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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
Accounting Standards Update and Change in Accounting Principle | The following table reflects the effect of the change in the accounting principle on the 2021 consolidated financial statements:
For the Year Ending December 31, 2021 |  | As Computed under LIFO |  | As Computed under Current Cost Method |  | Effect of Change
(dollars in millions, except per share data) |  |  |  |  |  |
Statement of Operations |  |  |  |  |  |
Cost of sales |  | $ | 2,559.2 |  |  | $ | 2,466.6 |  |  | $ | (92.6) |
Gross profit |  | $ | 240.6 |  |  | $ | 333.2 |  |  | $ | 92.6 |
Operating income |  | $ | 25.0 |  |  | $ | 117.6 |  |  | $ | 92.6 |
Income (loss) before income taxes |  | $ | (82.0) |  |  | $ | 10.6 |  |  | $ | 92.6 |
Net loss |  | $ | (108.8) |  |  | $ | (16.2) |  |  | $ | 92.6 |
Net loss attributable to ATI |  | $ | (130.8) |  |  | $ | (38.2) |  |  | $ | 92.6 |
Basic net loss per common share |  | $ | (1.03) |  |  | $ | (0.30) |  |  | $ | 0.73 |
Diluted net loss per common share |  | $ | (1.03) |  |  | $ | (0.30) |  |  | $ | 0.73 |
Statement of Comprehensive Income |  |  |  |  |  |
Net loss |  | $ | (108.8) |  |  | $ | (16.2) |  |  | $ | 92.6 |
Comprehensive income |  | $ | 127.9 |  |  | $ | 220.5 |  |  | $ | 92.6 |
Comprehensive income attributable to ATI |  | $ | 101.1 |  |  | $ | 193.7 |  |  | $ | 92.6 |
Balance Sheet |  |  |  |  |  |
Inventories, net |  | $ | 953.7 |  |  | $ | 1,046.3 |  |  | $ | 92.6 |
Total current assets |  | $ | 2,214.1 |  |  | $ | 2,306.7 |  |  | $ | 92.6 |
Total assets |  | $ | 4,192.6 |  |  | $ | 4,285.2 |  |  | $ | 92.6 |
Retained earnings (deficit) |  | $ | (19.9) |  |  | $ | 72.7 |  |  | $ | 92.6 |
Total ATI stockholders’ equity |  | $ | 593.0 |  |  | $ | 685.6 |  |  | $ | 92.6 |
Total stockholders’ equity |  | $ | 740.1 |  |  | $ | 832.7 |  |  | $ | 92.6 |
Total liabilities and stockholders’ equity |  | $ | 4,192.6 |  |  | $ | 4,285.2 |  |  | $ | 92.6 |
Statement of Cash Flows |  |  |  |  |  |
Net loss |  | $ | (108.8) |  |  | $ | (16.2) |  |  | $ | 92.6 |
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |
Inventories |  | $ | 38.7 |  |  | $ | (53.9) |  |  | $ | (92.6) |
The following tables reflect the impact to the financial statement line items as a result of the change in accounting principle for the prior periods presented in the accompanying financial statements:
For the Year Ending December 31, 2019 |  | As Reported |  | Adjustments |  | As Adjusted
(dollars in millions, except per share data) |  |  |  |  |  |
Statement of Operations |  |  |  |  |  |
Cost of sales |  | $ | 3,484.7 |  |  | $ | (0.2) |  |  | $ | 3,484.5 |
Gross profit |  | $ | 637.8 |  |  | $ | 0.2 |  |  | $ | 638.0 |
Operating income |  | $ | 366.1 |  |  | $ | 0.2 |  |  | $ | 366.3 |
Other income, net |  | $ | 69.7 |  |  | $ | (5.3) |  |  | $ | 64.4 |
Income before income taxes |  | $ | 241.6 |  |  | $ | (5.1) |  |  | $ | 236.5 |
Net income |  | $ | 270.1 |  |  | $ | (5.1) |  |  | $ | 265.0 |
Net income attributable to ATI |  | $ | 257.6 |  |  | $ | (5.1) |  |  | $ | 252.5 |
Basic net income per common share |  | $ | 2.05 |  |  | $ | (0.04) |  |  | 2.01
Diluted net income per common share |  | $ | 1.85 |  |  | $ | (0.04) |  |  | 1.81
Statement of Comprehensive Income |  |  |  |  |  |
Net income |  | $ | 270.1 |  |  | $ | (5.1) |  |  | $ | 265.0 |
Comprehensive income |  | $ | 200.9 |  |  | $ | (5.1) |  |  | $ | 195.8 |
Comprehensive income attributable to ATI |  | $ | 189.7 |  |  | $ | (5.1) |  |  | $ | 184.6 |
Statement of Cash Flows |  |  |  |  |  |
Net income |  | $ | 270.1 |  |  | $ | (5.1) |  |  | $ | 265.0 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Net loss from sales of businesses |  | $ | 1.8 |  |  | $ | 5.3 |  |  | $ | 7.1 |
Inventories |  | $ | 25.4 |  |  | $ | (0.2) |  |  | $ | 25.2 |

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