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Financial Information for Subsidiary and Guarantor Parent (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2017
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2.5 |  |  | $ | 2.6 |  |  | $ | 149.5 |  |  | $ | — |  |  | $ | 154.6 |
Accounts receivable, net | 0.1 |  |  | 136.8 |  |  | 401.7 |  |  | — |  |  | 538.6 |
Intercompany notes receivable | — |  |  | — |  |  | 3,282.0 |  |  | (3,282.0 | ) |  | — |
Inventories, net | — |  |  | 160.2 |  |  | 916.0 |  |  | — |  |  | 1,076.2 |
Prepaid expenses and other current assets | 5.3 |  |  | 4.1 |  |  | 21.3 |  |  | — |  |  | 30.7 |
Total current assets | 7.9 |  |  | 303.7 |  |  | 4,770.5 |  |  | (3,282.0 | ) |  | 1,800.1 |
Property, plant and equipment, net | 1.1 |  |  | 1,585.6 |  |  | 905.6 |  |  | — |  |  | 2,492.3 |
Goodwill | — |  |  | — |  |  | 643.5 |  |  | — |  |  | 643.5 |
Intercompany notes receivable | — |  |  | — |  |  | 200.0 |  |  | (200.0 | ) |  | — |
Investment in subsidiaries | 5,498.2 |  |  | 37.7 |  |  | — |  |  | (5,535.9 | ) |  | — |
Other assets | 26.8 |  |  | 19.3 |  |  | 204.3 |  |  | — |  |  | 250.4 |
Total assets | $ | 5,534.0 |  |  | $ | 1,946.3 |  |  | $ | 6,723.9 |  |  | $ | (9,017.9 | ) |  | $ | 5,186.3 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 3.1 |  |  | $ | 161.2 |  |  | $ | 191.2 |  |  | $ | — |  |  | $ | 355.5 |
Accrued liabilities | 51.8 |  |  | 75.9 |  |  | 150.3 |  |  | — |  |  | 278.0 |
Intercompany notes payable | 1,670.6 |  |  | 1,611.4 |  |  | — |  |  | (3,282.0 | ) |  | — |
Short term debt and current portion of long-term debt | 0.3 |  |  | 0.3 |  |  | 66.9 |  |  | — |  |  | 67.5 |
Total current liabilities | 1,725.8 |  |  | 1,848.8 |  |  | 408.4 |  |  | (3,282.0 | ) |  | 701.0 |
Long-term debt | 1,623.1 |  |  | 149.8 |  |  | 103.7 |  |  | — |  |  | 1,876.6 |
Intercompany notes payable | — |  |  | 200.0 |  |  | — |  |  | (200.0 | ) |  | — |
Accrued postretirement benefits | — |  |  | 238.4 |  |  | 69.6 |  |  | — |  |  | 308.0 |
Pension liabilities | 634.8 |  |  | 4.9 |  |  | 43.2 |  |  | — |  |  | 682.9 |
Deferred income taxes | 20.1 |  |  | — |  |  | — |  |  | — |  |  | 20.1 |
Other long-term liabilities | 15.8 |  |  | 18.6 |  |  | 48.9 |  |  | — |  |  | 83.3 |
Total liabilities | 4,019.6 |  |  | 2,460.5 |  |  | 673.8 |  |  | (3,482.0 | ) |  | 3,671.9 |
Total stockholders’ equity (deficit) | 1,514.4 |  |  | (514.2 | ) |  | 6,050.1 |  |  | (5,535.9 | ) |  | 1,514.4 |
Total liabilities and stockholders’ equity | $ | 5,534.0 |  |  | $ | 1,946.3 |  |  | $ | 6,723.9 |  |  | $ | (9,017.9 | ) |  | $ | 5,186.3 |
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 June 30, 2016
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 260.9 |  |  | $ | 549.6 |  |  | $ | — |  |  | $ | 810.5 |
Cost of sales | 9.6 |  |  | 286.9 |  |  | 465.8 |  |  | — |  |  | 762.3 |
Gross profit (loss) | (9.6 | ) |  | (26.0 | ) |  | 83.8 |  |  | — |  |  | 48.2 |
Selling and administrative expenses | 20.6 |  |  | 4.9 |  |  | 33.8 |  |  | — |  |  | 59.3 |
Restructuring charges | — |  |  | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
Operating income (loss) | (30.2 | ) |  | (30.9 | ) |  | 49.0 |  |  | — |  |  | (12.1 | )
Interest income (expense), net | (33.7 | ) |  | (17.6 | ) |  | 21.0 |  |  | — |  |  | (30.3 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 22.5 |  |  | 0.3 |  |  | 0.9 |  |  | (22.7 | ) |  | 1.0 |
Income (loss) before income tax provision (benefit) | (41.4 | ) |  | (48.2 | ) |  | 70.9 |  |  | (22.7 | ) |  | (41.4 | )
Income tax provision (benefit) | (25.9 | ) |  | (17.6 | ) |  | 25.8 |  |  | (8.2 | ) |  | (25.9 | )
Net income (loss) | (15.5 | ) |  | (30.6 | ) |  | 45.1 |  |  | (14.5 | ) |  | (15.5 | )
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 3.3 |  |  | — |  |  | 3.3 |
Net income (loss) attributable to ATI | $ | (15.5 | ) |  | $ | (30.6 | ) |  | $ | 41.8 |  |  | $ | (14.5 | ) |  | $ | (18.8 | )
Comprehensive income (loss) attributable to ATI | $ | 4.2 |  |  | $ | (29.3 | ) |  | $ | 33.7 |  |  | $ | (6.2 | ) |  | $ | 2.4 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations and Comprehensive Income For the six months ended June 30, 2016
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 474.7 |  |  | $ | 1,093.3 |  |  | $ | — |  |  | $ | 1,568.0 |
Cost of sales | 29.0 |  |  | 585.4 |  |  | 938.6 |  |  | — |  |  | 1,553.0 |
Gross profit (loss) | (29.0 | ) |  | (110.7 | ) |  | 154.7 |  |  | — |  |  | 15.0 |
Selling and administrative expenses | 42.5 |  |  | 14.6 |  |  | 64.8 |  |  | — |  |  | 121.9 |
Restructuring charges | — |  |  | 9.0 |  |  | 1.0 |  |  | — |  |  | 10.0 |
Operating income (loss) | (71.5 | ) |  | (134.3 | ) |  | 88.9 |  |  | — |  |  | (116.9 | )
Interest income (expense), net | (64.9 | ) |  | (31.7 | ) |  | 38.0 |  |  | — |  |  | (58.6 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | (37.3 | ) |  | 0.4 |  |  | 1.7 |  |  | 37.0 |  |  | 1.8 |
Income (loss) before income tax provision (benefit) | (173.7 | ) |  | (165.6 | ) |  | 128.6 |  |  | 37.0 |  |  | (173.7 | )
Income tax provision (benefit) | (60.1 | ) |  | (61.0 | ) |  | 49.5 |  |  | 11.5 |  |  | (60.1 | )
Net income (loss) | (113.6 | ) |  | (104.6 | ) |  | 79.1 |  |  | 25.5 |  |  | (113.6 | )
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 6.4 |  |  | — |  |  | 6.4 |
Net income (loss) attributable to ATI | $ | (113.6 | ) |  | $ | (104.6 | ) |  | $ | 72.7 |  |  | $ | 25.5 |  |  | $ | (120.0 | )
Comprehensive income (loss) attributable to ATI | $ | (75.8 | ) |  | $ | (87.2 | ) |  | $ | 61.0 |  |  | $ | 22.8 |  |  | $ | (79.2 | )
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations and Comprehensive Income For the three months ended June 30, 2017
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 291.2 |  |  | $ | 589.0 |  |  | $ | — |  |  | $ | 880.2 |
Cost of sales | 12.0 |  |  | 278.6 |  |  | 477.3 |  |  | — |  |  | 767.9 |
Gross profit (loss) | (12.0 | ) |  | 12.6 |  |  | 111.7 |  |  | — |  |  | 112.3 |
Selling and administrative expenses | 23.1 |  |  | 8.7 |  |  | 34.9 |  |  | — |  |  | 66.7 |
Operating income (loss) | (35.1 | ) |  | 3.9 |  |  | 76.8 |  |  | — |  |  | 45.6 |
Interest income (expense), net | (39.7 | ) |  | (22.5 | ) |  | 27.7 |  |  | — |  |  | (34.5 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 86.1 |  |  | 0.3 |  |  | (0.1 | ) |  | (86.1 | ) |  | 0.2 |
Income (loss) before income tax provision (benefit) | 11.3 |  |  | (18.3 | ) |  | 104.4 |  |  | (86.1 | ) |  | 11.3 |
Income tax provision (benefit) | (2.1 | ) |  | (6.6 | ) |  | 33.6 |  |  | (27.0 | ) |  | (2.1 | )
Net income (loss) | 13.4 |  |  | (11.7 | ) |  | 70.8 |  |  | (59.1 | ) |  | 13.4 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 3.3 |  |  | — |  |  | 3.3 |
Net income (loss) attributable to ATI | $ | 13.4 |  |  | $ | (11.7 | ) |  | $ | 67.5 |  |  | $ | (59.1 | ) |  | $ | 10.1 |
Comprehensive income (loss) attributable to ATI | $ | 17.8 |  |  | $ | (11.3 | ) |  | $ | 92.5 |  |  | $ | (84.7 | ) |  | $ | 14.3 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations and Comprehensive Income For the six months ended June 30, 2017
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 578.4 |  |  | $ | 1,167.7 |  |  | $ | — |  |  | $ | 1,746.1 |
Cost of sales | 23.0 |  |  | 538.7 |  |  | 959.3 |  |  | — |  |  | 1,521.0 |
Gross profit (loss) | (23.0 | ) |  | 39.7 |  |  | 208.4 |  |  | — |  |  | 225.1 |
Selling and administrative expenses | 44.3 |  |  | 18.4 |  |  | 63.5 |  |  | — |  |  | 126.2 |
Operating income (loss) | (67.3 | ) |  | 21.3 |  |  | 144.9 |  |  | — |  |  | 98.9 |
Interest income (expense), net | (78.3 | ) |  | (43.7 | ) |  | 54.0 |  |  | — |  |  | (68.0 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 180.0 |  |  | 0.8 |  |  | 2.7 |  |  | (180.0 | ) |  | 3.5 |
Income (loss) before income tax provision (benefit) | 34.4 |  |  | (21.6 | ) |  | 201.6 |  |  | (180.0 | ) |  | 34.4 |
Income tax provision (benefit) | (0.1 | ) |  | (7.7 | ) |  | 69.1 |  |  | (61.4 | ) |  | (0.1 | )
Net income (loss) | 34.5 |  |  | (13.9 | ) |  | 132.5 |  |  | (118.6 | ) |  | 34.5 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 6.9 |  |  | — |  |  | 6.9 |
Net income (loss) attributable to ATI | $ | 34.5 |  |  | $ | (13.9 | ) |  | $ | 125.6 |  |  | $ | (118.6 | ) |  | $ | 27.6 |
Comprehensive income (loss) attributable to ATI | $ | 63.2 |  |  | $ | (11.6 | ) |  | $ | 138.4 |  |  | $ | (135.9 | ) |  | $ | 54.1 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows For the six months ended June 30, 2016
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities | $ | (50.5 | ) |  | $ | (166.8 | ) |  | $ | 183.7 |  |  | $ | — |  |  | $ | (33.6 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (0.3 | ) |  | (85.3 | ) |  | (59.7 | ) |  | — |  |  | (145.3 | )
Net receipts/(payments) on intercompany activity | — |  |  | — |  |  | (43.5 | ) |  | 43.5 |  |  | — |
Asset disposals and other | — |  |  | — |  |  | 1.8 |  |  | — |  |  | 1.8 |
Cash flows provided by (used in) investing activities | (0.3 | ) |  | (85.3 | ) |  | (101.4 | ) |  | 43.5 |  |  | (143.5 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Borrowings on long-term debt | 287.5 |  |  | — |  |  | 100.0 |  |  | — |  |  | 387.5 |
Payments on long-term debt and capital leases | (0.3 | ) |  | (0.1 | ) |  | (0.2 | ) |  | — |  |  | (0.6 | )
Net borrowings under credit facilities | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Debt issuance costs | (9.4 | ) |  | — |  |  | (1.0 | ) |  | — |  |  | (10.4 | )
Net receipts/(payments) on intercompany activity | (209.8 | ) |  | 253.3 |  |  | — |  |  | (43.5 | ) |  | — |
Dividends paid to stockholders | (17.2 | ) |  | — |  |  | — |  |  | — |  |  | (17.2 | )
Acquisition of noncontrolling interests | — |  |  | — |  |  | (12.2 | ) |  | — |  |  | (12.2 | )
Cash flows provided by (used in) financing activities | 50.8 |  |  | 253.2 |  |  | 89.1 |  |  | (43.5 | ) |  | 349.6 |
Increase (decrease) in cash and cash equivalents | $ | — |  |  | $ | 1.1 |  |  | $ | 171.4 |  |  | $ | — |  |  | $ | 172.5 |
Condensed Statements of Cash Flows For the six months ended June 30, 2017
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities | $ | (54.6 | ) |  | $ | (55.4 | ) |  | $ | 24.5 |  |  | $ | — |  |  | $ | (85.5 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | — |  |  | (19.9 | ) |  | (35.4 | ) |  | — |  |  | (55.3 | )
Net receipts/(payments) on intercompany activity | — |  |  | — |  |  | (135.3 | ) |  | 135.3 |  |  | — |
Asset disposals and other | — |  |  | 0.1 |  |  | 3.2 |  |  | — |  |  | 3.3 |
Cash flows provided by (used in) investing activities | — |  |  | (19.8 | ) |  | (167.5 | ) |  | 135.3 |  |  | (52.0 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Borrowings on long-term debt | — |  |  | — |  |  | 7.3 |  |  | — |  |  | 7.3 |
Payments on long-term debt and capital leases | (0.2 | ) |  | (0.2 | ) |  | (0.4 | ) |  | — |  |  | (0.8 | )
Net borrowings under credit facilities | — |  |  | — |  |  | 59.4 |  |  | — |  |  | 59.4 |
Debt issuance costs | — |  |  | — |  |  | (0.8 | ) |  | — |  |  | (0.8 | )
Net receipts/(payments) on intercompany activity | 59.8 |  |  | 75.5 |  |  | — |  |  | (135.3 | ) |  | — |
Sale to noncontrolling interests | — |  |  | — |  |  | 2.2 |  |  | — |  |  | 2.2 |
Shares repurchased for income tax withholding on share-based compensation | (4.8 | ) |  | — |  |  | — |  |  | — |  |  | (4.8 | )
Cash flows provided by (used in) financing activities | 54.8 |  |  | 75.3 |  |  | 67.7 |  |  | (135.3 | ) |  | 62.5 |
Increase (decrease) in cash and cash equivalents | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | (75.3 | ) |  | $ | — |  |  | $ | (75.0 | )

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