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Business Segments
 9 Months Ended
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.