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Financial Information for Subsidiary and Guarantor Parent (Tables)
 6 Months Ended
Jun. 30, 2016
Condensed Statement of Income Captions [Line Items]  
Balance Sheets
Balance Sheets
December 31, 2015
 
Guarantor
 
 
 
Non-guarantor
 
 
 
 
(In millions)
Parent
 
Subsidiary
 
Subsidiaries
 
Eliminations
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.4

 
$
2.8

 
$
146.6

 
$
—

 
$
149.8

Accounts receivable, net
0.1

 
100.3

 
299.9

 
—

 
400.3

Intercompany notes receivable
—

 
—

 
2,601.5

 
(2,601.5
)
 
—

Inventories, net
—

 
239.9

 
1,031.7

 
—

 
1,271.6

Prepaid expenses and other current assets
9.3

 
3.8

 
32.8

 
—

 
45.9

Total current assets
9.8

 
346.8

 
4,112.5

 
(2,601.5
)
 
1,867.6

Property, plant and equipment, net
2.2

 
1,559.9

 
1,366.1

 
—

 
2,928.2

Goodwill
—

 
—

 
651.4

 
—

 
651.4

Intercompany notes receivable
—

 
—

 
200.0

 
(200.0
)
 
—

Investment in subsidiaries
5,742.5

 
37.7

 
—

 
(5,780.2
)
 
—

Other assets
13.4

 
23.0

 
268.1

 
—

 
304.5

Total assets
$
5,767.9

 
$
1,967.4

 
$
6,598.1

 
$
(8,581.7
)
 
$
5,751.7

Liabilities and stockholders’ equity:
 
 
 
 
 
 
 
 
 
Accounts payable
$
4.8

 
$
171.1

 
$
204.9

 
$
—

 
$
380.8

Accrued liabilities
42.1

 
74.0

 
185.7

 
—

 
301.8

Intercompany notes payable
1,325.4

 
1,276.1

 
—

 
(2,601.5
)
 
—

Short-term debt and current portion of long-term debt
0.7

 
0.1

 
3.1

 
—

 
3.9

Total current liabilities
1,373.0

 
1,521.3

 
393.7

 
(2,601.5
)
 
686.5

Long-term debt
1,341.7

 
149.7

 
0.4

 
—

 
1,491.8

Intercompany notes payable
—

 
200.0

 
—

 
(200.0
)
 
—

Accrued postretirement benefits
—

 
280.0

 
79.2

 
—

 
359.2

Pension liabilities
778.0

 
5.2

 
50.6

 
—

 
833.8

Deferred income taxes
75.6

 
—

 
—

 
—

 
75.6

Other long-term liabilities
15.2

 
20.7

 
72.4

 
—

 
108.3

Total liabilities
3,583.5

 
2,176.9

 
596.3

 
(2,801.5
)
 
3,555.2

Redeemable noncontrolling interest
—

 
—

 
12.1

 
—

 
12.1

Total stockholders’ equity (deficit)
2,184.4

 
(209.5
)
 
5,989.7

 
(5,780.2
)
 
2,184.4

Total liabilities and stockholders’ equity
$
5,767.9

 
$
1,967.4

 
$
6,598.1

 
$
(8,581.7
)
 
$
5,751.7

Balance Sheets
June 30, 2016
 
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.4

 
$
3.9

 
$
318.0

 
$
—

 
$
322.3

Accounts receivable, net
0.1

 
121.0

 
371.4

 
—

 
492.5

Intercompany notes receivable
—

 
—

 
2,740.3

 
(2,740.3
)
 
—

Inventories, net
—

 
141.4

 
952.9

 
—

 
1,094.3

Prepaid expenses and other current assets
12.3

 
7.0

 
24.0

 
—

 
43.3

Total current assets
12.8

 
273.3

 
4,406.6

 
(2,740.3
)
 
1,952.4

Property, plant and equipment, net
1.7

 
1,590.8

 
1,366.4

 
—

 
2,958.9

Goodwill
—

 
—

 
646.9

 
—

 
646.9

Intercompany notes receivable
—

 
—

 
200.0

 
(200.0
)
 
—

Investment in subsidiaries
5,814.7

 
37.7

 
—

 
(5,852.4
)
 
—

Other assets
16.8

 
26.4

 
259.6

 
—

 
302.8

Total assets
$
5,846.0

 
$
1,928.2

 
$
6,879.5

 
$
(8,792.7
)
 
$
5,861.0

Liabilities and stockholders’ equity:
 
 
 
 
 
 
 
 
 
Accounts payable
$
3.8

 
$
117.9

 
$
186.5

 
$
—

 
$
308.2

Accrued liabilities
36.5

 
90.6

 
163.7

 
—

 
290.8

Intercompany notes payable
1,240.9

 
1,499.4

 
—

 
(2,740.3
)
 
—

Short-term debt and current portion of long-term debt
0.7

 
0.3

 
5.7

 
—

 
6.7

Total current liabilities
1,281.9

 
1,708.2

 
355.9

 
(2,740.3
)
 
605.7

Long-term debt
1,620.4

 
150.0

 
99.7

 
—

 
1,870.1

Intercompany notes payable
—

 
200.0

 
—

 
(200.0
)
 
—

Accrued postretirement benefits
—

 
246.8

 
69.7

 
—

 
316.5

Pension liabilities
775.2

 
4.8

 
46.7

 
—

 
826.7

Deferred income taxes
52.8

 
—

 
—

 
—

 
52.8

Other long-term liabilities
16.4

 
19.1

 
54.4

 
—

 
89.9

Total liabilities
3,746.7

 
2,328.9

 
626.4

 
(2,940.3
)
 
3,761.7

Total stockholders’ equity (deficit)
2,099.3

 
(400.7
)
 
6,253.1

 
(5,852.4
)
 
2,099.3

Total liabilities and stockholders’ equity
$
5,846.0

 
$
1,928.2

 
$
6,879.5

 
$
(8,792.7
)
 
$
5,861.0
Statements of Operations and Comprehensive Income
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

Gross profit (loss)
(10.6
)
 
7.7

 
79.9

 
—

 
77.0

Selling and administrative expenses
21.4

 
9.4

 
41.6

 
—

 
72.4

Operating income (loss)
(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) 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
)
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

Gross profit (loss)
(12.8
)
 
12.2

 
187.1

 
—

 
186.5

Selling and administrative expenses
47.2

 
21.1

 
67.2

 
—

 
135.5

Operating income (loss)
(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) 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

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

Statements of Operations and Comprehensive Income
For the three months ended June 30, 2016  
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Sales
$
—

 
$
260.9

 
$
549.6

 
$
—

 
$
810.5

Cost of sales
9.6

 
286.9

 
465.8

 
—

 
762.3

Gross profit (loss)
(9.6
)
 
(26.0
)
 
83.8

 
—

 
48.2

Selling and administrative expenses
20.6

 
4.9

 
33.8

 
—

 
59.3

Restructuring charges
—

 
—

 
1.0

 
—

 
1.0

Operating income (loss)
(30.2
)
 
(30.9
)
 
49.0

 
—

 
(12.1
)
Interest income (expense), net
(33.7
)
 
(17.6
)
 
21.0

 
—

 
(30.3
)
Other income (loss) including equity in income of unconsolidated subsidiaries
22.5

 
0.3

 
0.9

 
(22.7
)
 
1.0

Income (loss) before income tax provision (benefit)
(41.4
)
 
(48.2
)
 
70.9

 
(22.7
)
 
(41.4
)
Income tax provision (benefit)
(25.9
)
 
(17.6
)
 
25.8

 
(8.2
)
 
(25.9
)
Net income (loss)
(15.5
)
 
(30.6
)
 
45.1

 
(14.5
)
 
(15.5
)
Less: Net income attributable to noncontrolling interests
—

 
—

 
3.3

 
—

 
3.3

Net income (loss) attributable to ATI
$
(15.5
)
 
$
(30.6
)
 
$
41.8

 
$
(14.5
)
 
$
(18.8
)
Comprehensive income (loss) attributable to ATI
$
4.2

 
$
(29.3
)
 
$
33.7

 
$
(6.2
)
 
$
2.4



Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Operations and Comprehensive Income
For the six months ended June 30, 2016  
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Sales
$
—

 
$
474.7

 
$
1,093.3

 
$
—

 
$
1,568.0

Cost of sales
29.0

 
585.4

 
938.6

 
—

 
1,553.0

Gross profit (loss)
(29.0
)
 
(110.7
)
 
154.7

 
—

 
15.0

Selling and administrative expenses
42.5

 
14.6

 
64.8

 
—

 
121.9

Restructuring charges
—

 
9.0

 
1.0

 
—

 
10.0

Operating income (loss)
(71.5
)
 
(134.3
)
 
88.9

 
—

 
(116.9
)
Interest income (expense), net
(64.9
)
 
(31.7
)
 
38.0

 
—

 
(58.6
)
Other income (loss) including equity in income of unconsolidated subsidiaries
(37.3
)
 
0.4

 
1.7

 
37.0

 
1.8

Income (loss) before income tax provision (benefit)
(173.7
)
 
(165.6
)
 
128.6

 
37.0

 
(173.7
)
Income tax provision (benefit)
(60.1
)
 
(61.0
)
 
49.5

 
11.5

 
(60.1
)
Net income (loss)
(113.6
)
 
(104.6
)
 
79.1

 
25.5

 
(113.6
)
Less: Net income attributable to noncontrolling interests
—

 
—

 
6.4

 
—

 
6.4

Net income (loss) attributable to ATI
$
(113.6
)
 
$
(104.6
)
 
$
72.7

 
$
25.5

 
$
(120.0
)
Comprehensive income (loss) attributable to ATI
$
(75.8
)
 
$
(87.2
)
 
$
61.0

 
$
22.8

 
$
(79.2
)
Condensed Statements of Cash Flows
Condensed Statements of Cash Flows
For the six months ended June 30, 2016  
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows provided by (used in) operating activities
$
(50.5
)
 
$
(166.8
)
 
$
183.7

 
$
—

 
$
(33.6
)
Investing Activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(0.3
)
 
(85.3
)
 
(59.7
)
 
—

 
(145.3
)
Net receipts/(payments) on intercompany activity
—

 
—

 
(43.5
)
 
43.5

 
—

Asset disposals and other
—

 
—

 
1.8

 
—

 
1.8

Cash flows provided by (used in) investing activities
(0.3
)
 
(85.3
)
 
(101.4
)
 
43.5

 
(143.5
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Borrowings on long-term debt
287.5

 
—

 
100.0

 
—

 
387.5

Payments on long-term debt and capital leases
(0.3
)
 
(0.1
)
 
(0.2
)
 
—

 
(0.6
)
Net borrowings under credit facilities
—

 
—

 
2.5

 
—

 
2.5

Debt issuance costs
(9.4
)
 
—

 
(1.0
)
 
—

 
(10.4
)
Net receipts/(payments) on intercompany activity
(209.8
)
 
253.3

 
—

 
(43.5
)
 
—

Dividends paid to stockholders
(17.2
)
 
—

 
—

 
—

 
(17.2
)
Acquisition of noncontrolling interests
—

 
—

 
(12.2
)
 
—

 
(12.2
)
Cash flows provided by (used in) financing activities
50.8

 
253.2

 
89.1

 
(43.5
)
 
349.6

Increase (decrease) in cash and cash equivalents
$
—

 
$
1.1

 
$
171.4

 
$
—

 
$
172.5

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
)