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Business Segments | 3 Months Ended
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Mar. 31, 2023
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 March 31,
| 2023 |  | 2022
Total sales: |  |  |
High Performance Materials & Components | $ | 529.6 |  |  | $ | 380.8 |
Advanced Alloys & Solutions | 625.8 |  |  | 535.6 |
| 1,155.4 |  |  | 916.4 |
Intersegment sales: |  |  |
High Performance Materials & Components | 58.5 |  |  | 39.2 |
Advanced Alloys & Solutions | 58.8 |  |  | 43.1 |
| 117.3 |  |  | 82.3 |
Sales to external customers: |  |  |
High Performance Materials & Components | 471.1 |  |  | 341.6 |
Advanced Alloys & Solutions | 567.0 |  |  | 492.5 |
| $ | 1,038.1 |  |  | $ | 834.1 |
| Three months ended March 31,
| 2023 |  | 2022
EBITDA: |  |  |
High Performance Materials & Components | $ | 80.1 |  |  | $ | 68.1 |
Advanced Alloys & Solutions | 72.7 |  |  | 75.3 |
Total segment EBITDA | 152.8 |  |  | 143.4 |
Corporate expenses | (17.3) |  |  | (17.0) |
Closed operations and other expense | (2.8) |  |  | (1.4) |
Depreciation & amortization (a) | (35.1) |  |  | (35.5) |
Interest expense, net | (19.9) |  |  | (23.6) |
Restructuring and other charges | (1.2) |  |  | (7.5) |
Loss on asset sales and sales of businesses, net | — |  |  | (18.3) |
Income before income taxes | $ | 76.5 |  |  | $ | 40.1 |
a) The following is depreciation & amortization by each business segment:
| Three months ended March 31,
| 2023 |  | 2022
High Performance Materials & Components | $ | 17.4 |  |  | $ | 17.9 |
Advanced Alloys & Solutions | 16.1 |  |  | 16.2 |
Other | 1.6 |  |  | 1.4 |
| $ | 35.1 |  |  | $ | 35.5 |
Beginning in 2020, the U.S. government enacted various relief packages in response to the COVID-19 pandemic. First quarter 2022 results include $29 million related to this government sponsored COVID relief in segment EBITDA. HPMC segment results for the first quarter of 2022 include $22 million of benefits from the Aviation Manufacturing Jobs Protection Program and employee retention credits, and AA&S segment results for the first quarter of 2022 include $7 million in employee retention credits. Restructuring and other charges of $1.2 million for the first quarter of 2023 related to costs to restart the Company’s titanium operations in Albany, OR, which are included within cost of sales on the consolidated statements of operations. Restructuring and other charges for the first quarter of 2022 relate to an $8.6 million charge for a litigation reserve, which is reported in other nonoperating income (expense) on the consolidated statement of operations, partially offset by a $1.1 million restructuring credit for a reduction in severance-related reserves. Loss on asset sales and sales of businesses, net, for the first quarter of 2022 relate to a $25.1 million loss on the sale of the Company’s Sheffield, UK operations, partially offset by a $6.8 million gain from the sale of assets from the Pico Rivera, CA operations.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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