$	33.3
Advanced Alloys & Solutions	103.6		97.2		89.6
Corporate	3.5		3.1		8.0
Total capital expenditures	$	239.1	$	200.7	$	130.9


	Fiscal Year
Identifiable assets:	2024		2023		2022
High Performance Materials & Components	$	2,225.9	$	1,990.9	$	1,749.3
Advanced Alloys & Solutions	2,207.8		1,996.7		1,981.1
Corporate:
Deferred Taxes	46.5		135.7		4.7
Cash and cash equivalents and other	750.4		861.8		710.5
Total assets	$	5,230.6	$	4,985.1	$	4,445.6

Schedule of company assets by country


	Fiscal Year				Fiscal Year				Fiscal Year
($ in millions)	2024		Percent of total		2023		Percent of total		2022		Percent of total
Total assets:
United States	$	4,666.3	89	%	$	4,463.7	90	%	$	3,942.7	89	%
China	310.3		6	%	295.8		6	%	321.1		7	%
Other	254.0		5	%	225.6		4	%	181.8		4	%
Total Assets	$	5,230.6	100	%	$	4,985.1	100	%	$	4,445.6	100	%