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Revenue from Contracts with Customers
 9 Months Ended
Sep. 28, 2025
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 September 28, 2025 and September 29, 2024 is included in the following tables.

(in millions)Quarter ended
September 28, 2025September 29, 2024
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$399.3 $34.3 $433.6 $341.9 $24.0 $365.9 
   Airframes- Commercial71.0 126.7 197.7 84.1 96.7 180.8 
   Defense83.8 77.6 161.4 48.9 58.2 107.1 
   Total Aerospace & Defense554.1 238.6 792.7 474.9 178.9 653.8 
Specialty Energy19.4 34.5 53.9 26.3 43.6 69.9 
Electronics— 48.4 48.4 — 49.1 49.1 
Medical11.8 19.1 30.9 28.6 24.5 53.1 
Other Core Markets31.2 102.0 133.2 54.9 117.2 172.1 
Core End Markets585.3 340.6 925.9 529.8 296.1 825.9 
Automotive1.7 59.6 61.3 4.6 59.2 63.8 
Conventional Energy1.1 55.7 56.8 2.4 70.2 72.6 
Construction/Mining5.3 31.5 36.8 4.9 36.9 41.8 
Other9.5 35.2 44.7 10.7 36.4 47.1 
Industrial Markets17.6 182.0 199.6 22.6 202.7 225.3 
Total$602.9 $522.6 $1,125.5 $552.4 $498.8 $1,051.2 
(in millions)Year-to-date period ended
September 28, 2025September 29, 2024
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$1,216.2 $86.6 $1,302.8 $970.6 $59.3 $1,029.9 
   Airframes- Commercial230.1 368.6 598.7 263.5 318.2 581.7 
   Defense204.0 203.4 407.4 160.9 180.9 341.8 
   Total Aerospace & Defense1,650.3 658.6 2,308.9 1,395.0 558.4 1,953.4 
Specialty Energy46.5 121.4 167.9 67.0 135.6 202.6 
Electronics— 131.7 131.7 3.0 139.8 142.8 
Medical43.0 69.2 112.2 97.5 76.4 173.9 
Other Core Markets89.5 322.3 411.8 167.5 351.8 519.3 
Core End Markets1,739.8 980.9 2,720.7 1,562.5 910.2 2,472.7 
Conventional Energy4.2 267.3 271.5 8.3 232.9 241.2 
Automotive5.9 180.8 186.7 13.4 177.2 190.6 
Construction/Mining20.5 82.5 103.0 19.9 93.3 113.2 
Other25.4 103.0 128.4 40.2 131.5 171.7 
Industrial Markets56.0 633.6 689.6 81.8 634.9 716.7 
Total$1,795.8 $1,614.5 $3,410.3 $1,644.3 $1,545.1 $3,189.4 

(in millions)Quarter ended
September 28, 2025September 29, 2024
HPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$337.7 $342.6 $680.3 $285.8 $339.8 $625.6 
Europe177.4 71.5 248.9 201.4 41.6 243.0 
Asia40.1 84.5 124.6 30.3 93.0 123.3 
Canada22.3 17.0 39.3 16.4 15.0 31.4 
South America, Middle East and other25.4 7.0 32.4 18.5 9.4 27.9 
Total$602.9 $522.6 $1,125.5 $552.4 $498.8 $1,051.2 
(in millions)Year-to-date period ended
September 28, 2025September 29, 2024
HPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$1,004.4 $970.1 $1,974.5 $797.9 $1,037.8 $1,835.7 
Europe537.4 208.0 745.4 636.9 146.5 783.4 
Asia117.2 270.9 388.1 106.5 258.5 365.0 
Canada59.4 59.6 119.0 45.4 39.5 84.9 
South America, Middle East and other77.4 105.9 183.3 57.6 62.8 120.4 
Total$1,795.8 $1,614.5 $3,410.3 $1,644.3 $1,545.1 $3,189.4 
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
September 28, 2025September 29, 2024
HPMCAA&STotalHPMCAA&STotal
Diversified Products and Services:
     Nickel-based alloys and specialty alloys44 %45 %44 %43 %50 %46 %
     Precision forgings, castings and components40 %— %22 %36 %— %20 %
     Titanium and titanium-based alloys16 %22 %19 %21 %12 %17 %
     Zirconium and related alloys— %20 %9 %— %17 %8 %
     Precision rolled strip products— %13 %6 %— %21 %9 %
Total100 %100 %100 %100 %100 %100 %
Year-to-date period ended
September 28, 2025September 29, 2024
HPMCAA&STotalHPMCAA&STotal
Diversified Products and Services:
     Nickel-based alloys and specialty alloys43 %51 %47 %41 %50 %45 %
     Precision forgings, castings and components39 %— %21 %36 %— %19 %
     Titanium and titanium-based alloys18 %19 %18 %23 %13 %18 %
     Zirconium and related alloys— %19 %9 %— %18 %9 %
     Precision rolled strip products— %11 %5 %— %19 %9 %
Total100 %100 %100 %100 %100 %100 %
The Company maintained a backlog of confirmed orders totaling $3.6 billion and $3.9 billion at September 28, 2025 and September 29, 2024, respectively. Due to the structure of the Company’s long-term agreements, approximately 70% of this backlog at September 28, 2025 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 September 28, 2025 and December 29, 2024, accounts receivable from customers were $714.6 million and $724.2 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 September 28, 2025 and September 29, 2024:
(in millions)
Accounts Receivable - Reserve for Doubtful AccountsSeptember 28,
2025		September 29,
2024
Balance as of beginning of year$15.0 $3.2 
Expense to increase the reserve2.1 — 
Write-offs and recoveries of uncollectible accounts(12.4)(0.6)
Balance as of period end$4.7 $2.6 
(in millions)
Contract Assets
Short-termSeptember 28,
2025		September 29,
2024
Balance as of beginning of year$75.6 $59.1 
Recognized in current year94.8 68.9 
Reclassified to accounts receivable(76.1)(37.5)
Balance as of period end$94.3 $90.5 
(in millions)
Contract Liabilities
Short-termSeptember 28,
2025		September 29,
2024
Balance as of beginning of year$169.4 $163.6 
Recognized in current year106.0 75.1 
Amounts in beginning balance reclassified to revenue(84.6)(67.7)
Current year amounts reclassified to revenue(44.3)(36.9)
Other(1.0)— 
Reclassification to/from long-term13.7 12.4 
Balance as of period end$159.2 $146.5 
Long-term (a)September 28,
2025		September 29,
2024
Balance as of beginning of year$45.3 $39.4 
Recognized in current year33.0 10.8 
Amounts in beginning balance reclassified to revenue(2.2)— 
Other(2.7)— 
Reclassification to/from short-term(13.7)(12.4)
Balance as of period end$59.7 $37.8 
(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 $14.2 million and $12.0 million as of September 28, 2025 and December 29, 2024, 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 September 28, 2025 was $0.3 million and $1.2 million, respectively. Contract cost amortization expense for the quarter and year-to-date period ended September 29, 2024 was $0.2 million and $0.8 million, respectively.