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Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2023
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 of the Company’s overall revenues (in millions) by global and geographical markets for the fiscal years ended December 31, 2023, January 1, 2023 and January 2, 2022 is as follows:

Fiscal Year
(in millions)202320222021
HPMCAA&STotalHPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
Jet-Engines- Commercial$1,255.3 $78.2 $1,333.5 $975.7 $87.8 $1,063.5 $480.9 $36.3 $517.2 
Airframes- Commercial350.6 388.8 739.4 184.1 284.8 468.9 132.8 129.9 262.7 
Defense181.0 220.9 401.9 158.2 183.0 341.2 221.8 131.0 352.8 
Total Aerospace & Defense$1,786.9 $687.9 $2,474.8 $1,318.0 $555.6 $1,873.6 $835.5 $297.2 $1,132.7 
Energy:
Oil & Gas10.6 404.0 414.6 35.0 441.7 476.7 42.2 290.1 332.3 
Specialty Energy93.9 179.3 273.2 113.6 163.0 276.6 136.1 123.5 259.6 
Total Energy104.5 583.3 687.8 148.6 604.7 753.3 178.3 413.6 591.9 
Automotive24.6 186.1 210.7 11.2 290.9 302.1 8.7 296.4 305.1 
Medical102.6 74.3 176.9 73.2 89.9 163.1 60.3 71.2 131.5 
Construction/Mining35.0 127.9 162.9 34.1 142.3 176.4 24.0 98.2 122.2 
Electronics3.1 156.8 159.9 2.4 197.6 200.0 1.2 213.9 215.1 
Food Equipment & Appliances— 71.9 71.9 0.2 158.3 158.5 0.1 153.0 153.1 
Other63.5 165.3 228.8 53.5 155.5 209.0 47.0 101.2 148.2 
Total$2,120.2 $2,053.5 $4,173.7 $1,641.2 $2,194.8 $3,836.0 $1,155.1 $1,644.7 $2,799.8 


Fiscal Year
(in millions)202320222021
HPMCAA&STotalHPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$915.3 $1,335.5 $2,250.8 $742.9 $1,475.7 $2,218.6 $571.3 $963.6 $1,534.9 
China70.1 263.2 333.3 59.8 292.0 351.8 49.5 320.9 370.4 
United Kingdom224.8 34.3 259.1 165.7 52.0 217.7 136.7 17.2 153.9 
Germany204.2 38.8 243.0 148.4 52.5 200.9 74.1 47.2 121.3 
France172.4 47.0 219.4 125.7 31.5 157.2 48.7 9.8 58.5 
Mexico102.3 25.4 127.7 56.7 23.4 80.1 25.6 37.6 63.2 
Rest of World431.1 309.3 740.4 342.0 267.7 609.7 249.2 248.4 497.6 
Total$2,120.2 $2,053.5 $4,173.7 $1,641.2 $2,194.8 $3,836.0 $1,155.1 $1,644.7 $2,799.8 
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
202320222021
HPMCAA&STotalHPMCAA&STotalHPMCAA&STotal
Diversified Products:
Nickel-based alloys and specialty alloys44 %54 %49 %49 %54 %52 %43 %44 %43 %
Precision forgings, castings and components33 %— %17 %34 %— %15 %38 %— %16 %
Titanium and titanium-based alloys22 %12 %17 %17 %7 %11 %19 %6 %12 %
Precision rolled strip1 %19 %10 %— %25 %14 %— %33 %19 %
Zirconium and related alloys— %15 %7 %— %14 %8 %— %17 %10 %
Total100 %100 %100 %100 %100 %100 %100 %100 %100 %

The Company maintains a backlog of confirmed orders totaling $3.8 billion, $2.9 billion and $2.1 billion at December 31, 2023, January 1, 2023 and January 2, 2022, respectively. Due to the structure of the Company’s LTAs, 70% of this backlog at December 31, 2023 represented booked orders with performance obligations that will be satisfied within the next twelve months. The backlog does not reflect any elements of variable consideration.
Accounts Receivable
As of December 31, 2023 and January 1, 2023, accounts receivable with customers were $628.2 million and $586.9 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts for the fiscal years ended December 31, 2023, January 1, 2023 and January 2, 2022:
(in millions)
Accounts Receivable - Reserve for Doubtful Accounts
Balance as of January 3, 2021$4.3 
Expense to increase the reserve0.3 
Write-off of uncollectible accounts(0.8)
Balance as of January 2, 20223.8 
Expense to increase the reserve4.6 
Write-off of uncollectible accounts(0.7)
Balance as of January 1, 20237.7 
Expense to increase the reserve0.1 
Write-off of uncollectible accounts(4.6)
Balance as of December 31, 2023$3.2 
Contract balances
The following represents the rollforward of contract assets and liabilities for the fiscal years ended December 31, 2023, January 1, 2023 and January 2, 2022:
(in millions)
Contract Assets
Fiscal Year
Short-term202320222021
Balance as of beginning of fiscal year$64.1 $53.9 $38.9 
Recognized in current year84.1 105.0 93.8 
Reclassified to accounts receivable(89.5)(88.0)(76.2)
Reclassification to/from contract liability0.4 (6.8)(2.6)
Balance as of period end$59.1 $64.1 $53.9 
(in millions)
Contract Liabilities
Fiscal Year
Short-term202320222021
Balance as of beginning of fiscal year$149.1 $116.2 $111.8 
Recognized in current year133.4 183.1 161.5 
Amounts in beginning balance reclassified to revenue(107.9)(99.8)(85.1)
Current year amounts reclassified to revenue(40.9)(72.3)(72.9)
Divestiture— — (0.8)
Other(0.7)0.7 0.1 
Reclassification to/from long-term and contract asset30.6 21.2 1.6 
Balance as of period end$163.6 $149.1 $116.2 
Fiscal Year
Long-term (a)202320222021
Balance as of beginning of fiscal year$66.8 $84.4 $32.0 
Recognized in current year2.8 10.4 56.6 
Reclassification to/from short-term(30.2)(28.0)(4.2)
Balance as of period end$39.4 $66.8 $84.4 
(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 $8.1 million and $7.3 million as of December 31, 2023 and January 1, 2023, respectively, which are reported in other long-term assets on the consolidated balance sheets. Amortization expense for the fiscal years ended December 31, 2023, January 1, 2023 and January 2, 2022 of these contract costs was $1.2 million, $1.0 million, and $1.0 million, respectively.