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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited)
|  | Quarter Ended
(In millions, except per share amounts) |  | March 31 |  | June 30 |  | September 30 |  | December 31
2016 - |  |  |  |  |  |  |  |
Sales |  | $ | 757.5 |  |  | $ | 810.5 |  |  | $ | 770.5 |  |  | $ | 796.1 |
Gross Profit (Loss) |  | (33.2 | ) |  | 48.2 |  |  | 50.2 |  |  | 97.3 |
Net income (loss) |  | (98.1 | ) |  | (15.5 | ) |  | (527.2 | ) |  | 13.7 |
Net income (loss) attributable to ATI |  | (101.2 | ) |  | (18.8 | ) |  | (530.8 | ) |  | 9.9 |
Basic income (loss) attributable to ATI per common share |  | $ | (0.94 | ) |  | $ | (0.18 | ) |  | $ | (4.95 | ) |  | $ | 0.09 |
Diluted income (loss) attributable to ATI per common share |  | $ | (0.94 | ) |  | $ | (0.18 | ) |  | $ | (4.95 | ) |  | $ | 0.09 |
Average shares outstanding |  | 109.0 |  |  | 108.9 |  |  | 108.9 |  |  | 108.9 |
2015 - |  |  |  |  |  |  |  |
Sales |  | $ | 1,125.5 |  |  | $ | 1,022.5 |  |  | $ | 832.7 |  |  | $ | 738.9 |
Gross Profit (loss) |  | 109.5 |  |  | 77.0 |  |  | (28.7 | ) |  | (97.5 | )
Net income (loss) |  | 12.6 |  |  | (13.9 | ) |  | (141.3 | ) |  | (223.3 | )
Net income (loss) attributable to ATI |  | 10.0 |  |  | (16.4 | ) |  | (144.6 | ) |  | (226.9 | )
Basic income (loss) attributable to ATI per common share |  | $ | 0.09 |  |  | $ | (0.15 | ) |  | $ | (1.35 | ) |  | $ | (2.12 | )
Diluted income (loss) attributable to ATI per common share |  | $ | 0.09 |  |  | $ | (0.15 | ) |  | $ | (1.35 | ) |  | $ | (2.12 | )
Average shares outstanding |  | 108.9 |  |  | 109.2 |  |  | 109.2 |  |  | 109.2 |
First quarter 2016 results include a $9.0 million pre-tax ($6.7 million, net of tax) charge for severance obligations in the FRP operations, and $26.4 million pre-tax ($19.7 million, net of tax) of work stoppage and return-to-work costs primarily affecting FRP operations following the ratification of the new labor agreement for USW-represented employees. First quarter 2016 results also include $12.0 million of below-normal income tax benefits compared to those that would apply at a standard 35% tax rate. Second quarter 2016 results include $22.4 million pre-tax ($8.4 million, net of tax) of work stoppage and return-to-work costs affecting FRP operations, and $11.4 million of above-normal income tax benefits compared to those that would apply at a standard 35% tax rate. Third quarter 2016 results include $471.3 million pre-tax ($310.3 million, net of tax) long-lived asset impairment charges, $16.3 million pre-tax ($10.7 million, net of tax) of facility shutdown and idling costs, and $11.3 million pre-tax ($7.4 million, net of tax) of inventory valuation charges for titanium sponge. These charges primarily related to the indefinite idling of the Company’s Rowley, UT titanium sponge facility. In addition, third quarter 2016 results include a $173.1 million charge for income tax valuation allowances recorded on U.S. federal deferred tax assets. Fourth quarter 2016 results include $15.4 million pre-tax ($10.0 million, net of tax) of facility shutdown and idling costs primarily related to the indefinite idling of the Company’s Rowley, UT titanium sponge facility, the consolidation of certain titanium manufacturing operations and the permanent closure of the Midland, PA commodity stainless steel melt and sheet finishing facility and the Bagdad, PA GOES finishing facility. In addition, fourth quarter 2016 results include $13.2 million pre-tax ($8.6 million, net of tax) of employee benefit costs associated with these facility idlings and closures as well as additional FRP severance charges for salaried workforce reductions. Fourth quarter 2016 results also include $32.4 million for above-normal income tax benefits compared to those that would apply at a standard 35% tax rate. The above-normal income tax benefit is due primarily to a $22.5 million correcting adjustment to reduce income tax valuation allowances on U.S. deferred tax assets that were established in the third quarter 2016; the correcting adjustment was not deemed material to the third quarter results. Third quarter 2015 results include a $76.0 million pre-tax ($49.5 million, net of tax) non-cash charge for net realizable value (NRV) inventory reserves, which are required to offset ATI’s aggregate net debit LIFO inventory balance that exceeds current inventory replacement cost. Third quarter 2015 results also include a $63.9 million tax valuation allowance on a portion of ATI’s deferred tax assets as a result of a three year cumulative loss from U.S. operations. Fourth quarter 2015 results include non-cash charges for goodwill and asset impairments, restructuring, inventory and other items. These charges were comprised of a $126.6 million pre-tax ($79.2 million, net of tax) non-cash goodwill impairment charge in the Flat Rolled Products segment, $54.5 million pre-tax ($34.1 million, net of tax) in non-cash long-lived asset impairment charges, $3.5 million pre-tax ($2.2 million, net of tax) in facility idling costs, $25.4 million pre-tax ($15.9 million, net of tax) in a non-cash charge to revalue inventory, $51.2 million pre-tax ($32.0 million, net of tax) in NRV inventory reserve charges and $6.3 million pre-tax ($3.9 million, net of tax) in employee severance and termination benefit charges arising from a reduction in force among salaried employees within the HMPC segment and the ATI Corporate office. Net of tax amounts presented above generally use the effective tax rate for the applicable quarterly period which differs from the effective tax rate for the full year. In periods with significant tax valuation allowance adjustments, net of tax amounts use a standard 35% tax rate, with separate identification by quarter of unusual income tax provision or benefit effects.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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