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Debt | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
Debt | Debt Debt at June 30, 2017 and December 31, 2016 was as follows (in millions):
| June 30, 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 2022 | 100.0 |  |  | 100.0 |
U.S. revolving credit facility | 60.0 |  |  | — |
Foreign credit facilities | 4.0 |  |  | 4.4 |
Other | 8.6 |  |  | 2.2 |
Debt issuance costs | (16.0 | ) |  | (17.1 | )
Total debt | 1,944.1 |  |  | 1,877.0 |
Short term debt and current portion of long-term debt | 67.5 |  |  | 105.1 |
Total long-term debt | $ | 1,876.6 |  |  | $ | 1,771.9 |
(a) | Bearing interest at 7.875% effective February 15, 2016.
Revolving Credit Facility The Company has an Asset Based Lending (ABL) Credit Facility, which 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 a term loan (Term Loan) in the amount of $100.0 million. In June 2017, the ABL facility was amended to, among other things, extend the duration of the facility from September 2020 to February 2022. As amended, the applicable interest rate for revolving credit borrowings under the ABL facility includes interest rate spreads based on available borrowing capacity that range between 1.75% and 2.25% 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 revolving credit portion of the facility is less than the greater of (i) 10%, as amended, of the then applicable maximum borrowing amount under the revolving credit portion of the ABL and any outstanding Term Loan balance, or (ii) $40.0 million. The Company does not meet this required fixed charge coverage ratio at June 30, 2017. As a result, the Company is not able to access $50.0 million of the revolving credit portion 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 ABL facility, 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 at least $700 million on the date that is 91 days prior to January 15, 2021, the maturity date of the 5.95% Senior Notes due 2021, and that such liquidity is available at all times thereafter until the 9.375% Senior Notes due 2019 and the 5.95% Senior Notes due 2021 are paid in full or refinanced. Costs associated with entering into the ABL amendment were $1.0 million, and are being amortized, along with any previous unamortized deferred costs, to interest expense over the extended term of the facility ending February 2022. Also in June 2017, the $100.0 million Term Loan was amended to extend the maturity date from November 2017 to February 2022 and to reduce the interest rate to 3.0% plus a LIBOR spread. The amended Term Loan can be prepaid in minimum increments of $50.0 million on or after the earlier of December 2018 or upon refinancing or retirement of the 9.375% Senior Notes due 2019 if certain minimum liquidity conditions are satisfied. The underwriting costs associated with amending the Term Loan were $0.8 million, and are being amortized, along with any previous unamortized deferred costs, to interest expense over the extended term of the loan ending February 2022. As of June 30, 2017, there were $60.0 million of outstanding borrowings under the ABL facility, and $45.1 million was utilized to support the issuance of letters of credit. Average revolving credit borrowings under the ABL facility for the first six months of 2017 and 2016 were $36 million and $164 million, respectively, bearing an average annual interest rate of 3.376% and 1.757%, 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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