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v3.19.1

Financial Information for Subsidiary and Guarantor Parent (Tables) | 3 Months Ended
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Mar. 31, 2019
Condensed Statement of Income Captions [Line Items] |
Balance Sheets | Balance Sheets March 31, 2019
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 0.3 |  |  | $ | 12.5 |  |  | $ | 204.2 |  |  | $ | — |  |  | $ | 217.0 |
Accounts receivable, net | — |  |  | 157.0 |  |  | 408.1 |  |  | — |  |  | 565.1 |
Intercompany notes receivable | — |  |  | — |  |  | 4,158.6 |  |  | (4,158.6 | ) |  | — |
Short-term contract assets | — |  |  | — |  |  | 48.7 |  |  | — |  |  | 48.7 |
Inventories, net | — |  |  | 250.4 |  |  | 1,004.0 |  |  | — |  |  | 1,254.4 |
Prepaid expenses and other current assets | 7.0 |  |  | 47.7 |  |  | 38.0 |  |  | — |  |  | 92.7 |
Total current assets | 7.3 |  |  | 467.6 |  |  | 5,861.6 |  |  | (4,158.6 | ) |  | 2,177.9 |
Property, plant and equipment, net | 2.7 |  |  | 1,538.0 |  |  | 930.0 |  |  | — |  |  | 2,470.7 |
Goodwill | — |  |  | — |  |  | 536.8 |  |  | — |  |  | 536.8 |
Intercompany notes receivable | — |  |  | — |  |  | 200.0 |  |  | (200.0 | ) |  | — |
Investment in subsidiaries | 6,183.1 |  |  | 37.7 |  |  | — |  |  | (6,220.8 | ) |  | — |
Other assets | 43.0 |  |  | 54.1 |  |  | 208.5 |  |  | — |  |  | 305.6 |
Total assets | $ | 6,236.1 |  |  | $ | 2,097.4 |  |  | $ | 7,736.9 |  |  | $ | (10,579.4 | ) |  | $ | 5,491.0 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 5.1 |  |  | $ | 174.7 |  |  | $ | 275.5 |  |  | $ | — |  |  | $ | 455.3 |
Accrued liabilities | 27.3 |  |  | 74.8 |  |  | 118.3 |  |  | — |  |  | 220.4 |
Intercompany notes payable | 2,186.7 |  |  | 1,971.9 |  |  | — |  |  | (4,158.6 | ) |  | — |
Short-term contract liabilities | — |  |  | 50.3 |  |  | 27.6 |  |  | — |  |  | 77.9 |
Short-term debt and current portion of long-term debt | 0.4 |  |  | 0.1 |  |  | 5.9 |  |  | — |  |  | 6.4 |
Total current liabilities | 2,219.5 |  |  | 2,271.8 |  |  | 427.3 |  |  | (4,158.6 | ) |  | 760.0 |
Long-term debt | 1,280.1 |  |  | 149.7 |  |  | 106.4 |  |  | — |  |  | 1,536.2 |
Intercompany notes payable | — |  |  | 200.0 |  |  | — |  |  | (200.0 | ) |  | — |
Accrued postretirement benefits | — |  |  | 255.4 |  |  | 54.1 |  |  | — |  |  | 309.5 |
Pension liabilities | 653.4 |  |  | 3.8 |  |  | 43.9 |  |  | — |  |  | 701.1 |
Deferred income taxes | 14.5 |  |  | — |  |  | — |  |  | — |  |  | 14.5 |
Other long-term liabilities | 22.0 |  |  | 36.8 |  |  | 64.3 |  |  | — |  |  | 123.1 |
Total liabilities | 4,189.5 |  |  | 2,917.5 |  |  | 696.0 |  |  | (4,358.6 | ) |  | 3,444.4 |
Total stockholders’ equity (deficit) | 2,046.6 |  |  | (820.1 | ) |  | 7,040.9 |  |  | (6,220.8 | ) |  | 2,046.6 |
Total liabilities and stockholders’ equity | $ | 6,236.1 |  |  | $ | 2,097.4 |  |  | $ | 7,736.9 |  |  | $ | (10,579.4 | ) |  | $ | 5,491.0 |
Balance Sheets December 31, 2018
| Guarantor |  |  |  | Non-guarantor |  |  |  |
(In millions) | Parent |  | Subsidiary |  | Subsidiaries |  | Eliminations |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 0.1 |  |  | $ | 10.8 |  |  | $ | 371.1 |  |  | $ | — |  |  | $ | 382.0 |
Accounts receivable, net | — |  |  | 126.3 |  |  | 401.5 |  |  | — |  |  | 527.8 |
Intercompany notes receivable | — |  |  | — |  |  | 3,968.8 |  |  | (3,968.8 | ) |  | — |
Short-term contract assets | — |  |  | — |  |  | 51.2 |  |  | — |  |  | 51.2 |
Inventories, net | — |  |  | 216.1 |  |  | 995.0 |  |  | — |  |  | 1,211.1 |
Prepaid expenses and other current assets | 12.9 |  |  | 29.3 |  |  | 32.4 |  |  | — |  |  | 74.6 |
Total current assets | 13.0 |  |  | 382.5 |  |  | 5,820.0 |  |  | (3,968.8 | ) |  | 2,246.7 |
Property, plant and equipment, net | 1.7 |  |  | 1,548.4 |  |  | 924.9 |  |  | — |  |  | 2,475.0 |
Goodwill | — |  |  | — |  |  | 534.7 |  |  | — |  |  | 534.7 |
Intercompany notes receivable | — |  |  | — |  |  | 200.0 |  |  | (200.0 | ) |  | — |
Investment in subsidiaries | 6,096.4 |  |  | 37.7 |  |  | — |  |  | (6,134.1 | ) |  | — |
Other assets | 35.6 |  |  | 30.7 |  |  | 179.1 |  |  | — |  |  | 245.4 |
Total assets | $ | 6,146.7 |  |  | $ | 1,999.3 |  |  | $ | 7,658.7 |  |  | $ | (10,302.9 | ) |  | $ | 5,501.8 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 3.3 |  |  | $ | 177.5 |  |  | $ | 318.0 |  |  | $ | — |  |  | $ | 498.8 |
Accrued liabilities | 59.1 |  |  | 71.7 |  |  | 129.3 |  |  | — |  |  | 260.1 |
Intercompany notes payable | 2,102.8 |  |  | 1,866.0 |  |  | — |  |  | (3,968.8 | ) |  | — |
Short-term contract liabilities | — |  |  | 33.0 |  |  | 38.4 |  |  | — |  |  | 71.4 |
Short-term debt and current portion of long-term debt | 0.2 |  |  | 0.7 |  |  | 5.7 |  |  | — |  |  | 6.6 |
Total current liabilities | 2,165.4 |  |  | 2,148.9 |  |  | 491.4 |  |  | (3,968.8 | ) |  | 836.9 |
Long-term debt | 1,278.8 |  |  | 151.8 |  |  | 104.9 |  |  | — |  |  | 1,535.5 |
Intercompany notes payable | — |  |  | 200.0 |  |  | — |  |  | (200.0 | ) |  | — |
Accrued postretirement benefits | — |  |  | 259.2 |  |  | 59.2 |  |  | — |  |  | 318.4 |
Pension liabilities | 681.6 |  |  | 4.0 |  |  | 44.4 |  |  | — |  |  | 730.0 |
Deferred income taxes | 12.9 |  |  | — |  |  | — |  |  | — |  |  | 12.9 |
Other long-term liabilities | 16.4 |  |  | 17.6 |  |  | 42.5 |  |  | — |  |  | 76.5 |
Total liabilities | 4,155.1 |  |  | 2,781.5 |  |  | 742.4 |  |  | (4,168.8 | ) |  | 3,510.2 |
Total stockholders’ equity (deficit) | 1,991.6 |  |  | (782.2 | ) |  | 6,916.3 |  |  | (6,134.1 | ) |  | 1,991.6 |
Total liabilities and stockholders’ equity | $ | 6,146.7 |  |  | $ | 1,999.3 |  |  | $ | 7,658.7 |  |  | $ | (10,302.9 | ) |  | $ | 5,501.8 |
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, 2019
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 335.5 |  |  | $ | 669.3 |  |  | $ | — |  |  | $ | 1,004.8 |
Cost of sales | 3.2 |  |  | 318.4 |  |  | 552.1 |  |  | — |  |  | 873.7 |
Gross profit (loss) | (3.2 | ) |  | 17.1 |  |  | 117.2 |  |  | — |  |  | 131.1 |
Selling and administrative expenses | 30.4 |  |  | 7.4 |  |  | 30.2 |  |  | — |  |  | 68.0 |
Operating income (loss) | (33.6 | ) |  | 9.7 |  |  | 87.0 |  |  | — |  |  | 63.1 |
Nonoperating retirement benefit expense | (11.7 | ) |  | (6.2 | ) |  | (0.4 | ) |  | — |  |  | (18.3 | )
Interest income (expense), net | (37.9 | ) |  | (33.9 | ) |  | 47.0 |  |  | — |  |  | (24.8 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 100.3 |  |  | (2.9 | ) |  | (0.4 | ) |  | (99.9 | ) |  | (2.9 | )
Income (loss) before income tax provision (benefit) | 17.1 |  |  | (33.3 | ) |  | 133.2 |  |  | (99.9 | ) |  | 17.1 |
Income tax provision (benefit) | 0.8 |  |  | (8.0 | ) |  | 29.9 |  |  | (21.9 | ) |  | 0.8 |
Net income (loss) | 16.3 |  |  | (25.3 | ) |  | 103.3 |  |  | (78.0 | ) |  | 16.3 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 1.3 |  |  | — |  |  | 1.3 |
Net income (loss) attributable to ATI | $ | 16.3 |  |  | $ | (25.3 | ) |  | $ | 102.0 |  |  | $ | (78.0 | ) |  | $ | 15.0 |
Comprehensive income (loss) attributable to ATI | $ | 59.8 |  |  | $ | (22.1 | ) |  | $ | 107.8 |  |  | $ | (92.2 | ) |  | $ | 53.3 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations 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, 2019
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities | $ | (53.5 | ) |  | $ | (115.8 | ) |  | $ | 39.3 |  |  | $ | — |  |  | $ | (130.0 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (0.3 | ) |  | (2.4 | ) |  | (20.8 | ) |  | — |  |  | (23.5 | )
Net receipts/(payments) on intercompany activity | — |  |  | — |  |  | (184.0 | ) |  | 184.0 |  |  | — |
Asset disposals and other | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | )
Cash flows provided by (used in) investing activities | (0.4 | ) |  | (2.4 | ) |  | (204.8 | ) |  | 184.0 |  |  | (23.6 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Payments on long-term debt and finance leases | (0.1 | ) |  | — |  |  | (1.4 | ) |  | — |  |  | (1.5 | )
Net receipts/(payments) on intercompany activity | 64.1 |  |  | 119.9 |  |  | — |  |  | (184.0 | ) |  | — |
Shares repurchased for income tax withholding on share-based compensation and other | (9.9 | ) |  | — |  |  | — |  |  | — |  |  | (9.9 | )
Cash flows provided by (used in) financing activities | 54.1 |  |  | 119.9 |  |  | (1.4 | ) |  | (184.0 | ) |  | (11.4 | )
Increase (decrease) in cash and cash equivalents | $ | 0.2 |  |  | $ | 1.7 |  |  | $ | (166.9 | ) |  | $ | — |  |  | $ | (165.0 | )
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 finance 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 | ) |  | — |
Sale to noncontrolling interests | — |  |  | 4.7 |  |  | 2.7 |  |  | — |  |  | 7.4 |
Shares repurchased for income tax withholding on share-based compensation | (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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