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Business Segments | 6 Months Ended
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Jun. 30, 2014
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company operates in two business segments: High Performance Materials & Components and Flat Rolled Products. Our measure of segment operating profit, which is used to analyze the performance and results of the business segments, excludes income taxes, corporate expenses, net interest expense, retirement benefit expense, closed company expenses and restructuring costs, if any. Discontinued operations are also excluded. Management believes segment operating profit, as defined, provides an appropriate measure of controllable operating results at the business segment level. Following is certain financial information with respect to the Company’s business segments for the periods indicated (in millions):
| Three months ended June 30, |  | Six months ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Total sales: |  |  |  |  |  |  |
High Performance Materials & Components | $ | 531.4 |  |  | $ | 520.5 |  |  | $ | 1,035.5 |  |  | $ | 1,080.5 |
Flat Rolled Products | 630.5 |  |  | 560.6 |  |  | 1,160.1 |  |  | 1,128.4 |
| 1,161.9 |  |  | 1,081.1 |  |  | 2,195.6 |  |  | 2,208.9 |
Intersegment sales: |  |  |  |  |  |  |
High Performance Materials & Components | 17.3 |  |  | 16.4 |  |  | 37.0 |  |  | 36.3 |
Flat Rolled Products | 25.6 |  |  | 7.9 |  |  | 52.3 |  |  | 16.8 |
| 42.9 |  |  | 24.3 |  |  | 89.3 |  |  | 53.1 |
Sales to external customers: |  |  |  |  |  |  |
High Performance Materials & Components | 514.1 |  |  | 504.1 |  |  | 998.5 |  |  | 1,044.2 |
Flat Rolled Products | 604.9 |  |  | 552.7 |  |  | 1,107.8 |  |  | 1,111.6 |
| $ | 1,119.0 |  |  | $ | 1,056.8 |  |  | $ | 2,106.3 |  |  | $ | 2,155.8 |
Operating profit (loss): |  |  |  |  |  |  |
High Performance Materials & Components | $ | 85.1 |  |  | $ | 69.0 |  |  | $ | 154.2 |  |  | $ | 144.0 |
Flat Rolled Products | (19.9 | ) |  | 1.2 |  |  | (45.5 | ) |  | 3.7 |
Total operating profit | 65.2 |  |  | 70.2 |  |  | 108.7 |  |  | 147.7 |
Corporate expenses | (11.7 | ) |  | (11.8 | ) |  | (23.2 | ) |  | (24.2 | )
Interest expense, net | (28.5 | ) |  | (13.9 | ) |  | (57.6 | ) |  | (28.3 | )
Closed company and other expenses | (4.3 | ) |  | (5.5 | ) |  | (9.3 | ) |  | (8.9 | )
Retirement benefit expense | (24.1 | ) |  | (32.5 | ) |  | (48.0 | ) |  | (65.0 | )
Income (loss) from continuing operations before income taxes | $ | (3.4 | ) |  | $ | 6.5 |  |  | $ | (29.4 | ) |  | $ | 21.3 |
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. Interest expense, net of interest income, in the second quarter 2014 was $28.5 million, compared to net interest expense of $13.9 million in the second quarter 2013. The increase in interest expense was primarily due to reduced capitalized interest and higher debt levels. Interest expense benefited from the capitalization of interest costs of $1.4 million in the second quarter 2014 compared to $10.6 million in the second quarter 2013. The decrease in capitalized interest is due to a lower construction in progress balance, primarily related to the Flat Rolled Products segment Hot-Rolling and Processing Facility. 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 income in the statements of operations. These items resulted in net charges of $4.3 million for the three months ended June 30, 2014 and $5.5 million for the three months ended June 30, 2013.

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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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: 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 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 1 -URI http://asc.fasb.org/extlink&oid=6534315&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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: 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 8: 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 9: 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 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=6534315&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 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 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: 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 14: 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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