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Financial Information for Subsidiary and Guarantor Parent | 12 Months Ended
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Dec. 31, 2019
Financial Information for Subsidiary and Guarantor Parent [Abstract] |
Financial Information for Subsidiary and Guarantor Parent | Financial Information for Subsidiary and Guarantor Parent The payment obligations under the $150.0 million 6.95% Debentures due 2025 issued by Allegheny Ludlum, LLC (formerly known as Allegheny Ludlum Corporation) (the “Subsidiary”) are fully and unconditionally guaranteed by ATI (the “Guarantor Parent”). In accordance with positions established by the U.S. Securities and Exchange Commission, the following financial information sets forth separately financial information with respect to the Subsidiary, the Non-guarantor Subsidiaries and the Guarantor Parent. The principal elimination entries eliminate investments in subsidiaries and certain intercompany balances and transactions. ATI is the plan sponsor for the U.S. qualified defined benefit pension plans, which cover certain current and former employees of the Subsidiary and the Non-guarantor Subsidiaries. As a result, the balance sheets presented for the Subsidiary and the Non-guarantor Subsidiaries do not include any U.S. qualified defined benefit pension assets or liabilities, or the related deferred taxes. These assets, liabilities and related deferred taxes and pension income or expense are recognized by the Guarantor Parent. Management and royalty fees charged to the Subsidiary and to the Non-guarantor Subsidiaries by the Guarantor Parent have been excluded solely for purposes of this presentation. The effects of income tax valuation allowances on U.S. Federal and State deferred tax assets are excluded from the Subsidiary’s financial results, and are reported by the Guarantor Parent or the Non-guarantor Subsidiaries, as applicable. Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Balance Sheets December 31, 2019
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.3 |  |  | $ | 4.2 |  |  | $ | 486.3 |  |  | $ | — |  |  | $ | 490.8 |
Accounts receivable, net |  | — |  |  | 123.7 |  |  | 430.4 |  |  | — |  |  | 554.1 |
Intercompany notes receivable |  | — |  |  | — |  |  | 4,402.8 |  |  | (4,402.8 | ) |  | — |
Short-term contract assets |  | — |  |  | — |  |  | 38.5 |  |  | — |  |  | 38.5 |
Inventories, net |  | — |  |  | 213.0 |  |  | 942.3 |  |  | — |  |  | 1,155.3 |
Prepaid expenses and other current assets |  | 5.6 |  |  | 18.5 |  |  | 40.2 |  |  | — |  |  | 64.3 |
Total current assets |  | 5.9 |  |  | 359.4 |  |  | 6,340.5 |  |  | (4,402.8 | ) |  | 2,303.0 |
Property, plant and equipment, net |  | 6.5 |  |  | 1,539.3 |  |  | 904.3 |  |  | — |  |  | 2,450.1 |
Goodwill |  | — |  |  | — |  |  | 525.8 |  |  | — |  |  | 525.8 |
Intercompany notes receivable |  | — |  |  | — |  |  | 200.0 |  |  | (200.0 | ) |  | — |
Investments in subsidiaries |  | 6,434.3 |  |  | 37.7 |  |  | — |  |  | (6,472.0 | ) |  | — |
Other assets |  | 98.3 |  |  | 83.1 |  |  | 174.3 |  |  | — |  |  | 355.7 |
Total assets |  | $ | 6,545.0 |  |  | $ | 2,019.5 |  |  | $ | 8,144.9 |  |  | $ | (11,074.8 | ) |  | $ | 5,634.6 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 4.6 |  |  | $ | 184.0 |  |  | $ | 332.6 |  |  | $ | — |  |  | $ | 521.2 |
Intercompany notes payable |  | 2,457.1 |  |  | 1,945.7 |  |  | — |  |  | (4,402.8 | ) |  | — |
Short-term contract liabilities |  | — |  |  | 26.4 |  |  | 52.3 |  |  | — |  |  | 78.7 |
Short-term debt and current portion of long-term debt |  | 1.4 |  |  | 0.2 |  |  | 9.9 |  |  | — |  |  | 11.5 |
Other current liabilities |  | 51.5 |  |  | 68.1 |  |  | 118.2 |  |  | — |  |  | 237.8 |
Total current liabilities |  | 2,514.6 |  |  | 2,224.4 |  |  | 513.0 |  |  | (4,402.8 | ) |  | 849.2 |
Long-term debt |  | 1,130.1 |  |  | 150.4 |  |  | 106.9 |  |  | — |  |  | 1,387.4 |
Intercompany notes payable |  | — |  |  | 200.0 |  |  | — |  |  | (200.0 | ) |  | — |
Accrued postretirement benefits |  | — |  |  | 261.2 |  |  | 51.3 |  |  | — |  |  | 312.5 |
Pension liabilities |  | 678.8 |  |  | 3.8 |  |  | 48.9 |  |  | — |  |  | 731.5 |
Other long-term liabilities |  | 28.3 |  |  | 44.1 |  |  | 88.4 |  |  | — |  |  | 160.8 |
Total liabilities |  | 4,351.8 |  |  | 2,883.9 |  |  | 808.5 |  |  | (4,602.8 | ) |  | 3,441.4 |
Total stockholders’ equity (deficit) |  | 2,193.2 |  |  | (864.4 | ) |  | 7,336.4 |  |  | (6,472.0 | ) |  | 2,193.2 |
Total liabilities and stockholders’ equity |  | $ | 6,545.0 |  |  | $ | 2,019.5 |  |  | $ | 8,144.9 |  |  | $ | (11,074.8 | ) |  | $ | 5,634.6 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations For the year ended December 31, 2019
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales |  | $ | — |  |  | $ | 1,429.0 |  |  | $ | 2,693.5 |  |  | $ | — |  |  | $ | 4,122.5 |
Cost of sales |  | 13.5 |  |  | 1,302.8 |  |  | 2,168.4 |  |  | — |  |  | 3,484.7 |
Gross profit (loss) |  | (13.5 | ) |  | 126.2 |  |  | 525.1 |  |  | — |  |  | 637.8 |
Selling and administrative expenses |  | 116.5 |  |  | 33.2 |  |  | 117.5 |  |  | — |  |  | 267.2 |
Restructuring charges |  | 4.5 |  |  | — |  |  | — |  |  | — |  |  | 4.5 |
Operating income (loss) |  | (134.5 | ) |  | 93.0 |  |  | 407.6 |  |  | — |  |  | 366.1 |
Nonoperating retirement benefit expense |  | (47.5 | ) |  | (24.7 | ) |  | (1.4 | ) |  | — |  |  | (73.6 | )
Interest income (expense), net |  | (148.2 | ) |  | (131.6 | ) |  | 180.8 |  |  | — |  |  | (99.0 | )
Debt extinguishment charge |  | (21.6 | ) |  | — |  |  | — |  |  | — |  |  | (21.6 | )
Other income (expense) including equity in income of unconsolidated subsidiaries |  | 593.4 |  |  | (22.0 | ) |  | 90.2 |  |  | (591.9 | ) |  | 69.7 |
Income (loss) before income taxes |  | 241.6 |  |  | (85.3 | ) |  | 677.2 |  |  | (591.9 | ) |  | 241.6 |
Income tax provision (benefit) |  | (28.5 | ) |  | (18.3 | ) |  | 115.6 |  |  | (97.3 | ) |  | (28.5 | )
Net income (loss) |  | 270.1 |  |  | (67.0 | ) |  | 561.6 |  |  | (494.6 | ) |  | 270.1 |
Less: Net income attributable to noncontrolling interest |  | — |  |  | — |  |  | 12.5 |  |  | — |  |  | 12.5 |
Net income (loss) attributable to ATI |  | $ | 270.1 |  |  | $ | (67.0 | ) |  | $ | 549.1 |  |  | $ | (494.6 | ) |  | $ | 257.6 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Comprehensive Income (Loss) For the year ended December 31, 2019
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) |  | $ | 270.1 |  |  | $ | (67.0 | ) |  | $ | 561.6 |  |  | $ | (494.6 | ) |  | $ | 270.1 |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |
Currency translation adjustment arising during the period |  | (4.0 | ) |  | — |  |  | (4.0 | ) |  | 4.0 |  |  | (4.0 | )
Net derivative gain on hedge transactions |  | 10.3 |  |  | — |  |  | — |  |  | — |  |  | 10.3 |
Pension and postretirement benefits |  | (75.5 | ) |  | 3.8 |  |  | (15.2 | ) |  | 11.4 |  |  | (75.5 | )
Other comprehensive income (loss), net of tax |  | (69.2 | ) |  | 3.8 |  |  | (19.2 | ) |  | 15.4 |  |  | (69.2 | )
Comprehensive income (loss) |  | 200.9 |  |  | (63.2 | ) |  | 542.4 |  |  | (479.2 | ) |  | 200.9 |
Less: Comprehensive income attributable to noncontrolling interest |  | — |  |  | — |  |  | 11.2 |  |  | — |  |  | 11.2 |
Comprehensive income (loss) attributable to ATI |  | $ | 200.9 |  |  | $ | (63.2 | ) |  | $ | 531.2 |  |  | $ | (479.2 | ) |  | $ | 189.7 |
Condensed Statements of Cash Flows For the year ended December 31, 2019
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities |  | $ | 16.1 |  |  | $ | (109.1 | ) |  | $ | 344.1 |  |  | $ | (21.0 | ) |  | $ | 230.1 |
Investing Activities: |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (0.7 | ) |  | (33.4 | ) |  | (134.1 | ) |  | — |  |  | (168.2 | )
Net receipts (payments) on intercompany activity |  | — |  |  | — |  |  | (308.0 | ) |  | 308.0 |  |  | — |
Proceeds from disposals of property, plant and equipment |  | — |  |  | 0.1 |  |  | 91.9 |  |  | — |  |  | 92.0 |
Proceeds from sales of businesses, net of transaction costs |  | — |  |  | — |  |  | 158.1 |  |  | — |  |  | 158.1 |
Other |  | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | (0.2 | )
Cash flows provided by (used in) investing activities |  | (0.9 | ) |  | (33.3 | ) |  | (192.1 | ) |  | 308.0 |  |  | 81.7 |
Financing Activities: |  |  |  |  |  |  |  |  |  |
Borrowings on long-term debt |  | 350.0 |  |  | — |  |  | — |  |  | — |  |  | 350.0 |
Payments on long-term debt and finance leases |  | (500.7 | ) |  | (0.2 | ) |  | (6.7 | ) |  | — |  |  | (507.6 | )
Net borrowings under credit facilities |  | — |  |  | — |  |  | 4.9 |  |  | — |  |  | 4.9 |
Debt issuance costs |  | (5.5 | ) |  | — |  |  | — |  |  | — |  |  | (5.5 | )
Debt extinguishment charge |  | (20.9 | ) |  | — |  |  | — |  |  | — |  |  | (20.9 | )
Net receipts (payments) on intercompany activity |  | 172.0 |  |  | 136.0 |  |  | — |  |  | (308.0 | ) |  | — |
Dividends paid to stockholders |  | — |  |  | — |  |  | (21.0 | ) |  | 21.0 |  |  | — |
Dividends paid to noncontrolling interests |  | — |  |  | — |  |  | (14.0 | ) |  | — |  |  | (14.0 | )
Shares repurchased for income tax withholding on share-based compensation and other |  | (9.9 | ) |  | — |  |  | — |  |  | — |  |  | (9.9 | )
Cash flows provided by (used in) financing activities |  | (15.0 | ) |  | 135.8 |  |  | (36.8 | ) |  | (287.0 | ) |  | (203.0 | )
Increase (decrease) in cash and cash equivalents |  | $ | 0.2 |  |  | $ | (6.6 | ) |  | $ | 115.2 |  |  | $ | — |  |  | $ | 108.8 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Balance Sheets December 31, 2018
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor 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 | ) |  | — |
Investments 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 |
Other long-term liabilities |  | 29.3 |  |  | 17.6 |  |  | 42.5 |  |  | — |  |  | 89.4 |
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 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations For the year ended December 31, 2018
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales |  | $ | — |  |  | $ | 1,410.3 |  |  | $ | 2,636.3 |  |  | $ | — |  |  | $ | 4,046.6 |
Cost of sales |  | 16.6 |  |  | 1,302.4 |  |  | 2,097.3 |  |  | — |  |  | 3,416.3 |
Gross profit (loss) |  | (16.6 | ) |  | 107.9 |  |  | 539.0 |  |  | — |  |  | 630.3 |
Selling and administrative expenses |  | 101.7 |  |  | 34.2 |  |  | 132.3 |  |  | — |  |  | 268.2 |
Operating income (loss) |  | (118.3 | ) |  | 73.7 |  |  | 406.7 |  |  | — |  |  | 362.1 |
Nonoperating retirement benefit expense |  | (12.7 | ) |  | (19.5 | ) |  | (1.7 | ) |  | — |  |  | (33.9 | )
Interest income (expense), net |  | (138.8 | ) |  | (114.6 | ) |  | 152.4 |  |  | — |  |  | (101.0 | )
Other income (expense) including equity in income of unconsolidated subsidiaries |  | 517.5 |  |  | 16.8 |  |  | 0.8 |  |  | (514.6 | ) |  | 20.5 |
Income (loss) before income taxes |  | 247.7 |  |  | (43.6 | ) |  | 558.2 |  |  | (514.6 | ) |  | 247.7 |
Income tax provision (benefit) |  | 11.0 |  |  | (8.7 | ) |  | 83.9 |  |  | (75.2 | ) |  | 11.0 |
Net income (loss) |  | 236.7 |  |  | (34.9 | ) |  | 474.3 |  |  | (439.4 | ) |  | 236.7 |
Less: Net income attributable to noncontrolling interest |  | — |  |  | — |  |  | 14.3 |  |  | — |  |  | 14.3 |
Net income (loss) attributable to ATI |  | $ | 236.7 |  |  | $ | (34.9 | ) |  | $ | 460.0 |  |  | $ | (439.4 | ) |  | $ | 222.4 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Comprehensive Income (Loss) For the year ended December 31, 2018
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) |  | $ | 236.7 |  |  | $ | (34.9 | ) |  | $ | 474.3 |  |  | $ | (439.4 | ) |  | $ | 236.7 |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |
Currency translation adjustment arising during the period |  | (26.6 | ) |  | — |  |  | (26.6 | ) |  | 26.6 |  |  | (26.6 | )
Net derivative loss on hedge transactions |  | (18.1 | ) |  | — |  |  | — |  |  | — |  |  | (18.1 | )
Pension and postretirement benefits |  | (67.5 | ) |  | (19.1 | ) |  | 0.7 |  |  | 18.4 |  |  | (67.5 | )
Other comprehensive income (loss), net of tax |  | (112.2 | ) |  | (19.1 | ) |  | (25.9 | ) |  | 45.0 |  |  | (112.2 | )
Comprehensive income (loss) |  | 124.5 |  |  | (54.0 | ) |  | 448.4 |  |  | (394.4 | ) |  | 124.5 |
Less: Comprehensive income attributable to noncontrolling interest |  | — |  |  | — |  |  | 8.1 |  |  | — |  |  | 8.1 |
Comprehensive income (loss) attributable to ATI |  | $ | 124.5 |  |  | $ | (54.0 | ) |  | $ | 440.3 |  |  | $ | (394.4 | ) |  | $ | 116.4 |
Condensed Statements of Cash Flows For the year ended December 31, 2018
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities |  | $ | (107.0 | ) |  | $ | (223.9 | ) |  | $ | 738.7 |  |  | $ | (15.0 | ) |  | $ | 392.8 |
Investing Activities: |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (2.1 | ) |  | (26.2 | ) |  | (110.9 | ) |  | — |  |  | (139.2 | )
Net receipts (payments) on intercompany activity |  | — |  |  | — |  |  | (346.5 | ) |  | 346.5 |  |  | — |
Proceeds from disposal of property, plant and equipment |  | — |  |  | 2.6 |  |  | 0.2 |  |  | — |  |  | 2.8 |
Purchases of businesses |  | — |  |  | — |  |  | (10.0 | ) |  | — |  |  | (10.0 | )
Other |  | 1.3 |  |  | — |  |  | — |  |  | — |  |  | 1.3 |
Cash flows provided by (used in) investing activities |  | (0.8 | ) |  | (23.6 | ) |  | (467.2 | ) |  | 346.5 |  |  | (145.1 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |
Borrowings on long-term debt |  | — |  |  | — |  |  | 7.1 |  |  | — |  |  | 7.1 |
Payments on long-term debt and finance leases |  | (0.2 | ) |  | (0.9 | ) |  | (5.3 | ) |  | — |  |  | (6.4 | )
Net payments under credit facilities |  | — |  |  | — |  |  | (5.9 | ) |  | — |  |  | (5.9 | )
Net receipts (payments) on intercompany activity |  | 112.5 |  |  | 234.0 |  |  | — |  |  | (346.5 | ) |  | — |
Dividends paid to stockholders |  | — |  |  | — |  |  | (15.0 | ) |  | 15.0 |  |  | — |
Dividends paid to noncontrolling interests |  | — |  |  | — |  |  | (10.0 | ) |  | — |  |  | (10.0 | )
Sale of noncontrolling interests |  | — |  |  | 11.7 |  |  | 2.7 |  |  | — |  |  | 14.4 |
Shares repurchased for income tax withholding on share-based compensation and other |  | (6.5 | ) |  | — |  |  | — |  |  | — |  |  | (6.5 | )
Cash flows provided by (used in) financing activities |  | 105.8 |  |  | 244.8 |  |  | (26.4 | ) |  | (331.5 | ) |  | (7.3 | )
Increase (decrease) in cash and cash equivalents |  | $ | (2.0 | ) |  | $ | (2.7 | ) |  | $ | 245.1 |  |  | $ | — |  |  | $ | 240.4 |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations For the year ended December 31, 2017
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Sales |  | $ | — |  |  | $ | 1,178.9 |  |  | $ | 2,346.2 |  |  | $ | — |  |  | $ | 3,525.1 |
Cost of sales |  | 14.6 |  |  | 1,085.5 |  |  | 1,928.0 |  |  | — |  |  | 3,028.1 |
Gross profit (loss) |  | (14.6 | ) |  | 93.4 |  |  | 418.2 |  |  | — |  |  | 497.0 |
Selling and administrative expenses |  | 86.6 |  |  | 36.9 |  |  | 124.5 |  |  | — |  |  | 248.0 |
Impairment of goodwill |  | — |  |  | — |  |  | 114.4 |  |  | — |  |  | 114.4 |
Operating income (loss) |  | (101.2 | ) |  | 56.5 |  |  | 179.3 |  |  | — |  |  | 134.6 |
Nonoperating retirement benefit expense |  | (32.2 | ) |  | (18.7 | ) |  | (3.4 | ) |  | — |  |  | (54.3 | )
Interest income (expense), net |  | (155.8 | ) |  | (90.0 | ) |  | 112.0 |  |  | — |  |  | (133.8 | )
Debt extinguishment charge |  | (37.0 | ) |  | — |  |  | — |  |  | — |  |  | (37.0 | )
Other income (expense) including equity in income of unconsolidated subsidiaries |  | 239.7 |  |  | 1.6 |  |  | 2.4 |  |  | (239.7 | ) |  | 4.0 |
Income (loss) before income taxes |  | (86.5 | ) |  | (50.6 | ) |  | 290.3 |  |  | (239.7 | ) |  | (86.5 | )
Income tax provision (benefit) |  | (6.8 | ) |  | (16.6 | ) |  | 131.4 |  |  | (114.8 | ) |  | (6.8 | )
Net income (loss) |  | (79.7 | ) |  | (34.0 | ) |  | 158.9 |  |  | (124.9 | ) |  | (79.7 | )
Less: Net income attributable to noncontrolling interest |  | — |  |  | — |  |  | 12.2 |  |  | — |  |  | 12.2 |
Net income (loss) attributable to ATI |  | $ | (79.7 | ) |  | $ | (34.0 | ) |  | $ | 146.7 |  |  | $ | (124.9 | ) |  | $ | (91.9 | )
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Comprehensive Income (Loss) For the year ended December 31, 2017
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) |  | $ | (79.7 | ) |  | $ | (34.0 | ) |  | $ | 158.9 |  |  | $ | (124.9 | ) |  | $ | (79.7 | )
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |
Currency translation adjustment arising during the period |  | 39.1 |  |  | — |  |  | 39.1 |  |  | (39.1 | ) |  | 39.1 |
Net derivative gain on hedge transactions |  | 7.1 |  |  | — |  |  | — |  |  | — |  |  | 7.1 |
Pension and postretirement benefits |  | 27.3 |  |  | (5.8 | ) |  | (10.7 | ) |  | 16.5 |  |  | 27.3 |
Other comprehensive income (loss), net of tax |  | 73.5 |  |  | (5.8 | ) |  | 28.4 |  |  | (22.6 | ) |  | 73.5 |
Comprehensive income (loss) |  | (6.2 | ) |  | (39.8 | ) |  | 187.3 |  |  | (147.5 | ) |  | (6.2 | )
Less: Comprehensive income attributable to noncontrolling interest |  | — |  |  | — |  |  | 19.8 |  |  | — |  |  | 19.8 |
Comprehensive income (loss) attributable to ATI |  | $ | (6.2 | ) |  | $ | (39.8 | ) |  | $ | 167.5 |  |  | $ | (147.5 | ) |  | $ | (26.0 | )
Condensed Statements of Cash Flows For the year ended December 31, 2017
(In millions) |  | Guarantor Parent |  | Subsidiary |  | Non-guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities |  | $ | (78.8 | ) |  | $ | (101.5 | ) |  | $ | 214.7 |  |  | $ | (12.0 | ) |  | $ | 22.4 |
Investing Activities: |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (0.9 | ) |  | (38.5 | ) |  | (83.3 | ) |  | — |  |  | (122.7 | )
Net receipts (payments) on intercompany activity |  | — |  |  | — |  |  | (223.9 | ) |  | 223.9 |  |  | — |
Proceeds from disposal of property, plant and equipment |  | — |  |  | 0.1 |  |  | 2.6 |  |  | — |  |  | 2.7 |
Other |  | — |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.4 |
Cash flows provided by (used in) investing activities |  | (0.9 | ) |  | (38.4 | ) |  | (304.2 | ) |  | 223.9 |  |  | (119.6 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |
Borrowings on long-term debt |  | — |  |  | — |  |  | 8.5 |  |  | — |  |  | 8.5 |
Payments on long-terms debt and finance leases |  | (350.4 | ) |  | (0.3 | ) |  | (2.3 | ) |  | — |  |  | (353.0 | )
Net borrowings under credit facilities |  | — |  |  | — |  |  | 1.6 |  |  | — |  |  | 1.6 |
Debt issuance costs |  | — |  |  | — |  |  | (0.8 | ) |  | — |  |  | (0.8 | )
Debt extinguishment charge |  | (35.8 | ) |  | — |  |  | — |  |  | — |  |  | (35.8 | )
Net receipts (payments) on intercompany activity |  | 72.7 |  |  | 151.2 |  |  | — |  |  | (223.9 | ) |  | — |
Issuance of common stock |  | 397.8 |  |  | — |  |  | — |  |  | — |  |  | 397.8 |
Dividends paid to stockholders |  | — |  |  | — |  |  | (12.0 | ) |  | 12.0 |  |  | — |
Dividends paid to noncontrolling interests |  | — |  |  | — |  |  | (8.0 | ) |  | — |  |  | (8.0 | )
Sale to noncontrolling interest |  | — |  |  | — |  |  | 3.7 |  |  | — |  |  | 3.7 |
Shares repurchased for income tax withholding on share-based compensation |  | (4.8 | ) |  | — |  |  | — |  |  | — |  |  | (4.8 | )
Cash flows provided by (used in) financing activities |  | 79.5 |  |  | 150.9 |  |  | (9.3 | ) |  | (211.9 | ) |  | 9.2 |
Increase (decrease) in cash and cash equivalents |  | $ | (0.2 | ) |  | $ | 11.0 |  |  | $ | (98.8 | ) |  | $ | — |  |  | $ | (88.0 | )

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