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Financial Information for Subsidiary and Guarantor Parent
 3 Months Ended
Mar. 31, 2013
Schedule Of Condensed Financial Statements Disclosure [Abstract]  
Financial Information for Subsidiary and Guarantor Parent [Text Block]

Note 11. Financial Information for Subsidiary and Guarantor Parent

 

The payment obligations under the $150 million 6.95% debentures due 2025 issued by Allegheny Ludlum, LLC (formerly known as Allegheny Ludlum Corporation) (the “Subsidiary”) are fully and unconditionally guaranteed by Allegheny Technologies Incorporated (the “Guarantor Parent”). In accordance with positions established by the Securities and Exchange Commission, the following financial information sets forth separately financial information with respect to the Subsidiary, the non-guarantor subsidiaries and the Guarantor Parent. The principal elimination entries eliminate investments in subsidiaries and certain intercompany balances and transactions. Investments in subsidiaries, which are eliminated in consolidation, are included in other assets on the consolidated balance sheets.

 

Allegheny Technologies is the plan sponsor for the U.S. qualified defined benefit pension plan (the “Plan”) which covers certain current and former employees of the Subsidiary and the non-guarantor subsidiaries. As a result, the balance sheets presented for the Subsidiary and the non-guarantor subsidiaries do not include any Plan assets or liabilities, or the related deferred taxes. The Plan assets, liabilities and related deferred taxes and pension income or expense are recognized by the Guarantor Parent. Management and royalty fees charged to the Subsidiary and to the non-guarantor subsidiaries by the Guarantor Parent have been excluded solely for purposes of this presentation.

 

       Cash flows related to intercompany activity between the Guarantor Parent, the Subsidiary, and the non-guarantor subsidiaries are presented as financing activities on the condensed statements of cash flows.

Allegheny Technologies Incorporated    
Financial Information for Subsidiary and Guarantor Parent    
Balance Sheets    
March 31, 2013    
  Guarantor  Non-guarantor    
(In millions)ParentSubsidiarySubsidiariesEliminationsConsolidated
Assets:          
Cash and cash equivalents$ 4.3$ 8.5$ 125.2$ -$ 138.0
Accounts receivable, net  0.2  217.5  463.8  -  681.5
Inventories, net  -  333.5  1,204.0  -  1,537.5
Prepaid expenses and other current          
 assets  33.1  13.9  42.4  -  89.4
Total current assets  37.6  573.4  1,835.4  -  2,446.4
Property, plant and equipment, net   3.7  946.9  1,646.6  -  2,597.2
Cost in excess of net assets acquired   -  112.1  624.2  -  736.3
Deferred income taxes  31.3  -  -  -  31.3
Investments in subsidiaries and          
 other assets  5,508.3  205.4  795.3  (6,145.9)  363.1
Total assets$ 5,580.9$ 1,837.8$ 4,901.5$ (6,145.9)$ 6,174.3
            
Liabilities and stockholders’ equity:          
Accounts payable$ 3.3$ 264.5$ 211.6$ -$ 479.4
Accrued liabilities  1,026.9  554.2  314.9  (1,616.0)  280.0
Deferred income taxes  36.6  -  -  -  36.6
Short-term debt and current portion           
 of long-term debt  0.3  0.1  16.7  -  17.1
Total current liabilities  1,067.1  818.8  543.2  (1,616.0)  813.1
Long-term debt  1,253.5  350.5  58.0  (200.0)  1,462.0
Accrued postretirement benefits  -  193.6  294.2  -  487.8
Pension liabilities  647.2  5.0  61.5  -  713.7
Other long-term liabilities  16.4  18.8  65.8  -  101.0
Total liabilities  2,984.2  1,386.7  1,022.7  (1,816.0)  3,577.6
Total stockholders’ equity   2,596.7  451.1  3,878.8  (4,329.9)  2,596.7
Total liabilities and stockholders’          
 equity$ 5,580.9$ 1,837.8$ 4,901.5$ (6,145.9)$ 6,174.3

Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Income and Comprehensive Income
For the three months ended March 31, 2013
  Guarantor  Non-guarantor    
(In millions)ParentSubsidiary SubsidiariesEliminationsConsolidated
Sales$ -$ 477.1$ 702.3$ -$ 1,179.4
Cost of sales  17.5  466.7  580.9  -  1,065.1
Selling and administrative expenses  29.1  10.4  46.2  -  85.7
Income (loss) before interest, other          
 income and income taxes  (46.6)  0.0  75.2  -  28.6
Interest expense, net   (11.7)  (2.6)  (0.1)  -  (14.4)
Other income (loss) including          
 equity in income of unconsolidated          
 subsidiaries  73.6  (5.4)  9.2  (76.3)  1.1
Income before income tax provision  15.3  (8.0)  84.3  (76.3)  15.3
Income tax provision (benefit)  3.7  (2.5)  29.8  (27.3)  3.7
Net income (loss)  11.6  (5.5)  54.5  (49.0)  11.6
Less: Net income (loss) attributable to           
 noncontrolling interests  -  -  1.6  -  1.6
Net income (loss) attributable to ATI$ 11.6$ (5.5)$ 52.9$ (49.0)$ 10.0
            
Comprehensive income (loss) attributable to ATI$ 23.2$ (5.4)$ 40.0$ (34.6)$ 23.2

Condensed Statements of Cash Flows  
For the three months ended March 31, 2013  
  Guarantor  Non-guarantor    
(In millions)ParentSubsidiary SubsidiariesEliminationsConsolidated
Cash flows provided by (used in)          
 operating activities$ (25.9)$ 20.1$ (51.6)$ -$ (57.4)
            
Cash flows used in investing activities  ―  (74.9)  (11.3)  -  (86.2)
            
Cash flows provided by (used in)          
 financing activities  24.6  50.2  (97.8)  -  (23.0)
Increase (decrease) in cash          
 and cash equivalents$ (1.3)$ (4.6)$ (160.7)$ -$ (166.6)

Allegheny Technologies Incorporated    
Financial Information for Subsidiary and Guarantor Parent    
Balance Sheets    
December 31, 2012    
  Guarantor  Non-guarantor    
(In millions)ParentSubsidiarySubsidiariesEliminationsConsolidated
Assets:          
Cash and cash equivalents$ 5.5$ 13.1$ 286.0$ -$ 304.6
Accounts receivable, net  0.4  190.1  422.8  -  613.3
Inventories, net  -  311.1  1,225.5  -  1,536.6
Prepaid expenses and other current          
 assets  1.1  10.2  44.8  -  56.1
Total current assets  7.0  524.5  1,979.1  -  2,510.6
Property, plant and equipment, net   3.9  882.2  1,673.8  -  2,559.9
Cost in excess of net assets acquired   -  112.1  628.0  -  740.1
Deferred income taxes  71.5  -  -  -  71.5
Investments in subsidiaries and          
 other assets  5,595.9  210.3  657.0  (6,097.5)  365.7
Total assets$ 5,678.3$ 1,729.1$ 4,937.9$ (6,097.5)$ 6,247.8
            
Liabilities and stockholders’ equity:          
Accounts payable$ 5.3$ 262.6$ 232.0$ -$ 499.9
Accrued liabilities  1,137.4  419.8  401.1  (1,627.8)  330.5
Deferred income taxes  24.0  -  -  -  24.0
Short-term debt and current portion           
 of long-term debt  0.3  0.1  16.7  -  17.1
Total current liabilities  1,167.0  682.5  649.8  (1,627.8)  871.5
Long-term debt  1,253.4  350.6  59.1  (200.1)  1,463.0
Accrued postretirement benefits  -  198.2  297.0  -  495.2
Pension liabilities  651.7  5.1  64.3  -  721.1
Other long-term liabilities  19.1  20.8  70.0  -  109.9
Total liabilities  3,091.2  1,257.2  1,140.2  (1,827.9)  3,660.7
Total stockholders’ equity   2,587.1  471.9  3,797.7  (4,269.6)  2,587.1
Total liabilities and stockholders’          
 equity$ 5,678.3$ 1,729.1$ 4,937.9$ (6,097.5)$ 6,247.8

Allegheny Technologies Incorporated
Financial Information for Subsidiary and Guarantor Parent
Statements of Income and Comprehensive Income
For the three months ended March 31, 2012
  Guarantor  Non-guarantor    
(In millions)ParentSubsidiary SubsidiariesEliminationsConsolidated
Sales$ -$ 557.0$ 795.5$ -$ 1,352.5
Cost of sales  13.3  508.5  623.7  -  1,145.5
Selling and administrative expenses  43.1  10.5  49.8  -  103.4
Income (loss) before interest, other          
 income and income taxes  (56.4)  38.0  122.0  -  103.6
Interest income (expense), net   (17.0)  (2.6)  (0.3)  -  (19.9)
Other income including          
 equity in income of unconsolidated          
 subsidiaries  157.5  1.6  1.5  (160.2)  0.4
Income before income tax provision   84.1  37.0  123.2  (160.2)  84.1
Income tax provision  25.8  14.0  40.8  (54.8)  25.8
Net income  58.3  23.0  82.4  (105.4)  58.3
Less: Net income attributable to           
 noncontrolling interests  -  -  2.1  -  2.1
Net income attributable to ATI$ 58.3$ 23.0$ 80.3$ (105.4)$ 56.2
            
Comprehensive income (loss) attributable to ATI$ 72.1$ 22.7$ 89.6$ (112.3)$ 72.1

Condensed Statements of Cash Flows
For the three months ended March 31, 2012
  Guarantor  Non-guarantor    
(In millions)ParentSubsidiary SubsidiariesEliminationsConsolidated
Cash flows provided by (used in)           
 operating activities$ (12.5)$ 3.1$ (1.0)$ (7.8)$ (18.2)
            
Cash flows used in investing activities  (0.1)  (51.6)  (17.3)  -  (69.0)
            
Cash flows provided by (used in)          
 financing activities  13.8  5.5  (70.2)  7.8  (43.1)
Increase (decrease) in cash          
 and cash equivalents$ 1.2$ (43.0)$ (88.5)$ -$ (130.3)