Financial Information for Subsidiary and Guarantor Parent (Tables)

6 Months Ended

Jun. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

June 30, 2015



(In millions)	Guarantor Parent		Subsidiary		Non-guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	5.2	$	14.9	$	230.8	$	—		$	250.9
Accounts receivable, net	0.1		168.0		425.3		—			593.4
Intercompany notes receivable	—		—		2,515.5		(2,515.5		)	—
Inventories, net	—		388.6		1,084.3		—			1,472.9
Prepaid expenses and other current assets	7.0		9.8		49.5		—			66.3
Total current assets	12.3		581.3		4,305.4		(2,515.5		)	2,383.5
Property, plant and equipment, net	2.5		1,549.5		1,394.7		—			2,946.7
Cost in excess of net assets acquired	—		126.6		654.9		—			781.5
Intercompany notes receivable	—		—		200.0		(200.0		)	—
Investment in subsidiaries	6,228.5		37.7		—		(6,266.2		)	—
Other assets	22.9		30.9		303.8		—			357.6
Total assets	$	6,266.2	$	2,326.0	$	6,858.8	$	(8,981.7	)	$	6,469.3
Liabilities and stockholders’ equity:
Accounts payable	$	3.4	$	263.7	$	220.4	$	—		$	487.5
Accrued liabilities	42.8		59.8		211.8		—			314.4
Intercompany notes payable	1,274.2		1,241.3		—		(2,515.5		)	—
Deferred income taxes	67.8		—		—		—			67.8
Short-term debt and current portion of long-term debt	0.7		0.1		17.5		—			18.3
Total current liabilities	1,388.9		1,564.9		449.7		(2,515.5		)	888.0
Long-term debt	1,350.9		150.2		1.6		—			1,502.7
Intercompany notes payable	—		200.0		—		(200.0		)	—
Accrued postretirement benefits	—		147.1		250.0		—			397.1
Pension liabilities	662.0		5.7		54.4		—			722.1
Deferred income taxes	143.6		—		—		—			143.6
Other long-term liabilities	20.1		21.0		61.9		—			103.0
Total liabilities	3,565.5		2,088.9		817.6		(2,715.5		)	3,756.5
Redeemable noncontrolling interest	—		—		12.1		—			12.1
Total stockholders’ equity	2,700.7		237.1		6,029.1		(6,266.2		)	2,700.7
Total liabilities and stockholders’ equity	$	6,266.2	$	2,326.0	$	6,858.8	$	(8,981.7	)	$	6,469.3

Balance Sheets

December 31, 2014



	Guarantor				Non-guarantor
(In millions)	Parent		Subsidiary		Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	2.2	$	13.8	$	253.5	$	—		$	269.5
Accounts receivable, net	0.1		209.1		394.4		—			603.6
Intercompany notes receivable	—		—		2,390.8		(2,390.8		)	—
Inventories, net	—		387.7		1,085.1		—			1,472.8
Prepaid expenses and other current assets	63.7		13.2		59.3		—			136.2
Total current assets	66.0		623.8		4,183.1		(2,390.8		)	2,482.1
Property, plant and equipment, net	2.2		1,545.1		1,414.5		—			2,961.8
Cost in excess of net assets acquired	—		126.6		653.8		—			780.4
Intercompany notes receivable	—		—		200.0		(200.0		)	—
Investment in subsidiaries	6,149.4		37.7		—		(6,187.1		)	—
Other assets	23.7		28.0		306.6		—			358.3
Total assets	$	6,241.3	$	2,361.2	$	6,758.0	$	(8,777.9	)	$	6,582.6
Liabilities and stockholders’ equity:
Accounts payable	$	4.5	$	302.0	$	250.2	$	—		$	556.7
Accrued liabilities	47.5		72.0		203.7		—			323.2
Intercompany notes payable	1,232.6		1,158.2		—		(2,390.8		)	—
Deferred income taxes	62.2		—		—		—			62.2
Short-term debt and current portion of long-term debt	0.5		0.1		17.2		—			17.8
Total current liabilities	1,347.3		1,532.3		471.1		(2,390.8		)	959.9
Long-term debt	1,350.6		150.3		8.2		—			1,509.1
Intercompany notes payable	—		200.0		—		(200.0		)	—
Accrued postretirement benefits	—		153.0		262.8		—			415.8
Pension liabilities	675.5		6.0		57.8		—			739.3
Deferred income taxes	80.9		—		—		—			80.9
Other long-term liabilities	77.7		22.5		56.0		—			156.2
Total liabilities	3,532.0		2,064.1		855.9		(2,590.8		)	3,861.2
Redeemable noncontrolling interest	—		—		12.1		—			12.1
Total stockholders’ equity	2,709.3		297.1		5,890.0		(6,187.1		)	2,709.3
Total liabilities and stockholders’ equity	$	6,241.3	$	2,361.2	$	6,758.0	$	(8,777.9	)	$	6,582.6

Statements of Operations and Comprehensive Income

For the three months ended June 30, 2014



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	513.8		$	605.2		$	—		$	1,119.0
Cost of sales	14.8			525.2			489.5			—			1,029.5
Selling and administrative expenses	20.9			10.3			34.5			—			65.7
Income (loss) before interest, other income and income taxes	(35.7		)	(21.7		)	81.2			—			23.8
Interest income (expense), net	(28.6		)	(11.2		)	11.3			—			(28.5		)
Other income (loss) including equity in income of unconsolidated subsidiaries	60.9			0.2			0.8			(60.6		)	1.3
Income (loss) from continuing operations before income tax provision (benefit)	(3.4		)	(32.7		)	93.3			(60.6		)	(3.4		)
Income tax provision (benefit)	(2.9		)	(11.8		)	38.6			(26.8		)	(2.9		)
Income (loss) from continuing operations	(0.5		)	(20.9		)	54.7			(33.8		)	(0.5		)
Income (loss) from discontinued operations, net of tax	(0.2		)	—			(0.2		)	0.2			(0.2		)
Net income (loss)	(0.7		)	(20.9		)	54.5			(33.6		)	(0.7		)
Less: Net income attributable to noncontrolling interests	—			—			3.3			—			3.3
Net income (loss) attributable to ATI	$	(0.7	)	$	(20.9	)	$	51.2		$	(33.6	)	$	(4.0	)
Comprehensive income (loss) attributable to ATI	$	28.2		$	(18.8	)	$	60.2		$	(43.6	)	$	26.0

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Operations and Comprehensive Income

For the six months ended June 30, 2014



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations				Consolidated
Sales	$	—		$	941.7		$	1,164.6		$	—			$	2,106.3
Cost of sales	27.1			964.8			954.7			—				1,946.6
Selling and administrative expenses	48.0			20.4			65.0			—				133.4
Income (loss) before interest, other income and income taxes	(75.1		)	(43.5		)	144.9			—				26.3
Interest income (expense), net	(57.1		)	(21.8		)	21.3			—				(57.6		)
Other income (loss) including equity in income of unconsolidated subsidiaries	102.8			0.5			1.4			(102.8		)		1.9
Income (loss) from continuing operations before income tax provision (benefit)	(29.4		)	(64.8		)	167.6			(102.8		)	—	(29.4		)
Income tax provision (benefit)	(12.9		)	(23.1		)	65.0			(41.9		)		(12.9		)
Income (loss) from continuing operations	(16.5		)	(41.7		)	102.6			(60.9		)	—	(16.5		)
Income (loss) from discontinued operations, net of tax	(2.1		)	—			(2.1		)	2.1				(2.1		)
Net income (loss)	(18.6		)	(41.7		)	100.5			(58.8		)	—	(18.6		)
Less: Net income attributable to noncontrolling interests	—			—			5.4			—				5.4
Net income (loss) attributable to ATI	$	(18.6	)	$	(41.7	)	$	95.1		$	(58.8	)	—	$	(24.0	)
Comprehensive income (loss) attributable to ATI	$	27.4		$	(37.6	)	$	102.7		$	(67.5	)		$	25.0

Statements of Operations and Comprehensive Income

For the three months ended June 30, 2015



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries		Eliminations			Consolidated
Sales	$	—		$	436.7		$	585.8	$	—		$	1,022.5
Cost of sales	10.6			429.0			505.9		—			945.5
Selling and administrative expenses	21.4			9.4			41.6		—			72.4
Income (loss) before interest, other income and income taxes	(32.0		)	(1.7		)	38.3		—			4.6
Interest income (expense), net	(28.6		)	(12.5		)	14.3		—			(26.8		)
Other income (loss) including equity in income of unconsolidated subsidiaries	39.0			0.2			0.5		(39.1		)	0.6
Income (loss) from continuing operations before income tax provision (benefit)	(21.6		)	(14.0		)	53.1		(39.1		)	(21.6		)
Income tax provision (benefit)	(7.7		)	(4.6		)	22.3		(17.7		)	(7.7		)
Income (loss) from continuing operations	(13.9		)	(9.4		)	30.8		(21.4		)	(13.9		)
Income (loss) from discontinued operations, net of tax	—			—			—		—			—
Net income (loss)	(13.9		)	(9.4		)	30.8		(21.4		)	(13.9		)
Less: Net income attributable to noncontrolling interests	—			—			2.5		—			2.5
Net income (loss) attributable to ATI	$	(13.9	)	$	(9.4	)	$	28.3	$	(21.4	)	$	(16.4	)
Comprehensive income (loss) attributable to ATI	$	10.1		$	(6.4	)	$	47.4	$	(44.0	)	$	7.1

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Operations and Comprehensive Income

For the six months ended June 30, 2015



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries		Eliminations			Consolidated
Sales	$	—		$	945.2		$	1,202.8	$	—		$	2,148.0
Cost of sales	12.8			933.0			1,015.7		—			1,961.5
Selling and administrative expenses	47.2			21.1			67.2		—			135.5
Income (loss) before interest, other income and income taxes	(60.0		)	(8.9		)	119.9		—			51.0
Interest income (expense), net	(56.6		)	(24.7		)	27.8		—			(53.5		)
Other income (loss) including equity in income of unconsolidated subsidiaries	115.6			0.6			1.1		(115.8		)	1.5
Income (loss) from continuing operations before income tax provision (benefit)	(1.0		)	(33.0		)	148.8		(115.8		)	(1.0		)
Income tax provision (benefit)	0.3			(11.2		)	56.4		(45.2		)	0.3
Income (loss) from continuing operations	(1.3		)	(21.8		)	92.4		(70.6		)	(1.3		)
Income (loss) from discontinued operations, net of tax	—			—			—		—			—
Net income (loss)	(1.3		)	(21.8		)	92.4		(70.6		)	(1.3		)
Less: Net income attributable to noncontrolling interests	—			—			5.1		—			5.1
Net income (loss) attributable to ATI	$	(1.3	)	$	(21.8	)	$	87.3	$	(70.6	)	$	(6.4	)
Comprehensive income (loss) attributable to ATI	$	23.1		$	(15.5	)	$	85.2	$	(75.1	)	$	17.7

Condensed Statements of Cash Flows

For the six months ended June 30, 2015



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(38.0	)	$	(98.1	)	$	227.6		$	—		$	91.5
Investing Activities:
Purchases of property, plant and equipment	—			(26.0		)	(37.3		)	—			(63.3		)
Purchases of businesses, net of cash acquired	—			—			(0.5		)	—			(0.5		)
Net receipts/(payments) on intercompany activity	—			—			(206.4		)	206.4			—
Asset disposals and other	—			0.2			(0.2		)	—			—
Cash flows provided by (used in) investing activities	—			(25.8		)	(244.4		)	206.4			(63.8		)
Financing Activities:
Net receipts/(payments) on intercompany activity	81.3			125.1			—			(206.4		)	—
Dividends paid to stockholders	(38.6		)	—			—			—			(38.6		)
Other	(1.7		)	(0.1		)	(5.9		)	—			(7.7		)
Cash flows provided by (used in) financing activities	41.0			125.0			(5.9		)	(206.4		)	(46.3		)
Increase (decrease) in cash and cash equivalents	$	3.0		$	1.1		$	(22.7	)	$	—		$	(18.6	)

Condensed Statements of Cash Flows

For the six months ended June 30, 2014



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(45.6	)	$	(196.9	)	$	205.0		$	—		$	(37.5	)
Investing Activities:
Purchases of property, plant and equipment	—			(72.4		)	(25.5		)	—			(97.9		)
Purchases of businesses, net of cash acquired	—			—			(92.5		)	—			(92.5		)
Net receipts/(payments) on intercompany activity	—			—			(766.5		)	766.5			—
Asset disposals and other	—			1.5			0.6			—			2.1
Cash flows provided by (used in) investing activities	—			(70.9		)	(883.9		)	766.5			(188.3		)
Financing Activities:
Payments on long-term debt and capital leases	(397.7		)	—			(5.7		)	—			(403.4		)
Net receipts/(payments) on intercompany activity	486.8			279.7			—			(766.5		)	—
Dividends paid to stockholders	(38.6		)	—			—			—			(38.6		)
Other	(3.9		)	—			—			—			(3.9		)
Cash flows provided by (used in) financing activities	46.6			279.7			(5.7		)	(766.5		)	(445.9		)
Increase (decrease) in cash and cash equivalents	$	1.0		$	11.9		$	(684.6	)	$	—		$	(671.7	)