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Debt
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt at March 30, 2025 and December 29, 2024 was as follows (in millions): 
March 30,
2025		December 29,
2024
ATI Inc. 7.25% Notes due 2030
$425.0 $425.0 
ATI Inc. 5.875% Notes due 2027
350.0 350.0 
ATI Inc. 5.125% Notes due 2031
350.0 350.0 
ATI Inc. 4.875% Notes due 2029
325.0 325.0 
Allegheny Ludlum 6.95% Debentures due 2025 (a)
150.0 150.0 
ABL Term Loan200.0 200.0 
U.S. revolving credit facility— — 
Foreign credit facilities— — 
Finance leases and other106.7 109.5 
Debt issuance costs(13.5)(14.2)
Debt1,893.2 1,895.3 
Short-term debt and current portion of long-term debt179.9 180.4 
Long-term debt$1,713.3 $1,714.9 
 
(a) The payment obligations of these debentures issued by Allegheny Ludlum, LLC are fully and unconditionally guaranteed by ATI.
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 operations. The ABL facility also provides the Company with the option of including certain machinery and equipment as additional collateral for purposes of determining availability under the facility. The ABL facility, which matures in September 2027, includes a $600 million revolving credit facility, a letter of credit sub-facility of up to $200 million, a $200 million term loan (Term Loan), and a swing loan facility of up to $60 million. The Term Loan has an interest rate of 2.0% above the adjusted Secured Overnight Financing Rate (SOFR) and can be prepaid in increments of $25 million if certain minimum liquidity conditions are satisfied. In addition, the Company has the right to request an increase of up to $300 million in the maximum amount available under the revolving credit facility for the duration of the ABL.

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 SOFR-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) 10% of the then applicable maximum loan amount under the revolving credit portion of the ABL and the outstanding Term Loan balance, or (ii) $60.0 million. The Company was in compliance with the fixed charge coverage ratio as of March 30, 2025. Additionally, the Company must demonstrate minimum liquidity specified by the facility during the 90-day period immediately preceding the stated maturity date of its 6.95% Debentures due 2025 issued by the Company’s wholly owned subsidiary, Allegheny Ludlum LLC. The ABL also contains customary affirmative and negative covenants for credit facilities of this type, including limitations on the Company’s ability to incur additional indebtedness or liens or to enter into investments, mergers and acquisitions, dispositions of assets and transactions with affiliates, some of which are more restrictive, at any time during the term of the ABL when the Company’s fixed charge coverage ratio is less than 1.00:1.00 and its undrawn availability under the revolving portion of the
ABL is less than the greater of (a) $120 million or (b) 20% of the sum of the maximum loan amount under the revolving credit portion of the ABL and the outstanding Term Loan balance.

As of March 30, 2025, there were no outstanding borrowings under the revolving portion of the ABL facility, and $30.5 million was utilized to support the issuance of letters of credit. There were no revolving credit borrowings under the ABL facility during the first quarter of 2025 or 2024. The Company also has foreign credit facilities, primarily in China, that total $57 million based on March 30, 2025 foreign exchange rates, none of which was drawn as of March 30, 2025 or December 29, 2024.