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Debt
 3 Months Ended
Mar. 29, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt at March 29, 2026 and December 28, 2025 was as follows (in millions): 
March 29,
2026		December 28,
2025
ATI Inc. 7.25% Notes due 2030
$425.0 $425.0 
ATI Inc. 5.875% Notes due 2027
350.0 350.0 
ATI Inc. 5.125% Notes due 2031
350.0 350.0 
ATI Inc. 4.875% Notes due 2029
325.0 325.0 
ABL Term Loan200.0 200.0 
U.S. revolving credit facility75.0 — 
Foreign credit facilities1.0 — 
Finance leases and other112.8 111.0 
Debt issuance costs(10.9)(11.6)
Debt1,827.9 1,749.4 
Short-term debt and current portion of long-term debt33.2 31.1 
Long-term debt$1,794.7 $1,718.3 
Revolving Credit Facility
The Company's amended Asset Based Lending (ABL) Credit Facility, is collateralized by the accounts receivable and inventory of the Company’s operations and includes a $600 million revolving credit facility, a letter of credit sub-facility of up to $200 million, a $200 million term loan (Term Loan), and a swing loan facility of up to $60 million. Additionally, the Company has the ability, through June 13, 2026 and as long as no default or event of default has occurred and is continuing, to borrow an additional term loan of up to $100 million in total, using one or two draws (the Delayed-Draw Term Loan). The Term Loan and Delayed-Draw Term Loan each bear interest at rate of 2.0% above the adjusted Secured Overnight Financing Rate (SOFR) and can be prepaid in increments of $25 million if certain minimum liquidity conditions are satisfied. In addition, the Company has the right to request an increase of up to $300 million in the maximum amount available under the revolving credit facility for the duration of the ABL. The ABL facility also provides the Company with the option of including certain machinery and equipment as additional collateral for purposes of determining availability under the facility. The ABL term runs through June of 2030.
The applicable interest rate for revolving credit borrowings under the ABL facility includes interest rate spreads based on available borrowing capacity that range between 1.25% and 1.75% for SOFR-based borrowings and between 0.25% and 0.75% for base rate borrowings. The ABL facility contains a financial covenant whereby the Company must maintain a fixed charge coverage ratio of not less than 1.00:1.00 after an event of default has occurred and is continuing or if the undrawn availability under the ABL revolving credit portion of the facility is less than the greater of (i) 10% of the then applicable maximum loan amount under the revolving credit portion of the ABL and the outstanding Term Loan balance, or (ii) $60.0 million. The Company was in compliance with the fixed charge coverage ratio as of March 29, 2026. Additionally, the Company must demonstrate minimum liquidity specified by the facility during the 90-day period immediately preceding the stated maturity date of its 5.875% Senior Notes due 2027 and the 4.875% Notes due 2029. Costs associated with entering into the June 2025 ABL amendment were $2.8 million, and are being amortized to interest expense over the extended term of the facility ending June 2030, along with $1.9 million of unamortized deferred costs previously recorded for the ABL. The ABL, as amended, also contains customary affirmative and negative covenants for credit facilities of this type, including limitations on the Company’s ability to incur additional indebtedness or liens or to enter into investments, mergers and acquisitions, dispositions of assets and transactions with affiliates, some of which are more restrictive at any time during the term of the ABL when the Company’s fixed charge coverage ratio is less than 1.00:1.00 and its undrawn availability under the revolving portion of the ABL is less than the greater of (a) $120 million or (b) 20% of the sum of the maximum loan amount under the revolving credit portion of the ABL and the outstanding Term Loan balance.
As of March 29, 2026, there were $75.0 million outstanding borrowings under the revolving portion of the ABL facility, and $29.3 million was utilized to support the issuance of letters of credit. There were average revolving credit borrowings of $62.8 million bearing an average annual interest rate of 5.4% under the ABL facility for the quarter ended March 29, 2026. There were no revolving credit borrowings under the ABL facility during the quarter ended March 30, 2025. The Company also has foreign credit facilities, primarily in China, that total $74.2 million based on March 29, 2026 foreign exchange rates, $1.0 million of which was drawn as of March 29, 2026. There were no amounts drawn under foreign credit facilities as of December 28, 2025.