XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Financial Information for Subsidiary and Guarantor Parent (Tables)
 9 Months Ended
Sep. 30, 2017
Condensed Statement of Income Captions [Line Items]  
Balance Sheets
Balance Sheets
December 31, 2016
 
Guarantor
 
 
 
Non-guarantor
 
 
 
 
(In millions)
Parent
 
Subsidiary
 
Subsidiaries
 
Eliminations
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
2.3

 
$
2.5

 
$
224.8

 
$
—

 
$
229.6

Accounts receivable, net
0.1

 
107.8

 
344.2

 
—

 
452.1

Intercompany notes receivable
—

 
—

 
2,892.9

 
(2,892.9
)
 
—

Inventories, net
—

 
106.7

 
930.3

 
—

 
1,037.0

Prepaid expenses and other current assets
6.6

 
5.2

 
36.0

 
—

 
47.8

Total current assets
9.0

 
222.2

 
4,428.2

 
(2,892.9
)
 
1,766.5

Property, plant and equipment, net
1.3

 
1,583.6

 
914.0

 
—

 
2,498.9

Goodwill
—

 
—

 
641.9

 
—

 
641.9

Intercompany notes receivable
—

 
—

 
200.0

 
(200.0
)
 
—

Investment in subsidiaries
5,241.2

 
37.7

 
—

 
(5,278.9
)
 
—

Other assets
23.0

 
25.5

 
214.2

 
—

 
262.7

Total assets
$
5,274.5

 
$
1,869.0

 
$
6,398.3

 
$
(8,371.8
)
 
$
5,170.0

Liabilities and stockholders’ equity:
 
 
 
 
 
 
 
 
 
Accounts payable
$
3.1

 
$
97.4

 
$
193.8

 
$
—

 
$
294.3

Accrued liabilities
54.6

 
83.3

 
171.4

 
—

 
309.3

Intercompany notes payable
1,341.1

 
1,551.8

 
—

 
(2,892.9
)
 
—

Short term debt and current portion of long-term debt
0.4

 
0.3

 
104.4

 
—

 
105.1

Total current liabilities
1,399.2

 
1,732.8

 
469.6

 
(2,892.9
)
 
708.7

Long-term debt
1,621.7

 
150.0

 
0.2

 
—

 
1,771.9

Intercompany notes payable
—

 
200.0

 
—

 
(200.0
)
 
—

Accrued postretirement benefits
—

 
244.0

 
73.7

 
—

 
317.7

Pension liabilities
778.5

 
5.2

 
44.2

 
—

 
827.9

Deferred income taxes
15.6

 
—

 
—

 
—

 
15.6

Other long-term liabilities
14.7

 
18.1

 
50.6

 
—

 
83.4

Total liabilities
3,829.7

 
2,350.1

 
638.3

 
(3,092.9
)
 
3,725.2

Total stockholders’ equity (deficit)
1,444.8

 
(481.1
)
 
5,760.0

 
(5,278.9
)
 
1,444.8

Total liabilities and stockholders’ equity
$
5,274.5

 
$
1,869.0

 
$
6,398.3

 
$
(8,371.8
)
 
$
5,170.0

Balance Sheets
September 30, 2017
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
2.1

 
$
7.4

 
$
115.4

 
$
—

 
$
124.9

Accounts receivable, net
0.1

 
140.1

 
385.7

 
—

 
525.9

Intercompany notes receivable
—

 
—

 
3,425.7

 
(3,425.7
)
 
—

Inventories, net
—

 
154.2

 
946.9

 
—

 
1,101.1

Prepaid expenses and other current assets
9.7

 
10.0

 
32.5

 
—

 
52.2

Total current assets
11.9

 
311.7

 
4,906.2

 
(3,425.7
)
 
1,804.1

Property, plant and equipment, net
0.9

 
1,579.6

 
910.4

 
—

 
2,490.9

Goodwill
—

 
—

 
531.9

 
—

 
531.9

Intercompany notes receivable
—

 
—

 
200.0

 
(200.0
)
 
—

Investment in subsidiaries
5,524.0

 
37.7

 
—

 
(5,561.7
)
 
—

Other assets
26.5

 
18.6

 
203.1

 
—

 
248.2

Total assets
$
5,563.3

 
$
1,947.6

 
$
6,751.6

 
$
(9,187.4
)
 
$
5,075.1

Liabilities and stockholders’ equity:
 
 
 
 
 
 
 
 
 
Accounts payable
$
3.7

 
$
148.8

 
$
198.0

 
$
—

 
$
350.5

Accrued liabilities
42.9

 
83.1

 
160.7

 
—

 
286.7

Intercompany notes payable
1,783.8

 
1,641.9

 
—

 
(3,425.7
)
 
—

Short term debt and current portion of long-term debt
0.3

 
0.3

 
35.8

 
—

 
36.4

Total current liabilities
1,830.7

 
1,874.1

 
394.5

 
(3,425.7
)
 
673.6

Long-term debt
1,623.8

 
149.8

 
104.1

 
—

 
1,877.7

Intercompany notes payable
—

 
200.0

 
—

 
(200.0
)
 
—

Accrued postretirement benefits
—

 
235.6

 
67.6

 
—

 
303.2

Pension liabilities
630.5

 
4.8

 
42.9

 
—

 
678.2

Deferred income taxes
14.1

 
—

 
—

 
—

 
14.1

Other long-term liabilities
16.7

 
18.4

 
45.7

 
—

 
80.8

Total liabilities
4,115.8

 
2,482.7

 
654.8

 
(3,625.7
)
 
3,627.6

Total stockholders’ equity (deficit)
1,447.5

 
(535.1
)
 
6,096.8

 
(5,561.7
)
 
1,447.5

Total liabilities and stockholders’ equity
$
5,563.3

 
$
1,947.6

 
$
6,751.6

 
$
(9,187.4
)
 
$
5,075.1
Statements of Operations and Comprehensive Income
Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Operations and Comprehensive Income
For the three months ended September 30, 2016  
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Sales
$
—

 
$
253.0

 
$
517.5

 
$
—

 
$
770.5

Cost of sales
14.0

 
266.6

 
439.7

 
—

 
720.3

Gross profit (loss)
(14.0
)
 
(13.6
)
 
77.8

 
—

 
50.2

Selling and administrative expenses
23.8

 
4.2

 
32.5

 
—

 
60.5

Restructuring charges
—

 
0.5

 
488.1

 
—

 
488.6

Operating loss
(37.8
)
 
(18.3
)
 
(442.8
)
 
—

 
(498.9
)
Interest income (expense), net
(36.5
)
 
(19.3
)
 
23.2

 
—

 
(32.6
)
Other income (loss) including equity in income of unconsolidated subsidiaries
(457.2
)
 
0.2

 
(0.2
)
 
457.2

 
—

Income (loss) before income tax provision (benefit)
(531.5
)
 
(37.4
)
 
(419.8
)
 
457.2

 
(531.5
)
Income tax provision (benefit)
(4.3
)
 
(9.1
)
 
(165.8
)
 
174.9

 
(4.3
)
Net income (loss)
(527.2
)
 
(28.3
)
 
(254.0
)
 
282.3

 
(527.2
)
Less: Net income attributable to noncontrolling interests
—

 
—

 
3.6

 
—

 
3.6

Net income (loss) attributable to ATI
$
(527.2
)
 
$
(28.3
)
 
$
(257.6
)
 
$
282.3

 
$
(530.8
)
Comprehensive income (loss) attributable to ATI
$
(516.8
)
 
$
(27.0
)
 
$
(260.0
)
 
$
285.0

 
$
(518.8
)

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

 
$
727.7

 
$
1,610.8

 
$
—

 
$
2,338.5

Cost of sales
43.0

 
852.0

 
1,378.3

 
—

 
2,273.3

Gross profit (loss)
(43.0
)
 
(124.3
)
 
232.5

 
—

 
65.2

Selling and administrative expenses
66.3

 
18.8

 
97.3

 
—

 
182.4

Restructuring charges
—

 
9.5

 
489.1

 
—

 
498.6

Operating loss
(109.3
)
 
(152.6
)
 
(353.9
)
 
—

 
(615.8
)
Interest income (expense), net
(101.4
)
 
(51.0
)
 
61.2

 
—

 
(91.2
)
Other income (loss) including equity in income of unconsolidated subsidiaries
(494.5
)
 
0.6

 
1.5

 
494.2

 
1.8

Income (loss) before income tax provision (benefit)
(705.2
)
 
(203.0
)
 
(291.2
)
 
494.2

 
(705.2
)
Income tax provision (benefit)
(64.4
)
 
(70.1
)
 
(116.3
)
 
186.4

 
(64.4
)
Net income (loss)
(640.8
)
 
(132.9
)
 
(174.9
)
 
307.8

 
(640.8
)
Less: Net income attributable to noncontrolling interests
—

 
—

 
10.0

 
—

 
10.0

Net income (loss) attributable to ATI
$
(640.8
)
 
$
(132.9
)
 
$
(184.9
)
 
$
307.8

 
$
(650.8
)
Comprehensive income (loss) attributable to ATI
$
(592.6
)
 
$
(114.2
)
 
$
(199.0
)
 
$
307.8

 
$
(598.0
)
Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Operations and Comprehensive Income
For the three months ended September 30, 2017  
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Sales
$
—

 
$
287.9

 
$
581.2

 
$
—

 
$
869.1

Cost of sales
10.4

 
283.8

 
481.6

 
—

 
775.8

Gross profit (loss)
(10.4
)
 
4.1

 
99.6

 
—

 
93.3

Selling and administrative expenses
25.8

 
8.6

 
31.8

 
—

 
66.2

Impairment of goodwill
—

 
—

 
114.4

 
—

 
114.4

Operating loss
(36.2
)
 
(4.5
)
 
(46.6
)
 
—

 
(87.3
)
Interest income (expense), net
(40.1
)
 
(22.9
)
 
28.8

 
—

 
(34.2
)
Other income (loss) including equity in income of unconsolidated subsidiaries
(45.0
)
 
0.3

 
(0.1
)
 
45.0

 
0.2

Income (loss) before income tax provision (benefit)
(121.3
)
 
(27.1
)
 
(17.9
)
 
45.0

 
(121.3
)
Income tax provision (benefit)
(1.9
)
 
(8.6
)
 
28.3

 
(19.7
)
 
(1.9
)
Net income (loss)
(119.4
)
 
(18.5
)
 
(46.2
)
 
64.7

 
(119.4
)
Less: Net income attributable to noncontrolling interests
—

 
—

 
1.8

 
—

 
1.8

Net income (loss) attributable to ATI
$
(119.4
)
 
$
(18.5
)
 
$
(48.0
)
 
$
64.7

 
$
(121.2
)
Comprehensive income (loss) attributable to ATI
$
(63.5
)
 
$
(15.5
)
 
$
(28.5
)
 
$
37.2

 
$
(70.3
)

Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Operations and Comprehensive Income
For the nine months ended September 30, 2017  
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Sales
$
—

 
$
866.3

 
$
1,748.9

 
$
—

 
$
2,615.2

Cost of sales
33.4

 
822.5

 
1,440.9

 
—

 
2,296.8

Gross profit (loss)
(33.4
)
 
43.8

 
308.0

 
—

 
318.4

Selling and administrative expenses
70.1

 
27.0

 
95.3

 
—

 
192.4

Impairment of goodwill
—

 
—

 
114.4

 
—

 
114.4

Operating income (loss)
(103.5
)
 
16.8

 
98.3

 
—

 
11.6

Interest income (expense), net
(118.4
)
 
(66.6
)
 
82.8

 
—

 
(102.2
)
Other income (loss) including equity in income of unconsolidated subsidiaries
135.0

 
1.1

 
2.6

 
(135.0
)
 
3.7

Income (loss) before income tax provision (benefit)
(86.9
)
 
(48.7
)
 
183.7

 
(135.0
)
 
(86.9
)
Income tax provision (benefit)
(2.0
)
 
(16.3
)
 
97.4

 
(81.1
)
 
(2.0
)
Net income (loss)
(84.9
)
 
(32.4
)
 
86.3

 
(53.9
)
 
(84.9
)
Less: Net income attributable to noncontrolling interests
—

 
—

 
8.7

 
—

 
8.7

Net income (loss) attributable to ATI
$
(84.9
)
 
$
(32.4
)
 
$
77.6

 
$
(53.9
)
 
$
(93.6
)
Comprehensive income (loss) attributable to ATI
$
(0.3
)
 
$
(27.1
)
 
$
109.9

 
$
(98.7
)
 
$
(16.2
)
Condensed Statements of Cash Flows
Condensed Statements of Cash Flows
For the nine months ended September 30, 2016
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows provided by (used in) operating activities
$
(73.0
)
 
$
(183.7
)
 
$
169.0

 
$
(24.0
)
 
$
(111.7
)
Investing Activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(0.5
)
 
(93.0
)
 
(81.4
)
 
—

 
(174.9
)
Net receipts/(payments) on intercompany activity
—

 
—

 
(102.0
)
 
102.0

 
—

Asset disposals and other
—

 
—

 
2.1

 
—

 
2.1

Cash flows provided by (used in) investing activities
(0.5
)
 
(93.0
)
 
(181.3
)
 
102.0

 
(172.8
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Borrowings on long-term debt
287.5

 
—

 
100.0

 
—

 
387.5

Payments on long-term debt and capital leases
(0.5
)
 
(0.2
)
 
(1.7
)
 
—

 
(2.4
)
Net borrowings under credit facilities
—

 
—

 
2.4

 
—

 
2.4

Debt issuance costs
(9.4
)
 
—

 
(1.0
)
 
—

 
(10.4
)
Net receipts/(payments) on intercompany activity
(176.4
)
 
278.4

 
—

 
(102.0
)
 
—

Dividends paid to stockholders
(25.8
)
 
—

 
(24.0
)
 
24.0

 
(25.8
)
Dividends paid to noncontrolling interests
—

 
—

 
(16.0
)
 
—

 
(16.0
)
Acquisition of noncontrolling interests
—

 
—

 
(12.2
)
 
—

 
(12.2
)
Cash flows provided by (used in) financing activities
75.4

 
278.2

 
47.5

 
(78.0
)
 
323.1

Increase in cash and cash equivalents
$
1.9

 
$
1.5

 
$
35.2

 
$
—

 
$
38.6

Condensed Statements of Cash Flows
For the nine months ended September 30, 2017  
(In millions)
Guarantor
Parent
 
Subsidiary
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows provided by (used in) operating activities
$
(84.2
)
 
$
(83.1
)
 
$
113.5

 
$
—

 
$
(53.8
)
Investing Activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(0.5
)
 
(27.4
)
 
(57.4
)
 
—

 
(85.3
)
Net receipts/(payments) on intercompany activity
—

 
—

 
(205.1
)
 
205.1

 
—

Asset disposals and other
—

 
0.1

 
3.1

 
—

 
3.2

Cash flows provided by (used in) investing activities
(0.5
)
 
(27.3
)
 
(259.4
)
 
205.1

 
(82.1
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Borrowings on long-term debt
—

 
—

 
8.5

 
—

 
8.5

Payments on long-term debt and capital leases
(0.3
)
 
(0.2
)
 
(1.4
)
 
—

 
(1.9
)
Net borrowings under credit facilities
—

 
—

 
28.0

 
—

 
28.0

Debt issuance costs
—

 
—

 
(0.8
)
 
—

 
(0.8
)
Net receipts/(payments) on intercompany activity
89.6

 
115.5

 
—

 
(205.1
)
 
—

Sale to noncontrolling interests
—

 
—

 
2.2

 
—

 
2.2

Shares repurchased for income tax withholding on share-based compensation and other

(4.8
)
 
—

 
—

 
—

 
(4.8
)
Cash flows provided by (used in) financing activities
84.5

 
115.3

 
36.5

 
(205.1
)
 
31.2

Increase (decrease) in cash and cash equivalents
$
(0.2
)
 
$
4.9

 
$
(109.4
)
 
$
—

 
$
(104.7
)