Segment Information (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Summary of financial information by operating segment

	Quarter Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Net sales:
Fabricated Products	$	344.1		$	328.9		$	679.2		$	666.3
Segment operating income (loss):
Fabricated Products 1,2	$	50.2		$	45.0		$	85.6		$	100.2
All Other3	(3.8		)	(4.9		)	(7.1		)	(10.1		)
Total operating income	$	46.4		$	40.1		$	78.5		$	90.1
Interest expense	(9.2		)	(9.0		)	(18.0		)	(18.3		)
Other income, net	1.8			(0.8		)	3.7			0.2
Income before income taxes	$	39.0		$	30.3		$	64.2		$	72.0
Depreciation and amortization:
Fabricated Products	$	7.7		$	6.9		$	14.9		$	13.8
All Other	—			0.1			0.2			0.2
Total depreciation and amortization	$	7.7		$	7.0		$	15.1		$	14.0
Capital expenditures:
Fabricated Products	$	14.2		$	16.5		$	29.5		$	25.4
All Other	0.5			0.2			0.6			0.6
Total capital expenditures	$	14.7		$	16.7		$	30.1		$	26.0
Income taxes paid:
Fabricated Products —
United States	$	0.1		$	0.3		$	0.2		$	0.6
Canada	0.3			0.3			0.9			0.7
Total income taxes paid	$	0.4		$	0.6		$	1.1		$	1.3

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^1.  Operating results in the Fabricated Products segment for the quarter ended June 30, 2014 included a charge of $0.6 as a result of decrementing a prior year, higher cost LIFO layer. Operating results in the Fabricated Products segment for the six months ended June 30, 2014 included a charge of $2.4 as a result of decrementing a prior year, higher cost layer.

^2.  Fabricated Products segment operating income included non-cash mark-to-market gains (losses) on primary aluminum, natural gas, electricity and foreign currency hedging activities totaling $1.5 and $(4.2) for the quarters ended June 30, 2014 and June 30, 2013, respectively. Non-cash mark-to-market gains (losses) on primary aluminum, natural gas, electricity and foreign currency hedging activities totaled $3.5 and $(4.9) for the six months ended June 30, 2014 and June 30, 2013, respectively. For further discussion regarding mark-to-market matters, see Note 8.

^3.  Operating loss in All Other included VEBA net periodic pension benefit income of $6.1 and $5.7 for the quarters ended June 30, 2014 and June 30, 2013, respectively. VEBA net periodic pension benefit income was $11.7 and $11.3 for the six months ended June 30, 2014 and June 30, 2013, respectively.

	June 30, 2014		December 31, 2013
Assets:
Fabricated Products	$	851.4	$	852.5
All Other1	921.2		918.4
Total assets	$	1,772.6	$	1,770.9

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^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.

Schedule of net sales by end market segment applications

Net sales by product categories, which are based on end market applications, for the Fabricated Products segment are as follows:

	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Net sales:
Aero/HS products	$	173.0	$	165.1	$	336.6	$	344.7
GE products	107.3		110.2		219.5		216.0
Automotive Extrusions	44.7		31.0		85.5		61.8
Other products	19.1		22.6		37.6		43.8
Total net sales	$	344.1	$	328.9	$	679.2	$	666.3