Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 29, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Comparative information of the Company’s overall revenues (in millions) by global and geographical markets for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023 is as follows:

	Fiscal Year
(in millions)	2024						2023						2022
	HPMC		AA&S		Total		HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Global Markets:
Aerospace & Defense:
Jet-Engines- Commercial	$	1,365.4	$	92.4	$	1,457.8	$	1,255.3	$	78.2	$	1,333.5	$	975.7	$	87.8	$	1,063.5
Airframes- Commercial	369.7		403.2		772.9		350.6		388.8		739.4		184.1		284.8		468.9
Defense	224.8		265.4		490.2		181.0		220.9		401.9		158.2		183.0		341.2
Total Aerospace & Defense	$	1,959.9	$	761.0	$	2,720.9	$	1,786.9	$	687.9	$	2,474.8	$	1,318.0	$	555.6	$	1,873.6
Specialty Energy	96.8		187.8		284.6		93.9		179.3		273.2		113.6		163.0		276.6
Medical	115.5		109.4		224.9		102.6		74.3		176.9		73.2		89.9		163.1
Electronics	3.0		191.3		194.3		3.1		156.8		159.9		2.4		197.6		200.0
Other Core Markets	215.3		488.5		703.8		199.6		410.4		610.0		189.2		450.5		639.7
Core End Markets	2,175.2		1,249.5		3,424.7		1,986.5		1,098.3		3,084.8		1,507.2		1,006.1		2,513.3
Conventional Energy	9.8		292.2		302.0		10.6		404.0		414.6		35.0		441.7		476.7
Automotive	15.2		244.2		259.4		24.6		186.1		210.7		11.2		290.9		302.1
Construction/Mining	26.3		132.2		158.5		35.0		127.9		162.9		34.1		142.3		176.4
Other	52.0		165.5		217.5		63.5		237.2		300.7		53.7		313.8		367.5
Industrial Markets	$	103.3	$	834.1	$	937.4	$	133.7	$	955.2	$	1,088.9	$	134.0	$	1,188.7	$	1,322.7
Total	$	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

	Fiscal Year
(in millions)	2024						2023						2022
	HPMC		AA&S		Total		HPMC		AA&S		Total		HPMC		AA&S		Total
Primary Geographical Market:
United States	$	1,134.0	$	1,391.2	$	2,525.2	$	915.3	$	1,335.5	$	2,250.8	$	742.9	$	1,475.7	$	2,218.6
China	57.6		242.0		299.6		70.1		263.2		333.3		59.8		292.0		351.8
Germany	202.5		57.2		259.7		204.2		38.8		243.0		148.4		52.5		200.9
United Kingdom	217.0		40.9		257.9		224.8		34.3		259.1		165.7		52.0		217.7
France	186.9		40.6		227.5		172.4		47.0		219.4		125.7		31.5		157.2
Canada	60.9		55.3		116.2		64.9		46.1		111.0		46.2		41.2		87.4
Rest of World	419.6		256.4		676.0		468.5		288.6		757.1		352.5		249.9		602.4
Total	$	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

Comparative information of the Company’s major products based on their percentages of sales is included in the following table. HRPF conversion service sales in the AA&S segment are excluded from this presentation.

	Fiscal Year
	2024						2023						2022
	HPMC		AA&S		Total		HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Products:
Nickel-based alloys and specialty alloys	41	%	49	%	45	%	44	%	54	%	49	%	49	%	54	%	52	%
Precision forgings, castings and components	36	%	—	%	20	%	33	%	—	%	17	%	34	%	—	%	15	%
Titanium and titanium-based alloys	23	%	13	%	18	%	22	%	12	%	17	%	17	%	7	%	11	%
Zirconium and related alloys	—	%	19	%	9	%	—	%	15	%	7	%	—	%	14	%	8	%
Precision rolled strip	—	%	19	%	8	%	1	%	19	%	10	%	—	%	25	%	14	%
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Schedule of Accounts Receivable - Reserve for Doubtful Accounts

The following represents the rollforward of accounts receivable - reserve for doubtful accounts for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023:

(in millions)
Accounts Receivable - Reserve for Doubtful Accounts
Balance as of January 2, 2022	$	3.8
Expense to increase the reserve	4.6
Write-off of uncollectible accounts	(0.7)
Balance as of January 1, 2023	7.7
Expense to increase the reserve	0.1
Write-off of uncollectible accounts	(4.6)
Balance as of December 31, 2023	3.2
Expense to increase the reserve	12.3
Write-off of uncollectible accounts	(0.5)
Balance as of December 29, 2024	$	15.0

Schedule of Contract Assets and Liabilities

The following represents the rollforward of contract assets and liabilities for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023:

(in millions)
Contract Assets
	Fiscal Year
Short-term	2024		2023		2022
Balance as of beginning of fiscal year	$	59.1	$	64.1	$	53.9
Recognized in current year	88.9		84.1		105.0
Reclassified to accounts receivable	(72.4)		(89.5)		(88.0)
Reclassification to/from contract liability	—		0.4		(6.8)
Balance as of period end	$	75.6	$	59.1	$	64.1

(in millions)
Contract Liabilities
	Fiscal Year
Short-term	2024		2023		2022
Balance as of beginning of fiscal year	$	163.6	$	149.1	$	116.2
Recognized in current year	133.6		133.4		183.1
Amounts in beginning balance reclassified to revenue	(88.2)		(107.9)		(99.8)
Current year amounts reclassified to revenue	(56.3)		(40.9)		(72.3)
Other	—		(0.7)		0.7
Reclassification to/from long-term and contract asset	16.7		30.6		21.2
Balance as of period end	$	169.4	$	163.6	$	149.1
	Fiscal Year
Long-term (a)	2024		2023		2022
Balance as of beginning of fiscal year	$	39.4	$	66.8	$	84.4
Recognized in current year	22.6		2.8		10.4
Reclassification to/from short-term	(16.7)		(30.2)		(28.0)
Balance as of period end	$	45.3	$	39.4	$	66.8

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