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Business Segments | 6 Months Ended
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Jun. 30, 2013
Segment Reporting Disclosure [Abstract] |
Business Segments | Note 9. Business Segments Following is certain financial information with respect to the Company's business segments for the periods indicated (in millions):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Total sales: |  |  |  |  |  |  |  |  |  |  |
High Performance Metals | $ | 500.9 |  | $ | 587.6 |  | $ | 1,039.2 |  | $ | 1,195.4
Flat-Rolled Products |  | 556.6 |  |  | 665.5 |  |  | 1,119.2 |  |  | 1,308.8
Engineered Products |  | 106.4 |  |  | 143.2 |  |  | 220.2 |  |  | 287.0
|  | 1,163.9 |  |  | 1,396.3 |  |  | 2,378.6 |  |  | 2,791.2
Intersegment sales: |  |  |  |  |  |  |  |  |  |  |
High Performance Metals |  | 16.4 |  |  | 21.4 |  |  | 36.3 |  |  | 47.9
Flat-Rolled Products |  | 4.4 |  |  | 8.1 |  |  | 8.9 |  |  | 15.4
Engineered Products |  | 7.6 |  |  | 9.4 |  |  | 18.5 |  |  | 18.0
|  | 28.4 |  |  | 38.9 |  |  | 63.7 |  |  | 81.3
Sales to external customers: |  |  |  |  |  |  |  |  |  |  |
High Performance Metals |  | 484.5 |  |  | 566.2 |  |  | 1,002.9 |  |  | 1,147.5
Flat-Rolled Products |  | 552.2 |  |  | 657.4 |  |  | 1,110.3 |  |  | 1,293.4
Engineered Products |  | 98.8 |  |  | 133.8 |  |  | 201.7 |  |  | 269.0
| $ | 1,135.5 |  | $ | 1,357.4 |  | $ | 2,314.9 |  | $ | 2,709.9
Operating profit: |  |  |  |  |  |  |  |  |  |  |
High Performance Metals | $ | 67.2 |  | $ | 102.2 |  | $ | 142.5 |  | $ | 206.3
Flat-Rolled Products |  | 1.4 |  |  | 44.5 |  |  | 3.8 |  |  | 91.3
Engineered Products |  | 3.1 |  |  | 13.2 |  |  | 3.7 |  |  | 25.5
Total operating profit |  | 71.7 |  |  | 159.9 |  |  | 150.0 |  |  | 323.1
Corporate expenses |  | (11.9) |  |  | (15.8) |  |  | (24.3) |  |  | (37.5)
Interest expense, net |  | (13.9) |  |  | (18.6) |  |  | (28.3) |  |  | (38.5)
Closed company and other expenses |  | (5.7) |  |  | (5.2) |  |  | (9.4) |  |  | (12.1)
Retirement benefit expense |  | (32.5) |  |  | (30.6) |  |  | (65.0) |  |  | (61.2)
Income before income taxes | $ | 7.7 |  | $ | 89.7 |  | $ | 23.0 |  | $ | 173.8
Retirement benefit expense represents defined benefit plan pension expense, and other postretirement benefit expense for both defined benefit and defined contribution plans. Operating profit with respect to the Company's business segments excludes any retirement benefit expense. Costs associated with multiemployer pension plans are included in segment operating profit, and costs associated with defined contribution pension plans are included in segment operating profit or corporate expenses, as applicable. Corporate expenses for the three months ended June 30, 2013 were $11.9 million compared to $15.8 million for the three months ended June 30, 2012. The dec rease in corporate expenses was primarily related to lower incentive compensation expenses associated with annual and long-term performance plans. Interest expense, net of interest income, in the second quarter was $13.9 million, compared to net interest expense of $18.6 million in the second quarter 2012. The decrease in interest expense was primarily due to increased capitalized interest on major strategic capital projects. Interest expense benefited from the capitalization of interest costs of $10.6 million in the second quarter 2013 compared to $5.6 million in the second quarter 2012. The increased capitalized interest amounts are primarily related to the Hot-Rolling and Processing Facility (“HRPF”). Closed company and other expenses primarily includes charges incurred in connection with closed operations and other non-operating income or expense. These items are presented primarily in selling and administrative expenses and in other expense in the statement of operations. These ite ms resulted in net charges of $5.7 million for the three months ended June 30, 2013 and $5.2 million for the three months en ded June 30, 2012. Retirement benefit expense, which includes pension expense and other postretirement expense, increased to $32.5 million in the second quarter 2013, compared to $30.6 million in the second quarter 2012. This increase was primarily due to the utilization of a lower discount rate to value retirement benefit obligations.

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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 Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: 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=6534315&loc=d3e8380-108599 Reference 3: 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=6534315&loc=d3e8933-108599 Reference 4: 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=6534315&loc=d3e8538-108599 Reference 5: 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=6534315&loc=d3e8844-108599 Reference 6: 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=6534315&loc=d3e8864-108599 Reference 7: 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=6534315&loc=d3e8981-108599 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=6534315&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 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 10: 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=6534315&loc=d3e9031-108599 Reference 11: 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=6534315&loc=d3e8924-108599 Reference 12: 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=6534315&loc=d3e9038-108599 Reference 13: 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=6534315&loc=d3e8906-108599 Reference 14: 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=6534315&loc=d3e8971-108599 Reference 15: 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=6534315&loc=d3e8595-108599 + Details
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