v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 11 — Revenue

 

Our revenue is primarily derived from the sale of inventory under long-term contracts with our customers. The majority of our revenue is recognized at a point in time. In instances where our customers acquire our goods related to government contracts, the contracts are typically subject to terms similar, or equal to, the Federal Acquisition Regulation Part 52.249-2, which contains a termination for convenience clause ("T for C") that requires the customer to pay for the cost of both the finished and unfinished goods at the time of cancellation plus a reasonable profit.

 

We recognize revenue over time for those contracts that have a T for C clause and where the products being produced have no alternative use. As our production cycle is typically nine months or less, it is expected that goods related to the revenue recognized over time will be shipped and billed within the next twelve months.

 

We disaggregate our revenue based on market for analytical purposes. The following table details our revenue by market for the years ended December 31, 2025, 2024 and 2023:

 

(In millions)

 

2025

 

 

2024

 

 

2023

 

Consolidated Net Sales

 

$

1,893.9

 

 

$

1,903.0

 

 

$

1,789.0

 

Commercial Aerospace

 

1,146.9

 

 

1,194.2

 

 

1,068.2

 

Defense, Space & Other

 

 

747.0

 

 

708.8

 

 

720.8

 

 

Revenue recognized over time gives rise to contract assets, which represent revenue recognized but unbilled. Contract assets are included in our Consolidated Balance Sheets as a component of current assets. The activity related to contract assets is as follows:

 

 

Composite

 

 

Engineered

 

 

 

 

(In millions)

 

Materials

 

 

Products

 

 

Total

 

Opening adjustment - January 1, 2023

 

$

9.1

 

 

$

22.9

 

 

$

32.0

 

Net revenue billed

 

 

(0.8

)

 

 

(6.1

)

 

 

(6.9

)

Balance at December 31, 2023

 

$

8.3

 

 

$

16.8

 

 

$

25.1

 

Net revenue billed

 

 

0.8

 

 

 

3.9

 

 

 

4.7

 

Balance at December 31, 2024

 

$

9.1

 

 

$

20.7

 

 

$

29.8

 

Net revenue billed

 

 

2.3

 

 

 

3.8

 

 

 

6.1

 

Balance at December 31, 2025

 

$

11.4

 

 

$

24.5

 

 

$

35.9

 

 

Contract assets as of December 31, 2025, will be billed and reclassified to accounts receivable during 2026. Accounts receivable, net, includes amounts billed to customers where the right to payment is unconditional.