Business Segments (Tables)

12 Months Ended

Dec. 28, 2025

Intersegment sales are generally recorded at full cost or market.


	Fiscal Year 2025						Fiscal Year 2024						Fiscal Year 2023
	HPMC		AA&S		Total		HPMC		AA&S		Total		HPMC		AA&S		Total
Sales to external customers	$	2,441.7	$	2,145.7	$	4,587.4	$	2,278.5	$	2,083.6	$	4,362.1	$	2,120.2	$	2,053.5	$	4,173.7
Intersegment sales	222.7		200.5		423.2		247.7		275.1		522.8		181.8		283.4		465.2
Total sales	2,664.4		2,346.2		5,010.6		2,526.2		2,358.7		4,884.9		2,302.0		2,336.9		4,638.9

Reconciliation of sales
Elimination of intersegment sales					(423.2)						(522.8)						(465.2)
Total consolidated sales					$	4,587.4					$	4,362.1					$	4,173.7

Less(1):
Allocated corporate overhead	65.2		67.3				65.7		65.4				60.1		58.6
Other segment items(2)	2,023.4		1,929.9				1,999.1		1,972.4				1,808.3		2,001.7
Segment EBITDA	575.8		349.0		924.8		461.4		320.9		782.3		433.6		276.6		710.2

Reconciliation of segment EBITDA
Corporate expenses					(67.8)						(64.0)						(62.3)
Closed operations and other income (expenses)					2.3						10.8						(13.3)
Depreciation & amortization					(168.1)						(151.5)						(146.1)
Interest expense, net					(98.6)						(108.2)						(92.8)
Restructuring and other charges (See Note 19)					(48.8)						(22.1)						(31.4)
Retirement benefit settlement loss (See Note 14)					—						—						(41.7)
Pension remeasurement loss (See Note 14)					(18.6)						(14.1)						(26.8)

Gain (loss) on sales of business, net					(2.9)						52.9						(0.6)

Income before taxes					$	522.3					$	486.1					$	295.2

(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) 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)	2025		2024		2023
Depreciation and amortization:
High Performance Materials & Components	$	84.2	$	71.6	$	71.1
Advanced Alloys & Solutions	77.4		73.2		67.9
Other	6.5		6.7		7.1
Total depreciation and amortization	$	168.1	$	151.5	$	146.1
Capital expenditures:
High Performance Materials & Components	$	157.4	$	132.0	$	100.4
Advanced Alloys & Solutions	117.9		103.6		97.2
Corporate	5.3		3.5		3.1
Total capital expenditures	$	280.6	$	239.1	$	200.7


	Fiscal Year
Identifiable assets:	2025		2024		2023
High Performance Materials & Components	$	2,368.6	$	2,225.9	$	1,990.9
Advanced Alloys & Solutions	2,249.1		2,207.8		1,996.7
Corporate:
Deferred Taxes	33.5		46.5		135.7
Cash and cash equivalents and other	448.4		750.4		861.8
Total assets	$	5,099.6	$	5,230.6	$	4,985.1

Schedule of Company Assets By Country


	Fiscal Year				Fiscal Year				Fiscal Year
($ in millions)	2025		Percent of total		2024		Percent of total		2023		Percent of total
Total assets:
United States	$	4,544.4	89	%	$	4,666.3	89	%	$	4,463.7	90	%
China	321.8		6	%	310.3		6	%	295.8		6	%
Other	233.4		5	%	254.0		5	%	225.6		4	%
Total Assets	$	5,099.6	100	%	$	5,230.6	100	%	$	4,985.1	100	%