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Financial Information for Subsidiary and Guarantor Parent | 6 Months Ended
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Jun. 30, 2013
Schedule Of Condensed Financial Statements Disclosure [Abstract] |
Financial Information for Subsidiary and Guarantor Parent [Text Block] | Note 11. Financial Information for Subsidiary and Guarantor Parent The payment obligations under the $150 million 6.95% debentures due 2025 issued by Allegheny Ludlum, LLC (formerly known as Allegheny Ludlum Corporation) (the “Subsidiary”) are fully and unconditionally guaranteed by Allegheny Technologies Incorporated (the “Guarantor Parent”). In accordance with positions established by the Securities and Exchange Commission, the following financial information sets forth separately financial information with respect to the Subsidiary, the non-guarantor subsidiaries and the Guarantor Parent. The principal elimination entries eliminate investments in subsidiaries and certain intercompany balances and transactions. Investments in subsidiaries, which are eliminated in consolidation, are included in other assets on the consolidated balance sheets. Allegheny Technologies is the plan sponsor for the U.S. qualified defined benefit pension plan (the “Plan”) which covers certain current and former employees of the Subsidiary and the non-guarantor subsidiaries. As a result, the balance sheets presented for the Subsidiary and the non-guarantor subsidiaries do not include any Plan assets or liabilities, or the related deferred taxes. The Plan assets, liabilities and related deferred taxes and pension income or expense are recognized by the Guarantor Parent. Management and royalty fees charged to the Subsidiary and to the non-guarantor subsidiaries by the Guarantor Parent have been excluded solely for purposes of this presentation. Cash flows related to intercompany activity between the Guarantor Parent, the Subsidiary, and the non-guarantor subsidiaries are presented as financing activities on the condensed statements of cash flows.
Allegheny Technologies Incorporated |  |  |  |
Financial Information for Subsidiary and Guarantor Parent |  |  |  |
Balance Sheets |  |  |  |
June 30, 2013 |  |  |  |
|  | Guarantor |  |  | Non-guarantor |  |  |  |
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated
Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2.9 | $ | 4.7 | $ | 66.5 | $ | - | $ | 74.1
Accounts receivable, net |  | 0.2 |  | 209.8 |  | 445.5 |  | - |  | 655.5
Inventories, net |  | - |  | 315.1 |  | 1,189.8 |  | - |  | 1,504.9
Prepaid expenses and other current |  |  |  |  |  |  |  |  |  |
| assets |  | 54.7 |  | 10.5 |  | 32.1 |  | - |  | 97.3
Total current assets |  | 57.8 |  | 540.1 |  | 1,733.9 |  | - |  | 2,331.8
Property, plant and equipment, net |  | 3.6 |  | 1,063.6 |  | 1,625.2 |  | - |  | 2,692.4
Cost in excess of net assets acquired |  | - |  | 112.1 |  | 624.9 |  | - |  | 737.0
Investments in subsidiaries and |  |  |  |  |  |  |  |  |  |
| other assets |  | 5,575.0 |  | 207.9 |  | 853.4 |  | (6,277.9) |  | 358.4
Total assets | $ | 5,636.4 | $ | 1,923.7 | $ | 4,837.4 | $ | (6,277.9) | $ | 6,119.6
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 3.7 | $ | 248.1 | $ | 193.8 | $ | - | $ | 445.6
Accrued liabilities |  | 1,101.3 |  | 660.9 |  | 246.5 |  | (1,715.6) |  | 293.1
Deferred income taxes |  | 27.6 |  | - |  | - |  | - |  | 27.6
Short-term debt and current portion |  |  |  |  |  |  |  |  |  |
| of long-term debt |  | 402.8 |  | 0.1 |  | 17.4 |  | - |  | 420.3
Total current liabilities |  | 1,535.4 |  | 909.1 |  | 457.7 |  | (1,715.6) |  | 1,186.6
Long-term debt |  | 851.0 |  | 350.5 |  | 52.1 |  | (200.0) |  | 1,053.6
Accrued postretirement benefits |  | - |  | 187.9 |  | 292.1 |  | - |  | 480.0
Pension liabilities |  | 642.6 |  | 4.8 |  | 60.4 |  | - |  | 707.8
Deferred income taxes |  | 4.2 |  | - |  | - |  | - |  | 4.2
Other long-term liabilities |  | 16.3 |  | 19.4 |  | 65.0 |  | (0.2) |  | 100.5
Total liabilities |  | 3,049.5 |  | 1,471.7 |  | 927.3 |  | (1,915.8) |  | 3,532.7
Total stockholders’ equity |  | 2,586.9 |  | 452.0 |  | 3,910.1 |  | (4,362.1) |  | 2,586.9
Total liabilities and stockholders’ |  |  |  |  |  |  |  |  |  |
| equity | $ | 5,636.4 | $ | 1,923.7 | $ | 4,837.4 | $ | (6,277.9) | $ | 6,119.6
Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Income and Comprehensive Income
For the three months ended June 30, 2013
|  | Guarantor |  |  | Non-guarantor |  |  |  |
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated
Sales | $ | - | $ | 475.8 | $ | 659.7 | $ | - | $ | 1,135.5
Cost of sales |  | 18.6 |  | 468.5 |  | 544.6 |  | - |  | 1,031.7
Selling and administrative expenses |  | 25.9 |  | 9.5 |  | 46.7 |  | - |  | 82.1
Income (loss) before interest, other |  |  |  |  |  |  |  |  |  |
| income and income taxes |  | (44.5) |  | (2.2) |  | 68.4 |  | - |  | 21.7
Interest expense, net |  | (10.7) |  | (2.7) |  | (0.5) |  | - |  | (13.9)
Other income (loss) including |  |  |  |  |  |  |  |  |  |
| equity in income of unconsolidated |  |  |  |  |  |  |  |  |  |
| subsidiaries |  | 62.9 |  | (6.1) |  | 9.2 |  | (66.1) |  | (0.1)
Income before income tax provision |  | 7.7 |  | (11.0) |  | 77.1 |  | (66.1) |  | 7.7
Income tax provision (benefit) |  | 1.1 |  | (0.7) |  | 25.3 |  | (24.6) |  | 1.1
Net income (loss) |  | 6.6 |  | (10.3) |  | 51.8 |  | (41.5) |  | 6.6
Less: Net income (loss) attributable to |  |  |  |  |  |  |  |  |  |
| noncontrolling interests |  | - |  | - |  | 2.2 |  | - |  | 2.2
Net income (loss) attributable to ATI | $ | 6.6 | $ | (10.3) | $ | 49.6 | $ | (41.5) | $ | 4.4
Comprehensive income (loss) attributable to ATI | $ | 19.9 | $ | (10.2) | $ | 52.8 | $ | (46.7) | $ | 15.8
Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Income and Comprehensive Income
For the six months ended June 30, 2013
|  | Guarantor |  |  | Non-guarantor |  |  |  |
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated
Sales | $ | - | $ | 952.9 | $ | 1,362.0 | $ | - | $ | 2,314.9
Cost of sales |  | 36.1 |  | 935.2 |  | 1,125.5 |  | - |  | 2,096.8
Selling and administrative expenses |  | 55.0 |  | 19.9 |  | 92.9 |  | - |  | 167.8
Income (loss) before interest, other |  |  |  |  |  |  |  |  |  |
| income and income taxes |  | (91.1) |  | (2.2) |  | 143.6 |  | - |  | 50.3
Interest expense, net |  | (22.4) |  | (5.3) |  | (0.6) |  | - |  | (28.3)
Other income including |  |  |  |  |  |  |  |  |  |
| equity in income of unconsolidated |  |  |  |  |  |  |  |  |  |
| subsidiaries |  | 136.5 |  | (11.5) |  | 18.4 |  | (142.4) |  | 1.0
Income before income tax provision |  | 23.0 |  | (19.0) |  | 161.4 |  | (142.4) |  | 23.0
Income tax provision |  | 4.8 |  | (3.2) |  | 55.1 |  | (51.9) |  | 4.8
Net income |  | 18.2 |  | (15.8) |  | 106.3 |  | (90.5) |  | 18.2
Less: Net income attributable to |  |  |  |  |  |  |  |  |  |
| noncontrolling interests |  | - |  | - |  | 3.8 |  | - |  | 3.8
Net income attributable to ATI | $ | 18.2 | $ | (15.8) | $ | 102.5 | $ | (90.5) | $ | 14.4
Comprehensive income attributable to ATI | $ | 45.2 | $ | (15.6) | $ | 92.8 | $ | (83.4) | $ | 39.0
Condensed Statements of Cash Flows |  |
For the six months ended June 30, 2013 |  |
|  | Guarantor |  |  | Non-guarantor |  |  |  |
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated
Cash flows provided by (used in) |  |  |  |  |  |  |  |  |  |
| operating activities | $ | (21.1) | $ | 51.6 | $ | 27.5 | $ | - | $ | 58.0
Investing Activities: |  |  |  |  |  |  |  |  |  |
| Purchases of property, plant and equipment |  | (0.1) |  | (201.7) |  | (21.9) |  | - |  | (223.7)
| Asset disposals and other |  | - |  | 0.1 |  | 0.4 |  | - |  | 0.5
Cash flows used in investing activities |  | (0.1) |  | (201.6) |  | (21.5) |  | - |  | (223.2)
Financing Activities: |  |  |  |  |  |  |  |  |  |
| Net receipts/(payments) on intercompany activity |  | 78.7 |  | 141.7 |  | (220.4) |  | - |  | (0.0)
| Dividends paid to stockholders |  | (38.4) |  | - |  | - |  | - |  | (38.4)
| Other |  | (21.7) |  | (0.1) |  | (5.1) |  | - |  | (26.9)
Cash flows provided by (used in) financing activities |  | 18.6 |  | 141.6 |  | (225.5) |  | - |  | (65.3)
Increase (decrease) in cash |  |  |  |  |  |  |  |  |  |
| and cash equivalents | $ | (2.6) | $ | (8.4) | $ | (219.5) | $ | - | $ | (230.5)
Allegheny Technologies Incorporated |  |  |  |
Financial Information for Subsidiary and Guarantor Parent |  |  |  |
Balance Sheets |  |  |  |
December 31, 2012 |  |  |  |
|  | Guarantor |  |  | Non-guarantor |  |  |  |
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated
Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 5.5 | $ | 13.1 | $ | 286.0 | $ | - | $ | 304.6
Accounts receivable, net |  | 0.4 |  | 190.1 |  | 422.8 |  | - |  | 613.3
Inventories, net |  | - |  | 311.1 |  | 1,225.5 |  | - |  | 1,536.6
Prepaid expenses and other current |  |  |  |  |  |  |  |  |  |
| assets |  | 1.1 |  | 10.2 |  | 44.8 |  | - |  | 56.1
Total current assets |  | 7.0 |  | 524.5 |  | 1,979.1 |  | - |  | 2,510.6
Property, plant and equipment, net |  | 3.9 |  | 882.2 |  | 1,673.8 |  | - |  | 2,559.9
Cost in excess of net assets acquired |  | - |  | 112.1 |  | 628.0 |  | - |  | 740.1
Deferred income taxes |  | 71.5 |  | - |  | - |  | - |  | 71.5
Investments in subsidiaries and |  |  |  |  |  |  |  |  |  |
| other assets |  | 5,595.9 |  | 210.3 |  | 657.0 |  | (6,097.5) |  | 365.7
Total assets | $ | 5,678.3 | $ | 1,729.1 | $ | 4,937.9 | $ | (6,097.5) | $ | 6,247.8
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 5.3 | $ | 262.6 | $ | 232.0 | $ | - | $ | 499.9
Accrued liabilities |  | 1,137.4 |  | 419.8 |  | 401.1 |  | (1,627.8) |  | 330.5
Deferred income taxes |  | 24.0 |  | - |  | - |  | - |  | 24.0
Short-term debt and current portion |  |  |  |  |  |  |  |  |  |
| of long-term debt |  | 0.3 |  | 0.1 |  | 16.7 |  | - |  | 17.1
Total current liabilities |  | 1,167.0 |  | 682.5 |  | 649.8 |  | (1,627.8) |  | 871.5
Long-term debt |  | 1,253.4 |  | 350.6 |  | 59.1 |  | (200.1) |  | 1,463.0
Accrued postretirement benefits |  | - |  | 198.2 |  | 297.0 |  | - |  | 495.2
Pension liabilities |  | 651.7 |  | 5.1 |  | 64.3 |  | - |  | 721.1
Other long-term liabilities |  | 19.1 |  | 20.8 |  | 70.0 |  | - |  | 109.9
Total liabilities |  | 3,091.2 |  | 1,257.2 |  | 1,140.2 |  | (1,827.9) |  | 3,660.7
Total stockholders’ equity |  | 2,587.1 |  | 471.9 |  | 3,797.7 |  | (4,269.6) |  | 2,587.1
Total liabilities and stockholders’ |  |  |  |  |  |  |  |  |  |
| equity | $ | 5,678.3 | $ | 1,729.1 | $ | 4,937.9 | $ | (6,097.5) | $ | 6,247.8
Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Income and Comprehensive Income
For the three months ended June 30, 2012
|  | Guarantor |  |  | Non-guarantor |  |  |  |
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated
Sales | $ | - | $ | 573.6 | $ | 783.8 | $ | - | $ | 1,357.4
Cost of sales |  | 13.4 |  | 526.4 |  | 618.7 |  | - |  | 1,158.5
Selling and administrative expenses |  | 34.9 |  | 11.9 |  | 43.9 |  | - |  | 90.7
Income (loss) before interest, other |  |  |  |  |  |  |  |  |  |
| income and income taxes |  | (48.3) |  | 35.3 |  | 121.2 |  | - |  | 108.2
Interest income (expense), net |  | (15.6) |  | (2.6) |  | (0.4) |  | - |  | (18.6)
Other income including |  |  |  |  |  |  |  |  |  |
| equity in income of unconsolidated |  |  |  |  |  |  |  |  |  |
| subsidiaries |  | 153.6 |  | (12.5) |  | 15.0 |  | (156.0) |  | 0.1
Income before income tax provision |  | 89.7 |  | 20.2 |  | 135.8 |  | (156.0) |  | 89.7
Income tax provision |  | 31.0 |  | 8.3 |  | 48.3 |  | (56.6) |  | 31.0
Net income |  | 58.7 |  | 11.9 |  | 87.5 |  | (99.4) |  | 58.7
Less: Net income attributable to |  |  |  |  |  |  |  |  |  |
| noncontrolling interests |  | - |  | - |  | 2.3 |  | - |  | 2.3
Net income attributable to ATI | $ | 58.7 | $ | 11.9 | $ | 85.2 | $ | (99.4) | $ | 56.4
Comprehensive income (loss) attributable to ATI | $ | 70.8 | $ | 11.6 | $ | 72.3 | $ | (85.0) | $ | 69.7
Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Income and Comprehensive Income
For the six months ended June 30, 2012
|  | Guarantor |  |  | Non-guarantor |  |  |  |
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated
Sales | $ | - | $ | 1,130.6 | $ | 1,579.3 | $ | - | $ | 2,709.9
Cost of sales |  | 26.7 |  | 1,034.9 |  | 1,242.4 |  | - |  | 2,304.0
Selling and administrative expenses |  | 78.0 |  | 22.4 |  | 93.7 |  | - |  | 194.1
Income (loss) before interest, other |  |  |  |  |  |  |  |  |  |
| income and income taxes |  | (104.7) |  | 73.3 |  | 243.2 |  | - |  | 211.8
Interest expense, net |  | (32.6) |  | (5.2) |  | (0.7) |  | - |  | (38.5)
Other income including |  |  |  |  |  |  |  |  |  |
| equity in income of unconsolidated |  |  |  |  |  |  |  |  |  |
| subsidiaries |  | 311.1 |  | (10.9) |  | 16.5 |  | (316.2) |  | 0.5
Income before income tax provision |  | 173.8 |  | 57.2 |  | 259.0 |  | (316.2) |  | 173.8
Income tax provision |  | 56.8 |  | 22.3 |  | 89.1 |  | (111.4) |  | 56.8
Net income |  | 117.0 |  | 34.9 |  | 169.9 |  | (204.8) |  | 117.0
Less: Net income attributable to |  |  |  |  |  |  |  |  |  |
| noncontrolling interests |  | - |  | - |  | 4.4 |  | - |  | 4.4
Net income attributable to ATI | $ | 117.0 | $ | 34.9 | $ | 165.5 | $ | (204.8) | $ | 112.6
Comprehensive income attributable to ATI | $ | 145.6 | $ | 34.3 | $ | 161.9 | $ | (200.0) | $ | 141.8
Condensed Statements of Cash Flows
For the six months ended June 30, 2012
|  | Guarantor |  |  | Non-guarantor |  |  |  |
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated
Cash flows provided by (used in) |  |  |  |  |  |  |  |  |  |
| operating activities | $ | (25.9) | $ | 2.6 | $ | 83.1 | $ | - | $ | 59.8
Investing Activities: |  |  |  |  |  |  |  |  |  |
| Purchases of property, plant and equipment |  | (0.8) |  | (127.9) |  | (37.0) |  | - |  | (165.7)
| Asset disposals and other |  | - |  | 0.2 |  | 0.7 |  | - |  | 0.9
Cash flows used in investing activities |  | (0.8) |  | (127.7) |  | (36.3) |  | - |  | (164.8)
Financing Activities: |  |  |  |  |  |  |  |  |  |
| Net receipts/(payments) on intercompany activity |  | 90.2 |  | 5.8 |  | (96.0) |  | - |  | -
| Dividends paid to stockholders |  | (38.2) |  | - |  | - |  | - |  | (38.2)
| Other |  | (21.6) |  | (0.1) |  | (5.4) |  | - |  | (27.1)
Cash flows provided by (used in) financing activities |  | 30.4 |  | 5.7 |  | (101.4) |  | - |  | (65.3)
Increase (decrease) in cash |  |  |  |  |  |  |  |  |  |
| and cash equivalents | $ | 3.7 | $ | (119.4) | $ | (54.6) | $ | - | $ | (170.3)

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- Definition Condensed consolidating financial statements of the parent, guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements + References No definition available. + Details
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- Details
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