| 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 regarding the Company’s overall revenues by global and geographical markets for the quarters and year-to-date periods ended June 28, 2026 and June 29, 2025 is included in the following tables. | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Quarter ended | | | June 28, 2026 | | June 29, 2025 | | | HPMC | AA&S | Total | | HPMC | AA&S | Total | | Diversified Global Markets: | | | | | | | | | | Aerospace & Defense: | | | | | | | | | | Jet Engines - Commercial | | $ | 462.0 | | $ | 46.3 | | $ | 508.3 | | | $ | 419.6 | | $ | 28.2 | | $ | 447.8 | | | Airframes - Commercial | | 74.5 | | 117.2 | | 191.7 | | | 77.3 | | 117.9 | | 195.2 | | | Defense | | 53.5 | | 108.5 | | 162.0 | | | 61.8 | | 57.0 | | 118.8 | | | Total Aerospace & Defense | | 590.0 | | 272.0 | | 862.0 | | | 558.7 | | 203.1 | | 761.8 | | | | | | | | | | | | Other Markets: | | | | | | | | | | Specialty Energy | | 15.3 | | 43.9 | | 59.2 | | | 14.7 | | 48.8 | | 63.5 | | | Electronics | | — | | 38.2 | | 38.2 | | | — | | 43.7 | | 43.7 | | | Medical | | 7.7 | | 15.3 | | 23.0 | | | 15.4 | | 23.5 | | 38.9 | | | Automotive | | 1.0 | | 71.3 | | 72.3 | | | 2.8 | | 62.0 | | 64.8 | | | Conventional Energy | | 2.7 | | 100.8 | | 103.5 | | | 1.4 | | 91.5 | | 92.9 | | | Construction/Mining | | 10.9 | | 24.0 | | 34.9 | | | 8.1 | | 25.2 | | 33.3 | | | Other | | 9.5 | | 58.5 | | 68.0 | | | 7.7 | | 33.8 | | 41.5 | | | Total Other Markets | | 47.1 | | 352.0 | | 399.1 | | | 50.1 | | 328.5 | | 378.6 | | | | | | | | | | | | Total | | $ | 637.1 | | $ | 624.0 | | $ | 1,261.1 | | | $ | 608.8 | | $ | 531.6 | | $ | 1,140.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Year-to-date period ended | | | June 28, 2026 | | June 29, 2025 | | | HPMC | AA&S | Total | | HPMC | AA&S | Total | | Diversified Global Markets: | | | | | | | | | | Aerospace & Defense: | | | | | | | | | | Jet Engines - Commercial | | $ | 893.0 | | $ | 87.3 | | $ | 980.3 | | | $ | 816.9 | | $ | 52.3 | | $ | 869.2 | | | Airframes - Commercial | | 153.2 | | 225.1 | | 378.3 | | | 159.1 | | 241.9 | | 401.0 | | | Defense | | 112.5 | | 188.5 | | 301.0 | | | 120.2 | | 125.8 | | 246.0 | | | Total Aerospace & Defense | | 1,158.7 | | 500.9 | | 1,659.6 | | | 1,096.2 | | 420.0 | | 1,516.2 | | | | | | | | | | | | Other Markets: | | | | | | | | | | Specialty Energy | | 30.9 | | 89.9 | | 120.8 | | | 27.1 | | 86.9 | | 114.0 | | | Electronics | | — | | 66.5 | | 66.5 | | | — | | 83.3 | | 83.3 | | | Medical | | 17.4 | | 33.1 | | 50.5 | | | 31.2 | | 50.1 | | 81.3 | | | Automotive | | 1.7 | | 132.1 | | 133.8 | | | 4.2 | | 121.2 | | 125.4 | | | Conventional Energy | | 4.6 | | 183.1 | | 187.7 | | | 3.1 | | 211.6 | | 214.7 | | | Construction/Mining | | 22.6 | | 51.3 | | 73.9 | | | 15.2 | | 51.0 | | 66.2 | | | Other | | 15.5 | | 104.3 | | 119.8 | | | 15.9 | | 67.8 | | 83.7 | | | Total Other Markets | | 92.7 | | 660.3 | | 753.0 | | | 96.7 | | 671.9 | | 768.6 | | | | | | | | | | | | Total | | $ | 1,251.4 | | $ | 1,161.2 | | $ | 2,412.6 | | | $ | 1,192.9 | | $ | 1,091.9 | | $ | 2,284.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Quarter ended | | | June 28, 2026 | | June 29, 2025 | | | HPMC | AA&S | Total | | HPMC | AA&S | Total | | Primary Geographical Market: | | | | | | | | | | United States | | $ | 380.2 | | $ | 417.1 | | $ | 797.3 | | | $ | 350.3 | | $ | 300.1 | | $ | 650.4 | | | Europe | | 173.8 | | 59.0 | | 232.8 | | | 168.7 | | 67.1 | | 235.8 | | | Asia | | 36.4 | | 73.1 | | 109.5 | | | 43.8 | | 105.4 | | 149.2 | | | Canada | | 21.9 | | 21.3 | | 43.2 | | | 17.0 | | 22.9 | | 39.9 | | | South America, Middle East and other | | 24.8 | | 53.5 | | 78.3 | | | 29.0 | | 36.1 | | 65.1 | | | Total | | $ | 637.1 | | $ | 624.0 | | $ | 1,261.1 | | | $ | 608.8 | | $ | 531.6 | | $ | 1,140.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Year-to-date period ended | | | June 28, 2026 | | June 29, 2025 | | | HPMC | AA&S | Total | | HPMC | AA&S | Total | | Primary Geographical Market: | | | | | | | | | | United States | | $ | 715.8 | | $ | 774.0 | | $ | 1,489.8 | | | $ | 666.7 | | $ | 627.5 | | $ | 1,294.2 | | | Europe | | 375.4 | | 106.1 | | 481.5 | | | 360.0 | | 136.5 | | 496.5 | | | Asia | | 73.3 | | 140.1 | | 213.4 | | | 77.1 | | 186.4 | | 263.5 | | | Canada | | 41.7 | | 43.7 | | 85.4 | | | 37.1 | | 42.6 | | 79.7 | | | South America, Middle East and other | | 45.2 | | 97.3 | | 142.5 | | | 52.0 | | 98.9 | | 150.9 | | | Total | | $ | 1,251.4 | | $ | 1,161.2 | | $ | 2,412.6 | | | $ | 1,192.9 | | $ | 1,091.9 | | $ | 2,284.8 | | | | | | | | | | |
Comparative information regarding the Company’s major products based on their percentages of sales is included in the following table. Hot-Rolling and Processing Facility (HRPF) conversion service sales in the AA&S segment are excluded from this presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter ended | | | June 28, 2026 | | June 29, 2025 | | | HPMC | AA&S | Total | | HPMC | AA&S | Total | | Diversified Products and Services: | | | | | | | | | | Nickel-based alloys and specialty alloys | | 51 | % | 52 | % | 51 | % | | 44 | % | 53 | % | 48 | % | | Precision forgings, castings and components | | 35 | % | — | % | 18 | % | | 39 | % | — | % | 21 | % | | Titanium and titanium-based alloys | | 14 | % | 16 | % | 15 | % | | 17 | % | 17 | % | 17 | % | | Zirconium and related alloys | | — | % | 22 | % | 11 | % | | — | % | 19 | % | 9 | % | | Precision rolled strip products | | — | % | 10 | % | 5 | % | | — | % | 11 | % | 5 | % | | Total | | 100 | % | 100 | % | 100 | % | | 100 | % | 100 | % | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year-to-date period ended | | | June 28, 2026 | | June 29, 2025 | | | HPMC | AA&S | Total | | HPMC | AA&S | Total | | Diversified Products and Services: | | | | | | | | | | Nickel-based alloys and specialty alloys | | 48 | % | 52 | % | 50 | % | | 43 | % | 54 | % | 48 | % | | Precision forgings, castings and components | | 36 | % | — | % | 19 | % | | 39 | % | — | % | 21 | % | | Titanium and titanium-based alloys | | 16 | % | 16 | % | 16 | % | | 18 | % | 17 | % | 18 | % | | Zirconium and related alloys | | — | % | 21 | % | 10 | % | | — | % | 18 | % | 8 | % | | Precision rolled strip products | | — | % | 11 | % | 5 | % | | — | % | 11 | % | 5 | % | | Total | | 100 | % | 100 | % | 100 | % | | 100 | % | 100 | % | 100 | % |
The Company maintained a backlog of confirmed orders totaling $4.4 billion and $3.7 billion at June 28, 2026 and June 29, 2025, respectively. Due to the structure of the Company’s long-term agreements, approximately 70% of this backlog at June 28, 2026 represented booked orders with performance obligations that will be satisfied within the next 12 months. The backlog does not reflect any elements of variable consideration. Accounts Receivable As of June 28, 2026 and December 28, 2025, gross accounts receivable from customers were $650.8 million and $690.3 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts for the year-to-date periods ended June 28, 2026 and June 29, 2025: | | | | | | | | | | (in millions) | | | | Accounts Receivable - Reserve for Doubtful Accounts | June 28,
2026 | June 29,
2025 | | Balance as of beginning of year | $ | 4.2 | | $ | 15.0 | | | Expense to increase the reserve | — | | 0.6 | | | Write-offs and recoveries of uncollectible accounts | — | | (12.2) | | | Balance as of period end | $ | 4.2 | | $ | 3.4 | |
Contract Balances The following represents the rollforward of contract assets and liabilities for the year-to-date periods ended June 28, 2026 and June 29, 2025: | | | | | | | | | | (in millions) | | | | Contract Assets | | | | Short-term | June 28,
2026 | June 29,
2025 | | Balance as of beginning of year | $ | 72.8 | | $ | 75.6 | | | Recognized in current year | 84.1 | | 62.0 | | | Reclassified to accounts receivable | (61.0) | | (51.2) | | | Balance as of period end | $ | 95.9 | | $ | 86.4 | | | | |
| | | | | | | | | | (in millions) | | | Contract Liabilities | | | | Short-term | June 28,
2026 | June 29,
2025 | | Balance as of beginning of year | $ | 146.4 | | $ | 169.4 | | | Recognized in current year | 88.8 | | 78.6 | | | Amounts in beginning balance reclassified to revenue | (65.2) | | (68.6) | | | Current year amounts reclassified to revenue | (32.2) | | (22.0) | | | Other | (1.2) | | (0.4) | | | Reclassification from long-term | 6.9 | | 14.7 | | | Balance as of period end | $ | 143.5 | | $ | 171.7 | | | | | Long-term(a) | June 28,
2026 | June 29,
2025 | | Balance as of beginning of year | $ | 91.3 | | $ | 45.3 | | | Recognized in current year | 69.7 | | 2.4 | | | Amounts in beginning balance reclassified to revenue | (3.6) | | (0.4) | | | Other | (1.1) | | (2.4) | | | Reclassification to short-term | (6.9) | | (14.7) | | | Balance as of period end | $ | 149.4 | | $ | 30.2 | |
(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 $16.2 million and $15.6 million as of June 28, 2026 and December 28, 2025, respectively, and are reported in other long-term assets on the consolidated balance sheet. Contract cost amortization expense for the quarter and year-to-date periods ended June 28, 2026 was $0.5 million and $1.0 million, respectively. Contract cost amortization expense for the quarter and year-to-date period ended June 29, 2025 was $0.7 million and $0.9 million, respectively.
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