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Financial Information for Subsidiary and Guarantor Parent (Tables) | 3 Months Ended
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Mar. 31, 2018
Condensed Statement of Income Captions [Line Items] |
Balance Sheets | Balance Sheets December 31, 2017
| Guarantor |  |  |  | Non-guarantor |  |  |  |
(In millions) | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2.1 |  |  | $ | 13.5 |  |  | $ | 126.0 |  |  | $ | — |  |  | $ | 141.6 |
Accounts receivable, net | 0.2 |  |  | 141.6 |  |  | 403.5 |  |  | — |  |  | 545.3 |
Intercompany notes receivable | — |  |  | — |  |  | 3,505.6 |  |  | (3,505.6 | ) |  | — |
Inventories, net | — |  |  | 207.9 |  |  | 968.2 |  |  | — |  |  | 1,176.1 |
Prepaid expenses and other current assets | 6.6 |  |  | 4.5 |  |  | 41.6 |  |  | — |  |  | 52.7 |
Total current assets | 8.9 |  |  | 367.5 |  |  | 5,044.9 |  |  | (3,505.6 | ) |  | 1,915.7 |
Property, plant and equipment, net | 0.9 |  |  | 1,581.6 |  |  | 913.2 |  |  | — |  |  | 2,495.7 |
Goodwill | — |  |  | — |  |  | 531.4 |  |  | — |  |  | 531.4 |
Intercompany notes receivable | — |  |  | — |  |  | 200.0 |  |  | (200.0 | ) |  | — |
Investment in subsidiaries | 5,645.6 |  |  | 37.7 |  |  | — |  |  | (5,683.3 | ) |  | — |
Other assets | 25.4 |  |  | 18.0 |  |  | 199.2 |  |  | — |  |  | 242.6 |
Total assets | $ | 5,680.8 |  |  | $ | 2,004.8 |  |  | $ | 6,888.7 |  |  | $ | (9,388.9 | ) |  | $ | 5,185.4 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 3.0 |  |  | $ | 180.3 |  |  | $ | 236.8 |  |  | $ | — |  |  | $ | 420.1 |
Accrued liabilities | 54.1 |  |  | 88.5 |  |  | 139.8 |  |  | — |  |  | 282.4 |
Intercompany notes payable | 1,836.5 |  |  | 1,669.1 |  |  | — |  |  | (3,505.6 | ) |  | — |
Short-term debt and current portion of long-term debt | 0.3 |  |  | 0.6 |  |  | 9.2 |  |  | — |  |  | 10.1 |
Total current liabilities | 1,893.9 |  |  | 1,938.5 |  |  | 385.8 |  |  | (3,505.6 | ) |  | 712.6 |
Long-term debt | 1,275.7 |  |  | 150.7 |  |  | 104.2 |  |  | — |  |  | 1,530.6 |
Intercompany notes payable | — |  |  | 200.0 |  |  | — |  |  | (200.0 | ) |  | — |
Accrued postretirement benefits | — |  |  | 250.2 |  |  | 67.6 |  |  | — |  |  | 317.8 |
Pension liabilities | 644.3 |  |  | 4.4 |  |  | 48.3 |  |  | — |  |  | 697.0 |
Deferred income taxes | 9.7 |  |  | — |  |  | — |  |  | — |  |  | 9.7 |
Other long-term liabilities | 12.7 |  |  | 17.2 |  |  | 43.3 |  |  | — |  |  | 73.2 |
Total liabilities | 3,836.3 |  |  | 2,561.0 |  |  | 649.2 |  |  | (3,705.6 | ) |  | 3,340.9 |
Total stockholders’ equity (deficit) | 1,844.5 |  |  | (556.2 | ) |  | 6,239.5 |  |  | (5,683.3 | ) |  | 1,844.5 |
Total liabilities and stockholders’ equity | $ | 5,680.8 |  |  | $ | 2,004.8 |  |  | $ | 6,888.7 |  |  | $ | (9,388.9 | ) |  | $ | 5,185.4 |
Balance Sheets March 31, 2018
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.6 |  |  | $ | 5.2 |  |  | $ | 103.1 |  |  | $ | — |  |  | $ | 109.9 |
Accounts receivable, net | 0.6 |  |  | 164.5 |  |  | 441.3 |  |  | — |  |  | 606.4 |
Intercompany notes receivable | — |  |  | — |  |  | 3,648.8 |  |  | (3,648.8 | ) |  | — |
Short-term contract assets | — |  |  | — |  |  | 38.6 |  |  | — |  |  | 38.6 |
Inventories, net | — |  |  | 188.5 |  |  | 1,022.3 |  |  | — |  |  | 1,210.8 |
Prepaid expenses and other current assets | 5.9 |  |  | 39.3 |  |  | 40.9 |  |  | — |  |  | 86.1 |
Total current assets | 8.1 |  |  | 397.5 |  |  | 5,295.0 |  |  | (3,648.8 | ) |  | 2,051.8 |
Property, plant and equipment, net | 0.9 |  |  | 1,559.8 |  |  | 930.0 |  |  | — |  |  | 2,490.7 |
Goodwill | — |  |  | — |  |  | 534.2 |  |  | — |  |  | 534.2 |
Intercompany notes receivable | — |  |  | — |  |  | 200.0 |  |  | (200.0 | ) |  | — |
Long-term contract assets | — |  |  | — |  |  | 16.1 |  |  | — |  |  | 16.1 |
Investment in subsidiaries | 5,853.1 |  |  | 37.7 |  |  | — |  |  | (5,890.8 | ) |  | — |
Other assets | 27.0 |  |  | 33.5 |  |  | 196.7 |  |  | — |  |  | 257.2 |
Total assets | $ | 5,889.1 |  |  | $ | 2,028.5 |  |  | $ | 7,172.0 |  |  | $ | (9,739.6 | ) |  | $ | 5,350.0 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 3.9 |  |  | $ | 180.9 |  |  | $ | 239.9 |  |  | $ | — |  |  | $ | 424.7 |
Accrued liabilities | 29.8 |  |  | 64.7 |  |  | 110.8 |  |  | — |  |  | 205.3 |
Intercompany notes payable | 1,957.0 |  |  | 1,691.8 |  |  | — |  |  | (3,648.8 | ) |  | — |
Short-term contract liabilities | — |  |  | 29.1 |  |  | 37.1 |  |  | — |  |  | 66.2 |
Short-term debt and current portion of long-term debt | 0.2 |  |  | 0.9 |  |  | 62.6 |  |  | — |  |  | 63.7 |
Total current liabilities | 1,990.9 |  |  | 1,967.4 |  |  | 450.4 |  |  | (3,648.8 | ) |  | 759.9 |
Long-term debt | 1,276.3 |  |  | 151.9 |  |  | 107.1 |  |  | — |  |  | 1,535.3 |
Intercompany notes payable | — |  |  | 200.0 |  |  | — |  |  | (200.0 | ) |  | — |
Accrued postretirement benefits | — |  |  | 247.9 |  |  | 63.5 |  |  | — |  |  | 311.4 |
Pension liabilities | 635.1 |  |  | 4.3 |  |  | 47.8 |  |  | — |  |  | 687.2 |
Deferred income taxes | 10.7 |  |  | — |  |  | — |  |  | — |  |  | 10.7 |
Long-term contract liabilities | — |  |  | — |  |  | 19.7 |  |  | — |  |  | 19.7 |
Other long-term liabilities | 12.8 |  |  | 17.0 |  |  | 32.7 |  |  | — |  |  | 62.5 |
Total liabilities | 3,925.8 |  |  | 2,588.5 |  |  | 721.2 |  |  | (3,848.8 | ) |  | 3,386.7 |
Total stockholders’ equity (deficit) | 1,963.3 |  |  | (560.0 | ) |  | 6,450.8 |  |  | (5,890.8 | ) |  | 1,963.3 |
Total liabilities and stockholders’ equity | $ | 5,889.1 |  |  | $ | 2,028.5 |  |  | $ | 7,172.0 |  |  | $ | (9,739.6 | ) |  | $ | 5,350.0 |
Statements of Operations and Comprehensive Income | Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Income 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 | 4.0 |  |  | 255.6 |  |  | 481.5 |  |  | — |  |  | 741.1 |
Gross profit (loss) | (4.0 | ) |  | 31.6 |  |  | 97.2 |  |  | — |  |  | 124.8 |
Selling and administrative expenses | 20.1 |  |  | 9.5 |  |  | 28.3 |  |  | — |  |  | 57.9 |
Operating income (loss) | (24.1 | ) |  | 22.1 |  |  | 68.9 |  |  | — |  |  | 66.9 |
Nonoperating retirement benefit expense | (8.1 | ) |  | (4.7 | ) |  | (0.8 | ) |  | — |  |  | (13.6 | )
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 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Income and Comprehensive Income For the three months ended March 31, 2018
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 346.4 |  |  | $ | 632.6 |  |  | $ | — |  |  | $ | 979.0 |
Cost of sales | 4.1 |  |  | 323.2 |  |  | 503.1 |  |  | — |  |  | 830.4 |
Gross profit (loss) | (4.1 | ) |  | 23.2 |  |  | 129.5 |  |  | — |  |  | 148.6 |
Selling and administrative expenses | 23.7 |  |  | 10.3 |  |  | 33.1 |  |  | — |  |  | 67.1 |
Operating income (loss) | (27.8 | ) |  | 12.9 |  |  | 96.4 |  |  | — |  |  | 81.5 |
Nonoperating retirement benefit expense | (3.1 | ) |  | (4.9 | ) |  | (0.3 | ) |  | — |  |  | (8.3 | )
Interest income (expense), net | (33.0 | ) |  | (25.7 | ) |  | 33.2 |  |  | — |  |  | (25.5 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 129.4 |  |  | 16.8 |  |  | 0.5 |  |  | (128.9 | ) |  | 17.8 |
Income (loss) before income tax provision (benefit) | 65.5 |  |  | (0.9 | ) |  | 129.8 |  |  | (128.9 | ) |  | 65.5 |
Income tax provision (benefit) | 5.0 |  |  | 0.2 |  |  | 20.2 |  |  | (20.4 | ) |  | 5.0 |
Net income (loss) | 60.5 |  |  | (1.1 | ) |  | 109.6 |  |  | (108.5 | ) |  | 60.5 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Net income (loss) attributable to ATI | $ | 60.5 |  |  | $ | (1.1 | ) |  | $ | 107.1 |  |  | $ | (108.5 | ) |  | $ | 58.0 |
Comprehensive income (loss) attributable to ATI | $ | 103.0 |  |  | $ | 1.3 |  |  | $ | 124.0 |  |  | $ | (134.7 | ) |  | $ | 93.6 |
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, 2018
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities | $ | (51.2 | ) |  | $ | (36.1 | ) |  | $ | 40.2 |  |  | $ | — |  |  | $ | (47.1 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (0.4 | ) |  | (7.3 | ) |  | (33.9 | ) |  | — |  |  | (41.6 | )
Net receipts/(payments) on intercompany activity | — |  |  | — |  |  | (88.1 | ) |  | 88.1 |  |  | — |
Asset disposals and other | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Cash flows provided by (used in) investing activities | (0.4 | ) |  | (7.2 | ) |  | (122.0 | ) |  | 88.1 |  |  | (41.5 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Borrowings on long-term debt | — |  |  | — |  |  | 6.4 |  |  | — |  |  | 6.4 |
Payments on long-term debt and capital leases | (0.1 | ) |  | (0.1 | ) |  | (1.1 | ) |  | — |  |  | (1.3 | )
Net borrowings under credit facilities | — |  |  | — |  |  | 50.9 |  |  | — |  |  | 50.9 |
Net receipts/(payments) on intercompany activity | 57.7 |  |  | 30.4 |  |  | — |  |  | (88.1 | ) |  | — |
Sales to noncontrolling interests | — |  |  | 4.7 |  |  | 2.7 |  |  | — |  |  | 7.4 |
Shares repurchased for income tax withholding on share-based compensation and other | (6.5 | ) |  | — |  |  | — |  |  | — |  |  | (6.5 | )
Cash flows provided by (used in) financing activities | 51.1 |  |  | 35.0 |  |  | 58.9 |  |  | (88.1 | ) |  | 56.9 |
Decrease in cash and cash equivalents | $ | (0.5 | ) |  | $ | (8.3 | ) |  | $ | (22.9 | ) |  | $ | — |  |  | $ | (31.7 | )

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