Financial Information for Subsidiary and Guarantor Parent (Tables)

3 Months Ended

Mar. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

March 31, 2016



(In millions)	Guarantor Parent		Subsidiary			Non-guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	2.3	$	2.5		$	152.1	$	—		$	156.9
Accounts receivable, net	0.1		109.1			333.2		—			442.4
Intercompany notes receivable	—		—			2,863.2		(2,863.2		)	—
Inventories, net	—		168.6			997.7		—			1,166.3
Prepaid expenses and other current assets	4.8		3.9			26.4		—			35.1
Total current assets	7.2		284.1			4,372.6		(2,863.2		)	1,800.7
Property, plant and equipment, net	2.1		1,594.6			1,365.4		—			2,962.1
Goodwill	—		—			648.6		—			648.6
Intercompany notes receivable	—		—			200.0		(200.0		)	—
Investment in subsidiaries	5,746.9		37.7			—		(5,784.6		)	—
Other assets	19.8		26.4			261.5		—			307.7
Total assets	$	5,776.0	$	1,942.8		$	6,848.1	$	(8,847.8	)	$	5,719.1
Liabilities and stockholders’ equity:
Accounts payable	$	4.1	$	152.1		$	184.2	$	—		$	340.4
Accrued liabilities	30.1		92.5			168.7		—			291.3
Pension liabilities	32.8		—			7.7		—			40.5
Intercompany notes payable	1,447.2		1,416.0			—		(2,863.2		)	—
Short-term debt and current portion of long-term debt	0.8		0.3			155.4		—			156.5
Total current liabilities	1,515.0		1,660.9			516.0		(2,863.2		)	828.7
Long-term debt	1,341.9		150.1			0.7		—			1,492.7
Intercompany notes payable	—		200.0			—		(200.0		)	—
Accrued postretirement benefits	—		254.1			74.2		—			328.3
Pension liabilities	745.6		5.0			48.4		—			799.0
Deferred income taxes	59.1		—			—		—			59.1
Other long-term liabilities	16.0		21.0			69.8		—			106.8
Total liabilities	3,677.6		2,291.1			709.1		(3,063.2		)	3,614.6
Redeemable noncontrolling interest	—		—			6.1		—			6.1
Total stockholders’ equity (deficit)	2,098.4		(348.3		)	6,132.9		(5,784.6		)	2,098.4
Total liabilities and stockholders’ equity	$	5,776.0	$	1,942.8		$	6,848.1	$	(8,847.8	)	$	5,719.1

Balance Sheets

December 31, 2015



	Guarantor					Non-guarantor
(In millions)	Parent		Subsidiary			Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	0.4	$	2.8		$	146.6	$	—		$	149.8
Accounts receivable, net	0.1		100.3			299.9		—			400.3
Intercompany notes receivable	—		—			2,601.5		(2,601.5		)	—
Inventories, net	—		239.9			1,031.7		—			1,271.6
Prepaid expenses and other current assets	9.3		3.8			32.8		—			45.9
Total current assets	9.8		346.8			4,112.5		(2,601.5		)	1,867.6
Property, plant and equipment, net	2.2		1,559.9			1,366.1		—			2,928.2
Goodwill	—		—			651.4		—			651.4
Intercompany notes receivable	—		—			200.0		(200.0		)	—
Investment in subsidiaries	5,742.5		37.7			—		(5,780.2		)	—
Other assets	13.4		23.0			268.1		—			304.5
Total assets	$	5,767.9	$	1,967.4		$	6,598.1	$	(8,581.7	)	$	5,751.7
Liabilities and stockholders’ equity:
Accounts payable	$	4.8	$	171.1		$	204.9	$	—		$	380.8
Accrued liabilities	40.3		74.0			177.7		—			292.0
Pension liabilities	1.8		—			8.0		—			9.8
Intercompany notes payable	1,325.4		1,276.1			—		(2,601.5		)	—
Short-term debt and current portion of long-term debt	0.7		0.1			3.1		—			3.9
Total current liabilities	1,373.0		1,521.3			393.7		(2,601.5		)	686.5
Long-term debt	1,341.7		149.7			0.4		—			1,491.8
Intercompany notes payable	—		200.0			—		(200.0		)	—
Accrued postretirement benefits	—		280.0			79.2		—			359.2
Pension liabilities	778.0		5.2			50.6		—			833.8
Deferred income taxes	75.6		—			—		—			75.6
Other long-term liabilities	15.2		20.7			72.4		—			108.3
Total liabilities	3,583.5		2,176.9			596.3		(2,801.5		)	3,555.2
Redeemable noncontrolling interest	—		—			12.1		—			12.1
Total stockholders’ equity (deficit)	2,184.4		(209.5		)	5,989.7		(5,780.2		)	2,184.4
Total liabilities and stockholders’ equity	$	5,767.9	$	1,967.4		$	6,598.1	$	(8,581.7	)	$	5,751.7

Statements of Operations and Comprehensive Income

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

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
Gross profit (loss)	(2.2		)	4.5			107.2		—			109.5
Selling and administrative expenses	25.8			11.7			25.6		—			63.1
Operating income (loss)	(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) 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
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

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Operations and Comprehensive Income

For the three months ended March 31, 2016



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries		Eliminations		Consolidated
Sales	$	—		$	213.8		$	543.7	$	—	$	757.5
Cost of sales	19.4			298.5			472.8		—		790.7
Gross profit (loss)	(19.4		)	(84.7		)	70.9		—		(33.2		)
Selling and administrative expenses	21.9			9.7			31.0		—		62.6
Restructuring charges	—			9.0			—		—		9.0
Operating income (loss)	(41.3		)	(103.4		)	39.9		—		(104.8		)
Interest income (expense), net	(31.2		)	(14.1		)	17.0		—		(28.3		)
Other income (loss) including equity in income of unconsolidated subsidiaries	(59.8		)	0.1			0.8		59.7		0.8
Income (loss) before income tax provision (benefit)	(132.3		)	(117.4		)	57.7		59.7		(132.3		)
Income tax provision (benefit)	(34.2		)	(43.4		)	23.7		19.7		(34.2		)
Net income (loss)	(98.1		)	(74.0		)	34.0		40.0		(98.1		)
Less: Net income attributable to noncontrolling interests	—			—			3.1		—		3.1
Net income (loss) attributable to ATI	$	(98.1	)	$	(74.0	)	$	30.9	$	40.0	$	(101.2	)
Comprehensive income (loss) attributable to ATI	$	(80.0	)	$	(57.9	)	$	27.3	$	29.0	$	(81.6	)

Condensed Statements of Cash Flows

For the three months ended March 31, 2016



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(29.2	)	$	(117.3	)	$	85.0		$	—		$	(61.5	)
Investing Activities:
Purchases of property, plant and equipment	(0.2		)	(41.0		)	(28.3		)	—			(69.5		)
Net receipts/(payments) on intercompany activity	—			—			(198.1		)	198.1			—
Asset disposals and other	—			—			0.8			—			0.8
Cash flows provided by (used in) investing activities	(0.2		)	(41.0		)	(225.6		)	198.1			(68.7		)
Financing Activities:
Payments on long-term debt and capital leases	(0.2		)	—			—			—			(0.2		)
Net borrowings under credit facilities	—			—			152.2			—			152.2
Net receipts/(payments) on intercompany activity	40.1			158.0			—			(198.1		)	—
Dividends paid to stockholders	(8.6		)	—			—			—			(8.6		)
Acquisition of noncontrolling interests	—			—			(6.1		)	—			(6.1		)
Cash flows provided by (used in) financing activities	31.3			158.0			146.1			(198.1		)	137.3
Increase (decrease) in cash and cash equivalents	$	1.9		$	(0.3	)	$	5.5		$	—		$	7.1

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	)