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Business Segments
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company operates in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). The measure of segment EBITDA categorically excludes income taxes, depreciation and amortization, corporate expenses, net interest expense, closed operations and other income (expense), charges for goodwill and asset impairments, restructuring and other credits/charges, strike related costs, debt extinguishment charges and gains or losses on asset sales and sales of businesses. Management believes segment EBITDA, 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,
 2022202120222021
Total sales:
High Performance Materials & Components$439.8 $318.7 $820.6 $583.9 
Advanced Alloys & Solutions623.1 339.4 1,158.7 815.4 
1,062.9 658.1 1,979.3 1,399.3 
Intersegment sales:
High Performance Materials & Components43.7 18.1 82.9 42.4 
Advanced Alloys & Solutions59.7 23.8 102.8 48.2 
103.4 41.9 185.7 90.6 
Sales to external customers:
High Performance Materials & Components396.1 300.6 737.7 541.5 
Advanced Alloys & Solutions563.4 315.6 1,055.9 767.2 
$959.5 $616.2 $1,793.6 $1,308.7 
Three months ended June 30,Six months ended June 30,
 2022202120222021
EBITDA:
High Performance Materials & Components$60.3 $37.2 $128.4 $61.8 
Advanced Alloys & Solutions104.6 36.0 179.9 85.7 
Total segment EBITDA164.9 73.2 308.3 147.5 
Corporate expenses(16.7)(15.9)(33.7)(28.1)
Closed operations and other expense(5.1)(3.6)(6.5)(3.1)
Depreciation & amortization (a)(36.0)(36.3)(71.5)(72.4)
Interest expense, net(23.4)(23.7)(47.0)(47.1)
Restructuring and other credits (charges) 1.3 6.2 (6.2)6.2 
Strike related costs— (40.3)— (40.3)
Loss on asset sales and sales of businesses, net (See Note 5)(115.9)— (134.2)— 
Income (loss) before income taxes$(30.9)$(40.4)$9.2 $(37.3)
a) The following is depreciation & amortization by each business segment:
Three months ended June 30,Six months ended June 30,
2022202120222021
High Performance Materials & Components$16.9 $19.2 $34.8 $38.8 
Advanced Alloys & Solutions16.7 16.1 32.9 31.6 
Other2.4 1.0 3.8 2.0 
$36.0 $36.3 $71.5 $72.4 
Beginning in 2020, the U.S. government enacted various relief packages in response to the COVID-19 pandemic. Results for the second quarter and six months ended June 30, 2022 include $5.6 million and $34.3 million, respectively, related to this government sponsored COVID relief in segment EBITDA. HPMC segment second quarter and six month results include $5.6 million and $27.5 million, respectively, for the Aviation Manufacturing Jobs Protection Program and employee retention credits, and AA&S segment six month results include $6.8 million in employee retention credits.
Corporate expenses in the second quarter and six months ended June 30, 2022 reflect business transformation initiatives and higher incentive compensation costs compared to the prior year period.
Restructuring and other charges for the second quarter and six months ended June 30, 2022 relate to $1.3 million and $2.4 million, respectively, of restructuring credits for a reduction in severance-related reserves (see Note 7). The six months ended June 30, 2022 also includes an $8.6 million charge for a litigation reserve (see Note 16). Restructuring charges for the second quarter and six months ended June 30, 2021 were a net credit of $6.2 million, primarily related to $6.9 million for lowered severance-related reserves based on changes in planned operating rates and revised workforce reduction estimates, partially offset by $0.7 million of other costs related to facility idlings.
During the second quarter of 2021, the Company recorded $40.3 million in strike related costs, of which $38.2 million were excluded from AA&S segment EBITDA and $2.1 million were excluded from HPMC segment EBITDA. These items primarily consisted of overhead costs recognized in the period due to below-normal operating rates, higher costs for outside conversion activities, and ongoing benefit costs for striking employees.
Loss on asset sales and sales of businesses, net, for the six months ended June 30, 2022 relate to a $141.0 million loss on the sale of the Company’s Sheffield, UK operations, including a partial loss recorded in the first quarter of 2022 primarily for the impairment of long-lived assets, partially offset by a $6.8 million gain from the sale of assets from the Pico Rivera, CA operations. Loss on asset sales and sales of businesses, net, for the second quarter ended June 30, 2022 relates to the loss on the sale of the Company’s Sheffield, UK operations for the completion of the sale.