Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Apr. 24, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-Q | ||
Document Period End Date | 31-Mar-15 | ||
Amendment Flag | FALSE | ||
Entity Registrant Name | ALLEGHENY TECHNOLOGIES INCORPORATED | ||
Entity Central Index Key | 1018963 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 109,215,499 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Entity Public Float | $4,900,000,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $238 | $269.50 |
Accounts receivable, net of allowances for doubtful accounts of $4.8 as of March 31, 2015 and December 31, 2014 | 690.9 | 603.6 |
Inventories, net | 1,472.60 | 1,472.80 |
Prepaid expenses and other current assets | 64.1 | 136.2 |
Total current assets | 2,465.60 | 2,482.10 |
Property, plant and equipment, net | 2,943.70 | 2,961.80 |
Cost in excess of net assets acquired | 777.9 | 780.4 |
Other assets | 369.6 | 358.3 |
Total assets | 6,556.80 | 6,582.60 |
Current Liabilities: | ||
Accounts payable | 559.5 | 556.7 |
Accrued liabilities | 288.8 | 323.2 |
Deferred income taxes | 70.8 | 62.2 |
Short-term debt and current portion of long-term debt | 17.9 | 17.8 |
Total current liabilities | 937 | 959.9 |
Long-term debt | 1,509.10 | 1,509.10 |
Accrued postretirement benefits | 407.1 | 415.8 |
Pension liabilities | 730.2 | 739.3 |
Deferred income taxes | 91.3 | 80.9 |
Other long-term liabilities | 162 | 156.2 |
Total liabilities | 3,836.70 | 3,861.20 |
Redeemable noncontrolling interest | 12.1 | 12.1 |
ATI Stockholders' Equity: | ||
Preferred stock, par value $0.10: authorized-50,000,000 shares; issued-none | 0 | 0 |
Common stock, par value $0.10: authorized-500,000,000 shares; issued-109,695,171 shares at March 31, 2015 and December 31, 2014; outstanding- 109,172,045 shares at March 31, 2015 and 108,710,914 shares at December 31, 2014 | 11 | 11 |
Additional paid-in capital | 1,154.20 | 1,164.20 |
Retained earnings | 2,382.40 | 2,398.90 |
Treasury stock: 523,126 shares at March 31, 2015 and 984,257 shares at December 31, 2014 | -22.2 | -44.3 |
Accumulated other comprehensive loss, net of tax | -930.8 | -931.4 |
Total ATI stockholders’ equity | 2,594.60 | 2,598.40 |
Noncontrolling interests | ||
Noncontrolling interests | 113.4 | 110.9 |
Total Equity | 2,708 | 2,709.30 |
Total Liabilities and Equity | $6,556.80 | $6,582.60 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $4.80 | $4.80 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, authorized | 50,000,000 | 50,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, authorized | 500,000,000 | 500,000,000 |
Common stock, issued | 109,695,171 | 109,695,171 |
Common stock, oustanding | 109,172,045 | 108,710,914 |
Treasury stock | 523,126 | 984,257 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Sales | $1,125.50 | $987.30 |
Costs and expenses: | ||
Cost of sales | 1,016 | 917.1 |
Selling and administrative expenses | 63.1 | 67.7 |
Income before interest, other income and income taxes | 46.4 | 2.5 |
Interest expense, net | -26.7 | -29.1 |
Other income, net | 0.9 | 0.6 |
Income (loss) from continuing operations before income taxes | 20.6 | -26 |
Income tax provision (benefit) | 8 | -10 |
Income (loss) from continuing operations | 12.6 | -16 |
Income (loss) from discontinued operations, net of tax | 0 | -1.9 |
Net income (loss) | 12.6 | -17.9 |
Less: Net income attributable to noncontrolling interests | 2.6 | 2.1 |
Net income (loss) attributable to ATI | 10 | -20 |
Continuing operations attributable to ATI per common share (in dollars per share) | $0.09 | ($0.17) |
Discontinued operations attributable to ATI per common share (in dollars per share) | $0 | ($0.02) |
Basic net income (loss) attributable to ATI per common share (in dollars per share) | $0.09 | ($0.19) |
Continuing operations attributable to ATI per common share (in dollars per share) | $0.09 | ($0.17) |
Discontinued operations attributable to ATI per common share (in dollars per share) | $0 | ($0.02) |
Diluted net income (loss) attributable to ATI per common share (in dollars per share) | $0.09 | ($0.19) |
Dividends declared per common share (in dollars per share) | $0.18 | $0.18 |
Income (loss) from continuing operations, net of tax | 10 | -18.1 |
Loss from discontinued operations, net of tax | $0 | ($1.90) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $12.60 | ($17.90) |
Currency translation adjustment | ||
Unrealized net change arising during the period | -21.8 | -3.3 |
Unrealized holding gain on securities | ||
Net gain (loss) arising during the period | 0 | 0 |
Derivatives | ||
Net derivatives gain on hedge transactions | 18.5 | 9.3 |
Reclassification to net income of net realized loss (gain) | -2.7 | 2.1 |
Income taxes on derivative transactions | 6.1 | 4.4 |
Total | 9.7 | 7 |
Postretirement benefit plans | ||
Amortization of net actuarial loss | 18.7 | 22 |
Amortization to net income of net prior service cost (credits) | 1.5 | -0.2 |
Income taxes on postretirement benefit plans | 7.7 | 8.4 |
Total | 12.5 | 13.4 |
Other comprehensive income, net of tax | 0.4 | 17.1 |
Comprehensive income (loss) | 13 | -0.8 |
Less: Comprehensive income attributable to noncontrolling interests | 2.4 | 0.2 |
Comprehensive income (loss) attributable to ATI | $10.60 | ($1) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities: | ||
Net income (loss) | $12.60 | ($17.90) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 45.6 | 44 |
Deferred taxes | 5 | -1.7 |
Changes in operating asset and liabilities: | ||
Inventories | 0.3 | -82.6 |
Accounts receivable | -87.3 | -28.6 |
Accounts payable | 2.7 | 45.9 |
Retirement benefits | 2.5 | 4.2 |
Accrued income taxes | 60.6 | -10.9 |
Accrued liabilities and other | -30 | -9.3 |
Cash provided by (used in) operating activities | 12 | -56.9 |
Investing Activities: | ||
Purchases of property, plant and equipment | -22.6 | -39.6 |
Purchases of businesses, net of cash acquired | 0 | -71.1 |
Asset disposals and other | 0.1 | 1.8 |
Cash used in investing activities | -22.5 | -108.9 |
Financing Activities: | ||
Payments on long-term debt and capital leases | -0.3 | -0.1 |
Dividends paid to stockholders | -19.3 | -19.3 |
Shares repurchased for income tax withholding on share-based compensation | -1.4 | -3.9 |
Cash used in financing activities | -21 | -23.3 |
Increase (decrease) in cash and cash equivalents | ||
Decrease in cash and cash equivalents | -31.5 | -189.1 |
Cash and cash equivalents at beginning of period | 269.5 | 1,026.80 |
Cash and cash equivalents at end of period | $238 | $837.70 |
STATEMENTS_OF_CHANGES_IN_CONSO
STATEMENTS OF CHANGES IN CONSOLIDATED EQUITY (USD $) | Total | [CommonStockMember] | [AdditionalPaidInCapitalMember] | [RetainedEarningsMember] | [TreasuryStockMember] | [AccumulatedOtherComprehensiveIncomeMember] | [NoncontrollingInterestMember] |
In Millions, unless otherwise specified | |||||||
Total Stockholders' Equity at Dec. 31, 2013 | $2,994.70 | $11 | $1,185.90 | $2,490.10 | ($79.60) | ($713.20) | $100.50 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | -17.9 | -20 | 2.1 | ||||
Other comprehensive income (loss) | 17.1 | 18.9 | -1.8 | ||||
Cash dividends on common stock ($0.18 per share) | -19.3 | -19.3 | |||||
Employee stock plans | -7.5 | -25.7 | -10.1 | 28.3 | |||
Total Stockholders' Equity at Mar. 31, 2014 | 2,967.10 | 11 | 1,160.20 | 2,440.70 | -51.3 | -694.3 | 100.8 |
Total Stockholders' Equity at Dec. 31, 2014 | 2,709.30 | 11 | 1,164.20 | 2,398.90 | -44.3 | -931.4 | 110.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 12.6 | 10 | 2.6 | ||||
Other comprehensive income (loss) | 0.4 | 0.6 | -0.2 | ||||
Cash dividends on common stock ($0.18 per share) | -19.3 | -19.3 | |||||
Redeemable noncontrolling interest | 0 | -0.1 | 0.1 | ||||
Employee stock plans | 5 | -10 | -7.1 | 22.1 | |||
Total Stockholders' Equity at Mar. 31, 2015 | $2,708 | $11 | $1,154.20 | $2,382.40 | ($22.20) | ($930.80) | $113.40 |
STATEMENTS_OF_CHANGES_IN_CONSO1
STATEMENTS OF CHANGES IN CONSOLIDATED EQUITY (PARENTHETICAL) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends on common stock per share | $0.18 | $0.18 |
Accounting_Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies |
The interim consolidated financial statements include the accounts of Allegheny Technologies Incorporated and its subsidiaries. Unless the context requires otherwise, “Allegheny Technologies”, “ATI” and “the Company” refer to Allegheny Technologies Incorporated and its subsidiaries. | |
These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (which include only normal recurring adjustments) considered necessary for a fair presentation have been included. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2014 financial information has been derived from the Company’s audited consolidated financial statements. | |
In 2013, the Company sold or announced closures of certain businesses that are reported as discontinued operations. Remaining closure activities were completed in 2014. Financial results for discontinued operations for the first quarter of 2014 were sales of $5.2 million, pretax losses of $2.8 million, and net assets of $2.9 million as of March 31, 2014. | |
New Accounting Pronouncements Adopted | |
In January 2015, the Company adopted changes issued by the Financial Accounting Standards Board (FASB) to the criteria for reporting discontinued operations. Under the new criteria, a disposal of a component of an entity is required to be reported as discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The criteria that there be no significant continuing involvement in the operations of the component after the disposal transaction has been removed under the new guidance. The new guidance also requires the presentation of the assets and liabilities of a disposal group that includes a discontinued operation for each comparative period and requires additional disclosures about discontinued operations, including the major line items constituting the pretax profit or loss of the discontinued operation, certain cash flow information for the discontinued operation, expanded disclosures about an entity’s significant continuing involvement in a discontinued operation, and disclosures about a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The provisions of the new guidance are effective for all disposals that occur for the Company beginning in fiscal year 2015. The adoption of these changes had no impact on the consolidated financial statements. | |
Pending Accounting Pronouncements | |
In April 2015, the FASB issued new guidance on presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this guidance. This update will be effective for the Company beginning in fiscal year 2016, with early adoption permitted, and is applied on a retrospective basis. As of March 31, 2015 and December 31, 2014, the Company had $10.6 million and $10.9 million, respectively, of debt issuance costs reported as assets on the consolidated balance sheet that will be reclassified to a reduction of the carrying amount of the debt liability upon the Company’s adoption of this new guidance. | |
In May 2014, the FASB issued changes to revenue recognition with customers. This update provides a five-step analysis of transactions to determine when and how revenue is recognized. An entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update will be effective for the Company beginning in fiscal year 2017. This update may be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories at March 31, 2015 and December 31, 2014 were as follows (in millions): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Raw materials and supplies | $ | 234.5 | $ | 249.3 | ||||
Work-in-process | 1,186.30 | 1,184.10 | ||||||
Finished goods | 177 | 172.2 | ||||||
Total inventories at current cost | 1,597.80 | 1,605.60 | ||||||
Adjustment from current cost to LIFO cost basis | 4.3 | 4.8 | ||||||
Inventory valuation reserves | (66.4 | ) | (68.8 | ) | ||||
Progress payments | (63.1 | ) | (68.8 | ) | ||||
Total inventories, net | $ | 1,472.60 | $ | 1,472.80 | ||||
Inventories are stated at the lower of cost (last-in, first-out (“LIFO”), first-in, first-out (“FIFO”), and average cost methods) or market, less progress payments. Most of the Company’s inventory is valued utilizing the LIFO costing methodology. Inventory of the Company’s non-U.S. operations is valued using average cost or FIFO methods. The effect of using the LIFO methodology to value inventory, rather than FIFO, increased cost of sales by $0.5 million for the first three months of 2015, which was offset by a $0.5 million reduction in net realizable value reserves on the carrying value of LIFO-based inventory. The first three months of 2014 results included a $9.0 million increase in cost of sales from using the LIFO costing methodology, which was offset by a $9.0 million reduction in net realizable value reserves on the carrying value of LIFO-based inventory. The first three months of 2015 and 2014 results included $5.3 million and $8.3 million, respectively, in inventory valuation charges related to the market-based valuation of industrial titanium products in the Flat Rolled Products segment. |
Property_Plant_And_Equipment
Property Plant And Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property Plant and Equipment | Property, Plant and Equipment | |||||||
Property, plant and equipment at March 31, 2015 and December 31, 2014 was as follows (in millions): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 30 | $ | 30.2 | ||||
Buildings | 1,053.10 | 1,048.90 | ||||||
Equipment and leasehold improvements | 3,714.60 | 3,702.50 | ||||||
4,797.70 | 4,781.60 | |||||||
Accumulated depreciation and amortization | (1,854.0 | ) | (1,819.8 | ) | ||||
Total property, plant and equipment, net | $ | 2,943.70 | $ | 2,961.80 | ||||
The construction in progress portion of property, plant and equipment at March 31, 2015 was $57.2 million. |
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Debt at March 31, 2015 and December 31, 2014 was as follows (in millions): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Allegheny Technologies 5.875% Notes due 2023 (a) | $ | 500 | $ | 500 | ||||
Allegheny Technologies 5.95% Notes due 2021 | 500 | 500 | ||||||
Allegheny Technologies 9.375% Notes due 2019 | 350 | 350 | ||||||
Allegheny Ludlum 6.95% debentures due 2025 | 150 | 150 | ||||||
ATI Ladish Series B 6.14% Notes due 2016 (b) | 11.7 | 11.9 | ||||||
ATI Ladish Series C 6.41% Notes due 2015 (c) | 10.2 | 10.3 | ||||||
Domestic Bank Group $400 million credit facility | — | — | ||||||
Foreign credit facilities | — | — | ||||||
Industrial revenue bonds, due through 2020, and other | 5.1 | 4.7 | ||||||
Total short-term and long-term debt | 1,527.00 | 1,526.90 | ||||||
Short-term debt and current portion of long-term debt | 17.9 | 17.8 | ||||||
Total long-term debt | $ | 1,509.10 | $ | 1,509.10 | ||||
(a) | Bearing interest at 6.375% effective February 15, 2015. | |||||||
(b) | Includes fair value adjustments of $0.3 million at March 31, 2015 and $0.4 million at December 31, 2014. | |||||||
(c) | Includes fair value adjustments of $0.2 million at March 31, 2015 and $0.3 million at December 31, 2014. | |||||||
During the first quarter of 2015, Standard & Poor’s (“S&P”) downgraded the Company’s credit rating one notch to BB+ from BBB-, resulting in an increase of the interest rate on the Senior Notes due 2023 (the “2023 Notes”) from 6.125% as of December 31, 2014 to 6.375% effective with the interest period beginning February 15, 2015. Future downgrades of the Company’s credit ratings could result in additional increases to the interest cost with respect to the 2023 Notes. | ||||||||
There were no outstanding borrowings made under the Company’s $400 million senior domestic credit facility (“credit facility”) expiring May 31, 2018 as of March 31, 2015, although approximately $4.7 million has been utilized to support the issuance of letters of credit. Average borrowings under the credit facility for the first quarter of 2015 were $73.7 million, bearing an average annual interest rate of 1.9%. The credit facility provides for a springing lien on certain of the Company’s accounts receivable and inventory. This springing lien became effective during the first quarter of 2015 as the Company’s credit ratings from both S&P’s and Moody’s are now below investment grade following S&P’s downgrade in the first quarter 2015 discussed above. This springing lien will be subsequently released if the Company’s credit rating returns to investment grade from either rating agency, assuming no event of default condition exists. The credit facility requires the Company to maintain a leverage ratio (measured as consolidated total indebtedness net of cash on hand in excess of $50 million, divided by consolidated EBITDA, defined as earnings before interest, taxes, depreciation and amortization, and non-cash pension expense, with the definition of consolidated EBIT excluding any gain or loss attributable to sale or other dispositions of assets outside the ordinary course of business, for the four prior fiscal quarters) of not greater than 5.00 for the quarter ended March 31, 2015, 4.50 for the quarter ended June 30, 2015, 3.75 for the quarter ended September 30, 2015, and 3.50 for the quarter ended December 31, 2015 and for each fiscal quarter thereafter. The credit facility also requires the Company to maintain an interest coverage ratio (consolidated EBITDA as calculated for the leverage ratio, divided by interest expense) of not less than 2.50 for the quarter ended March 31, 2015, 3.00 for the quarter ended June 30, 2015, 3.25 for the quarter ended September 30, 2015, and 3.50 for the quarter ended December 31, 2015 and for each fiscal quarter thereafter. At March 31, 2015, the leverage ratio was 3.73 and the interest coverage ratio was 3.26. The Company was in compliance with these required ratios during all applicable periods. | ||||||||
The Company has an additional separate credit facility for the issuance of letters of credit. As of March 31, 2015, $32 million in letters of credit were outstanding under this facility. | ||||||||
In addition, Shanghai STAL Precision Stainless Steel Company Limited (STAL), the Company’s Chinese joint venture company in which ATI has a 60% interest, entered into a 125 million renminbi (approximately $20 million at March 31, 2015 exchange rates) revolving credit facility in April 2015, replacing a previous revolving credit facility that expired in 2014. Borrowings may be either in renminbi or U.S. dollars, with interest rates based on published Chinese or U.S. interbank offer rates, respectively. The credit facility is supported solely by STAL’s financial capability without any guarantees from the joint venture partners. The credit facility requires STAL to maintain a minimum level of shareholders’ equity, and certain financial ratios. | ||||||||
The ATI Ladish Series B and Series C Notes are guaranteed by ATI and are equally ranked with all of ATI’s existing and future senior unsecured debt. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Derivative Financial Instruments and Hedging | Derivative Financial Instruments and Hedging | |||||||||||||||||||||||
As part of its risk management strategy, the Company, from time-to-time, utilizes derivative financial instruments to manage its exposure to changes in raw material prices, energy costs, foreign currencies, and interest rates. In accordance with applicable accounting standards, the Company accounts for most of these contracts as hedges. In general, hedge effectiveness is determined by examining the relationship between offsetting changes in fair value or cash flows attributable to the item being hedged, and the financial instrument being used for the hedge. Effectiveness is measured utilizing regression analysis and other techniques to determine whether the change in the fair market value or cash flows of the derivative exceeds the change in fair value or cash flow of the hedged item. Calculated ineffectiveness, if any, is immediately recognized in the consolidated statements of operations. | ||||||||||||||||||||||||
The Company sometimes uses futures and swap contracts to manage exposure to changes in prices for forecasted purchases of raw materials, such as nickel, and natural gas. Under these contracts, which are generally accounted for as cash flow hedges, the price of the item being hedged is fixed at the time that the contract is entered into and the Company is obligated to make or receive a payment equal to the net change between this fixed price and the market price at the date the contract matures. | ||||||||||||||||||||||||
The majority of ATI’s products are sold utilizing raw material surcharges and index mechanisms. However, as of March 31, 2015, the Company had entered into financial hedging arrangements, primarily at the request of its customers, related to firm orders, for an aggregate notional amount of approximately 20% of its estimated annual nickel requirements. These nickel hedges extend to 2020. | ||||||||||||||||||||||||
At March 31, 2015, the outstanding financial derivatives used to hedge the Company’s exposure to energy cost volatility included natural gas cost hedges for approximately 80% of its annual forecasted domestic requirements for 2015, approximately 75% for 2016, and approximately 45% for 2017. | ||||||||||||||||||||||||
While the majority of the Company’s direct export sales are transacted in U.S. dollars, foreign currency exchange contracts are used, from time-to-time, to limit transactional exposure to changes in currency exchange rates for those transactions denominated in a non-U.S. currency. The Company sometimes purchases foreign currency forward contracts that permit it to sell specified amounts of foreign currencies expected to be received from its export sales for pre-established U.S. dollar amounts at specified dates. The forward contracts are denominated in the same foreign currencies in which export sales are denominated. These contracts are designated as hedges of the variability in cash flows of a portion of the forecasted future export sales transactions which otherwise would expose the Company to foreign currency risk, primarily euros. At March 31, 2015, the Company held euro forward sales contracts designated as hedges with a notional value of approximately 375 million euro with maturity dates through February 2018, including approximately 157 million euro with maturities in 2015. In addition, the Company may also designate cash balances held in foreign currencies as hedges of forecasted foreign currency transactions. | ||||||||||||||||||||||||
During the first quarter of 2015, the Company net settled 126.5 million euro notional value of foreign currency forward contracts designated as cash flow hedges with 2015 maturity dates, receiving cash proceeds of $26.1 million which is reported in cash provided by operating activities on the consolidated cash flow statement. Deferred gains on these settled cash flow hedges currently recognized in accumulated other comprehensive income will be reclassified to earnings when the underlying transactions occur. The Company subsequently entered into 115 million euro notional value of foreign currency forward contracts designated as fair value hedges in the first quarter of 2015, all with 2015 maturity dates, and recorded a $5.0 million benefit in costs of sales on the consolidated statement of operations in the first quarter of 2015 for subsequent mark-to-market changes on these fair value hedges. | ||||||||||||||||||||||||
The Company may enter into derivative interest rate contracts to maintain a reasonable balance between fixed- and floating-rate debt. There were no unsettled derivative financial instruments related to debt balances for the periods presented. | ||||||||||||||||||||||||
There are no credit risk-related contingent features in the Company’s derivative contracts, and the contracts contained no provisions under which the Company has posted, or would be required to post, collateral. The counterparties to the Company’s derivative contracts are substantial and creditworthy commercial banks that are recognized market makers. The Company controls its credit exposure by diversifying across multiple counterparties and by monitoring credit ratings and credit default swap spreads of its counterparties. The Company also enters into master netting agreements with counterparties when possible. | ||||||||||||||||||||||||
The fair values of the Company’s derivative financial instruments are presented below, representing the gross amounts recognized which are not offset by counterparty or by type of item hedged. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy, which includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs derived principally from or corroborated by observable market data. | ||||||||||||||||||||||||
(In millions) | Balance sheet location | March 31, | December 31, | |||||||||||||||||||||
Asset derivatives | 2015 | 2014 | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 23.1 | $ | 23.6 | |||||||||||||||||||
Nickel and other raw material contracts | Prepaid expenses and other current assets | — | 1.1 | |||||||||||||||||||||
Foreign exchange contracts | Other assets | 46 | 28.3 | |||||||||||||||||||||
Nickel and other raw material contracts | Other assets | — | 0.5 | |||||||||||||||||||||
Total derivatives designated as hedging instruments | 69.1 | 53.5 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | — | 6.4 | |||||||||||||||||||||
Total derivatives not designated as hedging instruments | — | 6.4 | ||||||||||||||||||||||
Total asset derivatives | $ | 69.1 | $ | 59.9 | ||||||||||||||||||||
Liability derivatives | Balance sheet location | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Natural gas contracts | Accrued liabilities | $ | 12.1 | $ | 10.2 | |||||||||||||||||||
Nickel and other raw material contracts | Accrued liabilities | 9.9 | 5.8 | |||||||||||||||||||||
Electricity contracts | Accrued liabilities | — | 0.1 | |||||||||||||||||||||
Natural gas contracts | Other long-term liabilities | 11.8 | 7.9 | |||||||||||||||||||||
Nickel and other raw material contracts | Other long-term liabilities | 9.4 | 3 | |||||||||||||||||||||
Total derivatives designated as hedging instruments | 43.2 | 27 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Accrued liabilities | 0.4 | — | |||||||||||||||||||||
Total derivatives not designated as hedging instruments | 0.4 | — | ||||||||||||||||||||||
Total liability derivatives | $ | 43.6 | $ | 27 | ||||||||||||||||||||
For derivative financial instruments that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (OCI) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current period results. For derivative financial instruments that are designated as fair value hedges, changes in the fair value of these derivatives are recognized in current period results. The Company did not use net investment hedges for the periods presented. The effects of derivative instruments in the tables below are presented net of related income taxes. | ||||||||||||||||||||||||
Activity with regard to derivatives designated as cash flow hedges for the three month periods ended March 31, 2015 and 2014 was as follows (in millions): | ||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||
Recognized in OCI on | Reclassified from | Recognized in Income | ||||||||||||||||||||||
Derivatives | Accumulated OCI | on Derivatives (Ineffective | ||||||||||||||||||||||
(Effective Portion) | into Income | Portion and Amount | ||||||||||||||||||||||
(Effective Portion) (a) | Excluded from | |||||||||||||||||||||||
Effectiveness Testing) (b) | ||||||||||||||||||||||||
Derivatives in Cash Flow | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||
Hedging Relationships | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Nickel and other raw material contracts | $ | (9.6 | ) | $ | 3 | $ | (2.2 | ) | $ | (1.7 | ) | $ | — | $ | — | |||||||||
Natural gas contracts | (6.0 | ) | 2.3 | (2.4 | ) | 1.4 | — | — | ||||||||||||||||
Electricity contracts | — | 0.9 | (0.1 | ) | 0.4 | — | — | |||||||||||||||||
Foreign exchange contracts | 27 | (0.5 | ) | 6.4 | (1.4 | ) | — | — | ||||||||||||||||
Total | $ | 11.4 | $ | 5.7 | $ | 1.7 | $ | (1.3 | ) | $ | — | $ | — | |||||||||||
(a) | The gains (losses) reclassified from accumulated OCI into income related to the effective portion of the derivatives are presented in cost of sales in the same period or periods in which the hedged item affects earnings. | |||||||||||||||||||||||
(b) | The gains (losses) recognized in income on derivatives related to the ineffective portion and the amount excluded from effectiveness testing are presented in selling and administrative expenses. | |||||||||||||||||||||||
Assuming market prices remain constant with those at March 31, 2015, a gain of $0.7 million is expected to be recognized over the next 12 months. | ||||||||||||||||||||||||
The disclosures of gains or losses presented above for nickel and other raw material contracts and foreign currency contracts do not take into account the anticipated underlying transactions. Since these derivative contracts represent hedges, the net effect of any gain or loss on results of operations may be fully or partially offset. | ||||||||||||||||||||||||
During the first quarter of 2015, the Company net settled 40.3 million euro notional value of foreign currency forward contracts that were not designated as hedges, receiving cash proceeds of $11.8 million which is reported in cash provided by operating activities on the consolidated cash flow statement. The Company also entered into 30 million euro notional value of foreign currency forward contracts not designated as hedges in the first quarter of 2015 with maturity dates through February 2016. | ||||||||||||||||||||||||
Derivatives that are not designated as hedging instruments were as follows: | ||||||||||||||||||||||||
(In millions) | Amount of Gain (Loss) Recognized | |||||||||||||||||||||||
in Income on Derivatives | ||||||||||||||||||||||||
Derivatives Not Designated | Three months ended March 31, | |||||||||||||||||||||||
as Hedging Instruments | 2015 | 2014 | ||||||||||||||||||||||
Foreign exchange contracts | $ | 3.5 | $ | 0.2 | ||||||||||||||||||||
Changes in the fair value of foreign exchange contract derivatives not designated as hedging instruments are recorded in cost of sales. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||
The estimated fair value of financial instruments at March 31, 2015 was as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(In millions) | Total | Total | Quoted Prices in | Significant | ||||||||||||
Carrying | Estimated | Active Markets for | Observable | |||||||||||||
Amount | Fair Value | Identical Assets(Level 1) | Inputs | |||||||||||||
(Level 2) | ||||||||||||||||
Cash and cash equivalents | $ | 238 | $ | 238 | $ | 238 | $ | — | ||||||||
Derivative financial instruments: | ||||||||||||||||
Assets | 69.1 | 69.1 | — | 69.1 | ||||||||||||
Liabilities | 43.6 | 43.6 | — | 43.6 | ||||||||||||
Debt | 1,527.00 | 1,679.60 | 1,652.60 | 27 | ||||||||||||
The estimated fair value of financial instruments at December 31, 2014 was as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(In millions) | Total | Total | Quoted Prices in | Significant | ||||||||||||
Carrying | Estimated | Active Markets for | Observable | |||||||||||||
Amount | Fair Value | Identical Assets | Inputs | |||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Cash and cash equivalents | $ | 269.5 | $ | 269.5 | $ | 269.5 | $ | — | ||||||||
Derivative financial instruments: | ||||||||||||||||
Assets | 59.9 | 59.9 | — | 59.9 | ||||||||||||
Liabilities | 27 | 27 | — | 27 | ||||||||||||
Debt | 1,526.90 | 1,616.00 | 1,589.10 | 26.9 | ||||||||||||
In accordance with accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards established three levels of a fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||
The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. No transfers between levels were reported in 2015 or 2014. | ||||||||||||||||
The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: | ||||||||||||||||
Cash and cash equivalents: Fair value was determined using Level 1 information. | ||||||||||||||||
Derivative financial instruments: Fair values for derivatives were measured using exchange-traded prices for the hedged items. The fair value was determined using Level 2 information, including consideration of counterparty risk and the Company’s credit risk. | ||||||||||||||||
Short-term and long-term debt: The fair values of the Company’s publicly traded debt were based on Level 1 information. The fair values of the other short-term and long-term debt were determined using Level 2 information. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefits | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits | |||||||||||||||
The Company has defined benefit pension plans or defined contribution plans covering substantially all employees. Benefits under the defined benefit pension plans are generally based on years of service and/or final average pay. The Company funds the U.S. pension plans in accordance with the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code. | ||||||||||||||||
The Company also sponsors several postretirement plans covering certain salaried and hourly employees. The plans provide health care and life insurance benefits for eligible retirees. In most plans, Company contributions towards premiums are capped based on the cost as of a certain date, thereby creating a defined contribution. For the non-collectively bargained plans, the Company maintains the right to amend or terminate the plans at its discretion. | ||||||||||||||||
For the three month periods ended March 31, 2015 and 2014, the components of pension expense and components of other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions): | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three months ended March 31, | Three months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost - benefits earned during the year | $ | 5.7 | $ | 7.4 | $ | 0.7 | $ | 0.7 | ||||||||
Interest cost on benefits earned in prior years | 30.3 | 33.4 | 4.5 | 6 | ||||||||||||
Expected return on plan assets | (42.1 | ) | (46.1 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | 0.3 | 0.6 | 1.2 | (0.8 | ) | |||||||||||
Amortization of net actuarial loss | 15.1 | 18.5 | 3.6 | 3.5 | ||||||||||||
Total retirement benefit expense | $ | 9.3 | $ | 13.8 | $ | 10 | $ | 9.4 | ||||||||
Other postretirement benefit costs for a defined contribution plan were $0.7 million for the three months ended March 31, 2014. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
First quarter 2015 results included a provision for income taxes of $8.0 million, or 38.8% of income from continuing operations before income tax, compared to a benefit of $10.0 million, or 38.5% of loss from continuing operations before income tax, for the 2014 comparable period. The income tax rate in 2015 is higher than normal due to the Company’s inability to use the federal domestic manufacturing deduction tax benefit due to net operating loss carryforwards. A federal income tax refund of $59.9 million was received in the first quarter of 2015. Income taxes in the first quarter 2014 included discrete tax benefits of $2.2 million primarily associated with adjustments to prior years’ and foreign taxes. |
Business_Segments
Business Segments | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Business Segments | Business Segments | |||||||
The Company operates in two business segments: High Performance Materials & Components and Flat Rolled Products. The measure of segment operating profit, which is used to analyze the performance and results of the business segments, excludes income taxes, corporate expenses, net interest expense, retirement benefit expense, closed company expenses and restructuring costs, if any. Discontinued operations are also excluded. Management believes segment operating profit, as defined, provides an appropriate measure of controllable operating results at the business segment level. Following is certain financial information with respect to the Company’s business segments for the periods indicated (in millions): | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Total sales: | ||||||||
High Performance Materials & Components | $ | 564.9 | $ | 504.1 | ||||
Flat Rolled Products | 604.7 | 529.6 | ||||||
1,169.60 | 1,033.70 | |||||||
Intersegment sales: | ||||||||
High Performance Materials & Components | 22.1 | 19.7 | ||||||
Flat Rolled Products | 22 | 26.7 | ||||||
44.1 | 46.4 | |||||||
Sales to external customers: | ||||||||
High Performance Materials & Components | 542.8 | 484.4 | ||||||
Flat Rolled Products | 582.7 | 502.9 | ||||||
$ | 1,125.50 | $ | 987.3 | |||||
Operating profit (loss): | ||||||||
High Performance Materials & Components | $ | 75.9 | $ | 69.1 | ||||
Flat Rolled Products | 7.9 | (25.6 | ) | |||||
Total operating profit | 83.8 | 43.5 | ||||||
Corporate expenses | (11.8 | ) | (11.5 | ) | ||||
Interest expense, net | (26.7 | ) | (29.1 | ) | ||||
Closed company and other expenses | (5.4 | ) | (5.0 | ) | ||||
Retirement benefit expense | (19.3 | ) | (23.9 | ) | ||||
Income (loss) from continuing operations before income taxes | $ | 20.6 | $ | (26.0 | ) | |||
Retirement benefit expense represents defined benefit pension expense and other postretirement benefit expense for both defined benefit and defined contribution plans. Operating profit with respect to the Company’s business segments excludes any retirement benefit expense. Costs associated with multiemployer pension plans are included in segment operating profit, and costs associated with defined contribution retirement plans are included in segment operating profit or corporate expenses, as applicable. | ||||||||
Interest expense, net of interest income, in the first quarter 2015 was $26.7 million, compared to net interest expense of $29.1 million in the first quarter 2014. The decrease in interest expense was primarily due to lower debt levels. Interest expense benefited from the capitalization of interest costs of $0.6 million in the first quarter 2015 compared to $2.3 million in the first quarter 2014. The decrease in capitalized interest primarily related to the Flat Rolled Products segment Hot-Rolling and Processing Facility. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interest Redeemable Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest |
The holders of the 15% noncontrolling interest in ATI Flowform Products have a put option to require the Company to purchase their equity interest at a redemption value determinable from a specified formula based on a multiple of EBITDA (subject to a fixed minimum linked to the original acquisition date value). The put option is fully exercisable beginning in the second quarter of 2017, and is also exercisable under certain other circumstances. The put option cannot be separated from the noncontrolling interest, and the combination of a noncontrolling interest and the redemption feature requires classification as redeemable noncontrolling interest in the consolidated balance sheet, separate from Stockholders’ Equity. | |
The carrying amount of the redeemable noncontrolling interest approximates its maximum redemption value. Any subsequent change in maximum redemption value is adjusted through retained earnings. The adjustment to the carrying amount for the quarter ended March 31, 2015 reduced retained earnings by $0.1 million. The Company applied the two-class method of calculating earnings per share, and as such this adjustment to the carrying amount was reflected in earnings per share. The redeemable noncontrolling interest was $12.1 million as of March 31, 2015 and December 31, 2014, which was unchanged from the acquisition date value. |
Per_Share_Information
Per Share Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Per Share Information | Per Share Information | |||||||
The following table sets forth the computation of basic and diluted income from continuing operations per common share: | ||||||||
Three Months Ended | ||||||||
(In millions, except per share amounts) | March 31, | |||||||
2015 | 2014 | |||||||
Numerator for basic income (loss) from continuing operations per common share – | ||||||||
Income (loss) from continuing operations attributable to ATI | $ | 10 | $ | (18.1 | ) | |||
Redeemable noncontrolling interest (Note 10) | (0.1 | ) | — | |||||
Numerator for diluted income (loss) from continuing operations per common share – | ||||||||
Income (loss) from continuing operations available to ATI after assumed conversions | $ | 9.9 | $ | (18.1 | ) | |||
Denominator for basic net income (loss) per common share-weighted average shares | 107.2 | 107 | ||||||
Effect of dilutive securities: | ||||||||
Share-based compensation | 0.8 | — | ||||||
4.25% Convertible Notes due 2014 | — | — | ||||||
Denominator for diluted net income (loss) per common share – adjusted weighted average shares assuming conversions | 108 | 107 | ||||||
Basic income (loss) from continuing operations attributable to ATI per common share | $ | 0.09 | $ | (0.17 | ) | |||
Diluted income (loss) from continuing operations attributable to ATI per common share | $ | 0.09 | $ | (0.17 | ) | |||
Common stock that would be issuable upon the assumed conversion of the 2014 Convertible Notes (prior to maturity on June 2, 2014) and other option equivalents and contingently issuable shares are excluded from the computation of contingently issuable shares, and therefore, from the denominator for diluted earnings per share, if the effect of inclusion is anti-dilutive. There were no anti-dilutive shares for the three month period ended March 31, 2015 and 10.0 million anti-dilutive shares for the three month period ended March 31, 2014. |
Financial_Information_for_Subs
Financial Information for Subsidiary and Guarantor Parent | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | Financial Information for Subsidiary and Guarantor Parent | |||||||||||||||||||
The payment obligations under the $150 million 6.95% debentures due 2025 issued by Allegheny Ludlum, LLC (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. | ||||||||||||||||||||
ATI 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. | ||||||||||||||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.5 | $ | 12 | $ | 223.5 | $ | — | $ | 238 | ||||||||||
Accounts receivable, net | 0.1 | 222.4 | 468.4 | — | 690.9 | |||||||||||||||
Intercompany notes receivable | — | — | 2,367.90 | (2,367.9 | ) | — | ||||||||||||||
Inventories, net | — | 399.6 | 1,073.00 | — | 1,472.60 | |||||||||||||||
Prepaid expenses and other current assets | 3 | 8.9 | 52.2 | — | 64.1 | |||||||||||||||
Total current assets | 5.6 | 642.9 | 4,185.00 | (2,367.9 | ) | 2,465.60 | ||||||||||||||
Property, plant and equipment, net | 2.5 | 1,544.90 | 1,396.30 | — | 2,943.70 | |||||||||||||||
Cost in excess of net assets acquired | — | 126.6 | 651.3 | — | 777.9 | |||||||||||||||
Intercompany notes receivable | — | — | 200 | (200.0 | ) | — | ||||||||||||||
Investment in subsidiaries | 6,149.20 | 37.7 | — | (6,186.9 | ) | — | ||||||||||||||
Other assets | 23.5 | 27.7 | 318.4 | — | 369.6 | |||||||||||||||
Total assets | $ | 6,180.80 | $ | 2,379.80 | $ | 6,751.00 | $ | (8,754.8 | ) | $ | 6,556.80 | |||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||
Accounts payable | $ | 2.8 | $ | 336.9 | $ | 219.8 | $ | — | $ | 559.5 | ||||||||||
Accrued liabilities | 31.7 | 60.3 | 196.8 | — | 288.8 | |||||||||||||||
Intercompany notes payable | 1,179.00 | 1,188.90 | — | (2,367.9 | ) | — | ||||||||||||||
Deferred income taxes | 70.8 | — | — | — | 70.8 | |||||||||||||||
Short-term debt and current portion of long-term debt | 0.6 | 0.1 | 17.2 | — | 17.9 | |||||||||||||||
Total current liabilities | 1,284.90 | 1,586.20 | 433.8 | (2,367.9 | ) | 937 | ||||||||||||||
Long-term debt | 1,351.00 | 150.3 | 7.8 | — | 1,509.10 | |||||||||||||||
Intercompany notes payable | — | 200 | — | (200.0 | ) | — | ||||||||||||||
Accrued postretirement benefits | — | 150.9 | 256.2 | — | 407.1 | |||||||||||||||
Pension liabilities | 668.7 | 5.8 | 55.7 | — | 730.2 | |||||||||||||||
Deferred income taxes | 91.3 | — | — | — | 91.3 | |||||||||||||||
Other long-term liabilities | 76.9 | 20.9 | 64.2 | — | 162 | |||||||||||||||
Total liabilities | 3,472.80 | 2,114.10 | 817.7 | (2,567.9 | ) | 3,836.70 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 12.1 | — | 12.1 | |||||||||||||||
Total stockholders’ equity | 2,708.00 | 265.7 | 5,921.20 | (6,186.9 | ) | 2,708.00 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,180.80 | $ | 2,379.80 | $ | 6,751.00 | $ | (8,754.8 | ) | $ | 6,556.80 | |||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Operations and Comprehensive Income | ||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 508.5 | $ | 617 | $ | — | $ | 1,125.50 | ||||||||||
Cost of sales | 2.2 | 504 | 509.8 | — | 1,016.00 | |||||||||||||||
Selling and administrative expenses | 25.8 | 11.7 | 25.6 | — | 63.1 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (28.0 | ) | (7.2 | ) | 81.6 | — | 46.4 | |||||||||||||
Interest income (expense), net | (28.0 | ) | (12.2 | ) | 13.5 | — | (26.7 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 76.6 | 0.4 | 0.6 | (76.7 | ) | 0.9 | ||||||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | 20.6 | (19.0 | ) | 95.7 | (76.7 | ) | 20.6 | |||||||||||||
Income tax provision (benefit) | 8 | (6.6 | ) | 34.1 | (27.5 | ) | 8 | |||||||||||||
Income (loss) from continuing operations | 12.6 | (12.4 | ) | 61.6 | (49.2 | ) | 12.6 | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||
Net income (loss) | 12.6 | (12.4 | ) | 61.6 | (49.2 | ) | 12.6 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 2.6 | — | 2.6 | |||||||||||||||
Net income (loss) attributable to ATI | $ | 12.6 | $ | (12.4 | ) | $ | 59 | $ | (49.2 | ) | $ | 10 | ||||||||
Comprehensive income (loss) attributable to ATI | $ | 13 | $ | (9.1 | ) | $ | 37.8 | $ | (31.1 | ) | $ | 10.6 | ||||||||
Condensed Statements of Cash Flows | ||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (26.3 | ) | $ | (42.3 | ) | $ | 80.6 | $ | — | $ | 12 | ||||||||
Investing Activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | — | (9.1 | ) | (13.5 | ) | — | (22.6 | ) | ||||||||||||
Net receipts/(payments) on intercompany activity | — | — | (96.9 | ) | 96.9 | — | ||||||||||||||
Asset disposals and other | — | 0.1 | — | — | 0.1 | |||||||||||||||
Cash flows provided by (used in) investing activities | — | (9.0 | ) | (110.4 | ) | 96.9 | (22.5 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Net receipts/(payments) on intercompany activity | 47.4 | 49.5 | — | (96.9 | ) | — | ||||||||||||||
Dividends paid to stockholders | (19.3 | ) | — | — | — | (19.3 | ) | |||||||||||||
Other | (1.5 | ) | — | (0.2 | ) | — | (1.7 | ) | ||||||||||||
Cash flows provided by (used in) financing activities | 26.6 | 49.5 | (0.2 | ) | (96.9 | ) | (21.0 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | $ | 0.3 | $ | (1.8 | ) | $ | (30.0 | ) | $ | — | $ | (31.5 | ) | |||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Guarantor | Non-guarantor | |||||||||||||||||||
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.2 | $ | 13.8 | $ | 253.5 | $ | — | $ | 269.5 | ||||||||||
Accounts receivable, net | 0.1 | 209.1 | 394.4 | — | 603.6 | |||||||||||||||
Intercompany notes receivable | — | — | 2,390.80 | (2,390.8 | ) | — | ||||||||||||||
Inventories, net | — | 387.7 | 1,085.10 | — | 1,472.80 | |||||||||||||||
Prepaid expenses and other current assets | 63.7 | 13.2 | 59.3 | — | 136.2 | |||||||||||||||
Total current assets | 66 | 623.8 | 4,183.10 | (2,390.8 | ) | 2,482.10 | ||||||||||||||
Property, plant and equipment, net | 2.2 | 1,545.10 | 1,414.50 | — | 2,961.80 | |||||||||||||||
Cost in excess of net assets acquired | — | 126.6 | 653.8 | — | 780.4 | |||||||||||||||
Intercompany notes receivable | — | — | 200 | (200.0 | ) | — | ||||||||||||||
Investment in subsidiaries | 6,149.40 | 37.7 | — | (6,187.1 | ) | — | ||||||||||||||
Other assets | 23.7 | 28 | 306.6 | — | 358.3 | |||||||||||||||
Total assets | $ | 6,241.30 | $ | 2,361.20 | $ | 6,758.00 | $ | (8,777.9 | ) | $ | 6,582.60 | |||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||
Accounts payable | $ | 4.5 | $ | 302 | $ | 250.2 | $ | — | $ | 556.7 | ||||||||||
Accrued liabilities | 47.5 | 72 | 203.7 | — | 323.2 | |||||||||||||||
Intercompany notes payable | 1,232.60 | 1,158.20 | — | (2,390.8 | ) | — | ||||||||||||||
Deferred income taxes | 62.2 | — | — | — | 62.2 | |||||||||||||||
Short-term debt and current portion of long-term debt | 0.5 | 0.1 | 17.2 | — | 17.8 | |||||||||||||||
Total current liabilities | 1,347.30 | 1,532.30 | 471.1 | (2,390.8 | ) | 959.9 | ||||||||||||||
Long-term debt | 1,350.60 | 150.3 | 8.2 | — | 1,509.10 | |||||||||||||||
Intercompany notes payable | — | 200 | — | (200.0 | ) | — | ||||||||||||||
Accrued postretirement benefits | — | 153 | 262.8 | — | 415.8 | |||||||||||||||
Pension liabilities | 675.5 | 6 | 57.8 | — | 739.3 | |||||||||||||||
Deferred income taxes | 80.9 | — | — | — | 80.9 | |||||||||||||||
Other long-term liabilities | 77.7 | 22.5 | 56 | — | 156.2 | |||||||||||||||
Total liabilities | 3,532.00 | 2,064.10 | 855.9 | (2,590.8 | ) | 3,861.20 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 12.1 | — | 12.1 | |||||||||||||||
Total stockholders’ equity | 2,709.30 | 297.1 | 5,890.00 | (6,187.1 | ) | 2,709.30 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,241.30 | $ | 2,361.20 | $ | 6,758.00 | $ | (8,777.9 | ) | $ | 6,582.60 | |||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Operations and Comprehensive Income | ||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 427.9 | $ | 559.4 | $ | — | $ | 987.3 | ||||||||||
Cost of sales | 12.3 | 439.6 | 465.2 | — | 917.1 | |||||||||||||||
Selling and administrative expenses | 27.1 | 10.1 | 30.5 | — | 67.7 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (39.4 | ) | (21.8 | ) | 63.7 | — | 2.5 | |||||||||||||
Interest income (expense), net | (28.5 | ) | (10.6 | ) | 10 | — | (29.1 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 41.9 | 0.3 | 0.6 | (42.2 | ) | 0.6 | ||||||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | (26.0 | ) | (32.1 | ) | 74.3 | (42.2 | ) | (26.0 | ) | |||||||||||
Income tax provision (benefit) | (10.0 | ) | (11.3 | ) | 26.4 | (15.1 | ) | (10.0 | ) | |||||||||||
Income (loss) from continuing operations | (16.0 | ) | (20.8 | ) | 47.9 | (27.1 | ) | (16.0 | ) | |||||||||||
Income (loss) from discontinued operations, net of tax | (1.9 | ) | — | (1.9 | ) | 1.9 | (1.9 | ) | ||||||||||||
Net income (loss) | (17.9 | ) | (20.8 | ) | 46 | (25.2 | ) | (17.9 | ) | |||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 2.1 | — | 2.1 | |||||||||||||||
Net income (loss) attributable to ATI | $ | (17.9 | ) | $ | (20.8 | ) | $ | 43.9 | $ | (25.2 | ) | $ | (20.0 | ) | ||||||
Comprehensive income (loss) attributable to ATI | $ | (0.8 | ) | $ | (18.8 | ) | $ | 42.5 | $ | (23.9 | ) | $ | (1.0 | ) | ||||||
Condensed Statements of Cash Flows | ||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (29.7 | ) | $ | (125.6 | ) | $ | 98.4 | $ | — | $ | (56.9 | ) | |||||||
Investing Activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | — | (26.3 | ) | (13.3 | ) | — | (39.6 | ) | ||||||||||||
Purchase of business, net of cash acquired | — | — | (71.1 | ) | — | (71.1 | ) | |||||||||||||
Net receipts/(payments) on intercompany activity | — | — | (208.9 | ) | 208.9 | — | ||||||||||||||
Asset disposals and other | — | 1.4 | 0.4 | — | 1.8 | |||||||||||||||
Cash flows provided by (used in) investing activities | — | (24.9 | ) | (292.9 | ) | 208.9 | (108.9 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Net receipts/(payments) on intercompany activity | 58.9 | 150 | — | (208.9 | ) | — | ||||||||||||||
Dividends paid to stockholders | (19.3 | ) | — | — | — | (19.3 | ) | |||||||||||||
Other | (4.0 | ) | — | — | — | (4.0 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 35.6 | 150 | — | (208.9 | ) | (23.3 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | $ | 5.9 | $ | (0.5 | ) | $ | (194.5 | ) | $ | — | $ | (189.1 | ) | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
The changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the three month period ended March 31, 2015 were as follows (in millions): | |||||||||||||||||||||
Post- | Currency | Unrealized | Derivatives | Total | |||||||||||||||||
retirement | translation | holding gains | |||||||||||||||||||
benefit plans | adjustment | on securities | |||||||||||||||||||
Attributable to ATI: | |||||||||||||||||||||
Balance, December 31, 2014 | $ | (931.5 | ) | $ | (16.2 | ) | $ | — | $ | 16.3 | $ | (931.4 | ) | ||||||||
OCI before reclassifications | — | (21.6 | ) | — | 11.4 | (10.2 | ) | ||||||||||||||
Amounts reclassified from AOCI | (a) | 12.5 | (b) | — | (b) | — | (c) | (1.7 | ) | 10.8 | |||||||||||
Net current-period OCI | 12.5 | (21.6 | ) | — | 9.7 | 0.6 | |||||||||||||||
Balance, March 31, 2015 | $ | (919.0 | ) | $ | (37.8 | ) | $ | — | $ | 26 | $ | (930.8 | ) | ||||||||
Attributable to noncontrolling interests: | |||||||||||||||||||||
Balance, December 31, 2014 | $ | — | $ | $ | 25 | $ | — | $ | — | $ | 25 | ||||||||||
OCI before reclassifications | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||
Amounts reclassified from AOCI | — | (b) | — | — | — | — | |||||||||||||||
Net current-period OCI | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||
Balance, March 31, 2015 | $ | — | $ | 24.8 | $ | — | $ | — | $ | 24.8 | |||||||||||
(a) | Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 7). | ||||||||||||||||||||
(b) | No amounts were reclassified to earnings. | ||||||||||||||||||||
(c) | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings (see Note 5). | ||||||||||||||||||||
The changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the three month period ended March 31, 2014 were as follows (in millions): | |||||||||||||||||||||
Post- | Currency | Unrealized | Derivatives | Total | |||||||||||||||||
retirement | translation | holding gains | |||||||||||||||||||
benefit plans | adjustment | on securities | |||||||||||||||||||
Attributable to ATI: | |||||||||||||||||||||
Balance, December 31, 2013 | $ | (718.9 | ) | $ | 15.3 | $ | — | $ | (9.6 | ) | $ | (713.2 | ) | ||||||||
OCI before reclassifications | — | (1.5 | ) | — | 5.7 | 4.2 | |||||||||||||||
Amounts reclassified from AOCI | (a) | 13.4 | (b) | — | (b) | — | (c) | 1.3 | 14.7 | ||||||||||||
Net current-period OCI | 13.4 | (1.5 | ) | — | 7 | 18.9 | |||||||||||||||
Balance, March 31, 2014 | $ | (705.5 | ) | $ | 13.8 | $ | — | $ | (2.6 | ) | $ | (694.3 | ) | ||||||||
Attributable to noncontrolling interests: | |||||||||||||||||||||
Balance, December 31, 2013 | $ | — | $ | 27.1 | $ | — | $ | — | $ | 27.1 | |||||||||||
OCI before reclassifications | — | (1.8 | ) | — | — | (1.8 | ) | ||||||||||||||
Amounts reclassified from AOCI | — | (b) | — | — | — | — | |||||||||||||||
Net current-period OCI | — | (1.8 | ) | — | — | $ | (1.8 | ) | |||||||||||||
Balance, March 31, 2013 | $ | — | $ | 25.3 | $ | — | $ | — | $ | 25.3 | |||||||||||
(a) | Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 7). | ||||||||||||||||||||
(b) | No amounts were reclassified to earnings. | ||||||||||||||||||||
(c) | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings (see Note 5). | ||||||||||||||||||||
Reclassifications out of AOCI for the three month periods ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||||||
Amount reclassified from AOCI | |||||||||||||||||||||
Details about AOCI Components | Three months ended March 31, 2015 | Three months ended March 31, 2014 | Affected line item in the | ||||||||||||||||||
(In millions) | statements of operations | ||||||||||||||||||||
Postretirement benefit plans | |||||||||||||||||||||
Prior service (cost) credit | $ | (1.5 | ) | (a) | $ | 0.2 | (a) | ||||||||||||||
Actuarial losses | (18.7 | ) | (a) | (22.0 | ) | (a) | |||||||||||||||
(20.2 | ) | (c) | (21.8 | ) | (c) | Total before tax | |||||||||||||||
(7.7 | ) | (8.4 | ) | Tax provision (benefit) | |||||||||||||||||
$ | (12.5 | ) | $ | (13.4 | ) | Net of tax | |||||||||||||||
Derivatives | |||||||||||||||||||||
Nickel and other raw material contracts | $ | (3.6 | ) | (b) | $ | (2.8 | ) | (b) | |||||||||||||
Natural gas contracts | (3.9 | ) | (b) | 2.3 | (b) | ||||||||||||||||
Electricity contracts | (0.2 | ) | (b) | 0.7 | (b) | ||||||||||||||||
Foreign exchange contracts | 10.4 | (b) | (2.3 | ) | (b) | ||||||||||||||||
2.7 | (c) | (2.1 | ) | (c) | Total before tax | ||||||||||||||||
1 | (0.8 | ) | Tax provision (benefit) | ||||||||||||||||||
$ | 1.7 | $ | (1.3 | ) | Net of tax | ||||||||||||||||
(a) | Amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. For additional information, see Note 7. | ||||||||||||||||||||
(b) | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings. For additional information, see Note 5. | ||||||||||||||||||||
(c) | For pretax items, positive amounts are income and negative amounts are expense in terms of the impact to net income. Tax effects are presented in conformity with ATI’s presentation in the consolidated statements of operations. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
The Company is subject to various domestic and international environmental laws and regulations that govern the discharge of pollutants and disposal of wastes, and which may require that it investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations. The Company could incur substantial cleanup costs, fines, and civil or criminal sanctions, third party property damage or personal injury claims as a result of violations or liabilities under these laws or noncompliance with environmental permits required at its facilities. The Company is currently involved in the investigation and remediation of a number of its current and former sites, as well as third party sites. | |
Environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable. In many cases, however, the Company is not able to determine whether it is liable or, if liability is probable, to reasonably estimate the loss or range of loss. Estimates of the Company’s liability remain subject to additional uncertainties, including the nature and extent of site contamination, available remediation alternatives, the extent of corrective actions that may be required, and the number, participation, and financial condition of other potentially responsible parties (“PRPs”). The Company adjusts its accruals to reflect new information as appropriate. Future adjustments could have a material adverse effect on the Company’s consolidated results of operations in a given period, but the Company cannot reliably predict the amounts of such future adjustments. | |
At March 31, 2015, the Company’s reserves for environmental remediation obligations totaled approximately $17 million, of which $9 million was included in other current liabilities. The reserve includes estimated probable future costs of $5 million for federal Superfund and comparable state-managed sites; $10 million for formerly owned or operated sites for which the Company has remediation or indemnification obligations; $1 million for owned or controlled sites at which Company operations have been discontinued; and $1 million for sites utilized by the Company in its ongoing operations. The Company continues to evaluate whether it may be able to recover a portion of past and future costs for environmental liabilities from third parties and to pursue such recoveries where appropriate. | |
Based on currently available information, it is reasonably possible that costs for recorded matters may exceed the Company’s recorded reserves by as much as $19 million. However, future investigation or remediation activities may result in the discovery of additional hazardous materials, potentially higher levels of contamination than discovered during prior investigation, and may impact costs of the success or lack thereof in remedial solutions. Therefore, future developments, administrative actions or liabilities relating to environmental matters could have a material adverse effect on the Company’s consolidated financial condition or results of operations. | |
The timing of expenditures depends on a number of factors that vary by site. The Company expects that it will expend present accruals over many years and that remediation of all sites with which it has been identified will be completed within thirty years. | |
See Note 20. Commitments and Contingencies to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2014 for a discussion of legal proceedings affecting the Company. | |
A number of other lawsuits, claims and proceedings have been or may be asserted against the Company relating to the conduct of its currently and formerly owned businesses, including those pertaining to product liability, patent infringement, commercial, government contracting, construction, employment, employee and retiree benefits, taxes, environmental, health and safety and occupational disease, and stockholder and corporate governance matters. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims or proceedings may be determined adversely to the Company, management does not believe that the disposition of any such pending matters is likely to have a material adverse effect on the Company’s financial condition or liquidity, although the resolution in any reporting period of one or more of these matters could have a material adverse effect on the Company’s consolidated results of operations for that period. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis Of Accounting | The interim consolidated financial statements include the accounts of Allegheny Technologies Incorporated and its subsidiaries. Unless the context requires otherwise, “Allegheny Technologies”, “ATI” and “the Company” refer to Allegheny Technologies Incorporated and its subsidiaries. |
These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (which include only normal recurring adjustments) considered necessary for a fair presentation have been included. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2014 financial information has been derived from the Company’s audited consolidated financial statements. | |
In 2013, the Company sold or announced closures of certain businesses that are reported as discontinued operations. Remaining closure activities were completed in 2014. Financial results for discontinued operations for the first quarter of 2014 were sales of $5.2 million, pretax losses of $2.8 million, and net assets of $2.9 million as of March 31, 2014. | |
New Accounting Pronouncements | New Accounting Pronouncements Adopted |
In January 2015, the Company adopted changes issued by the Financial Accounting Standards Board (FASB) to the criteria for reporting discontinued operations. Under the new criteria, a disposal of a component of an entity is required to be reported as discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The criteria that there be no significant continuing involvement in the operations of the component after the disposal transaction has been removed under the new guidance. The new guidance also requires the presentation of the assets and liabilities of a disposal group that includes a discontinued operation for each comparative period and requires additional disclosures about discontinued operations, including the major line items constituting the pretax profit or loss of the discontinued operation, certain cash flow information for the discontinued operation, expanded disclosures about an entity’s significant continuing involvement in a discontinued operation, and disclosures about a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The provisions of the new guidance are effective for all disposals that occur for the Company beginning in fiscal year 2015. The adoption of these changes had no impact on the consolidated financial statements. | |
Pending Accounting Pronouncements | |
In April 2015, the FASB issued new guidance on presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this guidance. This update will be effective for the Company beginning in fiscal year 2016, with early adoption permitted, and is applied on a retrospective basis. As of March 31, 2015 and December 31, 2014, the Company had $10.6 million and $10.9 million, respectively, of debt issuance costs reported as assets on the consolidated balance sheet that will be reclassified to a reduction of the carrying amount of the debt liability upon the Company’s adoption of this new guidance. | |
In May 2014, the FASB issued changes to revenue recognition with customers. This update provides a five-step analysis of transactions to determine when and how revenue is recognized. An entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update will be effective for the Company beginning in fiscal year 2017. This update may be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. | |
Inventory | Inventories are stated at the lower of cost (last-in, first-out (“LIFO”), first-in, first-out (“FIFO”), and average cost methods) or market, less progress payments. Most of the Company’s inventory is valued utilizing the LIFO costing methodology. Inventory of the Company’s non-U.S. operations is valued using average cost or FIFO methods. |
Derivatives | As part of its risk management strategy, the Company, from time-to-time, utilizes derivative financial instruments to manage its exposure to changes in raw material prices, energy costs, foreign currencies, and interest rates. In accordance with applicable accounting standards, the Company accounts for most of these contracts as hedges. In general, hedge effectiveness is determined by examining the relationship between offsetting changes in fair value or cash flows attributable to the item being hedged, and the financial instrument being used for the hedge. Effectiveness is measured utilizing regression analysis and other techniques to determine whether the change in the fair market value or cash flows of the derivative exceeds the change in fair value or cash flow of the hedged item. Calculated ineffectiveness, if any, is immediately recognized in the consolidated statements of operations. |
The Company sometimes uses futures and swap contracts to manage exposure to changes in prices for forecasted purchases of raw materials, such as nickel, and natural gas. Under these contracts, which are generally accounted for as cash flow hedges, the price of the item being hedged is fixed at the time that the contract is entered into and the Company is obligated to make or receive a payment equal to the net change between this fixed price and the market price at the date the contract matures. | |
The majority of ATI’s products are sold utilizing raw material surcharges and index mechanisms. However, as of March 31, 2015, the Company had entered into financial hedging arrangements, primarily at the request of its customers, related to firm orders, for an aggregate notional amount of approximately 20% of its estimated annual nickel requirements. These nickel hedges extend to 2020. | |
At March 31, 2015, the outstanding financial derivatives used to hedge the Company’s exposure to energy cost volatility included natural gas cost hedges for approximately 80% of its annual forecasted domestic requirements for 2015, approximately 75% for 2016, and approximately 45% for 2017. | |
While the majority of the Company’s direct export sales are transacted in U.S. dollars, foreign currency exchange contracts are used, from time-to-time, to limit transactional exposure to changes in currency exchange rates for those transactions denominated in a non-U.S. currency. The Company sometimes purchases foreign currency forward contracts that permit it to sell specified amounts of foreign currencies expected to be received from its export sales for pre-established U.S. dollar amounts at specified dates. The forward contracts are denominated in the same foreign currencies in which export sales are denominated. These contracts are designated as hedges of the variability in cash flows of a portion of the forecasted future export sales transactions which otherwise would expose the Company to foreign currency risk, primarily euros. At March 31, 2015, the Company held euro forward sales contracts designated as hedges with a notional value of approximately 375 million euro with maturity dates through February 2018, including approximately 157 million euro with maturities in 2015. In addition, the Company may also designate cash balances held in foreign currencies as hedges of forecasted foreign currency transactions. | |
During the first quarter of 2015, the Company net settled 126.5 million euro notional value of foreign currency forward contracts designated as cash flow hedges with 2015 maturity dates, receiving cash proceeds of $26.1 million which is reported in cash provided by operating activities on the consolidated cash flow statement. Deferred gains on these settled cash flow hedges currently recognized in accumulated other comprehensive income will be reclassified to earnings when the underlying transactions occur. The Company subsequently entered into 115 million euro notional value of foreign currency forward contracts designated as fair value hedges in the first quarter of 2015, all with 2015 maturity dates, and recorded a $5.0 million benefit in costs of sales on the consolidated statement of operations in the first quarter of 2015 for subsequent mark-to-market changes on these fair value hedges. | |
The Company may enter into derivative interest rate contracts to maintain a reasonable balance between fixed- and floating-rate debt. There were no unsettled derivative financial instruments related to debt balances for the periods presented. | |
There are no credit risk-related contingent features in the Company’s derivative contracts, and the contracts contained no provisions under which the Company has posted, or would be required to post, collateral. The counterparties to the Company’s derivative contracts are substantial and creditworthy commercial banks that are recognized market makers. The Company controls its credit exposure by diversifying across multiple counterparties and by monitoring credit ratings and credit default swap spreads of its counterparties. The Company also enters into master netting agreements with counterparties when possible. | |
The fair values of the Company’s derivative financial instruments are presented below, representing the gross amounts recognized which are not offset by counterparty or by type of item hedged. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy, which includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs derived principally from or corroborated by observable market data. | |
For derivative financial instruments that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (OCI) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current period results. For derivative financial instruments that are designated as fair value hedges, changes in the fair value of these derivatives are recognized in current period results. The Company did not use net investment hedges for the periods presented. The effects of derivative instruments in the tables below are presented net of related income taxes. | |
Pension And Other Postretirement Plans | The Company has defined benefit pension plans or defined contribution plans covering substantially all employees. Benefits under the defined benefit pension plans are generally based on years of service and/or final average pay. The Company funds the U.S. pension plans in accordance with the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code. |
The Company also sponsors several postretirement plans covering certain salaried and hourly employees. The plans provide health care and life insurance benefits for eligible retirees. In most plans, Company contributions towards premiums are capped based on the cost as of a certain date, thereby creating a defined contribution. For the non-collectively bargained plans, the Company maintains the right to amend or terminate the plans at its discretion. | |
Commitments And Contingencies | Environmental liabilities are recorded when the Company’s liability is probable and the costs are reasonably estimable. In many cases, however, the Company is not able to determine whether it is liable or, if liability is probable, to reasonably estimate the loss or range of loss. Estimates of the Company’s liability remain subject to additional uncertainties, including the nature and extent of site contamination, available remediation alternatives, the extent of corrective actions that may be required, and the number, participation, and financial condition of other potentially responsible parties (“PRPs”). The Company adjusts its accruals to reflect new information as appropriate. Future adjustments could have a material adverse effect on the Company’s consolidated results of operations in a given period, but the Company cannot reliably predict the amounts of such future adjustments. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories at March 31, 2015 and December 31, 2014 were as follows (in millions): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Raw materials and supplies | $ | 234.5 | $ | 249.3 | ||||
Work-in-process | 1,186.30 | 1,184.10 | ||||||
Finished goods | 177 | 172.2 | ||||||
Total inventories at current cost | 1,597.80 | 1,605.60 | ||||||
Adjustment from current cost to LIFO cost basis | 4.3 | 4.8 | ||||||
Inventory valuation reserves | (66.4 | ) | (68.8 | ) | ||||
Progress payments | (63.1 | ) | (68.8 | ) | ||||
Total inventories, net | $ | 1,472.60 | $ | 1,472.80 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property Plant And Equipment | Property, plant and equipment at March 31, 2015 and December 31, 2014 was as follows (in millions): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 30 | $ | 30.2 | ||||
Buildings | 1,053.10 | 1,048.90 | ||||||
Equipment and leasehold improvements | 3,714.60 | 3,702.50 | ||||||
4,797.70 | 4,781.60 | |||||||
Accumulated depreciation and amortization | (1,854.0 | ) | (1,819.8 | ) | ||||
Total property, plant and equipment, net | $ | 2,943.70 | $ | 2,961.80 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt Instruments | Debt at March 31, 2015 and December 31, 2014 was as follows (in millions): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Allegheny Technologies 5.875% Notes due 2023 (a) | $ | 500 | $ | 500 | ||||
Allegheny Technologies 5.95% Notes due 2021 | 500 | 500 | ||||||
Allegheny Technologies 9.375% Notes due 2019 | 350 | 350 | ||||||
Allegheny Ludlum 6.95% debentures due 2025 | 150 | 150 | ||||||
ATI Ladish Series B 6.14% Notes due 2016 (b) | 11.7 | 11.9 | ||||||
ATI Ladish Series C 6.41% Notes due 2015 (c) | 10.2 | 10.3 | ||||||
Domestic Bank Group $400 million credit facility | — | — | ||||||
Foreign credit facilities | — | — | ||||||
Industrial revenue bonds, due through 2020, and other | 5.1 | 4.7 | ||||||
Total short-term and long-term debt | 1,527.00 | 1,526.90 | ||||||
Short-term debt and current portion of long-term debt | 17.9 | 17.8 | ||||||
Total long-term debt | $ | 1,509.10 | $ | 1,509.10 | ||||
(a) | Bearing interest at 6.375% effective February 15, 2015. | |||||||
(b) | Includes fair value adjustments of $0.3 million at March 31, 2015 and $0.4 million at December 31, 2014. | |||||||
(c) | Includes fair value adjustments of $0.2 million at March 31, 2015 and $0.3 million at December 31, 2014. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value | The fair values of the Company’s derivative financial instruments are presented below, representing the gross amounts recognized which are not offset by counterparty or by type of item hedged. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy, which includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs derived principally from or corroborated by observable market data. | |||||||||||||||||||||||
(In millions) | Balance sheet location | March 31, | December 31, | |||||||||||||||||||||
Asset derivatives | 2015 | 2014 | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 23.1 | $ | 23.6 | |||||||||||||||||||
Nickel and other raw material contracts | Prepaid expenses and other current assets | — | 1.1 | |||||||||||||||||||||
Foreign exchange contracts | Other assets | 46 | 28.3 | |||||||||||||||||||||
Nickel and other raw material contracts | Other assets | — | 0.5 | |||||||||||||||||||||
Total derivatives designated as hedging instruments | 69.1 | 53.5 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | — | 6.4 | |||||||||||||||||||||
Total derivatives not designated as hedging instruments | — | 6.4 | ||||||||||||||||||||||
Total asset derivatives | $ | 69.1 | $ | 59.9 | ||||||||||||||||||||
Liability derivatives | Balance sheet location | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Natural gas contracts | Accrued liabilities | $ | 12.1 | $ | 10.2 | |||||||||||||||||||
Nickel and other raw material contracts | Accrued liabilities | 9.9 | 5.8 | |||||||||||||||||||||
Electricity contracts | Accrued liabilities | — | 0.1 | |||||||||||||||||||||
Natural gas contracts | Other long-term liabilities | 11.8 | 7.9 | |||||||||||||||||||||
Nickel and other raw material contracts | Other long-term liabilities | 9.4 | 3 | |||||||||||||||||||||
Total derivatives designated as hedging instruments | 43.2 | 27 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Accrued liabilities | 0.4 | — | |||||||||||||||||||||
Total derivatives not designated as hedging instruments | 0.4 | — | ||||||||||||||||||||||
Total liability derivatives | $ | 43.6 | $ | 27 | ||||||||||||||||||||
Schedule Of Derivative Instruments Gain Loss In Statement Of Financial Performance | Activity with regard to derivatives designated as cash flow hedges for the three month periods ended March 31, 2015 and 2014 was as follows (in millions): | |||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||
Recognized in OCI on | Reclassified from | Recognized in Income | ||||||||||||||||||||||
Derivatives | Accumulated OCI | on Derivatives (Ineffective | ||||||||||||||||||||||
(Effective Portion) | into Income | Portion and Amount | ||||||||||||||||||||||
(Effective Portion) (a) | Excluded from | |||||||||||||||||||||||
Effectiveness Testing) (b) | ||||||||||||||||||||||||
Derivatives in Cash Flow | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||
Hedging Relationships | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Nickel and other raw material contracts | $ | (9.6 | ) | $ | 3 | $ | (2.2 | ) | $ | (1.7 | ) | $ | — | $ | — | |||||||||
Natural gas contracts | (6.0 | ) | 2.3 | (2.4 | ) | 1.4 | — | — | ||||||||||||||||
Electricity contracts | — | 0.9 | (0.1 | ) | 0.4 | — | — | |||||||||||||||||
Foreign exchange contracts | 27 | (0.5 | ) | 6.4 | (1.4 | ) | — | — | ||||||||||||||||
Total | $ | 11.4 | $ | 5.7 | $ | 1.7 | $ | (1.3 | ) | $ | — | $ | — | |||||||||||
(a) | The gains (losses) reclassified from accumulated OCI into income related to the effective portion of the derivatives are presented in cost of sales in the same period or periods in which the hedged item affects earnings. | |||||||||||||||||||||||
(b) | The gains (losses) recognized in income on derivatives related to the ineffective portion and the amount excluded from effectiveness testing are presented in selling and administrative expenses. | |||||||||||||||||||||||
Schedule Of Derivative Instruments Not Designated as Hedging Instruments | Derivatives that are not designated as hedging instruments were as follows: | |||||||||||||||||||||||
(In millions) | Amount of Gain (Loss) Recognized | |||||||||||||||||||||||
in Income on Derivatives | ||||||||||||||||||||||||
Derivatives Not Designated | Three months ended March 31, | |||||||||||||||||||||||
as Hedging Instruments | 2015 | 2014 | ||||||||||||||||||||||
Foreign exchange contracts | $ | 3.5 | $ | 0.2 | ||||||||||||||||||||
Recovered_Sheet1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value By Balance Sheet Grouping | The estimated fair value of financial instruments at March 31, 2015 was as follows: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(In millions) | Total | Total | Quoted Prices in | Significant | ||||||||||||
Carrying | Estimated | Active Markets for | Observable | |||||||||||||
Amount | Fair Value | Identical Assets(Level 1) | Inputs | |||||||||||||
(Level 2) | ||||||||||||||||
Cash and cash equivalents | $ | 238 | $ | 238 | $ | 238 | $ | — | ||||||||
Derivative financial instruments: | ||||||||||||||||
Assets | 69.1 | 69.1 | — | 69.1 | ||||||||||||
Liabilities | 43.6 | 43.6 | — | 43.6 | ||||||||||||
Debt | 1,527.00 | 1,679.60 | 1,652.60 | 27 | ||||||||||||
The estimated fair value of financial instruments at December 31, 2014 was as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(In millions) | Total | Total | Quoted Prices in | Significant | ||||||||||||
Carrying | Estimated | Active Markets for | Observable | |||||||||||||
Amount | Fair Value | Identical Assets | Inputs | |||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Cash and cash equivalents | $ | 269.5 | $ | 269.5 | $ | 269.5 | $ | — | ||||||||
Derivative financial instruments: | ||||||||||||||||
Assets | 59.9 | 59.9 | — | 59.9 | ||||||||||||
Liabilities | 27 | 27 | — | 27 | ||||||||||||
Debt | 1,526.90 | 1,616.00 | 1,589.10 | 26.9 | ||||||||||||
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Schedule Of Defined Benefit Plans Disclosures | For the three month periods ended March 31, 2015 and 2014, the components of pension expense and components of other postretirement benefit expense for the Company’s defined benefit plans included the following (in millions): | |||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three months ended March 31, | Three months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost - benefits earned during the year | $ | 5.7 | $ | 7.4 | $ | 0.7 | $ | 0.7 | ||||||||
Interest cost on benefits earned in prior years | 30.3 | 33.4 | 4.5 | 6 | ||||||||||||
Expected return on plan assets | (42.1 | ) | (46.1 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | 0.3 | 0.6 | 1.2 | (0.8 | ) | |||||||||||
Amortization of net actuarial loss | 15.1 | 18.5 | 3.6 | 3.5 | ||||||||||||
Total retirement benefit expense | $ | 9.3 | $ | 13.8 | $ | 10 | $ | 9.4 | ||||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule Of Segment Reporting Information By Segment | Following is certain financial information with respect to the Company’s business segments for the periods indicated (in millions): | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Total sales: | ||||||||
High Performance Materials & Components | $ | 564.9 | $ | 504.1 | ||||
Flat Rolled Products | 604.7 | 529.6 | ||||||
1,169.60 | 1,033.70 | |||||||
Intersegment sales: | ||||||||
High Performance Materials & Components | 22.1 | 19.7 | ||||||
Flat Rolled Products | 22 | 26.7 | ||||||
44.1 | 46.4 | |||||||
Sales to external customers: | ||||||||
High Performance Materials & Components | 542.8 | 484.4 | ||||||
Flat Rolled Products | 582.7 | 502.9 | ||||||
$ | 1,125.50 | $ | 987.3 | |||||
Operating profit (loss): | ||||||||
High Performance Materials & Components | $ | 75.9 | $ | 69.1 | ||||
Flat Rolled Products | 7.9 | (25.6 | ) | |||||
Total operating profit | 83.8 | 43.5 | ||||||
Corporate expenses | (11.8 | ) | (11.5 | ) | ||||
Interest expense, net | (26.7 | ) | (29.1 | ) | ||||
Closed company and other expenses | (5.4 | ) | (5.0 | ) | ||||
Retirement benefit expense | (19.3 | ) | (23.9 | ) | ||||
Income (loss) from continuing operations before income taxes | $ | 20.6 | $ | (26.0 | ) | |||
Per_Share_Information_Tables
Per Share Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule Of Earnings Per Share Diluted By Common Class | The following table sets forth the computation of basic and diluted income from continuing operations per common share: | |||||||
Three Months Ended | ||||||||
(In millions, except per share amounts) | March 31, | |||||||
2015 | 2014 | |||||||
Numerator for basic income (loss) from continuing operations per common share – | ||||||||
Income (loss) from continuing operations attributable to ATI | $ | 10 | $ | (18.1 | ) | |||
Redeemable noncontrolling interest (Note 10) | (0.1 | ) | — | |||||
Numerator for diluted income (loss) from continuing operations per common share – | ||||||||
Income (loss) from continuing operations available to ATI after assumed conversions | $ | 9.9 | $ | (18.1 | ) | |||
Denominator for basic net income (loss) per common share-weighted average shares | 107.2 | 107 | ||||||
Effect of dilutive securities: | ||||||||
Share-based compensation | 0.8 | — | ||||||
4.25% Convertible Notes due 2014 | — | — | ||||||
Denominator for diluted net income (loss) per common share – adjusted weighted average shares assuming conversions | 108 | 107 | ||||||
Basic income (loss) from continuing operations attributable to ATI per common share | $ | 0.09 | $ | (0.17 | ) | |||
Diluted income (loss) from continuing operations attributable to ATI per common share | $ | 0.09 | $ | (0.17 | ) | |||
Financial_Information_for_Subs1
Financial Information for Subsidiary and Guarantor Parent (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Balance Sheets | Balance Sheets | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Guarantor | Non-guarantor | |||||||||||||||||||
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.2 | $ | 13.8 | $ | 253.5 | $ | — | $ | 269.5 | ||||||||||
Accounts receivable, net | 0.1 | 209.1 | 394.4 | — | 603.6 | |||||||||||||||
Intercompany notes receivable | — | — | 2,390.80 | (2,390.8 | ) | — | ||||||||||||||
Inventories, net | — | 387.7 | 1,085.10 | — | 1,472.80 | |||||||||||||||
Prepaid expenses and other current assets | 63.7 | 13.2 | 59.3 | — | 136.2 | |||||||||||||||
Total current assets | 66 | 623.8 | 4,183.10 | (2,390.8 | ) | 2,482.10 | ||||||||||||||
Property, plant and equipment, net | 2.2 | 1,545.10 | 1,414.50 | — | 2,961.80 | |||||||||||||||
Cost in excess of net assets acquired | — | 126.6 | 653.8 | — | 780.4 | |||||||||||||||
Intercompany notes receivable | — | — | 200 | (200.0 | ) | — | ||||||||||||||
Investment in subsidiaries | 6,149.40 | 37.7 | — | (6,187.1 | ) | — | ||||||||||||||
Other assets | 23.7 | 28 | 306.6 | — | 358.3 | |||||||||||||||
Total assets | $ | 6,241.30 | $ | 2,361.20 | $ | 6,758.00 | $ | (8,777.9 | ) | $ | 6,582.60 | |||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||
Accounts payable | $ | 4.5 | $ | 302 | $ | 250.2 | $ | — | $ | 556.7 | ||||||||||
Accrued liabilities | 47.5 | 72 | 203.7 | — | 323.2 | |||||||||||||||
Intercompany notes payable | 1,232.60 | 1,158.20 | — | (2,390.8 | ) | — | ||||||||||||||
Deferred income taxes | 62.2 | — | — | — | 62.2 | |||||||||||||||
Short-term debt and current portion of long-term debt | 0.5 | 0.1 | 17.2 | — | 17.8 | |||||||||||||||
Total current liabilities | 1,347.30 | 1,532.30 | 471.1 | (2,390.8 | ) | 959.9 | ||||||||||||||
Long-term debt | 1,350.60 | 150.3 | 8.2 | — | 1,509.10 | |||||||||||||||
Intercompany notes payable | — | 200 | — | (200.0 | ) | — | ||||||||||||||
Accrued postretirement benefits | — | 153 | 262.8 | — | 415.8 | |||||||||||||||
Pension liabilities | 675.5 | 6 | 57.8 | — | 739.3 | |||||||||||||||
Deferred income taxes | 80.9 | — | — | — | 80.9 | |||||||||||||||
Other long-term liabilities | 77.7 | 22.5 | 56 | — | 156.2 | |||||||||||||||
Total liabilities | 3,532.00 | 2,064.10 | 855.9 | (2,590.8 | ) | 3,861.20 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 12.1 | — | 12.1 | |||||||||||||||
Total stockholders’ equity | 2,709.30 | 297.1 | 5,890.00 | (6,187.1 | ) | 2,709.30 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,241.30 | $ | 2,361.20 | $ | 6,758.00 | $ | (8,777.9 | ) | $ | 6,582.60 | |||||||||
Balance Sheets | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.5 | $ | 12 | $ | 223.5 | $ | — | $ | 238 | ||||||||||
Accounts receivable, net | 0.1 | 222.4 | 468.4 | — | 690.9 | |||||||||||||||
Intercompany notes receivable | — | — | 2,367.90 | (2,367.9 | ) | — | ||||||||||||||
Inventories, net | — | 399.6 | 1,073.00 | — | 1,472.60 | |||||||||||||||
Prepaid expenses and other current assets | 3 | 8.9 | 52.2 | — | 64.1 | |||||||||||||||
Total current assets | 5.6 | 642.9 | 4,185.00 | (2,367.9 | ) | 2,465.60 | ||||||||||||||
Property, plant and equipment, net | 2.5 | 1,544.90 | 1,396.30 | — | 2,943.70 | |||||||||||||||
Cost in excess of net assets acquired | — | 126.6 | 651.3 | — | 777.9 | |||||||||||||||
Intercompany notes receivable | — | — | 200 | (200.0 | ) | — | ||||||||||||||
Investment in subsidiaries | 6,149.20 | 37.7 | — | (6,186.9 | ) | — | ||||||||||||||
Other assets | 23.5 | 27.7 | 318.4 | — | 369.6 | |||||||||||||||
Total assets | $ | 6,180.80 | $ | 2,379.80 | $ | 6,751.00 | $ | (8,754.8 | ) | $ | 6,556.80 | |||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||
Accounts payable | $ | 2.8 | $ | 336.9 | $ | 219.8 | $ | — | $ | 559.5 | ||||||||||
Accrued liabilities | 31.7 | 60.3 | 196.8 | — | 288.8 | |||||||||||||||
Intercompany notes payable | 1,179.00 | 1,188.90 | — | (2,367.9 | ) | — | ||||||||||||||
Deferred income taxes | 70.8 | — | — | — | 70.8 | |||||||||||||||
Short-term debt and current portion of long-term debt | 0.6 | 0.1 | 17.2 | — | 17.9 | |||||||||||||||
Total current liabilities | 1,284.90 | 1,586.20 | 433.8 | (2,367.9 | ) | 937 | ||||||||||||||
Long-term debt | 1,351.00 | 150.3 | 7.8 | — | 1,509.10 | |||||||||||||||
Intercompany notes payable | — | 200 | — | (200.0 | ) | — | ||||||||||||||
Accrued postretirement benefits | — | 150.9 | 256.2 | — | 407.1 | |||||||||||||||
Pension liabilities | 668.7 | 5.8 | 55.7 | — | 730.2 | |||||||||||||||
Deferred income taxes | 91.3 | — | — | — | 91.3 | |||||||||||||||
Other long-term liabilities | 76.9 | 20.9 | 64.2 | — | 162 | |||||||||||||||
Total liabilities | 3,472.80 | 2,114.10 | 817.7 | (2,567.9 | ) | 3,836.70 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 12.1 | — | 12.1 | |||||||||||||||
Total stockholders’ equity | 2,708.00 | 265.7 | 5,921.20 | (6,186.9 | ) | 2,708.00 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,180.80 | $ | 2,379.80 | $ | 6,751.00 | $ | (8,754.8 | ) | $ | 6,556.80 | |||||||||
Statements of Operations and Comprehensive Income | Statements of Operations and Comprehensive Income | |||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 508.5 | $ | 617 | $ | — | $ | 1,125.50 | ||||||||||
Cost of sales | 2.2 | 504 | 509.8 | — | 1,016.00 | |||||||||||||||
Selling and administrative expenses | 25.8 | 11.7 | 25.6 | — | 63.1 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (28.0 | ) | (7.2 | ) | 81.6 | — | 46.4 | |||||||||||||
Interest income (expense), net | (28.0 | ) | (12.2 | ) | 13.5 | — | (26.7 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 76.6 | 0.4 | 0.6 | (76.7 | ) | 0.9 | ||||||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | 20.6 | (19.0 | ) | 95.7 | (76.7 | ) | 20.6 | |||||||||||||
Income tax provision (benefit) | 8 | (6.6 | ) | 34.1 | (27.5 | ) | 8 | |||||||||||||
Income (loss) from continuing operations | 12.6 | (12.4 | ) | 61.6 | (49.2 | ) | 12.6 | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||
Net income (loss) | 12.6 | (12.4 | ) | 61.6 | (49.2 | ) | 12.6 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 2.6 | — | 2.6 | |||||||||||||||
Net income (loss) attributable to ATI | $ | 12.6 | $ | (12.4 | ) | $ | 59 | $ | (49.2 | ) | $ | 10 | ||||||||
Comprehensive income (loss) attributable to ATI | $ | 13 | $ | (9.1 | ) | $ | 37.8 | $ | (31.1 | ) | $ | 10.6 | ||||||||
Statements of Operations and Comprehensive Income | ||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 427.9 | $ | 559.4 | $ | — | $ | 987.3 | ||||||||||
Cost of sales | 12.3 | 439.6 | 465.2 | — | 917.1 | |||||||||||||||
Selling and administrative expenses | 27.1 | 10.1 | 30.5 | — | 67.7 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (39.4 | ) | (21.8 | ) | 63.7 | — | 2.5 | |||||||||||||
Interest income (expense), net | (28.5 | ) | (10.6 | ) | 10 | — | (29.1 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 41.9 | 0.3 | 0.6 | (42.2 | ) | 0.6 | ||||||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | (26.0 | ) | (32.1 | ) | 74.3 | (42.2 | ) | (26.0 | ) | |||||||||||
Income tax provision (benefit) | (10.0 | ) | (11.3 | ) | 26.4 | (15.1 | ) | (10.0 | ) | |||||||||||
Income (loss) from continuing operations | (16.0 | ) | (20.8 | ) | 47.9 | (27.1 | ) | (16.0 | ) | |||||||||||
Income (loss) from discontinued operations, net of tax | (1.9 | ) | — | (1.9 | ) | 1.9 | (1.9 | ) | ||||||||||||
Net income (loss) | (17.9 | ) | (20.8 | ) | 46 | (25.2 | ) | (17.9 | ) | |||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 2.1 | — | 2.1 | |||||||||||||||
Net income (loss) attributable to ATI | $ | (17.9 | ) | $ | (20.8 | ) | $ | 43.9 | $ | (25.2 | ) | $ | (20.0 | ) | ||||||
Comprehensive income (loss) attributable to ATI | $ | (0.8 | ) | $ | (18.8 | ) | $ | 42.5 | $ | (23.9 | ) | $ | (1.0 | ) | ||||||
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows | |||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (26.3 | ) | $ | (42.3 | ) | $ | 80.6 | $ | — | $ | 12 | ||||||||
Investing Activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | — | (9.1 | ) | (13.5 | ) | — | (22.6 | ) | ||||||||||||
Net receipts/(payments) on intercompany activity | — | — | (96.9 | ) | 96.9 | — | ||||||||||||||
Asset disposals and other | — | 0.1 | — | — | 0.1 | |||||||||||||||
Cash flows provided by (used in) investing activities | — | (9.0 | ) | (110.4 | ) | 96.9 | (22.5 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Net receipts/(payments) on intercompany activity | 47.4 | 49.5 | — | (96.9 | ) | — | ||||||||||||||
Dividends paid to stockholders | (19.3 | ) | — | — | — | (19.3 | ) | |||||||||||||
Other | (1.5 | ) | — | (0.2 | ) | — | (1.7 | ) | ||||||||||||
Cash flows provided by (used in) financing activities | 26.6 | 49.5 | (0.2 | ) | (96.9 | ) | (21.0 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | $ | 0.3 | $ | (1.8 | ) | $ | (30.0 | ) | $ | — | $ | (31.5 | ) | |||||||
Condensed Statements of Cash Flows | ||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (29.7 | ) | $ | (125.6 | ) | $ | 98.4 | $ | — | $ | (56.9 | ) | |||||||
Investing Activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | — | (26.3 | ) | (13.3 | ) | — | (39.6 | ) | ||||||||||||
Purchase of business, net of cash acquired | — | — | (71.1 | ) | — | (71.1 | ) | |||||||||||||
Net receipts/(payments) on intercompany activity | — | — | (208.9 | ) | 208.9 | — | ||||||||||||||
Asset disposals and other | — | 1.4 | 0.4 | — | 1.8 | |||||||||||||||
Cash flows provided by (used in) investing activities | — | (24.9 | ) | (292.9 | ) | 208.9 | (108.9 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Net receipts/(payments) on intercompany activity | 58.9 | 150 | — | (208.9 | ) | — | ||||||||||||||
Dividends paid to stockholders | (19.3 | ) | — | — | — | (19.3 | ) | |||||||||||||
Other | (4.0 | ) | — | — | — | (4.0 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 35.6 | 150 | — | (208.9 | ) | (23.3 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | $ | 5.9 | $ | (0.5 | ) | $ | (194.5 | ) | $ | — | $ | (189.1 | ) | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income Loss | The changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the three month period ended March 31, 2015 were as follows (in millions): | ||||||||||||||||||||
Post- | Currency | Unrealized | Derivatives | Total | |||||||||||||||||
retirement | translation | holding gains | |||||||||||||||||||
benefit plans | adjustment | on securities | |||||||||||||||||||
Attributable to ATI: | |||||||||||||||||||||
Balance, December 31, 2014 | $ | (931.5 | ) | $ | (16.2 | ) | $ | — | $ | 16.3 | $ | (931.4 | ) | ||||||||
OCI before reclassifications | — | (21.6 | ) | — | 11.4 | (10.2 | ) | ||||||||||||||
Amounts reclassified from AOCI | (a) | 12.5 | (b) | — | (b) | — | (c) | (1.7 | ) | 10.8 | |||||||||||
Net current-period OCI | 12.5 | (21.6 | ) | — | 9.7 | 0.6 | |||||||||||||||
Balance, March 31, 2015 | $ | (919.0 | ) | $ | (37.8 | ) | $ | — | $ | 26 | $ | (930.8 | ) | ||||||||
Attributable to noncontrolling interests: | |||||||||||||||||||||
Balance, December 31, 2014 | $ | — | $ | $ | 25 | $ | — | $ | — | $ | 25 | ||||||||||
OCI before reclassifications | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||
Amounts reclassified from AOCI | — | (b) | — | — | — | — | |||||||||||||||
Net current-period OCI | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||
Balance, March 31, 2015 | $ | — | $ | 24.8 | $ | — | $ | — | $ | 24.8 | |||||||||||
(a) | Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 7). | ||||||||||||||||||||
(b) | No amounts were reclassified to earnings. | ||||||||||||||||||||
(c) | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings (see Note 5). | ||||||||||||||||||||
The changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the three month period ended March 31, 2014 were as follows (in millions): | |||||||||||||||||||||
Post- | Currency | Unrealized | Derivatives | Total | |||||||||||||||||
retirement | translation | holding gains | |||||||||||||||||||
benefit plans | adjustment | on securities | |||||||||||||||||||
Attributable to ATI: | |||||||||||||||||||||
Balance, December 31, 2013 | $ | (718.9 | ) | $ | 15.3 | $ | — | $ | (9.6 | ) | $ | (713.2 | ) | ||||||||
OCI before reclassifications | — | (1.5 | ) | — | 5.7 | 4.2 | |||||||||||||||
Amounts reclassified from AOCI | (a) | 13.4 | (b) | — | (b) | — | (c) | 1.3 | 14.7 | ||||||||||||
Net current-period OCI | 13.4 | (1.5 | ) | — | 7 | 18.9 | |||||||||||||||
Balance, March 31, 2014 | $ | (705.5 | ) | $ | 13.8 | $ | — | $ | (2.6 | ) | $ | (694.3 | ) | ||||||||
Attributable to noncontrolling interests: | |||||||||||||||||||||
Balance, December 31, 2013 | $ | — | $ | 27.1 | $ | — | $ | — | $ | 27.1 | |||||||||||
OCI before reclassifications | — | (1.8 | ) | — | — | (1.8 | ) | ||||||||||||||
Amounts reclassified from AOCI | — | (b) | — | — | — | — | |||||||||||||||
Net current-period OCI | — | (1.8 | ) | — | — | $ | (1.8 | ) | |||||||||||||
Balance, March 31, 2013 | $ | — | $ | 25.3 | $ | — | $ | — | $ | 25.3 | |||||||||||
(a) | Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 7). | ||||||||||||||||||||
(b) | No amounts were reclassified to earnings. | ||||||||||||||||||||
(c) | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings (see Note 5). | ||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCI for the three month periods ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||||||
Amount reclassified from AOCI | |||||||||||||||||||||
Details about AOCI Components | Three months ended March 31, 2015 | Three months ended March 31, 2014 | Affected line item in the | ||||||||||||||||||
(In millions) | statements of operations | ||||||||||||||||||||
Postretirement benefit plans | |||||||||||||||||||||
Prior service (cost) credit | $ | (1.5 | ) | (a) | $ | 0.2 | (a) | ||||||||||||||
Actuarial losses | (18.7 | ) | (a) | (22.0 | ) | (a) | |||||||||||||||
(20.2 | ) | (c) | (21.8 | ) | (c) | Total before tax | |||||||||||||||
(7.7 | ) | (8.4 | ) | Tax provision (benefit) | |||||||||||||||||
$ | (12.5 | ) | $ | (13.4 | ) | Net of tax | |||||||||||||||
Derivatives | |||||||||||||||||||||
Nickel and other raw material contracts | $ | (3.6 | ) | (b) | $ | (2.8 | ) | (b) | |||||||||||||
Natural gas contracts | (3.9 | ) | (b) | 2.3 | (b) | ||||||||||||||||
Electricity contracts | (0.2 | ) | (b) | 0.7 | (b) | ||||||||||||||||
Foreign exchange contracts | 10.4 | (b) | (2.3 | ) | (b) | ||||||||||||||||
2.7 | (c) | (2.1 | ) | (c) | Total before tax | ||||||||||||||||
1 | (0.8 | ) | Tax provision (benefit) | ||||||||||||||||||
$ | 1.7 | $ | (1.3 | ) | Net of tax | ||||||||||||||||
(a) | Amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. For additional information, see Note 7. | ||||||||||||||||||||
(b) | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings. For additional information, see Note 5. | ||||||||||||||||||||
(c) | For pretax items, positive amounts are income and negative amounts are expense in terms of the impact to net income. Tax effects are presented in conformity with ATI’s presentation in the consolidated statements of operations. |
Accounting_Policies_Discontinu
Accounting Policies (Discontinued Operations) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Accounting Policies [Abstract] | |
Discontinued operations sales | $5.20 |
Discontinued operations pretax loss | -2.8 |
Discontinued operation assets | $2.90 |
Accounting_Policies_Accounting
Accounting Policies (Accounting Pronouncements) (Details) (Accounting Standard Update 2015-03, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Accounting Standard Update 2015-03 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Debt issuance costs to be reclassified | $10.60 | $10.90 |
Inventories_Details
Inventories (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | |||
Raw materials and supplies | $234.50 | $249.30 | |
Work-in-process | 1,186.30 | 1,184.10 | |
Finished goods | 177 | 172.2 | |
Total inventories at current cost | 1,597.80 | 1,605.60 | |
Adjustment from current cost to LIFO cost basis | 4.3 | 4.8 | |
Inventory valuation reserves | -66.4 | -68.8 | |
Progress payments | -63.1 | -68.8 | |
Total inventories, net | 1,472.60 | 1,472.80 | |
Inventory [Line Items] | |||
Lifo Provision (Benefit) | 0.5 | 9 | |
High Performance Materials & Components | |||
Inventory [Line Items] | |||
Change in inventory valuation reserve | -0.5 | -9 | |
Flat Rolled Products | |||
Inventory [Line Items] | |||
Change in inventory valuation reserve | $5.30 | $8.30 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $30 | $30.20 |
Buildings | 1,053.10 | 1,048.90 |
Equipment and leasehold improvements | 3,714.60 | 3,702.50 |
Property Plant And Equipment | 4,797.70 | 4,781.60 |
Accumulated depreciation and amortization | -1,854 | -1,819.80 |
Total property, plant and equipment, net | 2,943.70 | 2,961.80 |
Construction in progress | $57.20 |
Debt_Schedule_of_Debt_Details
Debt Schedule of Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Dec. 31, 2014 | Feb. 15, 2015 | Dec. 31, 2013 | |||
Debt Instrument [Line Items] | ||||||
Total Debt | $1,527,000,000 | $1,526,900,000 | ||||
Short-term debt and current portion of long-term debt | 17,900,000 | 17,800,000 | ||||
Long-term debt | 1,509,100,000 | 1,509,100,000 | ||||
Allegheny Technologies 5.875% Notes due 2023 (a) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 500,000,000 | [1] | 500,000,000 | [1] | ||
Debt Instrument, Issuer | Allegheny Technologies | |||||
Debt Instrument, Maturity Date | 15-Aug-23 | 15-Aug-23 | ||||
Interest rate | 6.38% | 6.13% | 6.38% | 5.88% | ||
Allegheny Technologies 5.95% Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 500,000,000 | 500,000,000 | ||||
Allegheny Technologies 9.375% Notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 350,000,000 | 350,000,000 | ||||
Allegheny Ludlum 6.95% debentures due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 150,000,000 | 150,000,000 | ||||
Interest rate | 6.95% | |||||
ATI Ladish Series B 6.14% Notes due 2016 (b) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 11,700,000 | [2] | 11,900,000 | [2] | ||
Business Acquisition Purchase Price Allocation Notes Payable and L T Debt | 300,000 | 400,000 | ||||
ATI Ladish Series C 6.41% Notes due 2015 (c) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 10,200,000 | [3] | 10,300,000 | [3] | ||
Business Acquisition Purchase Price Allocation Notes Payable and L T Debt | 200,000 | 300,000 | ||||
Domestic Bank Group $400 million credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 400,000,000 | |||||
Long-term Debt, Gross | 0 | 0 | ||||
Foreign credit facilities | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 0 | 0 | ||||
Industrial revenue bonds, due through 2020, and other | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 5,100,000 | 4,700,000 | ||||
ATI Ladish Series B 6.14% Notes due 2016 (b) | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Issuer | ATI Ladish | |||||
Debt Instrument, Maturity Date | 16-May-16 | 16-May-16 | ||||
Interest rate | 6.14% | 6.14% | ||||
ATI Ladish Series C 6.41% Notes due 2015 (c) | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Issuer | ATI Ladish | |||||
Debt Instrument, Maturity Date | 2-Sep-15 | 2-Sep-15 | ||||
Interest rate | 6.41% | 6.41% | ||||
Allegheny Technologies 5.95% Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Issuer | Allegheny Technologies | |||||
Debt Instrument, Maturity Date | 15-Jan-21 | 15-Jan-21 | ||||
Interest rate | 5.95% | 5.95% | ||||
Industrial revenue bonds, due through 2020, and other | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date Range, End | 1-Jan-20 | 1-Jan-20 | ||||
Allegheny Ludlum 6.95% debentures due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Issuer | Allegheny Ludlum | |||||
Debt Instrument, Maturity Date | 15-Dec-25 | 15-Dec-25 | ||||
Interest rate | 6.95% | |||||
Allegheny Technologies 9.375% Notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Issuer | Allegheny Technologies | |||||
Debt Instrument, Maturity Date | 1-Jun-19 | 1-Jun-19 | ||||
Interest rate | 9.38% | 9.38% | ||||
Domestic Bank Group $400 million credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $400,000,000 | |||||
[1] | Bearing interest at 6.375% effective February 15, 2015. | |||||
[2] | Includes fair value adjustments of $0.3 million at March 31, 2015 and $0.4 million at December 31, 2014. | |||||
[3] | Includes fair value adjustments of $0.2 million at March 31, 2015 and $0.3 million at December 31, 2014. |
Debt_Narrative_Details
Debt Narrative (Details) | 3 Months Ended | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Feb. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | |||
USD ($) | USD ($) | Allegheny Technologies 5.875% Notes due 2023 (a) | Allegheny Technologies 5.875% Notes due 2023 (a) | Allegheny Technologies 5.875% Notes due 2023 (a) | Allegheny Technologies 5.875% Notes due 2023 (a) | Domestic Bank Group $400 million credit facility | Domestic Bank Group $400 million credit facility | Seperateletter of Credit Facility | STAL Revolving Credit Facility | STAL Revolving Credit Facility | STAL Precision Stainless Steel Company Limited | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event | Subsequent Event | ||||||||
USD ($) | CNY | |||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 6.38% | 6.38% | 6.13% | 5.88% | ||||||||||
Long-term Debt, Gross | $500,000,000 | [1] | $500,000,000 | [1] | $0 | $0 | ||||||||
Maximum borrowing capacity | 400,000,000 | 20,000,000 | 125,000,000 | |||||||||||
Amount utilized to support the issuance of letters of credit | 4,700,000 | |||||||||||||
Average borrowings during period | 73,700,000 | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.90% | |||||||||||||
Amount of Cash on Hand Used to Reduce the Indebtness Figure used in the Leverage Ratio Calculation | 50,000,000 | |||||||||||||
Maximum leverage ratio for the quarter ended March 31, 2015 | 5 | |||||||||||||
Maximum leverage ratio for the quarter ended June 30, 2015 | 4.5 | |||||||||||||
Maximum leverage ratio for the quarter ended September 30, 2015 | 3.75 | |||||||||||||
Maximum leverage ratio for the quarter ended December 31, 2015 and for each fiscal quarter thereafter | 3.5 | |||||||||||||
Minimum interest coverage ratio for the quarter ended March 31, 2015 | 2.5 | |||||||||||||
Minimum interest coverage ratio for the quarter ended June 30, 2015 | 3 | |||||||||||||
Minimum interest coverage ratio for the quarter ended September 30, 2015 | 3.25 | |||||||||||||
Minimum interest coverage ratio for the quarter ended December 31, 2015 and for each fiscal quarter thereafter | 3.5 | |||||||||||||
Actual leverage ratio | 3.73 | |||||||||||||
Actual interest coverage ratio | 3.26 | |||||||||||||
Letters of credit outstanding | 32,000,000 | |||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | |||||||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | $300,000 | $100,000 | ||||||||||||
[1] | Bearing interest at 6.375% effective February 15, 2015. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging (Details) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
USD ($) | Other Comprehensive Income | Other Comprehensive Income | Cost Of Sales | Cost Of Sales | Selling And Administrative Expenses | Selling And Administrative Expenses | Nickel and other raw material contracts | Nickel and other raw material contracts | Nickel and other raw material contracts | Nickel and other raw material contracts | Nickel and other raw material contracts | Nickel and other raw material contracts | Natural gas contracts | Natural gas contracts | Natural gas contracts | Natural gas contracts | Natural gas contracts | Natural gas contracts | Electricity contracts | Electricity contracts | Electricity contracts | Electricity contracts | Electricity contracts | Electricity contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |
Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Other Comprehensive Income | Other Comprehensive Income | Cost Of Sales | Cost Of Sales | Selling And Administrative Expenses | Selling And Administrative Expenses | Other Comprehensive Income | Other Comprehensive Income | Cost Of Sales | Cost Of Sales | Selling And Administrative Expenses | Selling And Administrative Expenses | Other Comprehensive Income | Other Comprehensive Income | Cost Of Sales | Cost Of Sales | Selling And Administrative Expenses | Selling And Administrative Expenses | Other Comprehensive Income | Other Comprehensive Income | Cost Of Sales | Cost Of Sales | Selling And Administrative Expenses | Selling And Administrative Expenses | Foreign exchange forward | Foreign exchange forward | Foreign exchange forward | Foreign exchange forward | Foreign exchange forward | Foreign exchange forward | Foreign exchange forward | Foreign exchange forward | Foreign exchange forward | Foreign exchange contracts | Foreign exchange contracts | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cost Of Sales | Maturity dates Through February 2018 | Maturity Dates Through 2015 | Maturity Dates Through 2015 | USD ($) | EUR (€) | Maturity Dates Through February 2016 | Cost Of Sales | Cost Of Sales | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Fair Value Hedging | EUR (€) | EUR (€) | Fair Value Hedging | EUR (€) | USD ($) | USD ($) | ||||||||||
USD ($) | EUR (€) | |||||||||||||||||||||||||||||||||||||||||
Notional Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Percentage of estimated annual nickel requirements | 20.00% | |||||||||||||||||||||||||||||||||||||||||
Percentage of forecasted natural gas usage hedged for 2015 | 80.00% | |||||||||||||||||||||||||||||||||||||||||
Percentage Of Forecasted Natural Gas Usage Hedged for 2016 | 75.00% | |||||||||||||||||||||||||||||||||||||||||
Percentage Of Forecasted Natural Gas Usage Hedged for 2017 | 45.00% | |||||||||||||||||||||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Notional amount of derivative | € 375 | € 157 | € 115 | € 30 | ||||||||||||||||||||||||||||||||||||||
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | 11.4 | 5.7 | -9.6 | 3 | -6 | 2.3 | 0 | 0.9 | 27 | -0.5 | ||||||||||||||||||||||||||||||||
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | 1.7 | -1.3 | -2.2 | -1.7 | -2.4 | 1.4 | -0.1 | 0.4 | 6.4 | -1.4 | ||||||||||||||||||||||||||||||||
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Derivative Instruments Gain Loss Recognized In Income Net | 3.5 | 0.2 | ||||||||||||||||||||||||||||||||||||||||
Notional amount of derivatives net settled | 126.5 | 40.3 | ||||||||||||||||||||||||||||||||||||||||
Cash proceeds from settlement of hedge | 26.1 | 11.8 | ||||||||||||||||||||||||||||||||||||||||
Gain on derivative | 5 | |||||||||||||||||||||||||||||||||||||||||
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months | $0.70 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging (Details2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Asset | $69.10 | $59.90 |
Derivative Fair Value Of Derivative Liability | 43.6 | 27 |
Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 69.1 | 53.5 |
Derivative Fair Value Of Derivative Liability | 43.2 | 27 |
Not Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 0 | 6.4 |
Derivative Fair Value Of Derivative Liability | 0.4 | 0 |
Prepaid expenses and other current assets | Nickel and other raw material contracts | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 0 | 1.1 |
Prepaid expenses and other current assets | Foreign exchange contracts | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 23.1 | 23.6 |
Prepaid expenses and other current assets | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 0 | 6.4 |
Other assets | Nickel and other raw material contracts | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 0 | 0.5 |
Other assets | Foreign exchange contracts | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 46 | 28.3 |
Accrued liabilities | Nickel and other raw material contracts | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Liability | 9.9 | 5.8 |
Accrued liabilities | Natural gas contracts | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Liability | 12.1 | 10.2 |
Accrued liabilities | Electricity contracts | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Liability | 0 | 0.1 |
Accrued liabilities | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Liability | 0.4 | 0 |
Other long-term liabilities | Nickel and other raw material contracts | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Liability | 9.4 | 3 |
Other long-term liabilities | Natural gas contracts | Designated as Hedging Instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative Fair Value Of Derivative Liability | $11.80 | $7.90 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Carrying Reported Amount Fair Value Disclosure | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $238 | $269.50 |
Derivative financial instruments, Assets | 69.1 | 59.9 |
Derivative Financial Instruments, liabilities | 43.6 | 27 |
Debt | 1,527 | 1,526.90 |
Estimate Of Fair Value Fair Value Disclosure | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 238 | 269.5 |
Derivative financial instruments, Assets | 69.1 | 59.9 |
Derivative Financial Instruments, liabilities | 43.6 | 27 |
Debt | 1,679.60 | 1,616 |
Estimate Of Fair Value Fair Value Disclosure | Fair Value Inputs Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 238 | 269.5 |
Derivative financial instruments, Assets | 0 | 0 |
Derivative Financial Instruments, liabilities | 0 | 0 |
Debt | 1,652.60 | 1,589.10 |
Estimate Of Fair Value Fair Value Disclosure | Fair Value Inputs Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Derivative financial instruments, Assets | 69.1 | 59.9 |
Derivative Financial Instruments, liabilities | 43.6 | 27 |
Debt | $27 | $26.90 |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefits (Details1) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plans Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the year | $5.70 | $7.40 |
Interest cost on benefits earned in prior years | 30.3 | 33.4 |
Expected return on plan assets | -42.1 | -46.1 |
Amortization of prior service cost (credit) | 0.3 | 0.6 |
Amortization of net actuarial loss | 15.1 | 18.5 |
Total retirement benefit expense | 9.3 | 13.8 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the year | 0.7 | 0.7 |
Interest cost on benefits earned in prior years | 4.5 | 6 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | 1.2 | -0.8 |
Amortization of net actuarial loss | 3.6 | 3.5 |
Total retirement benefit expense | $10 | $9.40 |
Pension_Plans_and_Other_Postre3
Pension Plans and Other Postretirement Benefits Narrative (Details) (Other Postretirement Benefit Plan, Defined Benefit [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined contribution plan, cost recognized | $0.70 |
Income_Taxes_Quarterly_Disclos
Income Taxes - Quarterly Disclosure (Details9) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Income tax (provision) benefit | ($8) | $10 |
Effective Income Tax Rate Continuing Operations | 38.80% | 38.50% |
Income Tax Reconciliation Other Adjustments | 2.2 | |
Federal | ||
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Proceeds from Income Tax Refunds | $59.90 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Sales | $1,125.50 | $987.30 |
Operating profit (loss): | 83.8 | 43.5 |
Corporate expenses | -11.8 | -11.5 |
Interest expense, net | -26.7 | -29.1 |
Closed company and other expenses | -5.4 | -5 |
Retirement benefit expense | -19.3 | -23.9 |
Income (loss) from continuing operations before income tax provision (benefit) | 20.6 | -26 |
Interest Costs Capitalized | 0.6 | 2.3 |
High Performance Materials & Components | ||
Segment Reporting Information [Line Items] | ||
Total sales: | 542.8 | 484.4 |
Operating profit (loss): | 75.9 | 69.1 |
Flat Rolled Products | ||
Segment Reporting Information [Line Items] | ||
Total sales: | 582.7 | 502.9 |
Operating profit (loss): | 7.9 | -25.6 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total sales: | 1,169.60 | 1,033.70 |
Operating Segments [Member] | High Performance Materials & Components | ||
Segment Reporting Information [Line Items] | ||
Total sales: | 564.9 | 504.1 |
Operating Segments [Member] | Flat Rolled Products | ||
Segment Reporting Information [Line Items] | ||
Total sales: | 604.7 | 529.6 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total sales: | 44.1 | 46.4 |
Intersegment Eliminations [Member] | High Performance Materials & Components | ||
Segment Reporting Information [Line Items] | ||
Total sales: | 22.1 | 19.7 |
Intersegment Eliminations [Member] | Flat Rolled Products | ||
Segment Reporting Information [Line Items] | ||
Total sales: | $22 | $26.70 |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interest Redeemable Noncontrolling Interest (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Feb. 07, 2014 |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | $0 | ||
Redeemable noncontrolling interest | 12.1 | 12.1 | |
Dynamic Flowform [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.00% | ||
[RetainedEarningsMember] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | ($0.10) |
Per_Share_Information_Details
Per Share Information (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share Reconciliation [Abstract] | ||
Income (loss) from continuing operations attributable to ATI | $10 | ($18.10) |
Redeemable noncontrolling interest | -0.1 | 0 |
Income (loss) from continuing operations available to ATI after assumed conversions | $9.90 | ($18.10) |
Denominator for basic net income (loss) per common share-weighted average shares | 107,200,000 | 107,000,000 |
Share-based compensation | 800,000 | 0 |
4.25% Convertible Notes due 2014 | 0 | 0 |
Denominator for diluted net income (loss) per common share – adjusted weighted average shares assuming conversions | 108,000,000 | 107,000,000 |
Basic income (loss) from continuing operations attributable to ATI per common share (in dollars per share) | $0.09 | ($0.17) |
Diluted income (loss) from continuing operations attributable to ATI per common share (in dollars per share) | $0.09 | ($0.17) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0 | 10,000,000 |
Financial_Information_for_Subs2
Financial Information for Subsidiary and Guarantor Parent Financial Information for Subsidiary and Guarantor Parent (Narrative) (Details) (Allegheny Ludlum 6.95% debentures due 2025, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Allegheny Ludlum 6.95% debentures due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $150 | $150 |
Interest rate | 6.95% |
Financial_Information_for_Subs3
Financial Information for Subsidiary and Guarantor Parent (B.S.) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $238 | $269.50 | $837.70 | $1,026.80 |
Accounts receivable, net | 690.9 | 603.6 | ||
Intercompany notes receivable | 0 | 0 | ||
Inventories, net | 1,472.60 | 1,472.80 | ||
Prepaid expenses and other current assets | 64.1 | 136.2 | ||
Total current assets | 2,465.60 | 2,482.10 | ||
Property, plant and equipment, net | 2,943.70 | 2,961.80 | ||
Cost in excess of net assets acquired | 777.9 | 780.4 | ||
Intercompany notes receivable | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 369.6 | 358.3 | ||
Total assets | 6,556.80 | 6,582.60 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 559.5 | 556.7 | ||
Accrued liabilities | 288.8 | 323.2 | ||
Intercompany notes payable | 0 | 0 | ||
Deferred income taxes | 70.8 | 62.2 | ||
Short-term debt and current portion of long-term debt | 17.9 | 17.8 | ||
Total current liabilities | 937 | 959.9 | ||
Long-term debt | 1,509.10 | 1,509.10 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued postretirement benefits | 407.1 | 415.8 | ||
Pension liabilities | 730.2 | 739.3 | ||
Deferred income taxes | 91.3 | 80.9 | ||
Other long-term liabilities | 162 | 156.2 | ||
Total liabilities | 3,836.70 | 3,861.20 | ||
Redeemable noncontrolling interest | 12.1 | 12.1 | ||
Total stockholders’ equity | 2,708 | 2,709.30 | 2,967.10 | 2,994.70 |
Total Liabilities and Equity | 6,556.80 | 6,582.60 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 2.5 | 2.2 | ||
Accounts receivable, net | 0.1 | 0.1 | ||
Intercompany notes receivable | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses and other current assets | 3 | 63.7 | ||
Total current assets | 5.6 | 66 | ||
Property, plant and equipment, net | 2.5 | 2.2 | ||
Cost in excess of net assets acquired | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Investment in subsidiaries | 6,149.20 | 6,149.40 | ||
Other assets | 23.5 | 23.7 | ||
Total assets | 6,180.80 | 6,241.30 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 2.8 | 4.5 | ||
Accrued liabilities | 31.7 | 47.5 | ||
Intercompany notes payable | 1,179 | 1,232.60 | ||
Deferred income taxes | 70.8 | 62.2 | ||
Short-term debt and current portion of long-term debt | 0.6 | 0.5 | ||
Total current liabilities | 1,284.90 | 1,347.30 | ||
Long-term debt | 1,351 | 1,350.60 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued postretirement benefits | 0 | 0 | ||
Pension liabilities | 668.7 | 675.5 | ||
Deferred income taxes | 91.3 | 80.9 | ||
Other long-term liabilities | 76.9 | 77.7 | ||
Total liabilities | 3,472.80 | 3,532 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | 2,708 | 2,709.30 | ||
Total Liabilities and Equity | 6,180.80 | 6,241.30 | ||
Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 12 | 13.8 | ||
Accounts receivable, net | 222.4 | 209.1 | ||
Intercompany notes receivable | 0 | 0 | ||
Inventories, net | 399.6 | 387.7 | ||
Prepaid expenses and other current assets | 8.9 | 13.2 | ||
Total current assets | 642.9 | 623.8 | ||
Property, plant and equipment, net | 1,544.90 | 1,545.10 | ||
Cost in excess of net assets acquired | 126.6 | 126.6 | ||
Intercompany notes receivable | 0 | 0 | ||
Investment in subsidiaries | 37.7 | 37.7 | ||
Other assets | 27.7 | 28 | ||
Total assets | 2,379.80 | 2,361.20 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 336.9 | 302 | ||
Accrued liabilities | 60.3 | 72 | ||
Intercompany notes payable | 1,188.90 | 1,158.20 | ||
Deferred income taxes | 0 | 0 | ||
Short-term debt and current portion of long-term debt | 0.1 | 0.1 | ||
Total current liabilities | 1,586.20 | 1,532.30 | ||
Long-term debt | 150.3 | 150.3 | ||
Intercompany notes payable | 200 | 200 | ||
Accrued postretirement benefits | 150.9 | 153 | ||
Pension liabilities | 5.8 | 6 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term liabilities | 20.9 | 22.5 | ||
Total liabilities | 2,114.10 | 2,064.10 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | 265.7 | 297.1 | ||
Total Liabilities and Equity | 2,379.80 | 2,361.20 | ||
NonGuarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 223.5 | 253.5 | ||
Accounts receivable, net | 468.4 | 394.4 | ||
Intercompany notes receivable | 2,367.90 | 2,390.80 | ||
Inventories, net | 1,073 | 1,085.10 | ||
Prepaid expenses and other current assets | 52.2 | 59.3 | ||
Total current assets | 4,185 | 4,183.10 | ||
Property, plant and equipment, net | 1,396.30 | 1,414.50 | ||
Cost in excess of net assets acquired | 651.3 | 653.8 | ||
Intercompany notes receivable | 200 | 200 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 318.4 | 306.6 | ||
Total assets | 6,751 | 6,758 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 219.8 | 250.2 | ||
Accrued liabilities | 196.8 | 203.7 | ||
Intercompany notes payable | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Short-term debt and current portion of long-term debt | 17.2 | 17.2 | ||
Total current liabilities | 433.8 | 471.1 | ||
Long-term debt | 7.8 | 8.2 | ||
Intercompany notes payable | 0 | 0 | ||
Accrued postretirement benefits | 256.2 | 262.8 | ||
Pension liabilities | 55.7 | 57.8 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term liabilities | 64.2 | 56 | ||
Total liabilities | 817.7 | 855.9 | ||
Redeemable noncontrolling interest | 12.1 | 12.1 | ||
Total stockholders’ equity | 5,921.20 | 5,890 | ||
Total Liabilities and Equity | 6,751 | 6,758 | ||
Consolidation Eliminations | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Intercompany notes receivable | -2,367.90 | -2,390.80 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | -2,367.90 | -2,390.80 | ||
Property, plant and equipment, net | 0 | 0 | ||
Cost in excess of net assets acquired | 0 | 0 | ||
Intercompany notes receivable | -200 | -200 | ||
Investment in subsidiaries | -6,186.90 | -6,187.10 | ||
Other assets | 0 | 0 | ||
Total assets | -8,754.80 | -8,777.90 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Intercompany notes payable | -2,367.90 | -2,390.80 | ||
Deferred income taxes | 0 | 0 | ||
Short-term debt and current portion of long-term debt | 0 | 0 | ||
Total current liabilities | -2,367.90 | -2,390.80 | ||
Long-term debt | 0 | 0 | ||
Intercompany notes payable | -200 | -200 | ||
Accrued postretirement benefits | 0 | 0 | ||
Pension liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | -2,567.90 | -2,590.80 | ||
Redeemable noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | -6,186.90 | -6,187.10 | ||
Total Liabilities and Equity | ($8,754.80) | ($8,777.90) |
Financial_Information_for_Subs4
Financial Information for Subsidiary and Guarantor Parent (I.S.) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Sales | $1,125.50 | $987.30 |
Cost of sales | 1,016 | 917.1 |
Selling and administrative expenses | 63.1 | 67.7 |
Income (loss) before interest, other income and income taxes | 46.4 | 2.5 |
Interest income (expense), net | -26.7 | -29.1 |
Other income (loss) including equity in income of unconsolidated subsidiaries | 0.9 | 0.6 |
Income (loss) from continuing operations before income tax provision (benefit) | 20.6 | -26 |
Income tax provision (benefit) | 8 | -10 |
Income (loss) from continuing operations | 12.6 | -16 |
Income (loss) from discontinued operations, net of tax | 0 | -1.9 |
Net income (loss) | 12.6 | -17.9 |
Less: Net income attributable to noncontrolling interests | 2.6 | 2.1 |
Net income (loss) attributable to ATI | 10 | -20 |
Comprehensive income (loss) attributable to ATI | 10.6 | -1 |
Parent Company | ||
Income Statement [Abstract] | ||
Sales | 0 | 0 |
Cost of sales | 2.2 | 12.3 |
Selling and administrative expenses | 25.8 | 27.1 |
Income (loss) before interest, other income and income taxes | -28 | -39.4 |
Interest income (expense), net | -28 | -28.5 |
Other income (loss) including equity in income of unconsolidated subsidiaries | 76.6 | 41.9 |
Income (loss) from continuing operations before income tax provision (benefit) | 20.6 | -26 |
Income tax provision (benefit) | 8 | -10 |
Income (loss) from continuing operations | 12.6 | -16 |
Income (loss) from discontinued operations, net of tax | 0 | -1.9 |
Net income (loss) | 12.6 | -17.9 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to ATI | 12.6 | -17.9 |
Comprehensive income (loss) attributable to ATI | 13 | -0.8 |
Subsidiaries | ||
Income Statement [Abstract] | ||
Sales | 508.5 | 427.9 |
Cost of sales | 504 | 439.6 |
Selling and administrative expenses | 11.7 | 10.1 |
Income (loss) before interest, other income and income taxes | -7.2 | -21.8 |
Interest income (expense), net | -12.2 | -10.6 |
Other income (loss) including equity in income of unconsolidated subsidiaries | 0.4 | 0.3 |
Income (loss) from continuing operations before income tax provision (benefit) | -19 | -32.1 |
Income tax provision (benefit) | -6.6 | -11.3 |
Income (loss) from continuing operations | -12.4 | -20.8 |
Income (loss) from discontinued operations, net of tax | 0 | 0 |
Net income (loss) | -12.4 | -20.8 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to ATI | -12.4 | -20.8 |
Comprehensive income (loss) attributable to ATI | -9.1 | -18.8 |
NonGuarantor Subsidiaries | ||
Income Statement [Abstract] | ||
Sales | 617 | 559.4 |
Cost of sales | 509.8 | 465.2 |
Selling and administrative expenses | 25.6 | 30.5 |
Income (loss) before interest, other income and income taxes | 81.6 | 63.7 |
Interest income (expense), net | 13.5 | 10 |
Other income (loss) including equity in income of unconsolidated subsidiaries | 0.6 | 0.6 |
Income (loss) from continuing operations before income tax provision (benefit) | 95.7 | 74.3 |
Income tax provision (benefit) | 34.1 | 26.4 |
Income (loss) from continuing operations | 61.6 | 47.9 |
Income (loss) from discontinued operations, net of tax | 0 | -1.9 |
Net income (loss) | 61.6 | 46 |
Less: Net income attributable to noncontrolling interests | 2.6 | 2.1 |
Net income (loss) attributable to ATI | 59 | 43.9 |
Comprehensive income (loss) attributable to ATI | 37.8 | 42.5 |
Consolidation Eliminations | ||
Income Statement [Abstract] | ||
Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Selling and administrative expenses | 0 | 0 |
Income (loss) before interest, other income and income taxes | 0 | 0 |
Interest income (expense), net | 0 | 0 |
Other income (loss) including equity in income of unconsolidated subsidiaries | -76.7 | -42.2 |
Income (loss) from continuing operations before income tax provision (benefit) | -76.7 | -42.2 |
Income tax provision (benefit) | -27.5 | -15.1 |
Income (loss) from continuing operations | -49.2 | -27.1 |
Income (loss) from discontinued operations, net of tax | 0 | 1.9 |
Net income (loss) | -49.2 | -25.2 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to ATI | -49.2 | -25.2 |
Comprehensive income (loss) attributable to ATI | ($31.10) | ($23.90) |
Financial_Information_for_Subs5
Financial Information for Subsidiary and Guarantor Parent (Cash Flow) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Cash Flows | ||
Cash flows provided by (used in) operating activities | $12 | ($56.90) |
Investing Activities: | ||
Purchases of property, plant and equipment | -22.6 | -39.6 |
Purchases of businesses, net of cash acquired | 0 | -71.1 |
Net receipts/(payments) on intercompany activity | 0 | 0 |
Asset disposals and other | 0.1 | 1.8 |
Cash used in investing activities | -22.5 | -108.9 |
Financing Activities: | ||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -0.3 | -0.1 |
Net receipts/(payments) on intercompany activity | 0 | 0 |
Dividends paid to stockholders | -19.3 | -19.3 |
Other | -1.7 | -4 |
Cash used in financing activities | -21 | -23.3 |
Decrease in cash and cash equivalents | -31.5 | -189.1 |
Parent Company | ||
Statement of Cash Flows | ||
Cash flows provided by (used in) operating activities | -26.3 | -29.7 |
Investing Activities: | ||
Purchases of property, plant and equipment | 0 | 0 |
Purchases of businesses, net of cash acquired | 0 | |
Net receipts/(payments) on intercompany activity | 0 | 0 |
Asset disposals and other | 0 | 0 |
Cash used in investing activities | 0 | 0 |
Financing Activities: | ||
Net receipts/(payments) on intercompany activity | 47.4 | 58.9 |
Dividends paid to stockholders | -19.3 | -19.3 |
Other | -1.5 | -4 |
Cash used in financing activities | 26.6 | 35.6 |
Decrease in cash and cash equivalents | 0.3 | 5.9 |
Subsidiaries | ||
Statement of Cash Flows | ||
Cash flows provided by (used in) operating activities | -42.3 | -125.6 |
Investing Activities: | ||
Purchases of property, plant and equipment | -9.1 | -26.3 |
Purchases of businesses, net of cash acquired | 0 | |
Net receipts/(payments) on intercompany activity | 0 | 0 |
Asset disposals and other | 0.1 | 1.4 |
Cash used in investing activities | -9 | -24.9 |
Financing Activities: | ||
Net receipts/(payments) on intercompany activity | 49.5 | 150 |
Dividends paid to stockholders | 0 | 0 |
Other | 0 | 0 |
Cash used in financing activities | 49.5 | 150 |
Decrease in cash and cash equivalents | -1.8 | -0.5 |
NonGuarantor Subsidiaries | ||
Statement of Cash Flows | ||
Cash flows provided by (used in) operating activities | 80.6 | 98.4 |
Investing Activities: | ||
Purchases of property, plant and equipment | -13.5 | -13.3 |
Purchases of businesses, net of cash acquired | -71.1 | |
Net receipts/(payments) on intercompany activity | -96.9 | -208.9 |
Asset disposals and other | 0 | 0.4 |
Cash used in investing activities | -110.4 | -292.9 |
Financing Activities: | ||
Net receipts/(payments) on intercompany activity | 0 | 0 |
Dividends paid to stockholders | 0 | 0 |
Other | -0.2 | 0 |
Cash used in financing activities | -0.2 | 0 |
Decrease in cash and cash equivalents | -30 | -194.5 |
Consolidation Eliminations | ||
Statement of Cash Flows | ||
Cash flows provided by (used in) operating activities | 0 | 0 |
Investing Activities: | ||
Purchases of property, plant and equipment | 0 | 0 |
Purchases of businesses, net of cash acquired | 0 | |
Net receipts/(payments) on intercompany activity | 96.9 | 208.9 |
Asset disposals and other | 0 | 0 |
Cash used in investing activities | 96.9 | 208.9 |
Financing Activities: | ||
Net receipts/(payments) on intercompany activity | -96.9 | -208.9 |
Dividends paid to stockholders | 0 | 0 |
Other | 0 | 0 |
Cash used in financing activities | -96.9 | -208.9 |
Decrease in cash and cash equivalents | $0 | $0 |
Financial_Information_for_Subs6
Financial Information for Subsidiary and Guarantor Parent Financial Information for Subsidiary and Guarantor Parent (Changes) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Current assets | $2,465.60 | $2,482.10 | ||
Assets | 6,556.80 | 6,582.60 | ||
Current liabilities | 937 | 959.9 | ||
Liabilities | 3,836.70 | 3,861.20 | ||
Stockholders' equity | 2,708 | 2,967.10 | 2,709.30 | 2,994.70 |
Cash flows provided by (used in) operating activities | 12 | -56.9 | ||
Net Cash Provided by (Used in) Investing Activities | -22.5 | -108.9 | ||
Cash used in financing activities | -21 | -23.3 | ||
NonGuarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Current assets | 4,185 | 4,183.10 | ||
Assets | 6,751 | 6,758 | ||
Current liabilities | 433.8 | 471.1 | ||
Liabilities | 817.7 | 855.9 | ||
Stockholders' equity | 5,921.20 | 5,890 | ||
Cash flows provided by (used in) operating activities | 80.6 | 98.4 | ||
Net Cash Provided by (Used in) Investing Activities | -110.4 | -292.9 | ||
Cash used in financing activities | -0.2 | 0 | ||
Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Current assets | 642.9 | 623.8 | ||
Assets | 2,379.80 | 2,361.20 | ||
Current liabilities | 1,586.20 | 1,532.30 | ||
Liabilities | 2,114.10 | 2,064.10 | ||
Stockholders' equity | 265.7 | 297.1 | ||
Cash flows provided by (used in) operating activities | -42.3 | -125.6 | ||
Net Cash Provided by (Used in) Investing Activities | -9 | -24.9 | ||
Cash used in financing activities | 49.5 | 150 | ||
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Current assets | 5.6 | 66 | ||
Assets | 6,180.80 | 6,241.30 | ||
Current liabilities | 1,284.90 | 1,347.30 | ||
Liabilities | 3,472.80 | 3,532 | ||
Stockholders' equity | 2,708 | 2,709.30 | ||
Cash flows provided by (used in) operating activities | -26.3 | -29.7 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Cash used in financing activities | 26.6 | 35.6 | ||
Consolidation Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Current assets | -2,367.90 | -2,390.80 | ||
Assets | -8,754.80 | -8,777.90 | ||
Current liabilities | -2,367.90 | -2,390.80 | ||
Liabilities | -2,567.90 | -2,590.80 | ||
Stockholders' equity | -6,186.90 | -6,187.10 | ||
Cash flows provided by (used in) operating activities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 96.9 | 208.9 | ||
Cash used in financing activities | ($96.90) | ($208.90) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | ($931.40) | ($713.20) | ||
OCI before reclassifications | -10.2 | 4.2 | ||
Amounts reclassified from AOCI | 10.8 | 14.7 | ||
Net current-period OCI | 0.6 | 18.9 | ||
Ending balance | -930.8 | -694.3 | ||
Increase (Decrease) in Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 25 | 27.1 | ||
OCI before reclassifications | -0.2 | -1.8 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net current-period OCI | -0.2 | -1.8 | ||
Ending balance | 24.8 | 25.3 | ||
Post- retirement benefit plans [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | -931.5 | -718.9 | ||
OCI before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCI | 12.5 | [1] | 13.4 | [1] |
Net current-period OCI | 12.5 | 13.4 | ||
Ending balance | -919 | -705.5 | ||
Increase (Decrease) in Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
OCI before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net current-period OCI | 0 | 0 | ||
Ending balance | 0 | 0 | ||
Currency translation adjustment [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | -16.2 | 15.3 | ||
OCI before reclassifications | -21.6 | -1.5 | ||
Amounts reclassified from AOCI | 0 | [2] | 0 | [2] |
Net current-period OCI | -21.6 | -1.5 | ||
Ending balance | -37.8 | 13.8 | ||
Increase (Decrease) in Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 25 | 27.1 | ||
OCI before reclassifications | -0.2 | -1.8 | ||
Amounts reclassified from AOCI | 0 | [2] | 0 | [2] |
Net current-period OCI | -0.2 | -1.8 | ||
Ending balance | 24.8 | 25.3 | ||
Unrealized holding gains on securities [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
OCI before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCI | 0 | [2] | 0 | [2] |
Net current-period OCI | 0 | 0 | ||
Ending balance | 0 | 0 | ||
Increase (Decrease) in Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
OCI before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net current-period OCI | 0 | 0 | ||
Ending balance | 0 | 0 | ||
Derivatives [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 16.3 | -9.6 | ||
OCI before reclassifications | 11.4 | 5.7 | ||
Amounts reclassified from AOCI | -1.7 | [3] | 1.3 | [3] |
Net current-period OCI | 9.7 | 7 | ||
Ending balance | 26 | -2.6 | ||
Increase (Decrease) in Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
OCI before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net current-period OCI | 0 | 0 | ||
Ending balance | $0 | $0 | ||
[1] | Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 7). | |||
[2] | No amounts were reclassified to earnings. | |||
[3] | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings (see Note 5). |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Details 2) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization to net income of net prior service cost (credits) | $1.50 | ($0.20) | ||
Amount reclassified from AOCI, Postretirement benefit plans, Actuarial losses | 18.7 | 22 | ||
Income (loss) from continuing operations before income tax provision (benefit) | 20.6 | -26 | ||
Income tax provision (benefit) | 8 | -10 | ||
Income (loss) from continuing operations | 12.6 | -16 | ||
Amount reclassified from AOCI, Gain (loss) on derivatives | -1,016 | -917.1 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Post- retirement benefit plans [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization to net income of net prior service cost (credits) | -1.5 | [1] | 0.2 | [1] |
Amount reclassified from AOCI, Postretirement benefit plans, Actuarial losses | -18.7 | [1] | -22 | [1] |
Income (loss) from continuing operations before income tax provision (benefit) | -20.2 | [2] | -21.8 | [2] |
Income tax provision (benefit) | -7.7 | -8.4 | ||
Income (loss) from continuing operations | -12.5 | -13.4 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivatives [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) from continuing operations before income tax provision (benefit) | 2.7 | [2] | -2.1 | [2] |
Income tax provision (benefit) | 1 | -0.8 | ||
Income (loss) from continuing operations | 1.7 | -1.3 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivatives [Member] | Nickel and other raw material contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amount reclassified from AOCI, Gain (loss) on derivatives | -3.6 | [3] | -2.8 | [3] |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivatives [Member] | Natural gas contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amount reclassified from AOCI, Gain (loss) on derivatives | -3.9 | [3] | 2.3 | [3] |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivatives [Member] | Electricity contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amount reclassified from AOCI, Gain (loss) on derivatives | -0.2 | [3] | 0.7 | [3] |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivatives [Member] | Foreign exchange contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amount reclassified from AOCI, Gain (loss) on derivatives | $10.40 | [3] | ($2.30) | [3] |
[1] | Amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. For additional information, see Note 7. | |||
[2] | For pretax items, positive amounts are income and negative amounts are expense in terms of the impact to net income. Tax effects are presented in conformity with ATI’s presentation in the consolidated statements of operations. | |||
[3] | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings. For additional information, see Note 5. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Components of Environmental Loss Accrual [Abstract] | |
Accrual For Environmental Loss Contingencies | $17 |
Accrued Environmental Loss Contingencies Current | 9 |
Federal Superfund and comparable state-managed sites | 5 |
Formerly owned or operated sites | 10 |
Owned or controlled sites at which Company operations have been discontinued | 1 |
Sites utilized by the company in its ongoing operations | 1 |
Loss Contingency, Estimate [Abstract] | |
Loss contingency maximum possible loss | $19 |