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Business Segments
 3 Months Ended
Mar. 31, 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 March 31,
 20222021
Total sales:
High Performance Materials & Components$380.8 $265.2 
Advanced Alloys & Solutions535.6 476.0 
916.4 741.2 
Intersegment sales:
High Performance Materials & Components39.2 24.3 
Advanced Alloys & Solutions43.1 24.4 
82.3 48.7 
Sales to external customers:
High Performance Materials & Components341.6 240.9 
Advanced Alloys & Solutions492.5 451.6 
$834.1 $692.5 
Three months ended March 31,
 20222021
EBITDA:
High Performance Materials & Components$68.1 $24.6 
Advanced Alloys & Solutions75.3 49.7 
Total segment EBITDA143.4 74.3 
Corporate expenses(17.0)(12.2)
Closed operations and other income (expense)(1.4)0.5 
Depreciation & amortization (a)(35.5)(36.1)
Interest expense, net(23.6)(23.4)
Restructuring and other credits (charges) (7.5)— 
Gain (loss) on asset sales and sales of businesses, net (See Note 5)(18.3)— 
Income before income taxes$40.1 $3.1 
(a) The following is depreciation & amortization by each business segment:
Three months ended March 31,
20222021
High Performance Materials & Components$17.9 $19.6 
Advanced Alloys & Solutions16.2 15.5 
Other1.4 1.0 
$35.5 $36.1 
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 include $22 million for the Aviation Manufacturing Jobs Protection Program and employee retention credits, and AA&S segment results include $7 million in employee retention credits.
Corporate expenses in the first quarter of 2022 reflect business transformation initiatives and higher incentive compensation costs compared to the prior year period.
Restructuring and other charges for the first quarter of 2022 relate to an $8.6 million charge for a litigation reserve, partially offset by $1.1 million restructuring credit for a reduction in severance-related reserves. See Notes 16 and 7, respectively, for further explanation of these items.
Loss on asset sales and sales of businesses, net, for the first quarter of 2022 relate to a $25.1 million partial 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.