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Financial Information for Subsidiary and Guarantor Parent (Tables) | 6 Months Ended
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Jun. 30, 2019
Condensed Statement of Income Captions [Line Items] |
Balance Sheets | Balance Sheets June 30, 2019
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 7.4 |  |  | $ | 7.7 |  |  | $ | 266.1 |  |  | $ | — |  |  | $ | 281.2 |
Accounts receivable, net | — |  |  | 151.6 |  |  | 429.8 |  |  | — |  |  | 581.4 |
Intercompany notes receivable | — |  |  | — |  |  | 4,330.2 |  |  | (4,330.2 | ) |  | — |
Short-term contract assets | — |  |  | — |  |  | 40.9 |  |  | — |  |  | 40.9 |
Inventories, net | — |  |  | 265.2 |  |  | 952.3 |  |  | — |  |  | 1,217.5 |
Prepaid expenses and other current assets | 6.5 |  |  | 60.7 |  |  | 73.2 |  |  | — |  |  | 140.4 |
Total current assets | 13.9 |  |  | 485.2 |  |  | 6,092.5 |  |  | (4,330.2 | ) |  | 2,261.4 |
Property, plant and equipment, net | 3.1 |  |  | 1,533.4 |  |  | 868.4 |  |  | — |  |  | 2,404.9 |
Goodwill | — |  |  | — |  |  | 524.8 |  |  | — |  |  | 524.8 |
Intercompany notes receivable | — |  |  | — |  |  | 200.0 |  |  | (200.0 | ) |  | — |
Investment in subsidiaries | 6,367.3 |  |  | 37.7 |  |  | — |  |  | (6,405.0 | ) |  | — |
Other assets | 55.0 |  |  | 55.2 |  |  | 248.0 |  |  | — |  |  | 358.2 |
Total assets | $ | 6,439.3 |  |  | $ | 2,111.5 |  |  | $ | 7,933.7 |  |  | $ | (10,935.2 | ) |  | $ | 5,549.3 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 6.0 |  |  | $ | 154.2 |  |  | $ | 260.4 |  |  | $ | — |  |  | $ | 420.6 |
Intercompany notes payable | 2,300.7 |  |  | 2,029.5 |  |  | — |  |  | (4,330.2 | ) |  | — |
Short-term contract liabilities | — |  |  | 48.0 |  |  | 21.3 |  |  | — |  |  | 69.3 |
Short-term debt and current portion of long-term debt | 0.5 |  |  | — |  |  | 11.0 |  |  | — |  |  | 11.5 |
Other current liabilities | 53.6 |  |  | 71.6 |  |  | 132.6 |  |  | — |  |  | 257.8 |
Total current liabilities | 2,360.8 |  |  | 2,303.3 |  |  | 425.3 |  |  | (4,330.2 | ) |  | 759.2 |
Long-term debt | 1,281.1 |  |  | 149.7 |  |  | 106.3 |  |  | — |  |  | 1,537.1 |
Intercompany notes payable | — |  |  | 200.0 |  |  | — |  |  | (200.0 | ) |  | — |
Accrued postretirement benefits | — |  |  | 254.8 |  |  | 50.6 |  |  | — |  |  | 305.4 |
Pension liabilities | 622.5 |  |  | 3.7 |  |  | 43.4 |  |  | — |  |  | 669.6 |
Deferred income taxes | 15.1 |  |  | — |  |  | — |  |  | — |  |  | 15.1 |
Other long-term liabilities | 21.2 |  |  | 35.8 |  |  | 67.3 |  |  | — |  |  | 124.3 |
Total liabilities | 4,300.7 |  |  | 2,947.3 |  |  | 692.9 |  |  | (4,530.2 | ) |  | 3,410.7 |
Total stockholders’ equity (deficit) | 2,138.6 |  |  | (835.8 | ) |  | 7,240.8 |  |  | (6,405.0 | ) |  | 2,138.6 |
Total liabilities and stockholders’ equity | $ | 6,439.3 |  |  | $ | 2,111.5 |  |  | $ | 7,933.7 |  |  | $ | (10,935.2 | ) |  | $ | 5,549.3 |
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 |
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 |
Other current liabilities | 59.1 |  |  | 71.7 |  |  | 129.3 |  |  | — |  |  | 260.1 |
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 June 30, 2019
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 366.7 |  |  | $ | 713.7 |  |  | $ | — |  |  | $ | 1,080.4 |
Cost of sales | 2.9 |  |  | 327.5 |  |  | 572.3 |  |  | — |  |  | 902.7 |
Gross profit (loss) | (2.9 | ) |  | 39.2 |  |  | 141.4 |  |  | — |  |  | 177.7 |
Selling and administrative expenses | 28.9 |  |  | 8.0 |  |  | 30.8 |  |  | — |  |  | 67.7 |
Operating income (loss) | (31.8 | ) |  | 31.2 |  |  | 110.6 |  |  | — |  |  | 110.0 |
Nonoperating retirement benefit expense | (11.8 | ) |  | (6.1 | ) |  | (0.5 | ) |  | — |  |  | (18.4 | )
Interest income (expense), net | (38.2 | ) |  | (34.3 | ) |  | 46.6 |  |  | — |  |  | (25.9 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 166.1 |  |  | (3.7 | ) |  | 21.8 |  |  | (165.6 | ) |  | 18.6 |
Income (loss) before income tax provision (benefit) | 84.3 |  |  | (12.9 | ) |  | 178.5 |  |  | (165.6 | ) |  | 84.3 |
Income tax provision (benefit) | 5.8 |  |  | (3.1 | ) |  | 27.2 |  |  | (24.1 | ) |  | 5.8 |
Net income (loss) | 78.5 |  |  | (9.8 | ) |  | 151.3 |  |  | (141.5 | ) |  | 78.5 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Net income (loss) attributable to ATI | $ | 78.5 |  |  | $ | (9.8 | ) |  | $ | 147.9 |  |  | $ | (141.5 | ) |  | $ | 75.1 |
Comprehensive income (loss) attributable to ATI | $ | 86.0 |  |  | $ | (6.7 | ) |  | $ | 143.2 |  |  | $ | (136.3 | ) |  | $ | 86.2 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Income and Comprehensive Income For the six months ended June 30, 2019
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 702.2 |  |  | $ | 1,383.0 |  |  | $ | — |  |  | $ | 2,085.2 |
Cost of sales | 6.1 |  |  | 645.9 |  |  | 1,124.4 |  |  | — |  |  | 1,776.4 |
Gross profit (loss) | (6.1 | ) |  | 56.3 |  |  | 258.6 |  |  | — |  |  | 308.8 |
Selling and administrative expenses | 59.3 |  |  | 15.4 |  |  | 61.0 |  |  | — |  |  | 135.7 |
Operating income (loss) | (65.4 | ) |  | 40.9 |  |  | 197.6 |  |  | — |  |  | 173.1 |
Nonoperating retirement benefit expense | (23.5 | ) |  | (12.3 | ) |  | (0.9 | ) |  | — |  |  | (36.7 | )
Interest income (expense), net | (76.1 | ) |  | (68.2 | ) |  | 93.6 |  |  | — |  |  | (50.7 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 266.4 |  |  | (6.6 | ) |  | 21.4 |  |  | (265.5 | ) |  | 15.7 |
Income (loss) before income tax provision (benefit) | 101.4 |  |  | (46.2 | ) |  | 311.7 |  |  | (265.5 | ) |  | 101.4 |
Income tax provision (benefit) | 6.6 |  |  | (11.1 | ) |  | 57.1 |  |  | (46.0 | ) |  | 6.6 |
Net income (loss) | 94.8 |  |  | (35.1 | ) |  | 254.6 |  |  | (219.5 | ) |  | 94.8 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 4.7 |  |  | — |  |  | 4.7 |
Net income (loss) attributable to ATI | $ | 94.8 |  |  | $ | (35.1 | ) |  | $ | 249.9 |  |  | $ | (219.5 | ) |  | $ | 90.1 |
Comprehensive income (loss) attributable to ATI | $ | 145.8 |  |  | $ | (28.8 | ) |  | $ | 251.0 |  |  | $ | (228.5 | ) |  | $ | 139.5 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations and Comprehensive Income For the three months ended June 30, 2018
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 343.2 |  |  | $ | 666.3 |  |  | $ | — |  |  | $ | 1,009.5 |
Cost of sales | 3.9 |  |  | 323.3 |  |  | 508.6 |  |  | — |  |  | 835.8 |
Gross profit (loss) | (3.9 | ) |  | 19.9 |  |  | 157.7 |  |  | — |  |  | 173.7 |
Selling and administrative expenses | 24.4 |  |  | 7.6 |  |  | 30.7 |  |  | — |  |  | 62.7 |
Operating income (loss) | (28.3 | ) |  | 12.3 |  |  | 127.0 |  |  | — |  |  | 111.0 |
Nonoperating retirement benefit expense | (3.5 | ) |  | (4.8 | ) |  | (0.5 | ) |  | — |  |  | (8.8 | )
Interest income (expense), net | (34.2 | ) |  | (28.1 | ) |  | 36.8 |  |  | — |  |  | (25.5 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 146.5 |  |  | 2.3 |  |  | 0.2 |  |  | (145.2 | ) |  | 3.8 |
Income (loss) before income tax provision (benefit) | 80.5 |  |  | (18.3 | ) |  | 163.5 |  |  | (145.2 | ) |  | 80.5 |
Income tax provision (benefit) | 4.9 |  |  | (4.5 | ) |  | 24.9 |  |  | (20.4 | ) |  | 4.9 |
Net income (loss) | 75.6 |  |  | (13.8 | ) |  | 138.6 |  |  | (124.8 | ) |  | 75.6 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 2.8 |  |  | — |  |  | 2.8 |
Net income (loss) attributable to ATI | $ | 75.6 |  |  | $ | (13.8 | ) |  | $ | 135.8 |  |  | $ | (124.8 | ) |  | $ | 72.8 |
Comprehensive income (loss) attributable to ATI | $ | 73.1 |  |  | $ | (11.5 | ) |  | $ | 112.8 |  |  | $ | (101.0 | ) |  | $ | 73.4 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations and Comprehensive Income For the six months ended June 30, 2018
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales | $ | — |  |  | $ | 689.6 |  |  | $ | 1,298.9 |  |  | $ | — |  |  | $ | 1,988.5 |
Cost of sales | 8.0 |  |  | 646.5 |  |  | 1,011.7 |  |  | — |  |  | 1,666.2 |
Gross profit (loss) | (8.0 | ) |  | 43.1 |  |  | 287.2 |  |  | — |  |  | 322.3 |
Selling and administrative expenses | 48.1 |  |  | 17.9 |  |  | 63.8 |  |  | — |  |  | 129.8 |
Operating income (loss) | (56.1 | ) |  | 25.2 |  |  | 223.4 |  |  | — |  |  | 192.5 |
Nonoperating retirement benefit expense | (6.6 | ) |  | (9.7 | ) |  | (0.8 | ) |  | — |  |  | (17.1 | )
Interest income (expense), net | (67.2 | ) |  | (53.8 | ) |  | 70.0 |  |  | — |  |  | (51.0 | )
Other income (loss) including equity in income of unconsolidated subsidiaries | 275.9 |  |  | 19.1 |  |  | 0.7 |  |  | (274.1 | ) |  | 21.6 |
Income (loss) before income tax provision (benefit) | 146.0 |  |  | (19.2 | ) |  | 293.3 |  |  | (274.1 | ) |  | 146.0 |
Income tax provision (benefit) | 9.9 |  |  | (4.3 | ) |  | 45.1 |  |  | (40.8 | ) |  | 9.9 |
Net income (loss) | 136.1 |  |  | (14.9 | ) |  | 248.2 |  |  | (233.3 | ) |  | 136.1 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 5.3 |  |  | — |  |  | 5.3 |
Net income (loss) attributable to ATI | $ | 136.1 |  |  | $ | (14.9 | ) |  | $ | 242.9 |  |  | $ | (233.3 | ) |  | $ | 130.8 |
Comprehensive income (loss) attributable to ATI | $ | 176.1 |  |  | $ | (10.2 | ) |  | $ | 236.8 |  |  | $ | (235.7 | ) |  | $ | 167.0 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows For the six months ended June 30, 2019
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities | $ | (56.2 | ) |  | $ | (186.9 | ) |  | $ | 138.7 |  |  | $ | — |  |  | $ | (104.4 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (0.5 | ) |  | (8.1 | ) |  | (42.7 | ) |  | — |  |  | (51.3 | )
Net receipts/(payments) on intercompany activity | — |  |  | — |  |  | (266.1 | ) |  | 266.1 |  |  | — |
Proceeds from sale of businesses, net of transaction costs | — |  |  | — |  |  | 33.4 |  |  | — |  |  | 33.4 |
Proceeds from disposal of property, plant and equipment | — |  |  | — |  |  | 29.4 |  |  | — |  |  | 29.4 |
Other | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | )
Cash flows provided by (used in) investing activities | (0.6 | ) |  | (8.1 | ) |  | (246.0 | ) |  | 266.1 |  |  | 11.4 |
Financing Activities: |  |  |  |  |  |  |  |  |
Payments on long-term debt and finance leases | (0.2 | ) |  | — |  |  | (3.1 | ) |  | — |  |  | (3.3 | )
Net borrowings under credit facilities | — |  |  | — |  |  | 5.4 |  |  | — |  |  | 5.4 |
Net receipts/(payments) on intercompany activity | 74.2 |  |  | 191.9 |  |  | — |  |  | (266.1 | ) |  | — |
Shares repurchased for income tax withholding on share-based compensation and other | (9.9 | ) |  | — |  |  | — |  |  | — |  |  | (9.9 | )
Cash flows provided by (used in) financing activities | 64.1 |  |  | 191.9 |  |  | 2.3 |  |  | (266.1 | ) |  | (7.8 | )
Increase (decrease) in cash and cash equivalents | $ | 7.3 |  |  | $ | (3.1 | ) |  | $ | (105.0 | ) |  | $ | — |  |  | $ | (100.8 | )
Condensed Statements of Cash Flows For the six months ended June 30, 2018
(In millions) | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities | $ | (54.2 | ) |  | $ | (137.9 | ) |  | $ | 227.1 |  |  | $ | — |  |  | $ | 35.0 |
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (1.0 | ) |  | (14.4 | ) |  | (55.2 | ) |  | — |  |  | (70.6 | )
Net receipts/(payments) on intercompany activity | — |  |  | — |  |  | (197.1 | ) |  | 197.1 |  |  | — |
Proceeds from disposal of property, plant and equipment | — |  |  | 0.9 |  |  | 0.1 |  |  | — |  |  | 1.0 |
Other | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Cash flows provided by (used in) investing activities | (1.0 | ) |  | (13.5 | ) |  | (252.4 | ) |  | 197.1 |  |  | (69.8 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Borrowings on long-term debt | — |  |  | — |  |  | 7.1 |  |  | — |  |  | 7.1 |
Payments on long-term debt and finance leases | (0.1 | ) |  | (0.2 | ) |  | (2.5 | ) |  | — |  |  | (2.8 | )
Net borrowings under credit facilities | — |  |  | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Net receipts/(payments) on intercompany activity | 61.6 |  |  | 135.5 |  |  | — |  |  | (197.1 | ) |  | — |
Sale to noncontrolling interests | — |  |  | 11.7 |  |  | 2.7 |  |  | — |  |  | 14.4 |
Shares repurchased for income tax withholding on share-based compensation | (6.5 | ) |  | — |  |  | — |  |  | — |  |  | (6.5 | )
Cash flows provided by (used in) financing activities | 55.0 |  |  | 147.0 |  |  | 10.7 |  |  | (197.1 | ) |  | 15.6 |
Decrease in cash and cash equivalents | $ | (0.2 | ) |  | $ | (4.4 | ) |  | $ | (14.6 | ) |  | $ | — |  |  | $ | (19.2 | )

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