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Financial Information for Subsidiary and Guarantor Parent (Tables) | 3 Months Ended
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Mar. 31, 2017
Condensed Statement of Income Captions [Line Items] |
Balance Sheets | Balance Sheets December 31, 2016
| Guarantor |  |  |  | Non-guarantor |  |  |  |
(In millions) | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2.3 |  |  | $ | 2.5 |  |  | $ | 224.8 |  |  | $ | — |  |  | $ | 229.6 |
Accounts receivable, net | 0.1 |  |  | 107.8 |  |  | 344.2 |  |  | — |  |  | 452.1 |
Intercompany notes receivable | — |  |  | — |  |  | 2,892.9 |  |  | (2,892.9 | ) |  | — |
Inventories, net | — |  |  | 106.7 |  |  | 930.3 |  |  | — |  |  | 1,037.0 |
Prepaid expenses and other current assets | 6.6 |  |  | 5.2 |  |  | 36.0 |  |  | — |  |  | 47.8 |
Total current assets | 9.0 |  |  | 222.2 |  |  | 4,428.2 |  |  | (2,892.9 | ) |  | 1,766.5 |
Property, plant and equipment, net | 1.3 |  |  | 1,583.6 |  |  | 914.0 |  |  | — |  |  | 2,498.9 |
Goodwill | — |  |  | — |  |  | 641.9 |  |  | — |  |  | 641.9 |
Intercompany notes receivable | — |  |  | — |  |  | 200.0 |  |  | (200.0 | ) |  | — |
Investment in subsidiaries | 5,241.2 |  |  | 37.7 |  |  | — |  |  | (5,278.9 | ) |  | — |
Other assets | 23.0 |  |  | 25.5 |  |  | 214.2 |  |  | — |  |  | 262.7 |
Total assets | $ | 5,274.5 |  |  | $ | 1,869.0 |  |  | $ | 6,398.3 |  |  | $ | (8,371.8 | ) |  | $ | 5,170.0 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 3.1 |  |  | $ | 97.4 |  |  | $ | 193.8 |  |  | $ | — |  |  | $ | 294.3 |
Accrued liabilities | 54.6 |  |  | 83.3 |  |  | 171.4 |  |  | — |  |  | 309.3 |
Intercompany notes payable | 1,341.1 |  |  | 1,551.8 |  |  | — |  |  | (2,892.9 | ) |  | — |
Short term debt and current portion of long-term debt | 0.4 |  |  | 0.3 |  |  | 104.4 |  |  | — |  |  | 105.1 |
Total current liabilities | 1,399.2 |  |  | 1,732.8 |  |  | 469.6 |  |  | (2,892.9 | ) |  | 708.7 |
Long-term debt | 1,621.7 |  |  | 150.0 |  |  | 0.2 |  |  | — |  |  | 1,771.9 |
Intercompany notes payable | — |  |  | 200.0 |  |  | — |  |  | (200.0 | ) |  | — |
Accrued postretirement benefits | — |  |  | 244.0 |  |  | 73.7 |  |  | — |  |  | 317.7 |
Pension liabilities | 778.5 |  |  | 5.2 |  |  | 44.2 |  |  | — |  |  | 827.9 |
Deferred income taxes | 15.6 |  |  | — |  |  | — |  |  | — |  |  | 15.6 |
Other long-term liabilities | 14.7 |  |  | 18.1 |  |  | 50.6 |  |  | — |  |  | 83.4 |
Total liabilities | 3,829.7 |  |  | 2,350.1 |  |  | 638.3 |  |  | (3,092.9 | ) |  | 3,725.2 |
Total stockholders’ equity (deficit) | 1,444.8 |  |  | (481.1 | ) |  | 5,760.0 |  |  | (5,278.9 | ) |  | 1,444.8 |
Total liabilities and stockholders’ equity | $ | 5,274.5 |  |  | $ | 1,869.0 |  |  | $ | 6,398.3 |  |  | $ | (8,371.8 | ) |  | $ | 5,170.0 |
Balance Sheets March 31, 2017
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2.3 |  |  | $ | 7.8 |  |  | $ | 149.7 |  |  | $ | — |  |  | $ | 159.8 |
Accounts receivable, net | 0.3 |  |  | 125.6 |  |  | 378.7 |  |  | — |  |  | 504.6 |
Intercompany notes receivable | — |  |  | — |  |  | 3,151.0 |  |  | (3,151.0 | ) |  | — |
Inventories, net | — |  |  | 137.1 |  |  | 914.8 |  |  | — |  |  | 1,051.9 |
Prepaid expenses and other current assets | 4.9 |  |  | 6.9 |  |  | 34.5 |  |  | — |  |  | 46.3 |
Total current assets | 7.5 |  |  | 277.4 |  |  | 4,628.7 |  |  | (3,151.0 | ) |  | 1,762.6 |
Property, plant and equipment, net | 1.2 |  |  | 1,586.6 |  |  | 908.0 |  |  | — |  |  | 2,495.8 |
Goodwill | — |  |  | — |  |  | 642.6 |  |  | — |  |  | 642.6 |
Intercompany notes receivable | — |  |  | — |  |  | 200.0 |  |  | (200.0 | ) |  | — |
Investment in subsidiaries | 5,381.7 |  |  | 37.7 |  |  | — |  |  | (5,419.4 | ) |  | — |
Other assets | 24.9 |  |  | 19.4 |  |  | 209.1 |  |  | — |  |  | 253.4 |
Total assets | $ | 5,415.3 |  |  | $ | 1,921.1 |  |  | $ | 6,588.4 |  |  | $ | (8,770.4 | ) |  | $ | 5,154.4 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 2.8 |  |  | $ | 157.6 |  |  | $ | 186.0 |  |  | $ | — |  |  | $ | 346.4 |
Accrued liabilities | 38.9 |  |  | 81.4 |  |  | 156.1 |  |  | — |  |  | 276.4 |
Intercompany notes payable | 1,594.2 |  |  | 1,556.8 |  |  | — |  |  | (3,151.0 | ) |  | — |
Short term debt and current portion of long-term debt | 0.4 |  |  | 0.3 |  |  | 172.1 |  |  | — |  |  | 172.8 |
Total current liabilities | 1,636.3 |  |  | 1,796.1 |  |  | 514.2 |  |  | (3,151.0 | ) |  | 795.6 |
Long-term debt | 1,622.4 |  |  | 149.9 |  |  | 0.2 |  |  | — |  |  | 1,772.5 |
Intercompany notes payable | — |  |  | 200.0 |  |  | — |  |  | (200.0 | ) |  | — |
Accrued postretirement benefits | — |  |  | 241.1 |  |  | 72.1 |  |  | — |  |  | 313.2 |
Pension liabilities | 639.2 |  |  | 5.1 |  |  | 43.5 |  |  | — |  |  | 687.8 |
Deferred income taxes | 13.0 |  |  | — |  |  | — |  |  | — |  |  | 13.0 |
Other long-term liabilities | 15.0 |  |  | 19.1 |  |  | 48.8 |  |  | — |  |  | 82.9 |
Total liabilities | 3,925.9 |  |  | 2,411.3 |  |  | 678.8 |  |  | (3,351.0 | ) |  | 3,665.0 |
Total stockholders’ equity (deficit) | 1,489.4 |  |  | (490.2 | ) |  | 5,909.6 |  |  | (5,419.4 | ) |  | 1,489.4 |
Total liabilities and stockholders’ equity | $ | 5,415.3 |  |  | $ | 1,921.1 |  |  | $ | 6,588.4 |  |  | $ | (8,770.4 | ) |  | $ | 5,154.4 |
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, 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 | )
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations and Comprehensive Income For the three months ended March 31, 2017
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 287.2 |  |  | $ | 578.7 |  |  | $ | — |  |  | $ | 865.9 |
Cost of sales | 11.0 |  |  | 260.1 |  |  | 482.0 |  |  | — |  |  | 753.1 |
Gross profit (loss) | (11.0 | ) |  | 27.1 |  |  | 96.7 |  |  | — |  |  | 112.8 |
Selling and administrative expenses | 21.2 |  |  | 9.7 |  |  | 28.6 |  |  | — |  |  | 59.5 |
Operating income (loss) | (32.2 | ) |  | 17.4 |  |  | 68.1 |  |  | — |  |  | 53.3 |
Interest income (expense), net | (38.6 | ) |  | (21.2 | ) |  | 26.3 |  |  | — |  |  | (33.5 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 93.9 |  |  | 0.5 |  |  | 2.8 |  |  | (93.9 | ) |  | 3.3 |
Income (loss) before income tax provision (benefit) | 23.1 |  |  | (3.3 | ) |  | 97.2 |  |  | (93.9 | ) |  | 23.1 |
Income tax provision (benefit) | 2.0 |  |  | (1.1 | ) |  | 35.5 |  |  | (34.4 | ) |  | 2.0 |
Net income (loss) | 21.1 |  |  | (2.2 | ) |  | 61.7 |  |  | (59.5 | ) |  | 21.1 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Net income (loss) attributable to ATI | $ | 21.1 |  |  | $ | (2.2 | ) |  | $ | 58.1 |  |  | $ | (59.5 | ) |  | $ | 17.5 |
Comprehensive income (loss) attributable to ATI | $ | 45.4 |  |  | $ | (0.3 | ) |  | $ | 45.9 |  |  | $ | (51.2 | ) |  | $ | 39.8 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows For the three months ended March 31, 2017
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities | $ | (40.7 | ) |  | $ | 0.5 |  |  | $ | (70.0 | ) |  | $ | — |  |  | $ | (110.2 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (8.7 | ) |  | (16.1 | ) |  | — |  |  | (24.8 | )
Net receipts/(payments) on intercompany activity | — |  |  | — |  |  | (59.1 | ) |  | 59.1 |  |  | — |
Asset disposals and other | — |  |  | 0.1 |  |  | 2.5 |  |  | — |  |  | 2.6 |
Cash flows provided by (used in) investing activities | — |  |  | (8.6 | ) |  | (72.7 | ) |  | 59.1 |  |  | (22.2 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Payments on long-term debt and capital leases | (0.1 | ) |  | (0.1 | ) |  | (0.1 | ) |  | — |  |  | (0.3 | )
Net borrowings under credit facilities | — |  |  | — |  |  | 67.7 |  |  | — |  |  | 67.7 |
Net receipts/(payments) on intercompany activity | 45.6 |  |  | 13.5 |  |  | — |  |  | (59.1 | ) |  | — |
Shares repurchased for income tax withholding on share-based compensation | (4.8 | ) |  | — |  |  | — |  |  | — |  |  | (4.8 | )
Cash flows provided by (used in) financing activities | 40.7 |  |  | 13.4 |  |  | 67.6 |  |  | (59.1 | ) |  | 62.6 |
Increase (decrease) in cash and cash equivalents | $ | — |  |  | $ | 5.3 |  |  | $ | (75.1 | ) |  | $ | — |  |  | $ | (69.8 | )
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 |

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