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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 29, 2024
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period From to
Commission File Number 1-12001
ATI Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Delaware | | 25-1792394 |
(State or other jurisdiction of | | (I.R.S. Employer |
incorporation or organization) | | Identification No.) |
| | | |
2021 McKinney Avenue | | |
Dallas, | Texas | | 75201 |
(Address of Principal Executive Offices) | | (Zip Code) |
(800) 289-7454
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common stock, par value $0.10 | ATI | New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
At October 11, 2024, the registrant had outstanding 142,642,589 shares of its Common Stock.
ATI INC.
SEC FORM 10-Q
Quarter Ended September 29, 2024
INDEX
| | | | | |
| Page No. |
PART I. - FINANCIAL INFORMATION | |
| |
Item 1. Financial Statements | |
| |
Consolidated Balance Sheets | |
| |
Consolidated Statements of Operations | |
| |
Consolidated Statements of Comprehensive Income (Loss) | |
| |
Consolidated Statements of Cash Flows | |
| |
Statements of Changes in Consolidated Equity | |
| |
Notes to Consolidated Financial Statements | |
| |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
| |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
| |
Item 4. Controls and Procedures | |
| |
PART II. - OTHER INFORMATION | |
| |
Item 1. Legal Proceedings | |
| |
Item 1A. Risk Factors | |
| |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
| |
Item 5. Other Information | |
| |
Item 6. Exhibits | |
| |
SIGNATURES | |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ATI Inc. and Subsidiaries
Consolidated Balance Sheets
(In millions, except share and per share amounts)
(Current period unaudited)
| | | | | | | | | | | |
| September 29, 2024 | | December 31, 2023 |
ASSETS | | | |
Current Assets: | | | |
Cash and cash equivalents | $ | 406.6 | | | $ | 743.9 | |
Accounts receivable, net | 730.2 | | | 625.0 | |
Short-term contract assets | 90.5 | | | 59.1 | |
Inventories, net | 1,414.5 | | | 1,247.5 | |
Prepaid expenses and other current assets | 136.6 | | | 62.2 | |
Total Current Assets | 2,778.4 | | | 2,737.7 | |
Property, plant and equipment, net | 1,746.5 | | | 1,665.9 | |
Goodwill | 227.2 | | | 227.2 | |
Other assets | 313.7 | | | 354.3 | |
Total Assets | $ | 5,065.8 | | | $ | 4,985.1 | |
LIABILITIES AND EQUITY | | | |
Current Liabilities: | | | |
Accounts payable | $ | 528.5 | | | $ | 524.8 | |
Short-term contract liabilities | 146.5 | | | 163.6 | |
Short-term debt and current portion of long-term debt | 27.9 | | | 31.9 | |
Other current liabilities | 242.4 | | | 256.8 | |
Total Current Liabilities | 945.3 | | | 977.1 | |
Long-term debt | 1,855.5 | | | 2,147.7 | |
Accrued postretirement benefits | 163.8 | | | 175.2 | |
Pension liabilities | 37.1 | | | 39.7 | |
Other long-term liabilities | 152.1 | | | 164.9 | |
Total Liabilities | 3,153.8 | | | 3,504.6 | |
Equity: | | | |
ATI Stockholders’ Equity: | | | |
Preferred stock, par value $0.10: authorized-50,000,000 shares; issued-none | — | | | — | |
Common stock, par value $0.10: authorized-500,000,000 shares; issued-142,871,688 shares at September 29, 2024 and 132,300,971 shares at December 31, 2023; outstanding-142,631,508 shares at September 29, 2024 and 126,879,099 shares at December 31, 2023 | 14.3 | | | 13.2 | |
Additional paid-in capital | 1,937.8 | | | 1,697.1 | |
Retained loss | (72.8) | | | (70.1) | |
Treasury stock: 240,180 shares at September 29, 2024 and 5,421,872 shares at December 31, 2023 | (13.3) | | | (184.0) | |
Accumulated other comprehensive loss, net of tax | (74.6) | | | (83.2) | |
Total ATI stockholders’ equity | 1,791.4 | | | 1,373.0 | |
Noncontrolling interests | 120.6 | | | 107.5 | |
Total Equity | 1,912.0 | | | 1,480.5 | |
Total Liabilities and Equity | $ | 5,065.8 | | | $ | 4,985.1 | |
The accompanying notes are an integral part of these statements.
ATI Inc. and Subsidiaries
Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Quarter ended | | Year-to-date period ended |
| September 29, 2024 | | October 1, 2023 | | September 29, 2024 | | October 1, 2023 |
Sales | $ | 1,051.2 | | | $ | 1,025.6 | | | $ | 3,189.4 | | | $ | 3,109.7 | |
| | | | | | | |
Cost of sales | 826.4 | | | 831.0 | | | 2,539.8 | | | 2,512.8 | |
Gross profit | 224.8 | | | 194.6 | | | 649.6 | | | 596.9 | |
Selling and administrative expenses | 82.4 | | | 69.8 | | | 253.3 | | | 235.8 | |
Restructuring charges (credits) | 0.5 | | | (0.5) | | | (1.2) | | | 2.2 | |
Loss (gain) on asset sales and sales of businesses, net | (0.3) | | | 0.1 | | | (2.5) | | | 0.8 | |
Operating income | 142.2 | | | 125.2 | | | 400.0 | | | 358.1 | |
Nonoperating retirement benefit expense | (3.7) | | | (2.4) | | | (11.1) | | | (7.3) | |
Interest expense, net | (28.0) | | | (23.8) | | | (83.0) | | | (65.0) | |
Other income, net | 4.4 | | | — | | | 5.2 | | | 1.3 | |
Income before income taxes | 114.9 | | | 99.0 | | | 311.1 | | | 287.1 | |
Income tax provision | 28.3 | | | 4.9 | | | 70.5 | | | 12.9 | |
Net income | 86.6 | | | 94.1 | | | 240.6 | | | 274.2 | |
Less: Net income attributable to noncontrolling interests | 3.9 | | | 3.9 | | | 9.9 | | | 9.1 | |
Net income attributable to ATI | $ | 82.7 | | | $ | 90.2 | | | $ | 230.7 | | | $ | 265.1 | |
| | | | | | | |
Basic net income attributable to ATI per common share | $ | 0.64 | | | $ | 0.70 | | | $ | 1.82 | | | $ | 2.06 | |
| | | | | | | |
Diluted net income attributable to ATI per common share | $ | 0.57 | | | $ | 0.62 | | | $ | 1.61 | | | $ | 1.82 | |
| | | | | | | |
The accompanying notes are an integral part of these statements.
ATI Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Quarter ended | | Year-to-date period ended |
| September 29, 2024 | | October 1, 2023 | | September 29, 2024 | | October 1, 2023 |
Net income | $ | 86.6 | | | $ | 94.1 | | | $ | 240.6 | | | $ | 274.2 | |
Currency translation adjustment | | | | | | | |
Unrealized net change arising during the period | 17.4 | | | (9.2) | | | 7.1 | | | (14.0) | |
Derivatives | | | | | | | |
Net derivatives loss on hedge transactions | (1.9) | | | (3.2) | | | (4.3) | | | (20.6) | |
Reclassification to net income of net realized loss | 3.7 | | | 1.8 | | | 8.0 | | | 0.1 | |
Income taxes on derivative transactions | 0.5 | | | — | | | 1.7 | | | — | |
Total | 1.3 | | | (1.4) | | | 2.0 | | | (20.5) | |
Postretirement benefit plans | | | | | | | |
Actuarial loss | | | | | | | |
Amortization of net actuarial loss | 1.3 | | | 1.5 | | | 3.9 | | | 4.5 | |
Prior service cost | | | | | | | |
Amortization to net income of net prior service credits | (0.1) | | | (0.1) | | | (0.4) | | | (0.4) | |
Income taxes on postretirement benefit plans | 0.3 | | | — | | | 0.8 | | | — | |
Total | 0.9 | | | 1.4 | | | 2.7 | | | 4.1 | |
Other comprehensive income (loss), net of tax | 19.6 | | | (9.2) | | | 11.8 | | | (30.4) | |
Comprehensive income | 106.2 | | | 84.9 | | | 252.4 | | | 243.8 | |
Less: Comprehensive income attributable to noncontrolling interests | 7.9 | | | 1.8 | | | 13.1 | | | 5.7 | |
Comprehensive income attributable to ATI | $ | 98.3 | | | $ | 83.1 | | | $ | 239.3 | | | $ | 238.1 | |
| | | | | | | |
The accompanying notes are an integral part of these statements.
ATI Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
| | | | | | | | | | | |
| Year-to-date period ended |
| September 29, 2024 | | October 1, 2023 |
Operating Activities: | | | |
Net income | $ | 240.6 | | | $ | 274.2 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | |
Depreciation and amortization | 112.4 | | | 106.6 | |
Share-based compensation | 26.6 | | | 21.5 | |
Deferred taxes | 56.5 | | | 2.2 | |
Net gains from disposal of property, plant and equipment | (6.0) | | | (0.1) | |
Loss (gain) on sales of businesses | — | | | 0.6 | |
Changes in operating assets and liabilities: | | | |
Inventories | (198.4) | | | (158.2) | |
Accounts receivable | (111.3) | | | (104.0) | |
Accounts payable | 20.2 | | | (108.2) | |
Pension plan contributions | — | | | (272.0) | |
Retirement benefits | (7.9) | | | (12.3) | |
Accrued liabilities and other | (106.4) | | | (81.6) | |
Cash provided by (used in) operating activities | 26.3 | | | (331.3) | |
Investing Activities: | | | |
Purchases of property, plant and equipment | (191.8) | | | (147.3) | |
Proceeds from disposal of property, plant and equipment | 10.6 | | | 3.3 | |
Transaction costs for sales of businesses, net of proceeds | — | | | (0.3) | |
Other | 3.0 | | | 1.1 | |
Cash used in investing activities | (178.2) | | | (143.2) | |
Financing Activities: | | | |
Borrowings on long-term debt | — | | | 425.0 | |
Payments on long-term debt and finance leases | (21.9) | | | (22.0) | |
Net payments under credit facilities | (5.1) | | | (7.3) | |
Receipt of convertible note capped call | 76.1 | | | — | |
Debt issuance costs | — | | | (6.1) | |
Purchase of treasury stock | (190.0) | | | (55.1) | |
Shares repurchased for income tax withholding on share-based compensation and other | (25.3) | | | (11.1) | |
Cash provided by (used in) financing activities | (166.2) | | | 323.4 | |
Less: Cash held for sale | (19.2) | | | — | |
Decrease in cash and cash equivalents | (337.3) | | | (151.1) | |
Cash and cash equivalents at beginning of period | 743.9 | | | 584.0 | |
Cash and cash equivalents at end of period | $ | 406.6 | | | $ | 432.9 | |
The accompanying notes are an integral part of these statements.
ATI Inc. and Subsidiaries
Statements of Changes in Consolidated Equity
(In millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ATI Stockholders | | | | |
| Common Stock | | Additional Paid-In Capital | | Retained Earnings | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Non- controlling Interests | | Total Equity |
Balance, July 2, 2023 | $ | 13.2 | | | $ | 1,682.0 | | | $ | (306.0) | | | $ | (107.9) | | | $ | (87.3) | | | $ | 115.2 | | | $ | 1,309.2 | |
Net income | — | | | — | | | 90.2 | | | — | | | — | | | 3.9 | | | 94.1 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (7.1) | | | (2.1) | | | (9.2) | |
Purchase of treasury stock | — | | | — | | | — | | | (45.4) | | | — | | | — | | | (45.4) | |
Employee stock plans | — | | | 7.5 | | | — | | | (0.3) | | | — | | | — | | | 7.2 | |
Balance, October 1, 2023 | $ | 13.2 | | | $ | 1,689.5 | | | $ | (215.8) | | | $ | (153.6) | | | $ | (94.4) | | | $ | 117.0 | | | $ | 1,355.9 | |
Balance, June 30, 2024 | $ | 13.4 | | | $ | 1,712.9 | | | $ | 78.4 | | | $ | (359.3) | | | $ | (90.2) | | | $ | 112.7 | | | $ | 1,467.9 | |
Net income | — | | | — | | | 82.7 | | | — | | | — | | | 3.9 | | | 86.6 | |
Other comprehensive income | — | | | — | | | — | | | — | | | 15.6 | | | 4.0 | | | 19.6 | |
Conversion of convertible notes | 0.9 | | | 140.1 | | | (233.9) | | | 384.6 | | | — | | | — | | | 291.7 | |
Convertible note capped call | — | | | 76.1 | | | — | | | — | | | — | | | — | | | 76.1 | |
Purchase of treasury stock | — | | | — | | | — | | | (38.8) | | | — | | | — | | | (38.8) | |
Employee stock plans | — | | | 8.7 | | | — | | | 0.2 | | | — | | | — | | | 8.9 | |
Balance, September 29, 2024 | $ | 14.3 | | | $ | 1,937.8 | | | $ | (72.8) | | | $ | (13.3) | | | $ | (74.6) | | | $ | 120.6 | | | $ | 1,912.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ATI Stockholders | | | | |
| Common Stock | | Additional Paid-In Capital | | Retained Earnings | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Non- controlling Interests | | Total Equity |
Balance, January 1, 2023 | $ | 13.1 | | | $ | 1,668.1 | | | $ | (480.9) | | | $ | (87.0) | | | $ | (67.4) | | | $ | 111.3 | | | $ | 1,157.2 | |
Net income | — | | | — | | | 265.1 | | | — | | | — | | | 9.1 | | | 274.2 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (27.0) | | | (3.4) | | | (30.4) | |
Purchase of treasury stock | — | | | — | | | — | | | (55.5) | | | — | | | — | | | (55.5) | |
Employee stock plans | 0.1 | | | 21.4 | | | — | | | (11.1) | | | — | | | — | | | 10.4 | |
Balance, October 1, 2023 | $ | 13.2 | | | $ | 1,689.5 | | | $ | (215.8) | | | $ | (153.6) | | | $ | (94.4) | | | $ | 117.0 | | | $ | 1,355.9 | |
Balance, December 31, 2023 | $ | 13.2 | | | $ | 1,697.1 | | | $ | (70.1) | | | $ | (184.0) | | | $ | (83.2) | | | $ | 107.5 | | | $ | 1,480.5 | |
Net income | — | | | — | | | 230.7 | | | — | | | — | | | 9.9 | | | 240.6 | |
Other comprehensive income | — | | | — | | | — | | | — | | | 8.6 | | | 3.2 | | | 11.8 | |
Conversion of convertible notes | 0.9 | | | 140.1 | | | (233.9) | | | 384.6 | | | — | | | — | | | 291.7 | |
Convertible note capped call | — | | | 76.1 | | | — | | | — | | | — | | | — | | | 76.1 | |
Purchase of treasury stock | — | | | — | | | — | | | (190.0) | | | — | | | — | | | (190.0) | |
Employee stock plans | 0.2 | | | 24.5 | | | 0.5 | | | (23.9) | | | — | | | — | | | 1.3 | |
Balance, September 29, 2024 | $ | 14.3 | | | $ | 1,937.8 | | | $ | (72.8) | | | $ | (13.3) | | | $ | (74.6) | | | $ | 120.6 | | | $ | 1,912.0 | |
The accompanying notes are an integral part of these statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Unaudited
Note 1. Accounting Policies
The interim consolidated financial statements include the accounts of ATI Inc. and its subsidiaries. Unless the context requires otherwise, “ATI” and “the Company” refer to ATI Inc. and its subsidiaries.
The Company follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31. Unless otherwise stated, references to years and quarters in this Quarterly Report on Form 10-Q relate to fiscal years and quarters, rather than calendar years and quarters.
These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (which include only normal recurring adjustments) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified in order to conform with 2024 presentation. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 10-K. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2023 financial information has been derived from the Company’s audited consolidated financial statements.
New Accounting Pronouncements Adopted
In September 2022, the Financial Accounting Standards Board (FASB) issued new accounting guidance related to disclosures about supplier finance programs. Supplier finance programs allow a buyer to offer its suppliers the option for access to payment in advance of an invoice due date, which is paid by a third-party finance provider or intermediary on the basis of invoices that the buyer has confirmed as valid. This new guidance requires a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude, using both qualitative and quantitative information about its supplier finance programs. This new guidance, with the exception of annual disclosures on rollforward information, was effective for the Company in fiscal year 2023, and the Company adopted this new accounting guidance effective January 2, 2023. The annual rollforward information disclosures are effective for the Company in fiscal year 2024, with early adoption permitted. The Company did not early adopt this guidance. The adoption of these changes did not have an impact on the Company’s consolidated financial statements other than disclosure requirements, which are included in Note 7.
Pending Accounting Pronouncements
In November 2023, the FASB issued new accounting guidance related to segment reporting disclosures. This guidance requires additional disclosures on an annual and interim basis of segment information, including significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and the presentation and composition of other segment items, which is the difference between segment revenue less segment expenses and the measure of segment profit or loss. The guidance also requires that all current segment disclosures required on an annual basis be provided on an interim basis and requires disclosure of the title and position of the CODM and how the CODM uses the reported measure of segment profit or loss in assessing performance and allocating resources. This guidance does not change how an entity identifies its reportable segments. This new guidance includes annual disclosure requirements that will be effective for the Company for fiscal year 2024 and quarterly disclosure requirements that will be effective for fiscal year 2025. The guidance must be applied retrospectively and early adoption is permitted. The Company does not expect to early adopt this guidance and does not expect these changes to have an impact on the Company’s consolidated financial statements other than disclosure requirements.
In December 2023, the FASB issued new accounting guidance related to income tax disclosures. This guidance requires an entity to disclose specific categories in its annual rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This guidance also requires additional annual disclosures for income taxes paid and requires disaggregation of income before tax, between domestic and foreign, and income tax expense, between federal, state and foreign. This guidance also eliminates several current disclosure requirements related to: (1) the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months, (2) making a statement that an estimate of the range cannot be made, and (3) disclosing the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. This new guidance will be effective for the Company for fiscal year 2025 and must
be applied on a prospective basis with retrospective application permitted. Early adoption of this guidance is also permitted. The Company does not expect to early adopt this guidance and does not expect these changes to have an impact on the Company’s consolidated financial statements other than disclosure requirements.
Note 2. 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 September 29, 2024 and October 1, 2023 is included in the following tables.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Quarter ended |
| | September 29, 2024 | | October 1, 2023 |
| | HPMC | AA&S | Total | | HPMC | AA&S | Total |
Diversified Global Markets: | | | | | | | | |
Aerospace & Defense: | | | | | | | | |
Jet Engines- Commercial | | $ | 341.9 | | $ | 24.0 | | $ | 365.9 | | | $ | 312.5 | | $ | 16.9 | | $ | 329.4 | |
Airframes- Commercial | | 84.1 | | 96.7 | | 180.8 | | | 104.0 | | 99.6 | | 203.6 | |
Defense | | 48.9 | | 58.2 | | 107.1 | | | 39.7 | | 53.1 | | 92.8 | |
Total Aerospace & Defense | | 474.9 | | 178.9 | | 653.8 | | | 456.2 | | 169.6 | | 625.8 | |
Energy: | | | | | | | | |
Conventional Energy | | 2.4 | | 70.2 | | 72.6 | | | 2.5 | | 84.5 | | 87.0 | |
Specialty Energy | | 26.3 | | 43.6 | | 69.9 | | | 20.2 | | 41.7 | | 61.9 | |
Total Energy | | 28.7 | | 113.8 | | 142.5 | | | 22.7 | | 126.2 | | 148.9 | |
Automotive | | 4.6 | | 59.2 | | 63.8 | | | 7.2 | | 40.9 | | 48.1 | |
Medical | | 28.6 | | 24.5 | | 53.1 | | | 28.9 | | 18.6 | | 47.5 | |
Electronics | | — | | 49.1 | | 49.1 | | | 0.6 | | 44.2 | | 44.8 | |
Construction/Mining | | 4.9 | | 36.9 | | 41.8 | | | 7.7 | | 32.3 | | 40.0 | |
Food Equipment & Appliances | | — | | 12.9 | | 12.9 | | | — | | 16.2 | | 16.2 | |
Other | | 10.7 | | 23.5 | | 34.2 | | | 16.2 | | 38.1 | | 54.3 | |
Total | | $ | 552.4 | | $ | 498.8 | | $ | 1,051.2 | | | $ | 539.5 | | $ | 486.1 | | $ | 1,025.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Year-to-date period ended |
| | September 29, 2024 | | October 1, 2023 |
| | HPMC | AA&S | Total | | HPMC | AA&S | Total |
Diversified Global Markets: | | | | | | | | |
Aerospace & Defense: | | | | | | | | |
Jet Engines- Commercial | | $ | 970.6 | | $ | 59.3 | | $ | 1,029.9 | | | $ | 914.2 | | $ | 67.0 | | $ | 981.2 | |
Airframes- Commercial | | 263.5 | | 318.2 | | 581.7 | | | 242.0 | | 295.7 | | 537.7 | |
Defense | | 160.9 | | 180.9 | | 341.8 | | | 131.6 | | 157.8 | | 289.4 | |
Total Aerospace & Defense | | 1,395.0 | | 558.4 | | 1,953.4 | | | 1,287.8 | | 520.5 | | 1,808.3 | |
Energy: | | | | | | | | |
Conventional Energy | | 8.3 | | 232.9 | | 241.2 | | | 8.6 | | 317.2 | | 325.8 | |
Specialty Energy | | 67.0 | | 135.6 | | 202.6 | | | 75.0 | | 137.8 | | 212.8 | |
Total Energy | | 75.3 | | 368.5 | | 443.8 | | | 83.6 | | 455.0 | | 538.6 | |
Automotive | | 13.4 | | 177.2 | | 190.6 | | | 19.5 | | 140.8 | | 160.3 | |
Medical | | 97.5 | | 76.4 | | 173.9 | | | 70.7 | | 53.7 | | 124.4 | |
Electronics | | 3.0 | | 139.8 | | 142.8 | | | 1.8 | | 113.4 | | 115.2 | |
Construction/Mining | | 19.9 | | 93.3 | | 113.2 | | | 26.9 | | 101.9 | | 128.8 | |
Food Equipment & Appliances | | — | | 41.0 | | 41.0 | | | — | | 58.6 | | 58.6 | |
Other | | 40.2 | | 90.5 | | 130.7 | | | 47.4 | | 128.1 | | 175.5 | |
Total | | $ | 1,644.3 | | $ | 1,545.1 | | $ | 3,189.4 | | | $ | 1,537.7 | | $ | 1,572.0 | | $ | 3,109.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Quarter ended |
| | September 29, 2024 | | October 1, 2023 |
| | HPMC | AA&S | Total | | HPMC | AA&S | Total |
Primary Geographical Market: | | | | | | | | |
United States | | $ | 285.8 | | $ | 339.8 | | $ | 625.6 | | | $ | 242.6 | | $ | 314.2 | | $ | 556.8 | |
Europe | | 201.4 | | 41.6 | | 243.0 | | | 217.7 | | 49.7 | | 267.4 | |
Asia | | 30.3 | | 93.0 | | 123.3 | | | 37.8 | | 103.4 | | 141.2 | |
Canada | | 16.4 | | 15.0 | | 31.4 | | | 13.1 | | 10.4 | | 23.5 | |
South America, Middle East and other | | 18.5 | | 9.4 | | 27.9 | | | 28.3 | | 8.4 | | 36.7 | |
Total | | $ | 552.4 | | $ | 498.8 | | $ | 1,051.2 | | | $ | 539.5 | | $ | 486.1 | | $ | 1,025.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | Year-to-date period ended |
| | September 29, 2024 | | October 1, 2023 |
| | HPMC | AA&S | Total | | HPMC | AA&S | Total |
Primary Geographical Market: | | | | | | | | |
United States | | $ | 797.9 | | $ | 1,037.8 | | $ | 1,835.7 | | | $ | 661.1 | | $ | 1,052.3 | | $ | 1,713.4 | |
Europe | | 636.9 | | 146.5 | | 783.4 | | | 619.7 | | 137.7 | | 757.4 | |
Asia | | 106.5 | | 258.5 | | 365.0 | | | 132.8 | | 316.4 | | 449.2 | |
Canada | | 45.4 | | 39.5 | | 84.9 | | | 41.7 | | 34.9 | | 76.6 | |
South America, Middle East and other | | 57.6 | | 62.8 | | 120.4 | | | 82.4 | | 30.7 | | 113.1 | |
Total | | $ | 1,644.3 | | $ | 1,545.1 | | $ | 3,189.4 | | | $ | 1,537.7 | | $ | 1,572.0 | | $ | 3,109.7 | |
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 |
| | September 29, 2024 | | October 1, 2023 |
| | HPMC | AA&S | Total | | HPMC | AA&S | Total |
Diversified Products and Services: | | | | | | | | |
Nickel-based alloys and specialty alloys | | 43 | % | 50 | % | 46 | % | | 42 | % | 52 | % | 47 | % |
Precision forgings, castings and components | | 36 | % | — | % | 20 | % | | 33 | % | — | % | 18 | % |
Titanium and titanium-based alloys | | 21 | % | 12 | % | 17 | % | | 24 | % | 13 | % | 19 | % |
Precision rolled strip products | | — | % | 21 | % | 9 | % | | 1 | % | 19 | % | 9 | % |
Zirconium and related alloys | | — | % | 17 | % | 8 | % | | — | % | 16 | % | 7 | % |
Total | | 100 | % | 100 | % | 100 | % | | 100 | % | 100 | % | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year-to-date period ended |
| | September 29, 2024 | | October 1, 2023 |
| | HPMC | AA&S | Total | | HPMC | AA&S | Total |
Diversified Products and Services: | | | | | | | | |
Nickel-based alloys and specialty alloys | | 41 | % | 50 | % | 45 | % | | 45 | % | 56 | % | 50 | % |
Precision forgings, castings and components | | 36 | % | — | % | 19 | % | | 33 | % | — | % | 17 | % |
Titanium and titanium-based alloys | | 23 | % | 13 | % | 18 | % | | 21 | % | 11 | % | 16 | % |
Zirconium and related alloys | | — | % | 18 | % | 9 | % | | — | % | 15 | % | 8 | % |
Precision rolled strip products | | — | % | 19 | % | 9 | % | | 1 | % | 18 | % | 9 | % |
Total | | 100 | % | 100 | % | 100 | % | | 100 | % | 100 | % | 100 | % |
The Company maintained a backlog of confirmed orders totaling $3.9 billion and $3.6 billion at September 29, 2024 and October 1, 2023, respectively. Due to the structure of the Company’s long-term agreements, approximately 65% of this backlog at September 29, 2024 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.
Contract balances
As of September 29, 2024 and December 31, 2023, accounts receivable from customers were $732.8 million and $628.2 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts and contract assets and liabilities for the year-to-date periods ended September 29, 2024 and October 1, 2023:
| | | | | | | | |
(in millions) | | |
Accounts Receivable - Reserve for Doubtful Accounts | September 29, 2024 | October 1, 2023 |
Balance as of beginning of year | $ | 3.2 | | $ | 7.7 | |
Expense to increase the reserve | — | | 0.2 | |
Write-off of uncollectible accounts | (0.6) | | (4.2) | |
Balance as of period end | $ | 2.6 | | $ | 3.7 | |
| | | | | | | | |
(in millions) | | |
Contract Assets | | |
Short-term | September 29, 2024 | October 1, 2023 |
Balance as of beginning of year | $ | 59.1 | | $ | 64.1 | |
Recognized in current year | 68.9 | | 66.6 | |
Reclassified to accounts receivable | (37.5) | | (74.1) | |
Balance as of period end | $ | 90.5 | | $ | 56.6 | |
| | |
| | | | | | | | |
(in millions) | |
Contract Liabilities | | |
Short-term | September 29, 2024 | October 1, 2023 |
Balance as of beginning of year | $ | 163.6 | | $ | 149.1 | |
Recognized in current year | 75.1 | | 61.4 | |
Amounts in beginning balance reclassified to revenue | (67.7) | | (86.7) | |
Current year amounts reclassified to revenue | (36.9) | | (40.9) | |
Other | — | | (0.1) | |
Reclassification to/from long-term | 12.4 | | 27.4 | |
Balance as of period end | $ | 146.5 | |