XML 49 R17.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Business Segments | 9 Months Ended
--- | ---
Sep. 30, 2015
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company operates in two business segments: High Performance Materials & Components and Flat Rolled Products. Effective with the third quarter 2015, the Company changed its method of determining business unit performance as internally reported to its senior management, CEO, and Board of Directors. Segment operating results are now reported excluding all effects of LIFO inventory accounting and any related changes in net realizable value inventory reserves which offset the Company’s aggregate net debit LIFO valuation balance. Additionally, segment operating results are now measured including all retirement benefit expense attributable to the business unit, for both current and former employees. Previously, the Company excluded defined benefit pension expense and all defined benefit and defined contribution postretirement medical and life insurance expense from segment operating profit. This change better aligns comparative operating performance following the 2014 U.S. defined benefit pension freeze for all non-represented employees and the change in 2015 to a company-wide defined contribution retirement plan structure. Under the Company’s previous reporting methodology, defined contribution retirement plan expense remained in segment operating results whereas defined benefit plan costs were excluded. Operating results for business segments, corporate and closed company and other expenses now include all applicable retirement benefit plan costs for pension and other postretirement benefits. For the three and nine month periods ended September 30, 2015 and 2014, the amount of defined benefit pension expense and all defined benefit and defined contribution postretirement medical and life insurance expense included in business segment results, corporate expense and closed company and other expenses was as follows:
(in millions) |  |  |  |  |  |  |
| Three months ended September 30, |  | Nine months ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
High Performance Materials & Components | $ | 3.0 |  |  | $ | 5.1 |  |  | $ | 9.1 |  |  | $ | 15.6 |
Flat Rolled Products | 14.7 |  |  | 15.6 |  |  | 44.1 |  |  | 46.8 |
Total | 17.7 |  |  | 20.7 |  |  | 53.2 |  |  | 62.4 |
Corporate expenses | 1.0 |  |  | 1.3 |  |  | 2.9 |  |  | 4.0 |
Closed company and other expenses | 0.6 |  |  | 1.8 |  |  | 1.7 |  |  | 5.4 |
Total retirement benefit expense | $ | 19.3 |  |  | $ | 23.8 |  |  | $ | 57.8 |  |  | $ | 71.8 |
Management considers these changes to be a more useful method of measuring business unit financial performance based on changes to retirement benefit plans and the impact of the Company’s aggregate net debit LIFO position. The segment results below reflect these changes for all periods presented. The measure of segment operating profit also excludes income taxes, corporate expenses, net interest 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 September 30, |  | Nine months ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Total sales: |  |  |  |  |  |  |
High Performance Materials & Components | $ | 490.1 |  |  | $ | 527.1 |  |  | $ | 1,588.5 |  |  | $ | 1,562.6 |
Flat Rolled Products | 377.8 |  |  | 587.0 |  |  | 1,516.0 |  |  | 1,747.1 |
| 867.9 |  |  | 1,114.1 |  |  | 3,104.5 |  |  | 3,309.7 |
Intersegment sales: |  |  |  |  |  |  |
High Performance Materials & Components | 15.4 |  |  | 19.4 |  |  | 59.9 |  |  | 56.4 |
Flat Rolled Products | 19.8 |  |  | 25.1 |  |  | 63.9 |  |  | 77.4 |
| 35.2 |  |  | 44.5 |  |  | 123.8 |  |  | 133.8 |
Sales to external customers: |  |  |  |  |  |  |
High Performance Materials & Components | 474.7 |  |  | 507.7 |  |  | 1,528.6 |  |  | 1,506.2 |
Flat Rolled Products | 358.0 |  |  | 561.9 |  |  | 1,452.1 |  |  | 1,669.7 |
| $ | 832.7 |  |  | $ | 1,069.6 |  |  | $ | 2,980.7 |  |  | $ | 3,175.9 |
Operating profit (loss): |  |  |  |  |  |  |
High Performance Materials & Components | $ | 18.8 |  |  | $ | 53.8 |  |  | $ | 136.1 |  |  | $ | 162.5 |
Flat Rolled Products | (91.8 | ) |  | 6.1 |  |  | (121.8 | ) |  | (32.7 | )
Total operating profit (loss) | (73.0 | ) |  | 59.9 |  |  | 14.3 |  |  | 129.8 |
LIFO and net realizable value reserves | (0.2 | ) |  | (10.0 | ) |  | — |  |  | (12.9 | )
Corporate expenses | (10.7 | ) |  | (11.4 | ) |  | (33.6 | ) |  | (37.3 | )
Closed company and other expenses | (6.5 | ) |  | (9.2 | ) |  | (18.6 | ) |  | (22.1 | )
Interest expense, net | (27.5 | ) |  | (25.2 | ) |  | (81.0 | ) |  | (82.8 | )
Income (loss) from continuing operations before income taxes | $ | (117.9 | ) |  | $ | 4.1 |  |  | $ | (118.9 | ) |  | $ | (25.3 | )

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration