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Business Segments | 9 Months Ended
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Sep. 30, 2016
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company operates in two business segments: High Performance Materials & Components (HPMC) and Flat Rolled Products (FRP). 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 operations 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 September 30, |  | Nine months ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Total sales: |  |  |  |  |  |  |
High Performance Materials & Components | $ | 474.7 |  |  | $ | 490.1 |  |  | $ | 1,493.7 |  |  | $ | 1,588.5 |
Flat Rolled Products | 321.7 |  |  | 377.8 |  |  | 927.2 |  |  | 1,516.0 |
| 796.4 |  |  | 867.9 |  |  | 2,420.9 |  |  | 3,104.5 |
Intersegment sales: |  |  |  |  |  |  |
High Performance Materials & Components | 12.9 |  |  | 15.4 |  |  | 40.5 |  |  | 59.9 |
Flat Rolled Products | 13.0 |  |  | 19.8 |  |  | 41.9 |  |  | 63.9 |
| 25.9 |  |  | 35.2 |  |  | 82.4 |  |  | 123.8 |
Sales to external customers: |  |  |  |  |  |  |
High Performance Materials & Components | 461.8 |  |  | 474.7 |  |  | 1,453.2 |  |  | 1,528.6 |
Flat Rolled Products | 308.7 |  |  | 358.0 |  |  | 885.3 |  |  | 1,452.1 |
| $ | 770.5 |  |  | $ | 832.7 |  |  | $ | 2,338.5 |  |  | $ | 2,980.7 |
Operating profit (loss): |  |  |  |  |  |  |
High Performance Materials & Components | $ | 47.0 |  |  | $ | 18.8 |  |  | $ | 114.9 |  |  | $ | 136.1 |
Flat Rolled Products | (20.8 | ) |  | (91.8 | ) |  | (162.2 | ) |  | (121.8 | )
Total operating profit (loss) | 26.2 |  |  | (73.0 | ) |  | (47.3 | ) |  | 14.3 |
LIFO and net realizable value reserves | — |  |  | (0.2 | ) |  | 0.4 |  |  | — |
Corporate expenses | (9.8 | ) |  | (10.7 | ) |  | (32.6 | ) |  | (33.6 | )
Closed operations and other expenses | (15.4 | ) |  | (6.5 | ) |  | (24.6 | ) |  | (18.6 | )
Restructuring and other charges | (499.9 | ) |  | — |  |  | (509.9 | ) |  | — |
Interest expense, net | (32.6 | ) |  | (27.5 | ) |  | (91.2 | ) |  | (81.0 | )
Loss before income taxes | $ | (531.5 | ) |  | $ | (117.9 | ) |  | $ | (705.2 | ) |  | $ | (118.9 | )
Restructuring and other charges for the third quarter ended September 30, 2016 primarily relate to the indefinite idling of the Company’s Rowley, UT titanium sponge facility and include $471.3 million of long-lived asset impairment charges, $11.3 million of inventory valuation charges for titanium sponge that are classified in cost of sales (see Note 2 for additional information), and $17.3 million of facility shutdown, idling and employee benefit costs. The nine months ended September 30, 2016 also include a $9.0 million charge for severance obligations in the FRP operations, and a $1.0 million charge for severance obligations in the HPMC segment. See Note 10 for additional information on restructuring charges. Results for the HPMC segment exclude the Rowley, UT titanium sponge operations beginning with the third quarter of 2016, with such operations being reported in closed operations and other expenses, and identifiable assets for the HPMC segment decreased by $521 million from December 31, 2015 as a result of this reporting change and the above asset impairment charge for Rowley.

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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 34 -URI http://asc.fasb.org/extlink&oid=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8906-108599 + Details
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