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Business Segments | 9 Months Ended
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Mar. 31, 2016
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company has two reportable segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”). The SAO segment is comprised of the Company’s major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe and surrounding areas in Pennsylvania, South Carolina and Alabama. The combined assets of the SAO operations are being managed in an integrated manner to optimize efficiency and profitability across the total system. The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Powder Products business, the Amega West business, the Specialty Steel Supply business, and the Latrobe and Mexico distribution businesses. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics. The Company’s executive management evaluates the performance of these operating segments based on sales, operating income and cash flow generation. Segment operating profit excludes general corporate costs, which include executive and director compensation, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as excess inventory write-downs, restructuring and asset impairment charges, goodwill impairment and other specifically-identified income or expense items. The service cost component of the Company’s net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating income of the business segments. The residual net pension expense, which is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs, is included under the heading “Pension earnings, interest and deferrals”. On a consolidated basis, one customer, Alcoa Inc., accounted for approximately 11 percent and 12 percent of the net sales for the three months ended March 31, 2016 and 2015, respectively. On a consolidated basis, one customer, Alcoa Inc., accounted for approximately 13 percent of the net sales for the nine months ended March 31, 2016. There were no significant individual customers that accounted for 10 percent or more of the Company’s net sales for the nine months ended March 31, 2015. Approximately 24 percent of the accounts receivable outstanding at March 31, 2016 is due from two customers, Alcoa Inc. and Precision Castparts Corporation. Approximately 17 percent of the accounts receivable outstanding at June 30, 2015 is due from one customer, Alcoa Inc.
Segment Data |  | Three Months Ended March 31, |  | Nine Months Ended March 31,
($ in millions) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 370.5 |  |  | $ | 469.8 |  |  | $ | 1,106.7 |  |  | $ | 1,344.0 |
Performance Engineered Products |  | 91.4 |  |  | 120.4 |  |  | 268.3 |  |  | 384.1 |
Intersegment |  | (5.6 | ) |  | (19.6 | ) |  | (19.3 | ) |  | (59.3 | )
Consolidated net sales |  | $ | 456.3 |  |  | $ | 570.6 |  |  | $ | 1,355.7 |  |  | $ | 1,668.8 |
Segment Data |  | Three Months Ended March 31, |  | Nine Months Ended March 31,
($ in millions) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Operating (Loss) Income: |  |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 45.6 |  |  | $ | 37.9 |  |  | $ | 128.3 |  |  | $ | 106.0 |
Performance Engineered Products |  | (0.9 | ) |  | 8.5 |  |  | (4.2 | ) |  | 30.8 |
Corporate costs (including excess inventory write-down, restructuring and asset impairment charges) |  | (64.5 | ) |  | (38.6 | ) |  | (89.3 | ) |  | (55.9 | )
Pension earnings, interest and deferrals |  | (4.8 | ) |  | (2.4 | ) |  | (14.4 | ) |  | (7.1 | )
Intersegment |  | 0.3 |  |  | (0.6 | ) |  | 2.0 |  |  | (1.9 | )
Consolidated operating (loss) income |  | $ | (24.3 | ) |  | $ | 4.8 |  |  | $ | 22.4 |  |  | $ | 71.9 |
Segment Data |  | Three Months Ended March 31, |  | Nine Months Ended March 31,
($ in millions) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 23.4 |  |  | $ | 23.9 |  |  | $ | 70.9 |  |  | $ | 70.7 |
Performance Engineered Products |  | 5.5 |  |  | 5.7 |  |  | 17.0 |  |  | 17.7 |
Corporate |  | 0.9 |  |  | 1.0 |  |  | 2.8 |  |  | 3.3 |
Intersegment |  | (0.2 | ) |  | 0.1 |  |  | (0.7 | ) |  | (0.5 | )
Consolidated depreciation and amortization |  | $ | 29.6 |  |  | $ | 30.7 |  |  | $ | 90.0 |  |  | $ | 91.2 |
Segment Data |  | Three Months Ended March 31, |  | Nine Months Ended March 31,
($ in millions) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Capital Expenditures: |  |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 11.2 |  |  | $ | 15.2 |  |  | $ | 47.9 |  |  | $ | 119.5 |
Performance Engineered Products |  | 3.6 |  |  | 8.1 |  |  | 14.9 |  |  | 31.0 |
Corporate |  | 1.9 |  |  | 1.5 |  |  | 3.5 |  |  | 2.8 |
Intersegment |  | (0.1 | ) |  | — |  |  | (0.2 | ) |  | (1.0 | )
Consolidated capital expenditures |  | $ | 16.6 |  |  | $ | 24.8 |  |  | $ | 66.1 |  |  | $ | 152.3 |
Segment Data |  | March 31, 2016 |  | June 30, 2015
($ in millions) |  |
Total Assets: |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 2,291.4 |  |  | $ | 2,323.0 |
Performance Engineered Products |  | 423.0 |  |  | 499.2 |
Corporate |  | 107.6 |  |  | 125.0 |
Intersegment |  | (35.5 | ) |  | (41.3 | )
Consolidated total assets |  | $ | 2,786.5 |  |  | $ | 2,905.9 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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