XML 49 R30.htm IDEA: XBRL DOCUMENT v3.3.1.900
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data
(Unaudited)
 
 
Quarter Ended
(In millions, except share and per share amounts)
 
March 31
 
June 30
 
September 30
 
December 31
2015 -
 
 
 
 
 
 
 
 
Sales
 
$
1,125.5

 
$
1,022.5

 
$
832.7

 
$
738.9

Gross Profit (Loss)
 
109.5

 
77.0

 
(28.7
)
 
(97.5
)
Income (loss) from continuing operations attributable to ATI
 
10.0

 
(16.4
)
 
(144.6
)
 
(226.9
)
Net income (loss)
 
12.6

 
(13.9
)
 
(141.3
)
 
(223.3
)
Net income (loss) attributable to ATI
 
10.0

 
(16.4
)
 
(144.6
)
 
(226.9
)
Basic income (loss) from continuing operations attributable to ATI per common share
 
$
0.09

 
$
(0.15
)
 
$
(1.35
)
 
$
(2.12
)
Basic income (loss) attributable to ATI per common share
 
$
0.09

 
$
(0.15
)
 
$
(1.35
)
 
$
(2.12
)
Diluted income (loss) from continuing operations attributable to ATI per common share
 
$
0.09

 
$
(0.15
)
 
$
(1.35
)
 
$
(2.12
)
Diluted income (loss) attributable to ATI per common share
 
$
0.09

 
$
(0.15
)
 
$
(1.35
)
 
$
(2.12
)
Average shares outstanding
 
108,854,720

 
109,190,876

 
109,204,307

 
109,171,124

2014 -
 
 
 
 
 
 
 
 
Sales
 
$
987.3

 
$
1,119.0

 
$
1,069.6

 
$
1,047.5

Gross Profit
 
70.2

 
89.5

 
97.0

 
121.9

Income (loss) from continuing operations attributable to ATI
 
(18.1
)
 
(3.8
)
 
—

 
19.9

Net income (loss)
 
(17.9
)
 
(0.7
)
 
2.9

 
25.3

Net income (loss) attributable to ATI
 
(20.0
)
 
(4.0
)
 
(0.7
)
 
22.1

Basic income (loss) from continuing operations attributable to ATI per common share
 
$
(0.17
)
 
$
(0.03
)
 
$
—

 
$
0.18

Basic income (loss) attributable to ATI per common share
 
$
(0.19
)
 
$
(0.03
)
 
$
(0.01
)
 
$
0.20

Diluted income (loss) from continuing operations attributable to ATI per common share
 
$
(0.17
)
 
$
(0.03
)
 
$
—

 
$
0.18

Diluted income (loss) attributable to ATI per common share
 
$
(0.19
)
 
$
(0.03
)
 
$
(0.01
)
 
$
0.20

Average shares outstanding
 
108,173,581

 
108,628,024

 
108,712,682

 
108,704,983


Third quarter 2015 results include a $76.0 million pre-tax ($49.5 million, net of tax) non-cash charge for net realizable value (NRV) inventory reserves, which are required to offset ATI’s aggregate net debit LIFO inventory balance that exceeds current inventory replacement cost. Third quarter 2015 results also include a $63.9 million tax valuation allowance on a portion of ATI’s deferred tax assets as a result of a three year cumulative loss from U.S. operations.
Fourth quarter 2015 results include non-cash charges for goodwill and asset impairments, restructuring, inventory and other items. These charges were comprised of a $126.6 million pre-tax ($79.2 million, net of tax) non-cash goodwill impairment charge in the Flat Rolled Products segment, $54.5 million pre-tax ($34.1 million, net of tax) in non-cash long-lived asset impairment charges, $3.5 million pre-tax ($2.2 million, net of tax) in facility idling costs, $25.4 million pre-tax ($15.9 million, net of tax) in a non-cash charge to revalue inventory, $51.2 million pre-tax ($32.0 million, net of tax) in NRV inventory reserve charges and $6.3 million pre-tax ($3.9 million, net of tax) in employee severance and termination benefit charges arising from a reduction in force among salaried employees within the High Performance Materials & Components segment and the ATI Corporate office.
Fourth quarter 2014 results from continuing operations include postretirement benefit curtailment and settlement gains of $25.5 million pre-tax ($18.4 million, net of tax).
All net of tax amounts presented above use the effective tax rate for the applicable quarterly period which differs from the effective tax rate for the full year.