Financial Information for Subsidiary and Guarantor Parent (Tables)

12 Months Ended

Dec. 31, 2019

Financial Information for Subsidiary and Guarantor Parent [Abstract]

Schedule of condensed consolidating balance sheets

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Balance Sheets

December 31, 2019

(In millions)	Guarantor Parent		Subsidiary			Non-guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	0.3	$	4.2		$	486.3	$	—		$	490.8
Accounts receivable, net	—		123.7			430.4		—			554.1
Intercompany notes receivable	—		—			4,402.8		(4,402.8		)	—
Short-term contract assets	—		—			38.5		—			38.5
Inventories, net	—		213.0			942.3		—			1,155.3
Prepaid expenses and other current assets	5.6		18.5			40.2		—			64.3
Total current assets	5.9		359.4			6,340.5		(4,402.8		)	2,303.0
Property, plant and equipment, net	6.5		1,539.3			904.3		—			2,450.1
Goodwill	—		—			525.8		—			525.8
Intercompany notes receivable	—		—			200.0		(200.0		)	—
Investments in subsidiaries	6,434.3		37.7			—		(6,472.0		)	—
Other assets	98.3		83.1			174.3		—			355.7
Total assets	$	6,545.0	$	2,019.5		$	8,144.9	$	(11,074.8	)	$	5,634.6
Liabilities and stockholders’ equity:
Accounts payable	$	4.6	$	184.0		$	332.6	$	—		$	521.2
Intercompany notes payable	2,457.1		1,945.7			—		(4,402.8		)	—
Short-term contract liabilities	—		26.4			52.3		—			78.7
Short-term debt and current portion of long-term debt	1.4		0.2			9.9		—			11.5
Other current liabilities	51.5		68.1			118.2		—			237.8
Total current liabilities	2,514.6		2,224.4			513.0		(4,402.8		)	849.2
Long-term debt	1,130.1		150.4			106.9		—			1,387.4
Intercompany notes payable	—		200.0			—		(200.0		)	—
Accrued postretirement benefits	—		261.2			51.3		—			312.5
Pension liabilities	678.8		3.8			48.9		—			731.5
Other long-term liabilities	28.3		44.1			88.4		—			160.8
Total liabilities	4,351.8		2,883.9			808.5		(4,602.8		)	3,441.4
Total stockholders’ equity (deficit)	2,193.2		(864.4		)	7,336.4		(6,472.0		)	2,193.2
Total liabilities and stockholders’ equity	$	6,545.0	$	2,019.5		$	8,144.9	$	(11,074.8	)	$	5,634.6

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Balance Sheets

December 31, 2018

(In millions)	Guarantor Parent		Subsidiary			Non-guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	0.1	$	10.8		$	371.1	$	—		$	382.0
Accounts receivable, net	—		126.3			401.5		—			527.8
Intercompany notes receivable	—		—			3,968.8		(3,968.8		)	—
Short-term contract assets	—		—			51.2		—			51.2
Inventories, net	—		216.1			995.0		—			1,211.1
Prepaid expenses and other current assets	12.9		29.3			32.4		—			74.6
Total current assets	13.0		382.5			5,820.0		(3,968.8		)	2,246.7
Property, plant and equipment, net	1.7		1,548.4			924.9		—			2,475.0
Goodwill	—		—			534.7		—			534.7
Intercompany notes receivable	—		—			200.0		(200.0		)	—
Investments in subsidiaries	6,096.4		37.7			—		(6,134.1		)	—
Other assets	35.6		30.7			179.1		—			245.4
Total assets	$	6,146.7	$	1,999.3		$	7,658.7	$	(10,302.9	)	$	5,501.8
Liabilities and stockholders’ equity:
Accounts payable	$	3.3	$	177.5		$	318.0	$	—		$	498.8
Intercompany notes payable	2,102.8		1,866.0			—		(3,968.8		)	—
Short-term contract liabilities	—		33.0			38.4		—			71.4
Short-term debt and current portion of long-term debt	0.2		0.7			5.7		—			6.6
Other current liabilities	59.1		71.7			129.3		—			260.1
Total current liabilities	2,165.4		2,148.9			491.4		(3,968.8		)	836.9
Long-term debt	1,278.8		151.8			104.9		—			1,535.5
Intercompany notes payable	—		200.0			—		(200.0		)	—
Accrued postretirement benefits	—		259.2			59.2		—			318.4
Pension liabilities	681.6		4.0			44.4		—			730.0
Other long-term liabilities	29.3		17.6			42.5		—			89.4
Total liabilities	4,155.1		2,781.5			742.4		(4,168.8		)	3,510.2
Total stockholders’ equity (deficit)	1,991.6		(782.2		)	6,916.3		(6,134.1		)	1,991.6
Total liabilities and stockholders’ equity	$	6,146.7	$	1,999.3		$	7,658.7	$	(10,302.9	)	$	5,501.8

Schedule of condensed consolidating statements of operations

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Operations

For the year ended December 31, 2018

(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	1,410.3		$	2,636.3		$	—		$	4,046.6
Cost of sales	16.6			1,302.4			2,097.3			—			3,416.3
Gross profit (loss)	(16.6		)	107.9			539.0			—			630.3
Selling and administrative expenses	101.7			34.2			132.3			—			268.2
Operating income (loss)	(118.3		)	73.7			406.7			—			362.1
Nonoperating retirement benefit expense	(12.7		)	(19.5		)	(1.7		)	—			(33.9		)
Interest income (expense), net	(138.8		)	(114.6		)	152.4			—			(101.0		)
Other income (expense) including equity in income of unconsolidated subsidiaries	517.5			16.8			0.8			(514.6		)	20.5
Income (loss) before income taxes	247.7			(43.6		)	558.2			(514.6		)	247.7
Income tax provision (benefit)	11.0			(8.7		)	83.9			(75.2		)	11.0
Net income (loss)	236.7			(34.9		)	474.3			(439.4		)	236.7
Less: Net income attributable to noncontrolling interest	—			—			14.3			—			14.3
Net income (loss) attributable to ATI	$	236.7		$	(34.9	)	$	460.0		$	(439.4	)	$	222.4

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Operations

For the year ended December 31, 2019

(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	1,429.0		$	2,693.5		$	—		$	4,122.5
Cost of sales	13.5			1,302.8			2,168.4			—			3,484.7
Gross profit (loss)	(13.5		)	126.2			525.1			—			637.8
Selling and administrative expenses	116.5			33.2			117.5			—			267.2
Restructuring charges	4.5			—			—			—			4.5
Operating income (loss)	(134.5		)	93.0			407.6			—			366.1
Nonoperating retirement benefit expense	(47.5		)	(24.7		)	(1.4		)	—			(73.6		)
Interest income (expense), net	(148.2		)	(131.6		)	180.8			—			(99.0		)
Debt extinguishment charge	(21.6		)	—			—			—			(21.6		)
Other income (expense) including equity in income of unconsolidated subsidiaries	593.4			(22.0		)	90.2			(591.9		)	69.7
Income (loss) before income taxes	241.6			(85.3		)	677.2			(591.9		)	241.6
Income tax provision (benefit)	(28.5		)	(18.3		)	115.6			(97.3		)	(28.5		)
Net income (loss)	270.1			(67.0		)	561.6			(494.6		)	270.1
Less: Net income attributable to noncontrolling interest	—			—			12.5			—			12.5
Net income (loss) attributable to ATI	$	270.1		$	(67.0	)	$	549.1		$	(494.6	)	$	257.6

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Operations

For the year ended December 31, 2017

(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	1,178.9		$	2,346.2		$	—		$	3,525.1
Cost of sales	14.6			1,085.5			1,928.0			—			3,028.1
Gross profit (loss)	(14.6		)	93.4			418.2			—			497.0
Selling and administrative expenses	86.6			36.9			124.5			—			248.0
Impairment of goodwill	—			—			114.4			—			114.4
Operating income (loss)	(101.2		)	56.5			179.3			—			134.6
Nonoperating retirement benefit expense	(32.2		)	(18.7		)	(3.4		)	—			(54.3		)
Interest income (expense), net	(155.8		)	(90.0		)	112.0			—			(133.8		)
Debt extinguishment charge	(37.0		)	—			—			—			(37.0		)
Other income (expense) including equity in income of unconsolidated subsidiaries	239.7			1.6			2.4			(239.7		)	4.0
Income (loss) before income taxes	(86.5		)	(50.6		)	290.3			(239.7		)	(86.5		)
Income tax provision (benefit)	(6.8		)	(16.6		)	131.4			(114.8		)	(6.8		)
Net income (loss)	(79.7		)	(34.0		)	158.9			(124.9		)	(79.7		)
Less: Net income attributable to noncontrolling interest	—			—			12.2			—			12.2
Net income (loss) attributable to ATI	$	(79.7	)	$	(34.0	)	$	146.7		$	(124.9	)	$	(91.9	)

Schedule of condensed consolidating comprehensive income

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Comprehensive Income (Loss)

For the year ended December 31, 2017

(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(79.7	)	$	(34.0	)	$	158.9		$	(124.9	)	$	(79.7	)
Other comprehensive income (loss)
Currency translation adjustment arising during the period	39.1			—			39.1			(39.1		)	39.1
Net derivative gain on hedge transactions	7.1			—			—			—			7.1
Pension and postretirement benefits	27.3			(5.8		)	(10.7		)	16.5			27.3
Other comprehensive income (loss), net of tax	73.5			(5.8		)	28.4			(22.6		)	73.5
Comprehensive income (loss)	(6.2		)	(39.8		)	187.3			(147.5		)	(6.2		)
Less: Comprehensive income attributable to noncontrolling interest	—			—			19.8			—			19.8
Comprehensive income (loss) attributable to ATI	$	(6.2	)	$	(39.8	)	$	167.5		$	(147.5	)	$	(26.0	)

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Comprehensive Income (Loss)

For the year ended December 31, 2019

(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	270.1		$	(67.0	)	$	561.6		$	(494.6	)	$	270.1
Other comprehensive income (loss)
Currency translation adjustment arising during the period	(4.0		)	—			(4.0		)	4.0			(4.0		)
Net derivative gain on hedge transactions	10.3			—			—			—			10.3
Pension and postretirement benefits	(75.5		)	3.8			(15.2		)	11.4			(75.5		)
Other comprehensive income (loss), net of tax	(69.2		)	3.8			(19.2		)	15.4			(69.2		)
Comprehensive income (loss)	200.9			(63.2		)	542.4			(479.2		)	200.9
Less: Comprehensive income attributable to noncontrolling interest	—			—			11.2			—			11.2
Comprehensive income (loss) attributable to ATI	$	200.9		$	(63.2	)	$	531.2		$	(479.2	)	$	189.7

Allegheny Technologies Incorporated

Financial Information for Subsidiary and Guarantor Parent

Statements of Comprehensive Income (Loss)

For the year ended December 31, 2018

(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	236.7		$	(34.9	)	$	474.3		$	(439.4	)	$	236.7
Other comprehensive income (loss)
Currency translation adjustment arising during the period	(26.6		)	—			(26.6		)	26.6			(26.6		)
Net derivative loss on hedge transactions	(18.1		)	—			—			—			(18.1		)
Pension and postretirement benefits	(67.5		)	(19.1		)	0.7			18.4			(67.5		)
Other comprehensive income (loss), net of tax	(112.2		)	(19.1		)	(25.9		)	45.0			(112.2		)
Comprehensive income (loss)	124.5			(54.0		)	448.4			(394.4		)	124.5
Less: Comprehensive income attributable to noncontrolling interest	—			—			8.1			—			8.1
Comprehensive income (loss) attributable to ATI	$	124.5		$	(54.0	)	$	440.3		$	(394.4	)	$	116.4

Schedule of condensed consolidating statements of cash flow

Condensed Statements of Cash Flows

For the year ended December 31, 2018

(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(107.0	)	$	(223.9	)	$	738.7		$	(15.0	)	$	392.8
Investing Activities:
Purchases of property, plant and equipment	(2.1		)	(26.2		)	(110.9		)	—			(139.2		)
Net receipts (payments) on intercompany activity	—			—			(346.5		)	346.5			—
Proceeds from disposal of property, plant and equipment	—			2.6			0.2			—			2.8
Purchases of businesses	—			—			(10.0		)	—			(10.0		)
Other	1.3			—			—			—			1.3
Cash flows provided by (used in) investing activities	(0.8		)	(23.6		)	(467.2		)	346.5			(145.1		)
Financing Activities:
Borrowings on long-term debt	—			—			7.1			—			7.1
Payments on long-term debt and finance leases	(0.2		)	(0.9		)	(5.3		)	—			(6.4		)
Net payments under credit facilities	—			—			(5.9		)	—			(5.9		)
Net receipts (payments) on intercompany activity	112.5			234.0			—			(346.5		)	—
Dividends paid to stockholders	—			—			(15.0		)	15.0			—
Dividends paid to noncontrolling interests	—			—			(10.0		)	—			(10.0		)
Sale of noncontrolling interests	—			11.7			2.7			—			14.4
Shares repurchased for income tax withholding on share-based compensation and other	(6.5		)	—			—			—			(6.5		)
Cash flows provided by (used in) financing activities	105.8			244.8			(26.4		)	(331.5		)	(7.3		)
Increase (decrease) in cash and cash equivalents	$	(2.0	)	$	(2.7	)	$	245.1		$	—		$	240.4

Condensed Statements of Cash Flows

For the year ended December 31, 2019

(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	16.1		$	(109.1	)	$	344.1		$	(21.0	)	$	230.1
Investing Activities:
Purchases of property, plant and equipment	(0.7		)	(33.4		)	(134.1		)	—			(168.2		)
Net receipts (payments) on intercompany activity	—			—			(308.0		)	308.0			—
Proceeds from disposals of property, plant and equipment	—			0.1			91.9			—			92.0
Proceeds from sales of businesses, net of transaction costs	—			—			158.1			—			158.1
Other	(0.2		)	—			—			—			(0.2		)
Cash flows provided by (used in) investing activities	(0.9		)	(33.3		)	(192.1		)	308.0			81.7
Financing Activities:
Borrowings on long-term debt	350.0			—			—			—			350.0
Payments on long-term debt and finance leases	(500.7		)	(0.2		)	(6.7		)	—			(507.6		)
Net borrowings under credit facilities	—			—			4.9			—			4.9
Debt issuance costs	(5.5		)	—			—			—			(5.5		)
Debt extinguishment charge	(20.9		)	—			—			—			(20.9		)
Net receipts (payments) on intercompany activity	172.0			136.0			—			(308.0		)	—
Dividends paid to stockholders	—			—			(21.0		)	21.0			—
Dividends paid to noncontrolling interests	—			—			(14.0		)	—			(14.0		)
Shares repurchased for income tax withholding on share-based compensation and other	(9.9		)	—			—			—			(9.9		)
Cash flows provided by (used in) financing activities	(15.0		)	135.8			(36.8		)	(287.0		)	(203.0		)
Increase (decrease) in cash and cash equivalents	$	0.2		$	(6.6	)	$	115.2		$	—		$	108.8

Condensed Statements of Cash Flows

For the year ended December 31, 2017

(In millions)	Guarantor Parent			Subsidiary			Non-guarantor Subsidiaries			Eliminations			Consolidated
Cash flows provided by (used in) operating activities	$	(78.8	)	$	(101.5	)	$	214.7		$	(12.0	)	$	22.4
Investing Activities:
Purchases of property, plant and equipment	(0.9		)	(38.5		)	(83.3		)	—			(122.7		)
Net receipts (payments) on intercompany activity	—			—			(223.9		)	223.9			—
Proceeds from disposal of property, plant and equipment	—			0.1			2.6			—			2.7
Other	—			—			0.4			—			0.4
Cash flows provided by (used in) investing activities	(0.9		)	(38.4		)	(304.2		)	223.9			(119.6		)
Financing Activities:
Borrowings on long-term debt	—			—			8.5			—			8.5
Payments on long-terms debt and finance leases	(350.4		)	(0.3		)	(2.3		)	—			(353.0		)
Net borrowings under credit facilities	—			—			1.6			—			1.6
Debt issuance costs	—			—			(0.8		)	—			(0.8		)
Debt extinguishment charge	(35.8		)	—			—			—			(35.8		)
Net receipts (payments) on intercompany activity	72.7			151.2			—			(223.9		)	—
Issuance of common stock	397.8			—			—			—			397.8
Dividends paid to stockholders	—			—			(12.0		)	12.0			—
Dividends paid to noncontrolling interests	—			—			(8.0		)	—			(8.0		)
Sale to noncontrolling interest	—			—			3.7			—			3.7
Shares repurchased for income tax withholding on share-based compensation	(4.8		)	—			—			—			(4.8		)
Cash flows provided by (used in) financing activities	79.5			150.9			(9.3		)	(211.9		)	9.2
Increase (decrease) in cash and cash equivalents	$	(0.2	)	$	11.0		$	(98.8	)	$	—		$	(88.0	)