Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

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 31, 2023, January 1, 2023 and January 2, 2022 is as follows:

	Fiscal Year
(in millions)	2023						2022						2021
	HPMC		AA&S		Total		HPMC		AA&S		Total		HPMC		AA&S		Total
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- Commercial	350.6		388.8		739.4		184.1		284.8		468.9		132.8		129.9		262.7
Defense	181.0		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 & Gas	10.6		404.0		414.6		35.0		441.7		476.7		42.2		290.1		332.3
Specialty Energy	93.9		179.3		273.2		113.6		163.0		276.6		136.1		123.5		259.6
Total Energy	104.5		583.3		687.8		148.6		604.7		753.3		178.3		413.6		591.9
Automotive	24.6		186.1		210.7		11.2		290.9		302.1		8.7		296.4		305.1
Medical	102.6		74.3		176.9		73.2		89.9		163.1		60.3		71.2		131.5
Construction/Mining	35.0		127.9		162.9		34.1		142.3		176.4		24.0		98.2		122.2
Electronics	3.1		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
Other	63.5		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)	2023						2022						2021
	HPMC		AA&S		Total		HPMC		AA&S		Total		HPMC		AA&S		Total
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
China	70.1		263.2		333.3		59.8		292.0		351.8		49.5		320.9		370.4
United Kingdom	224.8		34.3		259.1		165.7		52.0		217.7		136.7		17.2		153.9
Germany	204.2		38.8		243.0		148.4		52.5		200.9		74.1		47.2		121.3
France	172.4		47.0		219.4		125.7		31.5		157.2		48.7		9.8		58.5
Mexico	102.3		25.4		127.7		56.7		23.4		80.1		25.6		37.6		63.2
Rest of World	431.1		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
	2023						2022						2021
	HPMC		AA&S		Total		HPMC		AA&S		Total		HPMC		AA&S		Total
Diversified Products:
Nickel-based alloys and specialty alloys	44	%	54	%	49	%	49	%	54	%	52	%	43	%	44	%	43	%
Precision forgings, castings and components	33	%	—	%	17	%	34	%	—	%	15	%	38	%	—	%	16	%
Titanium and titanium-based alloys	22	%	12	%	17	%	17	%	7	%	11	%	19	%	6	%	12	%
Precision rolled strip	1	%	19	%	10	%	—	%	25	%	14	%	—	%	33	%	19	%
Zirconium and related alloys	—	%	15	%	7	%	—	%	14	%	8	%	—	%	17	%	10	%
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 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 reserve	0.3
Write-off of uncollectible accounts	(0.8)
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

Schedule of Contract Assets and Liabilities

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-term	2023		2022		2021
Balance as of beginning of fiscal year	$	64.1	$	53.9	$	38.9
Recognized in current year	84.1		105.0		93.8
Reclassified to accounts receivable	(89.5)		(88.0)		(76.2)
Reclassification to/from contract liability	0.4		(6.8)		(2.6)
Balance as of period end	$	59.1	$	64.1	$	53.9

(in millions)
Contract Liabilities
	Fiscal Year
Short-term	2023		2022		2021
Balance as of beginning of fiscal year	$	149.1	$	116.2	$	111.8
Recognized in current year	133.4		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 asset	30.6		21.2		1.6
Balance as of period end	$	163.6	$	149.1	$	116.2
	Fiscal Year
Long-term (a)	2023		2022		2021
Balance as of beginning of fiscal year	$	66.8	$	84.4	$	32.0
Recognized in current year	2.8		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.