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Debt | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt Debt at March 31, 2020 and December 31, 2019 was as follows (in millions):
| March 31, 2020 |  | December 31, 2019
Allegheny Technologies 5.875% Notes due 2023 (a) | $ | 500.0 |  |  | $ | 500.0 |
Allegheny Technologies 5.875% Notes due 2027 | 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 2024 | 100.0 |  |  | 100.0 |
U.S. revolving credit facility | 300.0 |  |  | — |
Foreign credit facilities | 3.5 |  |  | 4.9 |
Finance leases and other | 21.4 |  |  | 18.8 |
Debt issuance costs | (11.7 | ) |  | (12.3 | )
Total debt | 1,700.7 |  |  | 1,398.9 |
Short-term debt and current portion of long-term debt | 310.7 |  |  | 11.5 |
Total long-term debt | $ | 1,390.0 |  |  | $ | 1,387.4 |
(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 ABL facility, which matures in September 2024, includes a $500 million revolving credit facility, a letter of credit sub-facility of up to $200 million, and a $100 million term loan (Term Loan). The Company also has the ability, through June 30, 2020 and as long as no default or event of default has occurred and is continuing, to borrow an additional term loan of up to $100 million in total, using one or two draws (the Delayed-Draw Term Loan). The Company also has the right to request an increase of up to $200 million in the maximum amount available under the revolving credit facility for the duration of the ABL. The Term Loan has an interest rate of 2.0% plus a LIBOR spread and can be prepaid in increments of $25 million if certain minimum liquidity conditions are satisfied. The Company has a $50 million floating-for-fixed interest rate swap which converts half of the Term Loan to a 4.21% fixed interest rate. The swap matures in June 2024. The applicable interest rate for revolving credit borrowings under the ABL facility includes interest rate spreads based on available borrowing capacity that range between 1.25% and 1.75% for LIBOR-based borrowings and between 0.25% and 0.75% 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) 12.5% of the then applicable maximum borrowing amount under the revolving credit portion of the ABL and any outstanding Term Loan balance, or (ii) $62.5 million. The Company was in compliance with the fixed charge coverage ratio covenant at March 31, 2020. Additionally, the Company must demonstrate minimum liquidity, as calculated in accordance with the terms of the ABL facility, during the 90-day period immediately preceding the stated maturity date of the 4.75% Convertible Notes due 2022 and the 5.875% Notes due 2023. As of March 31, 2020, there were $300.0 million of outstanding borrowings under the revolving portion of the ABL facility, and $35.3 million was utilized to support the issuance of letters of credit. There were average revolving credit borrowings of $53 million bearing an average annual interest rate of 2.6% under the ABL facility for the first quarter of 2020, and no average revolving credit borrowings for the first quarter of 2019.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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