Financial Information for Subsidiary and Guarantor Parent (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

December 31, 2014



	Guarantor				Non-guarantor
(In millions)	Parent		Subsidiary		Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	2.2	$	13.8	$	253.5	$	—		$	269.5
Accounts receivable, net	0.1		209.1		394.4		—			603.6
Intercompany notes receivable	—		—		2,390.8		(2,390.8		)	—
Inventories, net	—		387.7		1,085.1		—			1,472.8
Prepaid expenses and other current assets	63.7		13.2		59.3		—			136.2
Total current assets	66.0		623.8		4,183.1		(2,390.8		)	2,482.1
Property, plant and equipment, net	2.2		1,545.1		1,414.5		—			2,961.8
Cost in excess of net assets acquired	—		126.6		653.8		—			780.4
Intercompany notes receivable	—		—		200.0		(200.0		)	—
Investment in subsidiaries	6,149.4		37.7		—		(6,187.1		)	—
Other assets	23.7		28.0		306.6		—			358.3
Total assets	$	6,241.3	$	2,361.2	$	6,758.0	$	(8,777.9	)	$	6,582.6
Liabilities and stockholders’ equity:
Accounts payable	$	4.5	$	302.0	$	250.2	$	—		$	556.7
Accrued liabilities	47.5		72.0		203.7		—			323.2
Intercompany notes payable	1,232.6		1,158.2		—		(2,390.8		)	—
Deferred income taxes	62.2		—		—		—			62.2
Short-term debt and current portion of long-term debt	0.5		0.1		17.2		—			17.8
Total current liabilities	1,347.3		1,532.3		471.1		(2,390.8		)	959.9
Long-term debt	1,350.6		150.3		8.2		—			1,509.1
Intercompany notes payable	—		200.0		—		(200.0		)	—
Accrued postretirement benefits	—		153.0		262.8		—			415.8
Pension liabilities	675.5		6.0		57.8		—			739.3
Deferred income taxes	80.9		—		—		—			80.9
Other long-term liabilities	77.7		22.5		56.0		—			156.2
Total liabilities	3,532.0		2,064.1		855.9		(2,590.8		)	3,861.2
Redeemable noncontrolling interest	—		—		12.1		—			12.1
Total stockholders’ equity	2,709.3		297.1		5,890.0		(6,187.1		)	2,709.3
Total liabilities and stockholders’ equity	$	6,241.3	$	2,361.2	$	6,758.0	$	(8,777.9	)	$	6,582.6

Balance Sheets

March 31, 2015



(In millions)	Guarantor Parent		Subsidiary		Non-guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	2.5	$	12.0	$	223.5	$	—		$	238.0
Accounts receivable, net	0.1		222.4		468.4		—			690.9
Intercompany notes receivable	—		—		2,367.9		(2,367.9		)	—
Inventories, net	—		399.6		1,073.0		—			1,472.6
Prepaid expenses and other current assets	3.0		8.9		52.2		—			64.1
Total current assets	5.6		642.9		4,185.0		(2,367.9		)	2,465.6
Property, plant and equipment, net	2.5		1,544.9		1,396.3		—			2,943.7
Cost in excess of net assets acquired	—		126.6		651.3		—			777.9
Intercompany notes receivable	—		—		200.0		(200.0		)	—
Investment in subsidiaries	6,149.2		37.7		—		(6,186.9		)	—
Other assets	23.5		27.7		318.4		—			369.6
Total assets	$	6,180.8	$	2,379.8	$	6,751.0	$	(8,754.8	)	$	6,556.8
Liabilities and stockholders’ equity:
Accounts payable	$	2.8	$	336.9	$	219.8	$	—		$	559.5
Accrued liabilities	31.7		60.3		196.8		—			288.8
Intercompany notes payable	1,179.0		1,188.9		—		(2,367.9		)	—
Deferred income taxes	70.8		—		—		—			70.8
Short-term debt and current portion of long-term debt	0.6		0.1		17.2		—			17.9
Total current liabilities	1,284.9		1,586.2		433.8		(2,367.9		)	937.0
Long-term debt	1,351.0		150.3		7.8		—			1,509.1
Intercompany notes payable	—		200.0		—		(200.0		)	—
Accrued postretirement benefits	—		150.9		256.2		—			407.1
Pension liabilities	668.7		5.8		55.7		—			730.2
Deferred income taxes	91.3		—		—		—			91.3
Other long-term liabilities	76.9		20.9		64.2		—			162.0
Total liabilities	3,472.8		2,114.1		817.7		(2,567.9		)	3,836.7
Redeemable noncontrolling interest	—		—		12.1		—			12.1
Total stockholders’ equity	2,708.0		265.7		5,921.2		(6,186.9		)	2,708.0
Total liabilities and stockholders’ equity	$	6,180.8	$	2,379.8	$	6,751.0	$	(8,754.8	)	$	6,556.8

Statements of Operations and Comprehensive Income

For the three months ended March 31, 2015



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries		Eliminations			Consolidated
Sales	$	—		$	508.5		$	617.0	$	—		$	1,125.5
Cost of sales	2.2			504.0			509.8		—			1,016.0
Selling and administrative expenses	25.8			11.7			25.6		—			63.1
Income (loss) before interest, other income and income taxes	(28.0		)	(7.2		)	81.6		—			46.4
Interest income (expense), net	(28.0		)	(12.2		)	13.5		—			(26.7		)
Other income (loss) including equity in income of unconsolidated subsidiaries	76.6			0.4			0.6		(76.7		)	0.9
Income (loss) from continuing operations before income tax provision (benefit)	20.6			(19.0		)	95.7		(76.7		)	20.6
Income tax provision (benefit)	8.0			(6.6		)	34.1		(27.5		)	8.0
Income (loss) from continuing operations	12.6			(12.4		)	61.6		(49.2		)	12.6
Income (loss) from discontinued operations, net of tax	—			—			—		—			—
Net income (loss)	12.6			(12.4		)	61.6		(49.2		)	12.6
Less: Net income attributable to noncontrolling interests	—			—			2.6		—			2.6
Net income (loss) attributable to ATI	$	12.6		$	(12.4	)	$	59.0	$	(49.2	)	$	10.0
Comprehensive income (loss) attributable to ATI	$	13.0		$	(9.1	)	$	37.8	$	(31.1	)	$	10.6

Statements of Operations and Comprehensive Income

For the three months ended March 31, 2014



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	427.9		$	559.4		$	—		$	987.3
Cost of sales	12.3			439.6			465.2			—			917.1
Selling and administrative expenses	27.1			10.1			30.5			—			67.7
Income (loss) before interest, other income and income taxes	(39.4		)	(21.8		)	63.7			—			2.5
Interest income (expense), net	(28.5		)	(10.6		)	10.0			—			(29.1		)
Other income (loss) including equity in income of unconsolidated subsidiaries	41.9			0.3			0.6			(42.2		)	0.6
Income (loss) from continuing operations before income tax provision (benefit)	(26.0		)	(32.1		)	74.3			(42.2		)	(26.0		)
Income tax provision (benefit)	(10.0		)	(11.3		)	26.4			(15.1		)	(10.0		)
Income (loss) from continuing operations	(16.0		)	(20.8		)	47.9			(27.1		)	(16.0		)
Income (loss) from discontinued operations, net of tax	(1.9		)	—			(1.9		)	1.9			(1.9		)
Net income (loss)	(17.9		)	(20.8		)	46.0			(25.2		)	(17.9		)
Less: Net income attributable to noncontrolling interests	—			—			2.1			—			2.1
Net income (loss) attributable to ATI	$	(17.9	)	$	(20.8	)	$	43.9		$	(25.2	)	$	(20.0	)
Comprehensive income (loss) attributable to ATI	$	(0.8	)	$	(18.8	)	$	42.5		$	(23.9	)	$	(1.0	)

Condensed Statements of Cash Flows

For the three months ended March 31, 2015



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(26.3	)	$	(42.3	)	$	80.6		$	—		$	12.0
Investing Activities:
Purchases of property, plant and equipment	—			(9.1		)	(13.5		)	—			(22.6		)
Net receipts/(payments) on intercompany activity	—			—			(96.9		)	96.9			—
Asset disposals and other	—			0.1			—			—			0.1
Cash flows provided by (used in) investing activities	—			(9.0		)	(110.4		)	96.9			(22.5		)
Financing Activities:
Net receipts/(payments) on intercompany activity	47.4			49.5			—			(96.9		)	—
Dividends paid to stockholders	(19.3		)	—			—			—			(19.3		)
Other	(1.5		)	—			(0.2		)	—			(1.7		)
Cash flows provided by (used in) financing activities	26.6			49.5			(0.2		)	(96.9		)	(21.0		)
Increase (decrease) in cash and cash equivalents	$	0.3		$	(1.8	)	$	(30.0	)	$	—		$	(31.5	)

Condensed Statements of Cash Flows

For the three months ended March 31, 2014



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(29.7	)	$	(125.6	)	$	98.4		$	—		$	(56.9	)
Investing Activities:
Purchases of property, plant and equipment	—			(26.3		)	(13.3		)	—			(39.6		)
Purchase of business, net of cash acquired	—			—			(71.1		)	—			(71.1		)
Net receipts/(payments) on intercompany activity	—			—			(208.9		)	208.9			—
Asset disposals and other	—			1.4			0.4			—			1.8
Cash flows provided by (used in) investing activities	—			(24.9		)	(292.9		)	208.9			(108.9		)
Financing Activities:
Net receipts/(payments) on intercompany activity	58.9			150.0			—			(208.9		)	—
Dividends paid to stockholders	(19.3		)	—			—			—			(19.3		)
Other	(4.0		)	—			—			—			(4.0		)
Cash flows provided by (used in) financing activities	35.6			150.0			—			(208.9		)	(23.3		)
Increase (decrease) in cash and cash equivalents	$	5.9		$	(0.5	)	$	(194.5	)	$	—		$	(189.1	)