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Debt | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Debt | Debt Debt at March 31, 2017 and December 31, 2016 was as follows (in millions):
| March 31, 2017 |  | December 31, 2016
Allegheny Technologies 5.875% Notes due 2023 (a) | $ | 500.0 |  |  | $ | 500.0 |
Allegheny Technologies 5.95% Notes due 2021 | 500.0 |  |  | 500.0 |
Allegheny Technologies 9.375% Notes due 2019 | 350.0 |  |  | 350.0 |
Allegheny Technologies 4.75% Convertible Senior Notes due 2022 | 287.5 |  |  | 287.5 |
Allegheny Ludlum 6.95% debentures due 2025 | 150.0 |  |  | 150.0 |
Term Loan due 2017 | 100.0 |  |  | 100.0 |
U.S. revolving credit facility | 60.0 |  |  | — |
Foreign credit facilities | 12.2 |  |  | 4.4 |
Industrial revenue bonds, due through 2020, and other | 1.7 |  |  | 2.2 |
Debt issuance costs | (16.1 | ) |  | (17.1 | )
Total debt | 1,945.3 |  |  | 1,877.0 |
Short term debt and current portion of long-term debt | 172.8 |  |  | 105.1 |
Total long-term debt | $ | 1,772.5 |  |  | $ | 1,771.9 |
(a) | Bearing interest at 7.875% effective February 15, 2016.
Revolving Credit Facility The Company has an Asset Based Lending (ABL) Revolving Credit Facility, which matures in September 2020 and is collateralized by the accounts receivable and inventory of the Company’s domestic operations. The revolving credit portion of the ABL facility is $400 million, which includes a letter of credit sub-facility of up to $200 million. The ABL facility includes an eighteen month term loan (Term Loan) in the amount of $100.0 million, with an interest rate of 3.5% plus a LIBOR spread. The Term Loan is due on November 13, 2017, however the Company has support from its agent bank to extend the duration of this Term Loan from November 2017 to September of 2020, subject to customary due diligence and other closing activities. The Company expects to finalize this Term Loan extension in the second quarter of 2017. As amended in May 2016, the applicable interest rate for revolving credit borrowings under the ABL facility includes interest rate spreads based on available borrowing capacity that range between 2.0% and 2.5% for LIBOR-based borrowings and between 1.0% and 1.5% for base rate borrowings. The ABL facility contains a financial covenant whereby the Company must maintain a fixed charge coverage ratio of not less than 1.00:1.00 after an event of default has occurred and is continuing or if the undrawn availability under the ABL facility is less than the greater of (i) 12.5% of the then applicable maximum borrowing amount or (ii) $40.0 million. The Company does not meet this required fixed charge coverage ratio at March 31, 2017. As a result, the Company is not able to access this remaining 12.5%, or $62.5 million, of the ABL facility until it meets the required ratio. Additionally, the Company must demonstrate liquidity, as calculated in accordance with the terms of the agreement, of at least $500 million on the date that is 91 days prior to June 1, 2019, the maturity date of the 9.375% Senior Notes due 2019, and that such liquidity is available at all times thereafter until the 9.375% Senior Notes due 2019 are paid in full or refinanced. There were $60.0 million of outstanding borrowings under the ABL facility as of March 31, 2017, and $42.9 million was utilized to support the issuance of letters of credit. Average revolving credit borrowings under the ABL facility for the first quarter of 2017 and 2016 were $4 million and $188 million, respectively, bearing an average annual interest rate of 3.43% and 1.685%, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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