Global Brass & Copper (BRSS) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 25, 2019
Document Information [Line Items]
Entity Registrant Name	GLOBAL BRASS & COPPER HOLDINGS, INC.
Entity Central Index Key	0001533526
Trading Symbol	brss
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		21,952,777
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 110.3	$ 125.5
Accounts receivable (net of allowance of $1.1 and $1.3 at March 31, 2019 and December 31, 2018, respectively)	208.8	165.6
Inventories	216.4	218.2
Prepaid expenses and other current assets	10.5	8.5
Income tax receivable	0.2	2.8
Total current assets	546.2	520.6
Property, plant and equipment	249.2	245.6
Less: Accumulated depreciation	(102.8)	(97.8)
Property, plant and equipment, net	146.4	147.8
Goodwill	4.4	4.4
Intangible assets, net	1.4	1.6
Deferred income taxes	10.9	11.3
Other noncurrent assets	11.6	5.3
Total assets	720.9	691
Current liabilities:
Current portion of debt	4.3	4.6
Accounts payable	133.4	114.1
Accrued liabilities	26.6	40.2
Accrued interest	0.3	0.1
Income tax payable	2.5
Total current liabilities	167.1	159
Noncurrent portion of debt	305	305.7
Other noncurrent liabilities	44.3	38.5
Total liabilities	516.4	503.2
Commitments and Contingencies (Note 14)
Global Brass and Copper Holdings, Inc. stockholders’ equity:
Common stock - $0.01 par value; 80,000,000 shares authorized; 22,541,310 shares issued at March 31, 2019 and December 31, 2018	0.2	0.2
Additional paid-in capital	58.8	62.5
Retained earnings	164.8	148.8
Treasury stock - 588,533 and 743,057 shares at March 31, 2019 and December 31, 2018, respectively	(18)	(22.6)
Accumulated other comprehensive income (loss)	(6.5)	(6.1)
Total Global Brass and Copper Holdings, Inc. stockholders’ equity	199.3	182.8
Noncontrolling interest	5.2	5
Total equity	204.5	187.8
Total liabilities and equity	$ 720.9	$ 691

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Accounts receivable, allowance	$ 1.1	$ 1.3
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	22,541,310	22,541,310
Treasury stock, shares (in shares)	588,533	743,057

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net sales	$ 430.3	$ 471.8
Cost of sales	(377.7)	(422.8)
Gross profit	52.6	49
Selling, general and administrative expenses	(23.9)	(23.4)
Operating income	28.7	25.6
Interest expense, net	(4)	(4.3)
Other (expense) income, net		(0.1)
Income before provision for income taxes	24.7	21.2
Provision for income taxes	(6.7)	(5.3)
Net income	18	15.9
Net income attributable to noncontrolling interest	(0.1)	(0.1)
Net income attributable to Global Brass and Copper Holdings, Inc.	$ 17.9	$ 15.8
Net income attributable to Global Brass and Copper Holdings, Inc. per common share:
Basic (in dollars per share)	$ 0.83	$ 0.72
Diluted (in dollars per share)	$ 0.82	$ 0.71
Weighted average common shares outstanding:
Basic (in shares)	21.7	21.9
Diluted (in shares)	22	22.3

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 18	$ 15.9
Cash flow hedge:
Unrealized gain (loss) on cash flow hedge	(1.6)
Income taxes on unrealized gain (loss) on cash flow hedge	0.4
Foreign currency translation:
Foreign currency translation adjustment	0.7	1.2
Income tax (expense) benefit on foreign currency translation adjustment	0.2	(0.3)
Comprehensive income	17.7	16.8
Comprehensive (income) loss attributable to noncontrolling interest	(0.2)	(0.2)
Comprehensive income attributable to Global Brass and Copper Holdings, Inc.	$ 17.5	$ 16.6

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2017	21,907,188
Balance at Dec. 31, 2017	$ 0.2	$ 54.5	$ 97.3	$ (6.6)	$ (2.9)	$ 142.5	$ 4.8	$ 147.3
Share-based compensation (in shares)	323,892
Share-based compensation		1.7				1.7		1.7
Exercise of stock options (in shares)	43,974
Exercise of stock options		0.7				0.7		0.7
Share repurchases (in shares)	(114,627)
Share repurchases				(3.4)		(3.4)		(3.4)
Dividends declared ($0.06 per common share)			(1.2)			(1.2)		(1.2)
Net income			15.8			15.8	0.1	15.9
Other comprehensive income (loss), net of tax					0.8	0.8	0.1	0.9
Balance (in shares) at Mar. 31, 2018	22,160,427
Balance at Mar. 31, 2018	$ 0.2	56.9	111.9	(10)	(2.1)	156.9	5	161.9
Balance (in shares) at Dec. 31, 2018	21,798,253
Balance at Dec. 31, 2018	$ 0.2	62.5	148.8	(22.6)	(6.1)	182.8	5	187.8
Share-based compensation (in shares)	201,992
Share-based compensation		2.4				2.4		$ 2.4
Share repurchases (in shares)	(47,468)							0
Share repurchases				(1.5)		(1.5)		$ (1.5)
Dividends declared ($0.06 per common share)			(1.9)			(1.9)		(1.9)
Net income			17.9			17.9	0.1	18
Other comprehensive income (loss), net of tax					(0.4)	(0.4)	0.1	(0.3)
Shares reissued (in shares)
Shares reissued		(6.1)		6.1
Balance (in shares) at Mar. 31, 2019	21,952,777
Balance at Mar. 31, 2019	$ 0.2	$ 58.8	$ 164.8	$ (18)	$ (6.5)	$ 199.3	$ 5.2	$ 204.5

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Common stock, dividends, per share, declared (in dollars per share)	$ 0.09	$ 0.06

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income		$ 18	$ 15.9
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Lower of cost or market adjustment to inventory	[1]	(2.8)	(0.9)
Unrealized (gain) loss on derivatives		(3.3)	2.4
Depreciation		5.6	5.1
Amortization of intangible assets		0.1	0.1
Amortization of debt discount and issuance costs		0.3	0.3
Share-based compensation expense		2.4	1.7
Provision for bad debts, net of reductions		(0.1)	(0.1)
Deferred income taxes		0.8	0.9
Loss on disposal of property, plant and equipment			0.2
Change in assets and liabilities, net of effects of business acquisition:
Accounts receivable		(42.9)	(12.5)
Inventories		4.9	(0.3)
Prepaid expenses and other current assets		0.4	0.6
Accounts payable		20.1	9.2
Accrued liabilities		(13.1)	(10.8)
Accrued interest		0.2
Income taxes, net		5.3	1.6
Other, net		0.4	0.3
Net cash provided by (used in) operating activities		(3.7)	13.7
Cash flows from investing activities
Capital expenditures		(6.9)	(7.5)
Business acquisition			(1.6)
Net cash used in investing activities		(6.9)	(9.1)
Cash flows from financing activities
Borrowings on ABL Facility		0.2	0.2
Payments on ABL Facility		(0.2)	(0.2)
Payments on term loan		(0.8)	(0.8)
Principal payments under finance lease obligation		(0.5)	(0.5)
Dividends paid		(2)	(1.4)
Proceeds from exercise of stock options			0.7
Share repurchases		(1.5)	(3.4)
Net cash used in financing activities		(4.8)	(5.4)
Effect of foreign currency exchange rates		0.2	(0.3)
Net increase (decrease) in cash		(15.2)	(1.1)
Cash and cash equivalents at beginning of period		125.5	59
Cash and cash equivalents at end of period		110.3	57.9
Noncash investing and financing activities
Purchases of property, plant and equipment not yet paid		1.6	3.4
Acquisition of equipment under finance lease obligation		$ 0.1
[1]	Represents the impact of lower of cost or market adjustments to domestic metal inventory.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Principles of Consolidation	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Basis of Presentation and Principles of Consolidation Global Brass and Copper Holdings, Inc. (“Holdings,” “GBC,” the “Company,” “we,” “us,” or “our”) is operated and managed through three These unaudited consolidated financial statements include the accounts of the Company, our wholly-owned subsidiaries, and our majority-owned subsidiaries in which we have a controlling interest. All intercompany accounts and transactions are eliminated in consolidation. The accompanying unaudited, interim consolidated financial statements include all normal recurring adjustments that are, in the opinion of management, necessary to fairly state the results for the interim periods presented. The December 31, 2018 not The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. In addition, it requires management to make estimates and assumptions that affect the reported amount of net sales and expenses during the reporting periods. Actual amounts could differ from those estimates. Results of operations for the interim periods presented are not may January 1, 2019, 842, Leases Note 2, 10 December 31, 2018 Recently Issued and Recently Adopted Accounting Pronouncements In August 2018, 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 2018 15 2018 15 December 15, 2019. In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 may 2016 13 December 15, 2019, In February 2016, 2016 02, Leases (Topic 842 12 We adopted the guidance in Topic 842 January 1, 2019, no 1 2 3 842 not $7.1 $7.4 not

Note 2 - Leases

Note 2 - Leases	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	2. Leases We lease certain warehouse facilities, manufacturing facilities, office space, equipment, and vehicles. Leases with an initial term of 12 not We determine if an arrangement is a lease at inception. For lease arrangements, we recognize right-of-use assets and lease liabilities on the balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. On our consolidated balance sheets, operating lease right-of-use assets are included in Other noncurrent assets and finance lease right-of-use assets are included in Property, plant and equipment, net. Right-of-use assets and lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. Some of our leases include renewal options that are exercisable at our sole discretion. Our lease terms include the renewal option period when it is reasonably certain that we will exercise that option. As the implicit rate for most of our operating leases is not We have lease agreements with lease and non-lease components. We elected the option to not not Supplemental balance sheet information related to leases was as follows: (in millions) Classification As of March 31, 2019 Assets Operating lease assets Other noncurrent assets (a) $ 6.5 Finance lease assets Property, plant and equipment, net (a) 1.7 Total lease assets $ 8.2 Liabilities Current Operating Accrued liabilities $ 2.7 Finance Current portion of debt 1.1 Noncurrent Operating Other noncurrent liabilities 4.2 Finance Noncurrent portion of debt 1.1 Total lease liabilities $ 9.1 (a) Operating and finance lease assets are recorded net of accumulated amortization of $0.6 $6.4 March 31, 2019 The following table sets forth the components of lease expense: (in millions) Classification Three Months Ended March 31, 2019 Operating lease expense Cost of sales $ 0.7 Selling, general and administrative expenses 0.2 Total operating lease expense (a) 0.9 Finance lease expense Amortization of right-of-use assets Cost of sales 0.4 Interest on lease liabilities Interest expense, net 0.1 Total finance lease expense 0.5 Total lease expense $ 1.4 (a) Includes short-term lease expense and sublease income, which are not Supplemental cash flow information related to leases was as follows: (in millions) Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 0.9 Operating cash flows from finance leases 0.1 Financing cash flows from finance leases 0.5 Right-of-use assets obtained in exchange for lease obligations: Operating leases 7.3 Finance leases 0.1 The following table sets for the weighted-average remaining lease terms and discount rates: As of March 31, 2019 Weighted-average remaining lease term (years): Operating leases 3.1 Finance leases 3.0 Weighted-average discount rate: Operating leases 5.4 % Finance leases 5.4 % Maturities of lease liabilities are as follows: (in millions) Operating Leases Finance Leases Total 2019 (excluding the three months ending March 31, 2019) $ 2.4 $ 1.0 $ 3.4 2020 2.2 0.5 2.7 2021 1.6 0.4 2.0 2022 0.7 0.3 1.0 2023 0.4 0.1 0.5 Thereafter 0.2 0.1 0.3 Total lease payments 7.5 2.4 9.9 Less: Imputed interest (0.6 ) (0.2 ) (0.8 ) Present value of lease liabilities $ 6.9 $ 2.2 $ 9.1 Future minimum lease payments for operating and finance leases as of December 31, 2018 (in millions) Operating Leases Finance Leases Total 2019 $ 3.2 $ 1.5 $ 4.7 2020 2.1 0.5 2.6 2021 1.5 0.3 1.8 2022 0.6 0.3 0.9 2023 0.3 0.1 0.4 Thereafter 0.2 0.1 0.3 Total lease payments $ 7.9 $ 2.8 $ 10.7

Note 3 - Revenue

Note 3 - Revenue	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. Revenue The following table presents our revenue disaggregated by market based on the customer's primary market or the primary market for the shipped product: Three Months Ended March 31, (in millions) 2019 2018 Building and housing $ 140.1 $ 157.6 Automotive and transportation 74.5 88.9 Munitions 54.5 46.3 Coinage 47.3 45.2 Industrial machinery and equipment 36.2 40.9 Electronics / electrical components 32.2 39.1 Other 45.5 53.8 Net sales $ 430.3 $ 471.8

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Earnings Per Share Basic earnings per share is computed based on the weighted-average number of common shares outstanding and diluted earnings per share is computed based on the weighted-average number of common shares outstanding including the number of additional shares that would have been outstanding had potentially dilutive common shares been issued. Potentially dilutive securities include nonvested share awards and stock options for which the exercise price was less than the average market price of our outstanding common stock. Nonvested performance-based share awards are included in the average diluted shares outstanding for each period if established performance criteria have been met at the end of the respective periods. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, (in millions, except per share data) 2019 2018 Numerator Net income attributable to Global Brass and Copper Holdings, Inc. $ 17.9 $ 15.8 Denominator Weighted-average common shares outstanding 21.7 21.9 Effect of potentially dilutive securities: Stock options and nonvested share awards 0.3 0.4 Weighted-average common shares outstanding, assuming dilution 22.0 22.3 Anti-dilutive shares excluded from above 0.1 0.1 Net income attributable to Global Brass and Copper Holdings, Inc. per common share: Basic $ 0.83 $ 0.72 Diluted $ 0.82 $ 0.71 On July 31, 2018, “2018 may $35.0 September 30, 2020. no three March 31, 2019 2018 March 31, 2019 400,000 $12.6 $22.4 March 31, 2019

Note 5 - Segment Information

Note 5 - Segment Information	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	5. Segment Information Our Chief Operating Decision Maker allocates resources and evaluates performance at the divisional level. As such, we have determined that we have three Olin Brass is a leading manufacturer, fabricator, and converter of non-ferrous products, including sheet, strip, foil, tube, and fabricated products. While primarily a processor of copper and copper alloys, Olin Brass also rerolls and forms other alloys such as stainless steel, carbon steel, and aluminum. Sheet and strip is generally manufactured from copper and copper-alloy scrap. Olin Brass’s products are sold primarily to customers in building and housing, munitions, automotive, coinage, and electronics / electrical components. Chase Brass is a leading manufacturer of solid brass rod in North America. Chase Brass primarily manufactures solid rod in round and other shapes, ranging from 1/4 4.5 A.J. Oster is a processor and distributor of copper and copper-alloy sheet, strip, and foil, aluminum sheet, and coated aluminum products. A.J. Oster operates eleven Corporate includes compensation for corporate executives, corporate office and administrative salaries, and professional fees for accounting, tax and legal services. Corporate also includes interest expense and income, state and federal income taxes, certain overhead costs, share-based compensation expense, gains and losses associated with certain acquisitions and dispositions, unrealized gains and losses on hedging activities, and the elimination of intercompany sales and balances. The Chief Operating Decision Maker evaluates performance and determines resource allocations based on a number of factors, the primary performance measure being adjusted EBITDA. Adjusted EBITDA is defined as net income attributable to Global Brass and Copper Holdings, Inc., plus interest, taxes, depreciation, and amortization (“EBITDA”) adjusted to exclude the following: • unrealized gains and losses on derivative contracts in support of our balanced book approach; • unrealized gains and losses associated with derivative contracts related to energy and utility costs; • impact associated with lower of cost or market adjustments to inventory; • gains and losses due to the depletion of a last-in, first • refinancing costs; • restructuring and other business transformation charges; • inventory step-up costs related to acquisition accounting; • specified legal and professional expenses; and • certain other items. Each of these items are excluded because our management believes they are not Below is a reconciliation of adjusted EBITDA of segments to income before provision for income taxes: Three Months Ended March 31, (in millions) 2019 2018 Net Sales, External Customers Olin Brass $ 172.3 $ 178.7 Chase Brass 146.3 171.6 A.J. Oster 111.7 121.5 Total net sales, external customers $ 430.3 $ 471.8 Intersegment Net Sales Olin Brass $ 36.0 $ 21.4 Chase Brass - - A.J. Oster 0.1 - Total intersegment net sales $ 36.1 $ 21.4 Adjusted EBITDA Olin Brass $ 13.9 $ 14.0 Chase Brass 17.0 18.6 A.J. Oster 5.7 5.7 Total adjusted EBITDA of operating segments 36.6 38.3 Corporate (7.1 ) (6.0 ) Depreciation expense (5.6 ) (5.1 ) Amortization expense (0.1 ) (0.1 ) Interest expense, net (4.0 ) (4.3 ) Net income attributable to noncontrolling interest 0.1 0.1 Unrealized (loss) gain on derivative contracts (a) 3.3 (2.4 ) Specified legal / professional expenses (b) (1.3 ) - Lower of cost or market adjustment to inventory (c) 2.8 0.9 Step-up costs from acquisition accounting - (0.2 ) Income before provision for income taxes $ 24.7 $ 21.2 (a) Represents unrealized gains / losses on derivative contracts. (b) Represents selected professional fees for accounting, tax, legal and consulting services for merger and acquisition activity. (c) Represents the impact of lower of cost or market adjustments to domestic metal inventory.

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	6. Inventories Inventories were as follows: As of (in millions) March 31, 2019 December 31, 2018 Raw materials and supplies $ 25.5 $ 31.9 Work-in-process 70.9 72.9 Finished goods 120.0 113.4 Total inventories $ 216.4 $ 218.2 Inventories include costs attributable to direct labor and manufacturing overhead, but are primarily comprised of metal costs. The metals component of inventories that is valued on a LIFO basis comprised 63% 67% March 31, 2019 December 31, 2018 first first During the three March 31, 2019 2018 three March 31, 2019 2018 $2.8 $0.9 Below is a summary of inventories valued at period-end market values compared to the as reported values: As of (in millions) March 31, 2019 December 31, 2018 Market value $ 312.3 $ 296.5 As reported 216.4 218.2 Excess of market over reported value $ 95.9 $ 78.3

Note 7 - Prepaid Expenses and O

Note 7 - Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Other Current Assets [Text Block]	7. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets were as follows: As of (in millions) March 31, 2019 December 31, 2018 Workers’ compensation plan deposits $ 2.3 $ 2.9 Derivative contract assets 1.9 - Prepaid insurance 1.0 1.6 Other 5.3 4.0 Total prepaid expenses and other current assets $ 10.5 $ 8.5

Note 8 - Accrued Liabilities

Note 8 - Accrued Liabilities	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued Liabilities Accrued liabilities consisted of the following: As of (in millions) March 31, 2019 December 31, 2018 Compensation and benefits $ 11.1 $ 23.4 Workers’ compensation 2.8 2.7 Operating lease liabilities 2.7 - Utilities 2.6 2.7 Professional fees 2.1 1.8 Taxes 1.2 1.2 Derivative contract liabilities - 0.9 Other 4.1 7.5 Total accrued liabilities $ 26.6 $ 40.2

Note 9 - Financing

Note 9 - Financing	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	9. Financing Long-term debt consisted of the following: As of (in millions) March 31, 2019 December 31, 2018 Term Loan B Facility $ 312.0 $ 312.8 Deferred financing fees and discount on debt (4.9 ) (5.1 ) Obligations under finance lease 2.2 2.6 Total debt 309.3 310.3 Less: Current portion of debt (4.3 ) (4.6 ) Noncurrent portion of debt $ 305.0 $ 305.7 Term Loan B Facility At March 31, 2019 $312.0 May 29, 2025 1 1.50% 2 2.50% In order to minimize the variability in cash flows caused by fluctuations in market interest rates, we entered into an interest rate swap agreement on May 25, 2018, May 31, 2023 . $150.0 2.75% March 31, 2019 5.12% The Term Loan B Credit Agreement requires mandatory prepayments based on various events and circumstances as are customary in such agreements. We are subject to a 50% 25% 0% may, In connection with the Term Loan B Facility, we are required to make quarterly payments of $0.8 ABL Facility We have an asset-based revolving loan facility (the “ABL Credit Agreement” and together with the facility thereunder, the “ABL Facility”) that matures on July 19, 2021 $200.0 As of March 31, 2019 no $195.4 $4.6 may $200.0 not The Credit Agreements The ABL Credit Agreement and the Term Loan B Credit Agreement (together, the “Credit Agreements”) contain various covenants consistent with debt agreements of this kind, such as restrictions on the amounts of dividends we can pay. As of March 31, 2019

Note 10 - Accumulated Other Com

Note 10 - Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	10. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) attributable to Global Brass and Copper Holdings, Inc., net of tax, were as follows: (in millions) Foreign Currency Translation Adjustment Total Balance at December 31, 2017 $ (2.9 ) $ (2.9 ) Other comprehensive income (loss) 0.8 0.8 Balance at March 31, 2018 $ (2.1 ) $ (2.1 ) (in millions) Unrealized Gain (Loss) on Cash Flow Hedge Foreign Currency Translation Adjustment Total Balance at December 31, 2018 $ (1.5 ) $ (4.6 ) $ (6.1 ) Other comprehensive income (loss) (1.2 ) 0.8 (0.4 ) Balance at March 31, 2019 $ (2.7 ) $ (3.8 ) $ (6.5 )

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. Income Taxes The effective income tax rate, which is the provision for income taxes as a percentage of income before provision for income taxes, was 27.1% 25.0% three March 31, 2019 2018 The increase in three March 31, 2019 driven by increased tax expense on stock compensation due to a reduction of shares vesting in 2019 three March 31, 2019 2018 21%, to state income taxes, stock compensation, and the utilization of tax credits. As of March 31, 2019 December 31, 2018 $23.9 $8.2 March 31, 2019 December 31, 2018 $2.8 $2.5 $26.7 $26.4 March 31, 2019 December 31, 2018 Our U.S. federal returns for the period ended December 31, 2015 December 31, 2014

Note 12 - Derivative Contracts

Note 12 - Derivative Contracts	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	12. Derivative Contracts We maintain a risk-management strategy that uses commodity derivative contracts to minimize significant, unanticipated gains or losses arising from fluctuations in certain commodity prices. We are also exposed to credit risk and market risk through our use of derivative contracts. Credit risk is the risk that the counterparty might fail to fulfill its performance obligations under the terms of the derivative contract. Market risk is the risk that the value of a derivative instrument might be adversely affected by a change in market prices and rates. We manage the market risk associated with derivative contracts by establishing and monitoring parameters that limit the types and degree of market risk that may We use a cash flow hedge to minimize the variability in cash flows caused by fluctuations in market interest rates. This derivative, which is a designated cash flow hedge, is carried at fair value. The change in fair value is recorded to accumulated other comprehensive income (loss) and reclassified to current earnings if hedge accounting cannot be applied because the hedge contract is not We manage credit risk associated with derivative contracts by executing derivative instruments with counterparties that we believe are credit-worthy. The amount of such credit risk is limited to the fair value of the derivative contract plus the unpaid portion of amounts due to us pursuant to terms of the derivative contracts, if any. If the credit-worthiness of these counterparties deteriorates, we believe the exposure is mitigated by provisions in the derivative arrangements which allow for the legal right of offset of amounts due to us from the counterparties, if any, with any amounts payable to the counterparties. The following tables provide a summary of our outstanding derivative contracts: As of (in millions) March 31, 2019 December 31, 2018 Cash flow hedge: Interest rate swap $ 150.0 $ 150.0 Commodity and energy derivative contracts: Metal 7.8 27.9 Energy and utilities 4.2 3.0 Total $ 162.0 $ 180.9 As of (in millions) March 31, 2019 December 31, 2018 Commodity and energy derivative contracts: Notional amount - long $ 50.5 $ 67.4 Notional amount - (short) (38.5 ) (36.5 ) Net long / (short) $ 12.0 $ 30.9 The fair values of derivative contracts in the consolidated balance sheets include the impact of netting derivative assets and liabilities when a legally enforceable master netting arrangement exists. The following tables summarize the gross amounts of open derivative contracts, the net amounts presented in the unaudited consolidated balance sheets, and the collateral deposited with counterparties: As of March 31, 2019 (in millions) Gross Amounts of Recognized Assets Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets Presented in Consolidated Balance Sheet Commodity and energy derivative contracts: Metal $ 3.0 $ (1.2 ) $ 1.8 Energy and utilities 0.2 (0.2 ) - Collateral on deposit 0.1 - 0.1 Total $ 3.3 $ (1.4 ) $ 1.9 Consolidated balance sheet location: Prepaid expenses and other current assets $ 1.9 As of March 31, 2019 (in millions) Gross Amounts of Recognized Liabilities Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Liabilities Presented in Consolidated Balance Sheet Cash flow hedge: Interest rate swap $ 3.6 $ - $ 3.6 Commodity and energy derivative contracts: Metal 1.2 (1.2 ) - Energy and utilities 0.2 (0.2 ) - Total $ 5.0 $ (1.4 ) $ 3.6 Consolidated balance sheet location: Other noncurrent liabilities $ 3.6 As of December 31, 2018 (in millions) Gross Amounts of Recognized Assets Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets Presented in Consolidated Balance Sheet Commodity and energy derivative contracts: Metal $ 3.3 $ (3.3 ) $ - Energy and utilities 0.1 (0.1 ) - Collateral on deposit 0.1 (0.1 ) - Total $ 3.5 $ (3.5 ) $ - As of December 31, 2018 (in millions) Gross Amounts of Recognized Liabilities Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Liabilities Presented in Consolidated Balance Sheet Cash flow hedge: Interest rate swap $ 2.0 $ - $ 2.0 Commodity and energy derivative contracts: Metal 4.2 (3.4 ) 0.8 Energy and utilities 0.3 (0.1 ) 0.2 Total $ 6.5 $ (3.5 ) $ 3.0 Consolidated balance sheet location: Accrued liabilities $ 0.9 Other noncurrent liabilities $ 2.1 The following table summarizes the effects of derivative contracts in the consolidated statements of comprehensive income and the consolidated statements of operations: Three Months Ended March 31, (in millions) 2019 2018 Cash flow hedge gains (losses) in other comprehensive income (loss) for: Interest rate swap $ (1.6 ) $ - Commodity and energy derivative contracts (gains) losses in cost of sales for: Metal $ (2.8 ) $ 1.9 Energy and utilities (0.2 ) - Total commodity derivative contract (gains) losses in cost of sales $ (3.0 ) $ 1.9

Note 13 - Fair Value Measuremen

Note 13 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	13. Fair Value Measurements ASC 820 • Level 1 • Level 2 not • Level 3 one As of March 31, 2019 December 31, 2018 asset $1.9 liability $1.0 820, 2 third not 24 As of March 31, 2019 December 31, 2018 liability $3.6 $2.0 2 We neither hold assets or liabilities requiring a Level 3 2019 2018 For purposes of financial reporting, we have determined that the carrying value of cash, accounts receivable, accounts payable, and accrued expenses approximates fair value due to their short term nature. As of March 31, 2019 December 31, 2018 $64.1 $58.7 1 Additionally, given the revolving nature and the variable interest rates, we have determined that the carrying value of the ABL Facility also approximates fair value. As of March 31, 2019 $310.4 $312.0 As of December 31, 2018 $304.2 $312.8 2 820

Note 14 - Commitments and Conti

Note 14 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	14. Commitments and Contingencies Environmental Considerations We are subject to a variety of environmental laws and regulations governing discharges to air and water, the handling, storage and disposal of hazardous or solid waste materials and the remediation of contamination associated with releases of hazardous substances. Although we believe we are in material compliance with all of the various regulations applicable to our business, there can be no not not not may On November 19, 2007 2007, Although we are not may January 2018, $0.7 three March 31, 2018 $6,000 not Legal Considerations We are party to various legal proceedings arising in the ordinary course of business. We believe that none

Note 15 - Subsequent Event

Note 15 - Subsequent Event	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	15. Subsequent Event On April 9, 2019, 200 $44.00 second 2019. 2.1 8 April 11, 2019. The obligation of the parties to complete the merger is subject to customary closing conditions, including, among others: • the adoption of the Merger Agreement by the affirmative vote of the holders of a majority of the outstanding shares of Common Stock entitled to vote thereon (the “Company Stockholder Approval”); • (i) the expiration or earlier termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, sixty not • the absence of any law, order or injunction of a court of competent jurisdiction or governmental entity restraining, enjoining or otherwise prohibiting the consummation of the merger; • the accuracy of the representations and warranties contained in the Merger Agreement (generally subject to certain materiality qualifiers); • the absence of a Company material adverse effect; and • the performance, in all material respects, by the parties of their respective obligations required by the Merger Agreement to be performed prior to the effective time.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation Global Brass and Copper Holdings, Inc. (“Holdings,” “GBC,” the “Company,” “we,” “us,” or “our”) is operated and managed through three These unaudited consolidated financial statements include the accounts of the Company, our wholly-owned subsidiaries, and our majority-owned subsidiaries in which we have a controlling interest. All intercompany accounts and transactions are eliminated in consolidation. The accompanying unaudited, interim consolidated financial statements include all normal recurring adjustments that are, in the opinion of management, necessary to fairly state the results for the interim periods presented. The December 31, 2018 not The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. In addition, it requires management to make estimates and assumptions that affect the reported amount of net sales and expenses during the reporting periods. Actual amounts could differ from those estimates. Results of operations for the interim periods presented are not may January 1, 2019, 842, Leases Note 2, 10 December 31, 2018
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued and Recently Adopted Accounting Pronouncements In August 2018, 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 2018 15 2018 15 December 15, 2019. In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 may 2016 13 December 15, 2019, In February 2016, 2016 02, Leases (Topic 842 12 We adopted the guidance in Topic 842 January 1, 2019, no 1 2 3 842 not $7.1 $7.4 not

Note 2 - Leases (Tables)

Note 2 - Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Finance and Operating Lease Assets and Liabilities [Table Text Block]	(in millions) Classification As of March 31, 2019 Assets Operating lease assets Other noncurrent assets (a) $ 6.5 Finance lease assets Property, plant and equipment, net (a) 1.7 Total lease assets $ 8.2 Liabilities Current Operating Accrued liabilities $ 2.7 Finance Current portion of debt 1.1 Noncurrent Operating Other noncurrent liabilities 4.2 Finance Noncurrent portion of debt 1.1 Total lease liabilities $ 9.1
Schedule of Lease Expense [Table Text Block]	(in millions) Classification Three Months Ended March 31, 2019 Operating lease expense Cost of sales $ 0.7 Selling, general and administrative expenses 0.2 Total operating lease expense (a) 0.9 Finance lease expense Amortization of right-of-use assets Cost of sales 0.4 Interest on lease liabilities Interest expense, net 0.1 Total finance lease expense 0.5 Total lease expense $ 1.4
Schedule of Lease Cash Flow Information [Table Text Block]	(in millions) Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 0.9 Operating cash flows from finance leases 0.1 Financing cash flows from finance leases 0.5 Right-of-use assets obtained in exchange for lease obligations: Operating leases 7.3 Finance leases 0.1
Schedule of Lease Terms and Discount Rates [Table Text Block]	As of March 31, 2019 Weighted-average remaining lease term (years): Operating leases 3.1 Finance leases 3.0 Weighted-average discount rate: Operating leases 5.4 % Finance leases 5.4 %
Lease Liability Maturity [Table Text Block]	(in millions) Operating Leases Finance Leases Total 2019 (excluding the three months ending March 31, 2019) $ 2.4 $ 1.0 $ 3.4 2020 2.2 0.5 2.7 2021 1.6 0.4 2.0 2022 0.7 0.3 1.0 2023 0.4 0.1 0.5 Thereafter 0.2 0.1 0.3 Total lease payments 7.5 2.4 9.9 Less: Imputed interest (0.6 ) (0.2 ) (0.8 ) Present value of lease liabilities $ 6.9 $ 2.2 $ 9.1
Schedule of Future Minimum Payments for Operating and Capital Leases [Table Text Block]	(in millions) Operating Leases Finance Leases Total 2019 $ 3.2 $ 1.5 $ 4.7 2020 2.1 0.5 2.6 2021 1.5 0.3 1.8 2022 0.6 0.3 0.9 2023 0.3 0.1 0.4 Thereafter 0.2 0.1 0.3 Total lease payments $ 7.9 $ 2.8 $ 10.7

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, (in millions) 2019 2018 Building and housing $ 140.1 $ 157.6 Automotive and transportation 74.5 88.9 Munitions 54.5 46.3 Coinage 47.3 45.2 Industrial machinery and equipment 36.2 40.9 Electronics / electrical components 32.2 39.1 Other 45.5 53.8 Net sales $ 430.3 $ 471.8

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, (in millions, except per share data) 2019 2018 Numerator Net income attributable to Global Brass and Copper Holdings, Inc. $ 17.9 $ 15.8 Denominator Weighted-average common shares outstanding 21.7 21.9 Effect of potentially dilutive securities: Stock options and nonvested share awards 0.3 0.4 Weighted-average common shares outstanding, assuming dilution 22.0 22.3 Anti-dilutive shares excluded from above 0.1 0.1 Net income attributable to Global Brass and Copper Holdings, Inc. per common share: Basic $ 0.83 $ 0.72 Diluted $ 0.82 $ 0.71

Note 5 - Segment Information (T

Note 5 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, (in millions) 2019 2018 Net Sales, External Customers Olin Brass $ 172.3 $ 178.7 Chase Brass 146.3 171.6 A.J. Oster 111.7 121.5 Total net sales, external customers $ 430.3 $ 471.8 Intersegment Net Sales Olin Brass $ 36.0 $ 21.4 Chase Brass - - A.J. Oster 0.1 - Total intersegment net sales $ 36.1 $ 21.4 Adjusted EBITDA Olin Brass $ 13.9 $ 14.0 Chase Brass 17.0 18.6 A.J. Oster 5.7 5.7 Total adjusted EBITDA of operating segments 36.6 38.3 Corporate (7.1 ) (6.0 ) Depreciation expense (5.6 ) (5.1 ) Amortization expense (0.1 ) (0.1 ) Interest expense, net (4.0 ) (4.3 ) Net income attributable to noncontrolling interest 0.1 0.1 Unrealized (loss) gain on derivative contracts (a) 3.3 (2.4 ) Specified legal / professional expenses (b) (1.3 ) - Lower of cost or market adjustment to inventory (c) 2.8 0.9 Step-up costs from acquisition accounting - (0.2 ) Income before provision for income taxes $ 24.7 $ 21.2

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	As of (in millions) March 31, 2019 December 31, 2018 Raw materials and supplies $ 25.5 $ 31.9 Work-in-process 70.9 72.9 Finished goods 120.0 113.4 Total inventories $ 216.4 $ 218.2
Inventory Market Value [Table Text Block]	As of (in millions) March 31, 2019 December 31, 2018 Market value $ 312.3 $ 296.5 As reported 216.4 218.2 Excess of market over reported value $ 95.9 $ 78.3

Note 7 - Prepaid Expenses and_2

Note 7 - Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	As of (in millions) March 31, 2019 December 31, 2018 Workers’ compensation plan deposits $ 2.3 $ 2.9 Derivative contract assets 1.9 - Prepaid insurance 1.0 1.6 Other 5.3 4.0 Total prepaid expenses and other current assets $ 10.5 $ 8.5

Note 8 - Accrued Liabilities (T

Note 8 - Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	As of (in millions) March 31, 2019 December 31, 2018 Compensation and benefits $ 11.1 $ 23.4 Workers’ compensation 2.8 2.7 Operating lease liabilities 2.7 - Utilities 2.6 2.7 Professional fees 2.1 1.8 Taxes 1.2 1.2 Derivative contract liabilities - 0.9 Other 4.1 7.5 Total accrued liabilities $ 26.6 $ 40.2

Note 9 - Financing (Tables)

Note 9 - Financing (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Debt [Table Text Block]	As of (in millions) March 31, 2019 December 31, 2018 Term Loan B Facility $ 312.0 $ 312.8 Deferred financing fees and discount on debt (4.9 ) (5.1 ) Obligations under finance lease 2.2 2.6 Total debt 309.3 310.3 Less: Current portion of debt (4.3 ) (4.6 ) Noncurrent portion of debt $ 305.0 $ 305.7

Note 10 - Accumulated Other C_2

Note 10 - Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	(in millions) Foreign Currency Translation Adjustment Total Balance at December 31, 2017 $ (2.9 ) $ (2.9 ) Other comprehensive income (loss) 0.8 0.8 Balance at March 31, 2018 $ (2.1 ) $ (2.1 ) (in millions) Unrealized Gain (Loss) on Cash Flow Hedge Foreign Currency Translation Adjustment Total Balance at December 31, 2018 $ (1.5 ) $ (4.6 ) $ (6.1 ) Other comprehensive income (loss) (1.2 ) 0.8 (0.4 ) Balance at March 31, 2019 $ (2.7 ) $ (3.8 ) $ (6.5 )

Note 12 - Derivative Contracts

Note 12 - Derivative Contracts (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	As of (in millions) March 31, 2019 December 31, 2018 Cash flow hedge: Interest rate swap $ 150.0 $ 150.0 Commodity and energy derivative contracts: Metal 7.8 27.9 Energy and utilities 4.2 3.0 Total $ 162.0 $ 180.9 As of (in millions) March 31, 2019 December 31, 2018 Commodity and energy derivative contracts: Notional amount - long $ 50.5 $ 67.4 Notional amount - (short) (38.5 ) (36.5 ) Net long / (short) $ 12.0 $ 30.9
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	As of March 31, 2019 (in millions) Gross Amounts of Recognized Assets Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets Presented in Consolidated Balance Sheet Commodity and energy derivative contracts: Metal $ 3.0 $ (1.2 ) $ 1.8 Energy and utilities 0.2 (0.2 ) - Collateral on deposit 0.1 - 0.1 Total $ 3.3 $ (1.4 ) $ 1.9 Consolidated balance sheet location: Prepaid expenses and other current assets $ 1.9 As of March 31, 2019 (in millions) Gross Amounts of Recognized Liabilities Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Liabilities Presented in Consolidated Balance Sheet Cash flow hedge: Interest rate swap $ 3.6 $ - $ 3.6 Commodity and energy derivative contracts: Metal 1.2 (1.2 ) - Energy and utilities 0.2 (0.2 ) - Total $ 5.0 $ (1.4 ) $ 3.6 Consolidated balance sheet location: Other noncurrent liabilities $ 3.6 As of December 31, 2018 (in millions) Gross Amounts of Recognized Assets Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets Presented in Consolidated Balance Sheet Commodity and energy derivative contracts: Metal $ 3.3 $ (3.3 ) $ - Energy and utilities 0.1 (0.1 ) - Collateral on deposit 0.1 (0.1 ) - Total $ 3.5 $ (3.5 ) $ - As of December 31, 2018 (in millions) Gross Amounts of Recognized Liabilities Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Liabilities Presented in Consolidated Balance Sheet Cash flow hedge: Interest rate swap $ 2.0 $ - $ 2.0 Commodity and energy derivative contracts: Metal 4.2 (3.4 ) 0.8 Energy and utilities 0.3 (0.1 ) 0.2 Total $ 6.5 $ (3.5 ) $ 3.0 Consolidated balance sheet location: Accrued liabilities $ 0.9 Other noncurrent liabilities $ 2.1 Three Months Ended March 31, (in millions) 2019 2018 Cash flow hedge gains (losses) in other comprehensive income (loss) for: Interest rate swap $ (1.6 ) $ - Commodity and energy derivative contracts (gains) losses in cost of sales for: Metal $ (2.8 ) $ 1.9 Energy and utilities (0.2 ) - Total commodity derivative contract (gains) losses in cost of sales $ (3.0 ) $ 1.9

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation and Principles of Consolidation (Details Textual) $ in Thousands		3 Months Ended
		Mar. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Number of Reportable Segments		3
Operating Lease, Right-of-Use Asset	[1]	$ 6,500
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 7,100
Operating Lease, Liability, Total			7,400
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 0
[1]	Operating and finance lease assets are recorded net of accumulated amortization of $0.6 million and $6.4 million, respectively, as of March 31, 2019.

Note 2 - Leases (Details Textua

Note 2 - Leases (Details Textual) $ in Millions	Mar. 31, 2019USD ($)
Operating Lease, Right-of-Use Asset, Accumulated Amortization	$ 0.6
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$ 6.4

Note 2 - Leases - Balance Sheet

Note 2 - Leases - Balance Sheet Information (Details) - USD ($) $ in Millions		Mar. 31, 2019	Dec. 31, 2018
Operating lease assets	[1]	$ 6.5
Finance lease assets	[1]	1.7
Total lease assets	[1]	8.2
Operating		2.7
Finance		1.1
Operating		4.2
Finance		1.1
Total lease liabilities		$ 9.1
[1]	Operating and finance lease assets are recorded net of accumulated amortization of $0.6 million and $6.4 million, respectively, as of March 31, 2019.

Note 2 - Leases - Lease Expense

Note 2 - Leases - Lease Expense (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Operating lease expense	$ 0.9	[1]
Interest on lease liabilities	0.1
Total finance lease expense	0.5
Total lease expense	1.4
Cost of Sales [Member]
Operating lease expense	0.7
Amortization of right-of-use assets	0.4
Selling, General and Administrative Expenses [Member]
Operating lease expense	$ 0.2
[1]	Includes short-term lease expense and sublease income, which are not material.

Note 2 - Leases - Cash Flow Inf

Note 2 - Leases - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating cash flows from operating leases	$ 0.9
Operating cash flows from finance leases	0.1
Financing cash flows from finance leases	0.5	$ 0.5
Operating leases	7.3
Finance leases	$ 0.1

Note 2 - Leases - Remaining Ter

Note 2 - Leases - Remaining Terms and Discount Rates (Details)	Mar. 31, 2019
Operating leases (Year)	3 years 36 days
Finance leases (Year)	3 years
Operating leases	5.40%
Finance leases	5.40%

Note 2 - Leases - Maturities of

Note 2 - Leases - Maturities of Lease Liabilities (Details) $ in Millions	Mar. 31, 2019USD ($)
2019 (excluding the three months ending March 31, 2019), operating lease	$ 2.4
2019 (excluding the three months ending March 31, 2019), finance lease	1
2019 (excluding the three months ending March 31, 2019), total	3.4
2020, operating lease	2.2
2020, finance lease	0.5
2020, total	2.7
2021, operating lease	1.6
2021, finance lease	0.4
2021, total	2
2022, operating lease	0.7
2022, finance lease	0.3
2022, total	1
2023, operating lease	0.4
2023, finance lease	0.1
2023, total	0.5
Thereafter, operating lease	0.2
Thereafter, finance lease	0.1
Thereafter, total	0.3
Total lease payments, operating lease	7.5
Total lease payments, finance lease	2.4
Total lease payments, total	9.9
Less: Imputed interest, operating lease	(0.6)
Less: Imputed interest, finance lease	(0.2)
Less: Imputed interest, total	(0.8)
Present value of lease liabilities, operating lease	6.9
Present value of lease liabilities, finance lease	2.2
Present value of lease liabilities, total	$ 9.1

Note 2 - Leases - Future Minimu

Note 2 - Leases - Future Minimum Lease Payments for Operating and Finance Leases (Details) $ in Millions	Dec. 31, 2018USD ($)
2019, operating lease	$ 3.2
2019, finance lease	1.5
2019, total	4.7
2020, operating lease	2.1
2020, finance lease	0.5
2020, total	2.6
2021, operating lease	1.5
2021, finance lease	0.3
2021, total	1.8
2022, operating lease	0.6
2022, finance lease	0.3
2022, total	0.9
2023, operating lease	0.3
2023, finance lease	0.1
2023, total	0.4
Thereafter, operating lease	0.2
Thereafter, finance lease	0.1
Thereafter, total	0.3
Total lease payments, operating lease	7.9
Total lease payments, finance lease	2.8
Total lease payments, total	$ 10.7

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net sales	$ 430.3	$ 471.8
Building and Housing [Member]
Net sales	140.1	157.6
Automotive and Transportation [Member]
Net sales	74.5	88.9
Munitions [Member]
Net sales	54.5	46.3
Coinage [Member]
Net sales	47.3	45.2
Industrial Machinery and Equipment [Member]
Net sales	36.2	40.9
Electronic/Electrical Components [Member]
Net sales	32.2	39.1
Product and Service, Other [Member]
Net sales	$ 45.5	$ 53.8

Note 4 - Earnings Per Share (De

Note 4 - Earnings Per Share (Details Textual) - USD ($) $ in Millions	3 Months Ended		8 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Jul. 31, 2018
Stock Repurchase Program, Authorized Amount				$ 35
Treasury Stock, Shares, Acquired	0		400,000
Treasury Stock, Value, Acquired, Cost Method	$ 1.5	$ 3.4	$ 12.6
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 22.4		$ 22.4

Note 4 - Earnings Per Share - B

Note 4 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income attributable to Global Brass and Copper Holdings, Inc.	$ 17.9	$ 15.8
Weighted-average common shares outstanding (in shares)	21.7	21.9
Effect of potentially dilutive securities:
Stock options and nonvested share awards (in shares)	0.3	0.4
Weighted-average common shares outstanding, assuming dilution (in shares)	22	22.3
Anti-dilutive shares excluded from above (in shares)	0.1	0.1
Net income attributable to Global Brass and Copper Holdings, Inc. per common share:
Basic (in dollars per share)	$ 0.83	$ 0.72
Diluted (in dollars per share)	$ 0.82	$ 0.71

Note 5 - Segment Information (D

Note 5 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2019
Number of Reportable Segments	3
A.J. Oster [Member] | United States, Puerto Rico, and Mexico [Member]
Number of Service Center Locations	11

Note 5 - Segment Information -

Note 5 - Segment Information - Reconciliation of Adjusted EBITDA to Income Before Provision for Income Taxes and Equity Income (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Net sales		$ 430.3	$ 471.8
Adjusted EBITDA		36.6	38.3
Depreciation expense		(5.6)	(5.1)
Amortization expense		(0.1)	(0.1)
Interest expense, net		(4)	(4.3)
Net income attributable to noncontrolling interest		0.1	0.1
Unrealized (loss) gain on derivative contracts	[1]	3.3	(2.4)
Specified legal / professional expenses	[2]	(1.3)
Lower of cost or market adjustment to inventory	[3]	2.8	0.9
Step-up costs from acquisition accounting			(0.2)
Income before provision for income taxes		24.7	21.2
Operating Segments [Member]
Net sales		430.3	471.8
Intersegment Eliminations [Member]
Net sales		36.1	21.4
Corporate, Non-Segment [Member]
Adjusted EBITDA		(7.1)	(6)
Olin Brass [Member]
Adjusted EBITDA		13.9	14
Olin Brass [Member] | Operating Segments [Member]
Net sales		172.3	178.7
Olin Brass [Member] | Intersegment Eliminations [Member]
Net sales		36	21.4
Chase Brass [Member]
Adjusted EBITDA		17	18.6
Chase Brass [Member] | Operating Segments [Member]
Net sales		146.3	171.6
Chase Brass [Member] | Intersegment Eliminations [Member]
Net sales
A.J. Oster [Member]
Adjusted EBITDA		5.7	5.7
A.J. Oster [Member] | Operating Segments [Member]
Net sales		111.7	121.5
A.J. Oster [Member] | Intersegment Eliminations [Member]
Net sales		$ 0.1
[1]	Represents unrealized gains / losses on derivative contracts.
[2]	Represents selected professional fees for accounting, tax, legal and consulting services for merger and acquisition activity.
[3]	Represents the impact of lower of cost or market adjustments to domestic metal inventory.

Note 6 - Inventories (Details T

Note 6 - Inventories (Details Textual) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Percentage of LIFO Inventory		63.00%		67.00%
Inventory Write-down	[1]	$ (2.8)	$ (0.9)
[1]	Represents the impact of lower of cost or market adjustments to domestic metal inventory.

Note 6 - Inventories - Summary

Note 6 - Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Raw materials and supplies	$ 25.5	$ 31.9
Work-in-process	70.9	72.9
Finished goods	120	113.4
Total inventories	$ 216.4	$ 218.2

Note 6 - Inventories - Summar_2

Note 6 - Inventories - Summary of Inventories Value (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Inventories	$ 216.4	$ 218.2
Excess of market over reported value	95.9	78.3
Estimate of Fair Value Measurement [Member]
Inventories	$ 312.3	$ 296.5

Note 7 - Prepaid Expenses and_3

Note 7 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Workers’ compensation plan deposits	$ 2.3	$ 2.9
Derivative contract assets	1.9
Prepaid insurance	1	1.6
Other	5.3	4
Total prepaid expenses and other current assets	$ 10.5	$ 8.5

Note 8 - Accrued Liabilities -

Note 8 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Compensation and benefits	$ 11.1	$ 23.4
Workers’ compensation	2.8	2.7
Operating lease liabilities	2.7
Utilities	2.6	2.7
Professional fees	2.1	1.8
Taxes	1.2	1.2
Derivative contract liabilities		0.9
Other	4.1	7.5
Total accrued liabilities	$ 26.6	$ 40.2

Note 9 - Financing (Details Tex

Note 9 - Financing (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative, Notional Amount	$ 162,000	$ 180,900
Letters of Credit Outstanding, Amount	4,600
ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	200,000
Long-term Line of Credit, Total	0
Line of Credit Facility, Current Borrowing Capacity	195,400
Line of Credit Facility, Additional Borrowing Capacity	$ 200,000
Line of Credit Facility, Expiration Date	Jul. 19, 2021
Interest Rate Swap [Member]
Derivative, Notional Amount	$ 150,000	$ 150,000
Derivative, Fixed Interest Rate	2.75%
Derivative, Maturity Date	May 31, 2023
Term Loan Facility [Member]
Debt Instrument, Face Amount	$ 312,000
Debt, Weighted Average Interest Rate	5.12%
Excess Cash Flow Payment Percentage, Scenario One	50.00%
Excess Cash Flow Payment Percentage, Scenario Two	25.00%
Excess Cash Flow Payment Percentage, Scenario Three	0.00%
Debt Instrument, Periodic Payment, Total	$ 800
Debt Instrument, Maturity Date	May 29, 2025
Term Loan Facility [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%

Note 9 - Financing - Components

Note 9 - Financing - Components of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Term Loan B Facility	$ 312	$ 312.8
Deferred financing fees and discount on debt	(4.9)	(5.1)
Obligations under finance lease	2.2	2.6
Total debt	309.3	310.3
Less: Current portion of debt	(4.3)	(4.6)
Noncurrent portion of debt	$ 305	$ 305.7

Note 10 - Accumulated Other C_3

Note 10 - Accumulated Other Comprehensive Income (Loss) - Compenents of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Balance	$ 182.8
Other comprehensive income (loss), net of tax	(0.3)	$ 0.9
Balance	199.3
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(4.6)	(2.9)
Other comprehensive income (loss), net of tax	0.8	0.8
Balance	(3.8)	(2.1)
AOCI Attributable to Parent [Member]
Balance	(6.1)	(2.9)
Other comprehensive income (loss), net of tax	(0.4)	0.8
Balance	(6.5)	$ (2.1)
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent [Member]
Balance	(1.5)
Other comprehensive income (loss), net of tax	(1.2)
Balance	$ (2.7)

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	27.10%	25.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Unrecognized Tax Benefits, Ending Balance	$ 23.9		$ 23.9
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	8.2		8.2
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	2.8		2.5
Liability for Uncertainty in Income Taxes, Noncurrent	$ 26.7		$ 26.4
Domestic Tax Authority [Member]
Open Tax Year	2015 2016 2017 2018
State and Local Jurisdiction [Member]
Open Tax Year	2014 2015 2016 2017 2018

Note 12 - Derivative Contract_2

Note 12 - Derivative Contracts - Summary of Outstanding Derivative Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Interest rate swap	$ 162,000	$ 180,900
Interest Rate Swap [Member]
Interest rate swap	150,000	150,000
Commodity and Energy Derivative Contracts [Member]
Interest rate swap	12,000	30,900
Notional amount - long	50,500	67,400
Notional amount - (short)	(38,500)	(36,500)
Metal Commodity Contract [Member]
Interest rate swap	7,800	27,900
Energy Related Derivative [Member]
Interest rate swap	$ 4,200	$ 3,000

Note 12 - Derivative Contract_3

Note 12 - Derivative Contracts - Effects of Derivative Contracts in Condensed Consolidated Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Gross Amounts of Recognized Assets	$ 3.3		$ 3.5
Gross Amounts Offset in Consolidated Balance Sheet	(1.4)		(3.5)
Net Amounts of Assets Presented in Consolidated Balance Sheet	1.9
Derivative contract assets	1.9
Gross Amounts of Recognized Liabilities	5		6.5
Gross Amounts Offset in Consolidated Balance Sheet	(1.4)		(3.5)
Net Amounts of Liabilities Presented in Consolidated Balance Sheet	3.6		3
Derivative conctract liabilities, noncurrent	3.6		2.1
Derivative contract liabilities			0.9
Total commodity derivative contract (gains) losses in cost of sales	(3)	$ 1.9
Commodity Contract [Member]
Gross Amounts of Recognized Assets	3		3.3
Gross Amounts Offset in Consolidated Balance Sheet	(1.2)		(3.3)
Net Amounts of Assets Presented in Consolidated Balance Sheet	1.8
Gross Amounts of Recognized Liabilities	1.2		4.2
Gross Amounts Offset in Consolidated Balance Sheet	(1.2)		(3.4)
Net Amounts of Liabilities Presented in Consolidated Balance Sheet			0.8
Total commodity derivative contract (gains) losses in cost of sales	(2.8)	1.9
Interest Rate Swap [Member]
Gross Amounts of Recognized Liabilities	3.6		2
Gross Amounts Offset in Consolidated Balance Sheet
Net Amounts of Liabilities Presented in Consolidated Balance Sheet	3.6		2
Total commodity derivative contract (gains) losses in cost of sales	(1.6)
Energy Related Derivative [Member]
Gross Amounts of Recognized Assets	0.2		0.1
Gross Amounts Offset in Consolidated Balance Sheet	(0.2)		(0.1)
Net Amounts of Assets Presented in Consolidated Balance Sheet
Gross Amounts of Recognized Liabilities	0.2		0.3
Gross Amounts Offset in Consolidated Balance Sheet	(0.2)		(0.1)
Net Amounts of Liabilities Presented in Consolidated Balance Sheet			0.2
Total commodity derivative contract (gains) losses in cost of sales	(0.2)
Collateral on Deposit [Member]
Gross Amounts of Recognized Assets	0.1		0.1
Gross Amounts Offset in Consolidated Balance Sheet			(0.1)
Net Amounts of Assets Presented in Consolidated Balance Sheet	$ 0.1

Note 13 - Fair Value Measurem_2

Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative Asset, Total	$ 1.9
Derivative Liability, Total	3.6	3
Fair Value, Inputs, Level 2 [Member] | Secured Debt [Member] | Term Loan B Facility [Member]
Long-term Debt, Fair Value	310.4	304.2
Secured Debt, Total	312	312.8
Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	64.1	58.7
Commodity and Energy Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Total	1.9
Derivative Liability, Total		1
Commodity Contract [Member]
Derivative Asset, Total	1.8
Derivative Liability, Total		0.8
Derivative, Term of Contract	2 years
Interest Rate Swap [Member]
Derivative Liability, Total	$ 3.6	2
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Liability, Total	$ 3.6	$ 2

Note 14 - Commitments and Con_2

Note 14 - Commitments and Contingencies (Details Textual)	3 Months Ended
	Mar. 31, 2018USD ($)
Environmental Remediation Expense	$ 700,000
Fine Paid to US EPA	$ 6,000

Note 15 - Subsequent Event (Det

Note 15 - Subsequent Event (Details Textual) - Subsequent Event [Member] - Acquisition of Global Brass and Copper Holdings [Member] - Wieland-Werke AG [Member]	Apr. 09, 2019$ / shares
Business Acquisition, Share Price	$ 44
Business Acquisition, Closing Conditions, Expiration of Waiting Period, Passage of Time Following Notification	60 days