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Supplemental Financial Statement Information
 12 Months Ended
Dec. 28, 2025
Additional Financial Information Disclosure [Abstract]  
Supplemental Financial Statement Information Supplemental Financial Statement Information
Cash and cash equivalents at December 28, 2025 and December 29, 2024 were as follows:
Fiscal Year
(In millions)20252024
Cash$294.9 $391.5 
Other short-term investments121.8 329.7 
Total cash and cash equivalents$416.7 $721.2 
Other current liabilities included salaries, wages and other employee-related liabilities of $122.8 million and $113.6 million at December 28, 2025 and December 29, 2024, respectively, and accrued interest of $23.5 million and $23.9 million at December 28, 2025 and December 29, 2024, respectively.
Other income (expense) for the fiscal years ended December 28, 2025, December 29, 2024, and December 31, 2023 was as follows:
Fiscal Year
(in millions)202520242023
Rent, royalty income and other income$4.1 $3.8 $2.6 
Gains from disposal of property, plant and equipment, net10.5 11.6 0.3 
Other — (1.0)(1.6)
Total other income, net$14.6 $14.4 $1.3 
Gains from disposal of property, plant and equipment, net for the fiscal year ended December 28, 2025 and December 29, 2024 include a $10.5 million and $11.6 million, respectively, gain on the sale of certain oil and gas rights. These cash gains are reported as an investing activity on the consolidated statement of cash flow for the fiscal year ended December 28, 2025.
Supplier Financing
The Company participates in supplier financing programs with two financial institutions to offer its suppliers the option for access to payment in advance of an invoice due date. Under such programs, these financial institutions provide early payment to suppliers at their request for invoices that ATI has confirmed as valid at a pre-determined discount rate commensurate with the creditworthiness of ATI. As of December 28, 2025 and December 29, 2024, the Company had $52.8 million and $34.8 million, respectively, reported in accounts payable on the consolidated balance sheets under such programs. The following represents the rollforward of the Company’s obligations under such programs for the fiscal year ended December 28, 2025:
(in millions)Fiscal Year
2025
Balance as of beginning of fiscal year$34.8 
New obligations confirmed299.7 
Obligations paid(281.6)
Balance as of period end$52.8 
Accounts Receivable Securitization
On September 19, 2025, ATI Specialty Materials, LLC (“Specialty Materials”) and its indirect wholly owned subsidiary, ATI Securitization LLC (“ATI Securitization”) entered into a three-year, $125.0 million Receivables Purchase and Financing Agreement (the “Receivables Facility”) with PNC Bank, National Association, as Administrative Agent, and certain Purchasers/Lenders party thereto. Under the Receivables Facility, Specialty Materials sells or contributes, on an ongoing basis, certain of its trade accounts receivable, together with related security and interests in the proceeds thereof, to its wholly owned subsidiary, ATI Securitization Holdings LLC (ATI Holdings). ATI Holdings subsequently sells or contributes those receivable and related security and interests to ATI Securitization, its wholly owned subsidiary, which is a consolidated bankruptcy-remote special purpose entity created for the sole purpose of transacting under the Receivables Facility. ATI Securitization may borrow from, and/or sell receivables under the Receivables Facility at fair value and will secure its obligations with a pledge of undivided interests in such receivables, together with related security and interest in the proceeds thereof. In all instances, Specialty Materials retains the servicing of the accounts receivable transferred, which includes collection and administrative activities. ATI has agreed to guarantee the performance of Specialty Materials obligations under the Receivables Facility.
The maximum aggregate funding available under the Receivables Facility is $125.0 million at any one time, subject to the availability of eligible receivables and other customary factors and conditions as well as covenants as set forth in the Receivables Facility. Amounts outstanding under the Receivables Facility accrue interest at an adjusted Secured Overnight Financing Rate (SOFR) plus the applicable margin. The Receivables Facility also requires the maintenance of a minimum utilization level equal to 50% of the facility amount.
ATI Securitization is a separate legal entity with its own creditors. In the event of a liquidation of ATI Securitization, its creditors would be entitled to be satisfied out of the assets of ATI Securitization prior to any assets or value becoming available to creditors or equity holders for other ATI entities. The assets of ATI Securitization, including any funds of ATI Securitization that may be commingled with funds of any of its affiliates for purposes of cash management and related efficiencies, are not available to pay creditors of ATI or any affiliate thereof, except to the extent collections of receivables are in excess of the amounts owed by ATI Securitization under the Receivables Facility.
Sales of accounts receivable under the Receivables Facility meet the sale criteria under ASC 860, Transfers and Servicing (“ASC 860”), and are derecognized from the consolidated balance sheet. Cash receipts, received at the time of the sale of receivables under the Receivables Facility, are classified as cash flow from operating activities in the consolidated statement of cash flows. As the Company retains the servicing rights of the receivables sold, the Company assessed the associated servicing liability under ASC 860 and determined that the liability is immaterial to the Company’s financial statements.
For the fiscal year ended December 28, 2025, ATI Securitization sold $80.0 million of accounts receivable in exchange for $80.0 million of cash. The Company recorded a $1.8 million charge associated with the sale of the accounts receivable within selling and administrative expenses on its consolidated statement of operations and the amount is excluded from segment results.
There were no borrowings during the fiscal year ended December 28, 2025 under the Receivable Facility.
Sale of Receivables Program
During the fourth quarter of 2024, the Company entered into an accounts receivables purchase agreement (Receivables Purchase Agreement) with a third-party financial institution to periodically sell certain accounts receivables at a discount. These accounts receivable sales are accounted for as a sale of assets under ASC 860, Transfers and Servicing, as the Company’s continuing involvement is limited to servicing the accounts receivable, collecting the payments for the underlying accounts receivables and remitting such collections to the financial institution. The financial institution is responsible for any credit risk associated with the sold accounts receivables. The Company receives the purchase price, equal to the accounts receivable less the discount, at the time of the sale.
The Company sold $94.2 million and $13.5 million of its receivables under this program during the fiscal years ended December 28, 2025 and December 29, 2024, respectively, resulting in de-recognition of the receivables from the Company’s consolidated balance sheet. As of December 28, 2025, substantially all amounts under the Receivables Purchase Agreement have been repaid to the financial institution. The losses associated with these transactions of $0.7 million for the fiscal year ended December 28, 2025 are reflected in the Company’s consolidated statement of operations and are excluded from segment results. The loss on the sales of these accounts receivables were not material to the Company for the fiscal year ended December 29, 2024. The cash received on these sales of accounts receivable during the fiscal years ended December 28, 2025 and December 29, 2024 is presented in changes in receivables within operating activities in the consolidated statement of cash flows.
Other Customer Receivable Sales
In the fiscal years ended December 28, 2025, December 29, 2024 and December 31, 2023, the Company sold $375 million, $300 million and $308 million, respectively, of certain customers’ accounts receivables through programs established by those customers with third-party financial institutions. These customers have extended payment terms and provide the programs to enable suppliers to receive more timely payments. The Company has no continuing involvement with the receivables sold under these programs, including no servicing requirement. The proceeds from these transactions are presented in changes in receivables within operating activities in the consolidated statement of cash flows. The costs associated with these transactions of $5.3 million, $6.0 million and $6.3 million are reflected in the Company’s consolidated statement of operations for the fiscal years ended December 28, 2025, December 29, 2024 and December 31, 2023, respectively, and are excluded from segment results.