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Segment Information, Geographic and Product Data | 12 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Segment Information, Geographic and Product Data | Segment Information, Geographic and Product Data 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, Pennsylvania and surrounding areas as well as 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 CalRAM business, the LPW Technology Ltd. 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 loss on divestiture of business 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 “Other income (expense), net.” On a consolidated basis, one customer, Arconic Inc., accounted for approximately 11 percent, 12 percent and 11 percent of net sales for the years ended June 30, 2019, 2018 and 2017, respectively. Approximately 12 percent of the accounts receivable outstanding at June 30, 2019 is due from one customer, Arconic Inc. No single customer accounted for 10 percent or more of the accounts receivable outstanding at June 30, 2018.
Segment Data |  | Years Ended June 30,
($ in millions) |  | 2019 |  | 2018 |  | 2017
Net Sales: |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 1,967.3 |  |  | $ | 1,803.8 |  |  | $ | 1,461.6 |
Performance Engineered Products |  | 479.8 |  |  | 429.7 |  |  | 366.6 |
Intersegment |  | (66.9 | ) |  | (75.8 | ) |  | (30.6 | )
Consolidated net sales |  | $ | 2,380.2 |  |  | $ | 2,157.7 |  |  | $ | 1,797.6 |
|  | Years Ended June 30,
($ in millions) |  | 2019 |  | 2018 |  | 2017
Operating Income: |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 282.2 |  |  | $ | 232.4 |  |  | $ | 172.3 |
Performance Engineered Products |  | 30.0 |  |  | 26.1 |  |  | 8.5 |
Corporate costs (including loss on divestiture of business) |  | (72.7 | ) |  | (66.4 | ) |  | (60.8 | )
Intersegment |  | 1.9 |  |  | (2.8 | ) |  | 1.5 |
Consolidated operating income |  | $ | 241.4 |  |  | $ | 189.3 |  |  | $ | 121.5 |
|  | Years Ended June 30,
($ in millions) |  | 2019 |  | 2018 |  | 2017
Depreciation and Amortization: |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 95.2 |  |  | $ | 93.3 |  |  | $ | 94.0 |
Performance Engineered Products |  | 22.2 |  |  | 20.2 |  |  | 20.6 |
Corporate |  | 4.9 |  |  | 3.9 |  |  | 4.0 |
Intersegment |  | (0.8 | ) |  | (0.8 | ) |  | (0.8 | )
Consolidated depreciation and amortization |  | $ | 121.5 |  |  | $ | 116.6 |  |  | $ | 117.8 |
|  | Years Ended June 30,
($ in millions) |  | 2019 |  | 2018 |  | 2017
Capital Expenditures: |  |  |  |  |  |  |  |  |
Specialty Alloys Operations |  | $ | 92.7 |  |  | $ | 63.6 |  |  | $ | 52.2 |
Performance Engineered Products |  | 51.7 |  |  | 31.6 |  |  | 17.0 |
Corporate |  | 37.1 |  |  | 41.6 |  |  | 29.7 |
Intersegment |  | (1.2 | ) |  | (1.8 | ) |  | (0.4 | )
Consolidated capital expenditures |  | $ | 180.3 |  |  | $ | 135.0 |  |  | $ | 98.5 |
|  |  |  | June 30,
($ in millions) |  |  |  | 2019 |  | 2018
Total Assets: |  |  |  |  |  |  |  |
Specialty Alloys Operations |  |  |  | $ | 2,349.2 |  |  | $ | 2,312.1 |
Performance Engineered Products |  |  |  | 664.8 |  |  | 513.6 |
Corporate |  |  |  | 192.5 |  |  | 193.2 |
Intersegment |  |  |  | (18.7 | ) |  | (11.9 | )
Consolidated total assets |  |  |  | $ | 3,187.8 |  |  | $ | 3,007.0 |
Geographic Data |  | Years Ended June 30,
($ in millions) |  | 2019 |  | 2018 |  | 2017
Net Sales: (a) |  |  |  |  |  |  |  |  |
United States |  | $ | 1,606.7 |  |  | $ | 1,429.4 |  |  | $ | 1,198.3 |
Europe |  | 387.2 |  |  | 383.0 |  |  | 349.6 |
Asia Pacific |  | 196.3 |  |  | 174.8 |  |  | 127.2 |
Mexico |  | 81.6 |  |  | 61.7 |  |  | 48.5 |
Canada |  | 67.8 |  |  | 65.7 |  |  | 47.7 |
Other |  | 40.6 |  |  | 43.1 |  |  | 26.3 |
Consolidated net sales |  | $ | 2,380.2 |  |  | $ | 2,157.7 |  |  | $ | 1,797.6 |
(a) Net sales were attributed to countries based on the location of the customer.
|  | June 30,
($ in millions) |  | 2019 |  | 2018
Long-lived assets: |  |  |  |  |  |
United States |  | $ | 1,335.6 |  |  | $ | 1,286.4 |
Europe |  | 17.0 |  |  | 3.9 |
Asia Pacific |  | 6.8 |  |  | 15.4 |
Canada |  | 5.5 |  |  | 6.3 |
Mexico |  | 1.3 |  |  | 1.4 |
Consolidated long-lived assets |  | $ | 1,366.2 |  |  | $ | 1,313.4 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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