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Segment Information | 9 Months Ended
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Sep. 30, 2014
Segment Reporting [Abstract] |
Segment and Geographical Area Information | Segment Information The Company’s primary line of business is the production of semi-fabricated specialty aluminum products, such as aluminum sheet and plate and extruded and drawn products, primarily used in aerospace/high strength (“Aero/HS”), automotive, general engineering (“GE”), and other industrial end market applications. The Company operates 11 focused production facilities in the United States and one in Canada. Consistent with the manner in which the Company’s chief operating decision maker reviews and evaluates the Company’s business, the Fabricated Products business is treated as a single operating segment. In addition to the Fabricated Products segment, the Company has a business unit called All Other, which provides general and administrative support for the Company's operations. For purposes of segment reporting under GAAP, the Company treats the Fabricated Products segment as a reportable segment. All Other is not considered a reportable segment. The accounting policies of the Fabricated Products segment are the same as those described in Note 1. Segment results are evaluated internally by management before any allocation of corporate overhead and without any charge for income taxes, interest expense, or other operating charges, net. The following tables provide financial information by reporting segment for each period or as of each period-end, as applicable.
| Quarter Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Net sales: |  |  |  |  |  |  |
Fabricated Products | $ | 338.9 |  |  | $ | 319.9 |  |  | $ | 1,018.1 |  |  | $ | 986.2 |
Segment operating income (loss): |  |  |  |  |  |  |
Fabricated Products 1 | $ | 35.6 |  |  | $ | 44.8 |  |  | $ | 121.2 |  |  | $ | 145.0 |
All Other 2 | (3.0 | ) |  | (3.2 | ) |  | (10.1 | ) |  | (13.3 | )
Total operating income | $ | 32.6 |  |  | $ | 41.6 |  |  | $ | 111.1 |  |  | $ | 131.7 |
Interest expense | (9.7 | ) |  | (8.8 | ) |  | (27.7 | ) |  | (27.1 | )
Other income, net | 2.2 |  |  | 2.9 |  |  | 5.9 |  |  | 3.1 |
Income before income taxes | $ | 25.1 |  |  | $ | 35.7 |  |  | $ | 89.3 |  |  | $ | 107.7 |
Depreciation and amortization: |  |  |  |  |  |  |
Fabricated Products | $ | 7.8 |  |  | $ | 6.8 |  |  | $ | 22.7 |  |  | $ | 20.6 |
All Other | 0.2 |  |  | 0.1 |  |  | 0.4 |  |  | 0.3 |
Total depreciation and amortization | $ | 8.0 |  |  | $ | 6.9 |  |  | $ | 23.1 |  |  | $ | 20.9 |
Capital expenditures: |  |  |  |  |  |  |
Fabricated Products | $ | 9.3 |  |  | $ | 21.0 |  |  | $ | 38.8 |  |  | $ | 46.4 |
All Other | 0.2 |  |  | — |  |  | 0.8 |  |  | 0.6 |
Total capital expenditures | $ | 9.5 |  |  | $ | 21.0 |  |  | $ | 39.6 |  |  | $ | 47.0 |
Income taxes paid: |  |  |  |  |  |  |
Fabricated Products — |  |  |  |  |  |  |
United States | $ | 1.4 |  |  | $ | 0.3 |  |  | $ | 1.6 |  |  | $ | 0.9 |
Canada | 0.2 |  |  | 0.2 |  |  | 1.1 |  |  | 0.9 |
Total income taxes paid | $ | 1.6 |  |  | $ | 0.5 |  |  | $ | 2.7 |  |  | $ | 1.8 |
______________________
1. | Fabricated Products segment operating income included non-cash mark-to-market (losses) gains on primary aluminum, natural gas, electricity and foreign currency hedging activities totaling $(3.5) and $1.5 for the quarters ended September 30, 2014 and September 30, 2013, respectively. Non-cash mark-to-market gains (losses) on primary aluminum, natural gas, electricity and foreign currency hedging activities totaled $0.0 and $(3.4) for the nine months ended September 30, 2014 and September 30, 2013, respectively. For further discussion regarding mark-to-market matters, see Note 8.
2. | Operating loss in All Other included VEBA net periodic pension benefit income of $6.0 and $5.6 for the quarters ended September 30, 2014 and September 30, 2013, respectively. VEBA net periodic pension benefit income was $17.7 and $16.9 for the nine months ended September 30, 2014 and September 30, 2013, respectively.
| September 30, 2014 |  | December 31, 2013
Assets: |  |  |
Fabricated Products | $ | 871.3 |  |  | $ | 852.5 |
All Other 1 | 945.0 |  |  | 918.4 |
Total assets | $ | 1,816.3 |  |  | $ | 1,770.9 |
_____________________
1. | Assets in All Other represent primarily all of the Company’s cash and cash equivalents, short-term investments, financial derivative assets, net assets in respect of VEBA(s) (see Note 5) and net deferred income tax assets.
Net sales by product categories, which are based on end market applications, for the Fabricated Products segment are as follows:
| Quarter Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Net sales: |  |  |  |  |  |  |
Aero/HS products | $ | 172.5 |  |  | $ | 163.9 |  |  | $ | 509.1 |  |  | $ | 508.6 |
GE products | 103.6 |  |  | 102.7 |  |  | 323.1 |  |  | 318.7 |
Automotive Extrusions | 44.0 |  |  | 33.8 |  |  | 129.5 |  |  | 95.6 |
Other products | 18.8 |  |  | 19.5 |  |  | 56.4 |  |  | 63.3 |
Total net sales | $ | 338.9 |  |  | $ | 319.9 |  |  | $ | 1,018.1 |  |  | $ | 986.2 |

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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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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=6534315&loc=d3e8933-108599 Reference 3: 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=6534315&loc=d3e8844-108599 Reference 4: 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=6534315&loc=d3e8538-108599 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=6534315&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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: 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=6534315&loc=d3e8984-108599 Reference 8: 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=6534315&loc=d3e9038-108599 Reference 9: 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=6534315&loc=d3e8906-108599 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=6534315&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 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: 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=6534315&loc=d3e9031-108599 Reference 13: 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=6534315&loc=d3e8971-108599 Reference 14: 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=6534315&loc=d3e8595-108599 + Details
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