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Business Segments
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Business Segments
Business Segments
The Company operates in two business segments: High Performance Materials & Components and Flat Rolled Products. The measure of segment operating profit, which is used to analyze the performance and results of the business segments, excludes 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, income taxes, corporate expenses, net interest expense, closed company expenses and restructuring costs, if any. 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 March 31,
 
2016
 
2015
Total sales:
 
 
 
High Performance Materials & Components
$
507.9

 
$
564.9

Flat Rolled Products
281.2

 
604.7

 
789.1

 
1,169.6

Intersegment sales:
 
 
 
High Performance Materials & Components
14.9

 
22.1

Flat Rolled Products
16.7

 
22.0

 
31.6

 
44.1

Sales to external customers:
 
 
 
High Performance Materials & Components
493.0

 
542.8

Flat Rolled Products
264.5

 
582.7

 
$
757.5

 
$
1,125.5

Operating profit (loss):
 
 
 
High Performance Materials & Components
$
29.1

 
$
72.9

Flat Rolled Products
(109.6
)
 
(6.8
)
Total operating profit (loss)
(80.5
)
 
66.1

LIFO and net realizable value reserves
—

 
—

Corporate expenses
(11.0
)
 
(12.8
)
Closed company and other expenses
(3.5
)
 
(6.0
)
Restructuring charges
(9.0
)
 
—

Interest expense, net
(28.3
)
 
(26.7
)
Income (loss) before income taxes
$
(132.3
)
 
$
20.6



First quarter 2016 results include a $9.0 million restructuring charge for severance obligations in the Flat Rolled Products (FRP) operations, with the reduction of approximately one third of FRP’s salaried workforce through the elimination of over 250 positions, which will be completed by the end of the second quarter of 2016. The severance charge was excluded from FRP segment operating results. Reserves for restructuring charges at March 31, 2016 were approximately $14 million, consisting of severance charges and idling costs incurred in both 2015 and 2016, the majority of which are expected to be paid in 2016.