Financial Information for Subsidiary and Guarantor Parent (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

September 30, 2015



(In millions)	Guarantor Parent		Subsidiary		Non-guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	5.4	$	6.9	$	185.2	$	—		$	197.5
Accounts receivable, net	0.1		125.2		372.2		—			497.5
Intercompany notes receivable	—		—		2,561.0		(2,561.0		)	—
Inventories, net	—		303.8		1,052.3		—			1,356.1
Prepaid expenses and other current assets	5.4		4.9		37.2		—			47.5
Total current assets	10.9		440.8		4,207.9		(2,561.0		)	2,098.6
Property, plant and equipment, net	2.3		1,557.2		1,378.7		—			2,938.2
Cost in excess of net assets acquired	—		126.6		653.6		—			780.2
Intercompany notes receivable	—		—		200.0		(200.0		)	—
Investment in subsidiaries	6,150.7		37.7		—		(6,188.4		)	—
Other assets	22.7		33.8		287.6		—			344.1
Total assets	$	6,186.6	$	2,196.1	$	6,727.8	$	(8,949.4	)	$	6,161.1
Liabilities and stockholders’ equity:
Accounts payable	$	5.2	$	160.7	$	201.2	$	—		$	367.1
Accrued liabilities	35.4		84.7		209.7		—			329.8
Intercompany notes payable	1,386.6		1,174.4		—		(2,561.0		)	—
Deferred income taxes	36.2		—		—		—			36.2
Short-term debt and current portion of long-term debt	0.6		0.1		3.3		—			4.0
Total current liabilities	1,464.0		1,419.9		414.2		(2,561.0		)	737.1
Long-term debt	1,350.8		150.2		0.6		—			1,501.6
Intercompany notes payable	—		200.0		—		(200.0		)	—
Accrued postretirement benefits	—		248.2		140.7		—			388.9
Pension liabilities	654.9		5.6		52.5		—			713.0
Deferred income taxes	190.7		—		—		—			190.7
Other long-term liabilities	20.7		20.9		70.6		—			112.2
Total liabilities	3,681.1		2,044.8		678.6		(2,761.0		)	3,643.5
Redeemable noncontrolling interest	—		—		12.1		—			12.1
Total stockholders’ equity	2,505.5		151.3		6,037.1		(6,188.4		)	2,505.5
Total liabilities and stockholders’ equity	$	6,186.6	$	2,196.1	$	6,727.8	$	(8,949.4	)	$	6,161.1

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 September 30, 2014



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	473.8		$	595.8		$	—		$	1,069.6
Cost of sales	7.8			465.0			499.8			—			972.6
Selling and administrative expenses	27.5			12.2			29.0			—			68.7
Income (loss) before interest, other income and income taxes	(35.3		)	(3.4		)	67.0			—			28.3
Interest income (expense), net	(26.4		)	(11.3		)	12.5			—			(25.2		)
Other income (loss) including equity in income of unconsolidated subsidiaries	65.8			0.4			0.5			(65.7		)	1.0
Income (loss) from continuing operations before income tax provision (benefit)	4.1			(14.3		)	80.0			(65.7		)	4.1
Income tax provision (benefit)	0.5			(4.6		)	23.4			(18.8		)	0.5
Income (loss) from continuing operations	3.6			(9.7		)	56.6			(46.9		)	3.6
Income (loss) from discontinued operations, net of tax	(0.7		)	—			(0.7		)	0.7			(0.7		)
Net income (loss)	2.9			(9.7		)	55.9			(46.2		)	2.9
Less: Net income attributable to noncontrolling interests	—			—			3.6			—			3.6
Net income (loss) attributable to ATI	$	2.9		$	(9.7	)	$	52.3		$	(46.2	)	$	(0.7	)
Comprehensive income (loss) attributable to ATI	$	15.3		$	(7.8	)	$	34.1		$	(31.7	)	$	9.9

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Operations and Comprehensive Income

For the nine months ended September 30, 2014



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	1,415.5		$	1,760.4		$	—		$	3,175.9
Cost of sales	34.9			1,429.8			1,454.5			—			2,919.2
Selling and administrative expenses	75.5			32.6			94.0			—			202.1
Income (loss) before interest, other income and income taxes	(110.4		)	(46.9		)	211.9			—			54.6
Interest income (expense), net	(83.5		)	(33.1		)	33.8			—			(82.8		)
Other income (loss) including equity in income of unconsolidated subsidiaries	168.6			0.9			1.9			(168.5		)	2.9
Income (loss) from continuing operations before income tax provision (benefit)	(25.3		)	(79.1		)	247.6			(168.5		)	(25.3		)
Income tax provision (benefit)	(12.4		)	(27.7		)	88.4			(60.7		)	(12.4		)
Income (loss) from continuing operations	(12.9		)	(51.4		)	159.2			(107.8		)	(12.9		)
Income (loss) from discontinued operations, net of tax	(2.8		)	—			(2.8		)	2.8			(2.8		)
Net income (loss)	(15.7		)	(51.4		)	156.4			(105.0		)	(15.7		)
Less: Net income attributable to noncontrolling interests	—			—			9.0			—			9.0
Net income (loss) attributable to ATI	$	(15.7	)	$	(51.4	)	$	147.4		$	(105.0	)	$	(24.7	)
Comprehensive income (loss) attributable to ATI	$	42.7		$	(45.4	)	$	136.8		$	(99.2	)	$	34.9

Statements of Operations and Comprehensive Income

For the three months ended September 30, 2015



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries		Eliminations		Consolidated
Sales	$	—		$	286.3		$	546.4	$	—	$	832.7
Cost of sales	9.2			363.5			488.7		—		861.4
Selling and administrative expenses	22.9			9.3			30.3		—		62.5
Income (loss) before interest, other income and income taxes	(32.1		)	(86.5		)	27.4		—		(91.2		)
Interest income (expense), net	(29.5		)	(12.6		)	14.6		—		(27.5		)
Other income (loss) including equity in income of unconsolidated subsidiaries	(56.3		)	0.2			0.7		56.2		0.8
Income (loss) from continuing operations before income tax provision (benefit)	(117.9		)	(98.9		)	42.7		56.2		(117.9		)
Income tax provision (benefit)	23.4			(35.1		)	11.0		24.1		23.4
Income (loss) from continuing operations	(141.3		)	(63.8		)	31.7		32.1		(141.3		)
Income (loss) from discontinued operations, net of tax	—			—			—		—		—
Net income (loss)	(141.3		)	(63.8		)	31.7		32.1		(141.3		)
Less: Net income attributable to noncontrolling interests	—			—			3.3		—		3.3
Net income (loss) attributable to ATI	$	(141.3	)	$	(63.8	)	$	28.4	$	32.1	$	(144.6	)
Comprehensive income (loss) attributable to ATI	$	(163.5	)	$	(60.5	)	$	16.7	$	44.6	$	(162.7	)

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Operations and Comprehensive Income

For the nine months ended September 30, 2015



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries		Eliminations			Consolidated
Sales	$	—		$	1,231.5		$	1,749.2	$	—		$	2,980.7
Cost of sales	22.0			1,296.5			1,504.4		—			2,822.9
Selling and administrative expenses	70.1			30.4			97.5		—			198.0
Income (loss) before interest, other income and income taxes	(92.1		)	(95.4		)	147.3		—			(40.2		)
Interest income (expense), net	(86.1		)	(37.3		)	42.4		—			(81.0		)
Other income (loss) including equity in income of unconsolidated subsidiaries	59.3			0.8			1.8		(59.6		)	2.3
Income (loss) from continuing operations before income tax provision (benefit)	(118.9		)	(131.9		)	191.5		(59.6		)	(118.9		)
Income tax provision (benefit)	23.7			(46.3		)	67.4		(21.1		)	23.7
Income (loss) from continuing operations	(142.6		)	(85.6		)	124.1		(38.5		)	(142.6		)
Income (loss) from discontinued operations, net of tax	—			—			—		—			—
Net income (loss)	(142.6		)	(85.6		)	124.1		(38.5		)	(142.6		)
Less: Net income attributable to noncontrolling interests	—			—			8.4		—			8.4
Net income (loss) attributable to ATI	$	(142.6	)	$	(85.6	)	$	115.7	$	(38.5	)	$	(151.0	)
Comprehensive income (loss) attributable to ATI	$	(140.4	)	$	(76.0	)	$	101.9	$	(30.5	)	$	(145.0	)

Condensed Statements of Cash Flows

For the nine months ended September 30, 2015



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(61.3	)	$	(171.1	)	$	341.3		$	—		$	108.9
Investing Activities:
Purchases of property, plant and equipment	(0.1		)	(45.0		)	(54.4		)	—			(99.5		)
Purchases of businesses, net of cash acquired	—			—			(0.5		)	—			(0.5		)
Net receipts/(payments) on intercompany activity	—			—			(333.3		)	333.3			—
Asset disposals and other	—			0.2			(0.2		)	—			—
Cash flows provided by (used in) investing activities	(0.1		)	(44.8		)	(388.4		)	333.3			(100.0		)
Financing Activities:
Payments on long-term debt and capital leases	(0.4		)	(0.1		)	(22.8		)	—			(23.3		)
Net receipts/(payments) on intercompany activity	124.2			209.1			—			(333.3		)	—
Dividends paid to stockholders	(57.9		)	—			—			—			(57.9		)
Other	(1.3		)	—			1.6			—			0.3
Cash flows provided by (used in) financing activities	64.6			209.0			(21.2		)	(333.3		)	(80.9		)
Increase (decrease) in cash and cash equivalents	$	3.2		$	(6.9	)	$	(68.3	)	$	—		$	(72.0	)

Condensed Statements of Cash Flows

For the nine months ended September 30, 2014



(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(60.0	)	$	(263.2	)	$	285.0		$	—		$	(38.2	)
Investing Activities:
Purchases of property, plant and equipment	(0.1		)	(117.2		)	(40.2		)	—			(157.5		)
Purchases of businesses, net of cash acquired	—			—			(92.5		)	—			(92.5		)
Net receipts/(payments) on intercompany activity	—			—			(905.4		)	905.4			—
Asset disposals and other	—			1.6			0.3			—			1.9
Cash flows provided by (used in) investing activities	(0.1		)	(115.6		)	(1,037.8		)	905.4			(248.1		)
Financing Activities:
Payments on long-term debt and capital leases	(397.8		)	(0.1		)	(16.8		)	—			(414.7		)
Net receipts/(payments) on intercompany activity	521.9			383.5			—			(905.4		)	—
Dividends paid to stockholders	(57.8		)	—			—			—			(57.8		)
Other	(3.8		)	—			—			—			(3.8		)
Cash flows provided by (used in) financing activities	62.5			383.4			(16.8		)	(905.4		)	(476.3		)
Increase (decrease) in cash and cash equivalents	$	2.4		$	4.6		$	(769.6	)	$	—		$	(762.6	)