Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'ALLEGHENY TECHNOLOGIES INCORPORATED | ' |
Entity Central Index Key | '0001018963 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Common Stock, Shares Outstanding | ' | 107,982,138 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $535.70 | $304.60 |
Accounts receivable, net of allowances for doubtful accounts of $5.2 and $5.5 as of September 30, 2013 and December 31, 2012 | 576.9 | 613.3 |
Inventories, net | 1,344.90 | 1,536.60 |
Prepaid expenses and other current assets | 120.6 | 56.1 |
Current assets of discontinued operations | 115.4 | 0 |
Total current assets | 2,693.50 | 2,510.60 |
Property, plant and equipment, net | 2,744.70 | 2,559.90 |
Cost in excess of net assets acquired | 728.1 | 740.1 |
Deferred income taxes | 0 | 71.5 |
Other assets | 348 | 365.7 |
Non-current assets of discontinued operations | 85 | 0 |
Total assets | 6,599.30 | 6,247.80 |
Current Liabilities: | ' | ' |
Accounts payable | 401.9 | 499.9 |
Accrued liabilities | 304.9 | 330.5 |
Deferred income taxes | 8.2 | 24 |
Short-term debt and current portion of long-term debt | 419.9 | 17.1 |
Current liabilities of discontinued operations | 33.7 | 0 |
Total current liabilities | 1,168.60 | 871.5 |
Long-term debt | 1,542.20 | 1,463 |
Accrued postretirement benefits | 475 | 495.2 |
Pension liabilities | 702.4 | 721.1 |
Deferred income taxes | 52.1 | 0 |
Other long-term liabilities | 94.9 | 109.9 |
Total liabilities | 4,035.20 | 3,660.70 |
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 September 30, 2013 and December 31, 2012; outstanding- 108,007,487 shares at September 30, 2013 and 107,398,963 shares at December 31, 2012 | 11 | 11 |
Additional paid-in capital | 1,181.20 | 1,181.70 |
Retained earnings | 2,335.90 | 2,427.60 |
Treasury stock: 1,687,684 shares at September 30, 2013 and 2,296,208 shares at December 31, 2012 | -78.8 | -111.3 |
Accumulated other comprehensive loss, net of tax | -982.6 | -1,029.40 |
Total ATI stockholders’ equity | 2,466.70 | 2,479.60 |
Noncontrolling interests | ' | ' |
Noncontrolling interests | 97.4 | 107.5 |
Total Equity | 2,564.10 | 2,587.10 |
Total Liabilities and Equity | $6,599.30 | $6,247.80 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowances for doubtful accounts | $5.20 | $5.50 |
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 | 108,007,487 | 107,398,963 |
Treasury stock | 1,687,684 | 2,296,208 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | $972.40 | $1,131.50 | $3,128.20 | $3,645.50 |
Costs and expenses: | ' | ' | ' | ' |
Cost of sales | 919.3 | 988.8 | 2,886.90 | 3,139.60 |
Selling and administrative expenses | 70.6 | 77.6 | 210.1 | 243.3 |
Income (loss) before interest, other income and income taxes | -17.5 | 65.1 | 31.2 | 262.6 |
Interest expense, net | -18.2 | -17.2 | -46.5 | -55.7 |
Other income, net | 0.4 | 0.2 | 1.3 | 0.6 |
Income (loss) from continuing operations before income tax provision (benefit) | -35.3 | 48.1 | -14 | 207.5 |
Income tax provision (benefit) | -8.5 | 14.8 | -4.4 | 66.6 |
Income (loss) from continuing operations | -26.8 | 33.3 | -9.6 | 140.9 |
Income (loss)from discontinued operations, net of tax | -5.4 | 4 | -4.4 | 13.4 |
Net income (loss) | -32.2 | 37.3 | -14 | 154.3 |
Less: Net income (loss) attributable to noncontrolling interests | 1.6 | 2 | 5.4 | 6.4 |
Net income (loss) attributable to ATI | -33.8 | 35.3 | -19.4 | 147.9 |
Basic income (loss) from continuing operations attributable to ATI per common share (in dollars per share) | ($0.27) | $0.30 | ($0.14) | $1.27 |
Basic income (loss) from discontinued operations attributable to ATI per common share (in dollars per share) | ($0.05) | $0.03 | ($0.04) | $0.12 |
Basic net income (loss) attributable to ATI per common share (in dollars per share) | ($0.32) | $0.33 | ($0.18) | $1.39 |
Diluted income (loss) from continuing operations attributable to ATI per common share (in dollars per share) | ($0.27) | $0.29 | ($0.14) | $1.21 |
Diluted income (loss) from discontinued operations attributable to ATI per common share (in dollars per share) | ($0.05) | $0.03 | ($0.04) | $0.11 |
Diluted net income (loss) attributable to ATI per common share (in dollars per share) | ($0.32) | $0.32 | ($0.18) | $1.32 |
Dividends declared per common share (in dollars per share) | $0.18 | $0.18 | $0.54 | $0.54 |
Income (loss) from continuing operations, net of tax | -28.4 | 31.3 | -15 | 134.5 |
Income (loss) from discontinued operations, net of tax | ($5.40) | $4 | ($4.40) | $13.40 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($32.20) | $37.30 | ($14) | $154.30 |
Currency translation adjustment | ' | ' | ' | ' |
Unrealized net change arising during the period | 12.4 | 15.3 | 3.9 | 10.1 |
Unrealized holding gain on securities | ' | ' | ' | ' |
Net gain arising during the period | 0.1 | 0 | 0.1 | 0.1 |
Derivatives | ' | ' | ' | ' |
Net derivatives gain (loss) on hedge transactions | -18.1 | 7.8 | -21 | 5.5 |
Reclassification to net income of net realized gain | 4.3 | 0.6 | 5.5 | 3.5 |
Income taxes on derivative transactions | -5.3 | 3.3 | -6 | 3.5 |
Total | -8.5 | 5.1 | -9.5 | 5.5 |
Postretirement benefit plans | ' | ' | ' | ' |
Amortization of net actuarial loss | 33.5 | 29.9 | 100.5 | 89.8 |
Amortization to net income of net prior service credits | -3.8 | -2.9 | -11.4 | -8.8 |
Income taxes on postretirement benefit plans | 11.4 | 10.3 | 34.3 | 31 |
Total | 18.3 | 16.7 | 54.8 | 50 |
Other comprehensive income, net of tax | 22.3 | 37.1 | 49.3 | 65.7 |
Comprehensive income (loss) | -9.9 | 74.4 | 35.3 | 220 |
Less: Comprehensive income attributable to noncontrolling interests | 1.7 | 2.6 | 7.9 | 6.4 |
Comprehensive income (loss) attributable to ATI | ($11.60) | $71.80 | $27.40 | $213.60 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ' | ' |
Net income (loss) | ($14) | $154.30 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 143.5 | 145.1 |
Deferred taxes | 76.1 | -32.9 |
Changes in operating asset and liabilities: | ' | ' |
Inventories | 126.7 | -75.9 |
Accounts receivable | -11.2 | 23.4 |
Accounts payable | -77.4 | -81.4 |
Retirement benefits | 50.5 | 40.4 |
Accrued income taxes | -82 | 27.2 |
Accrued liabilities and other | 15.2 | 45.6 |
Cash provided by operating activities | 227.4 | 245.8 |
Investing Activities: | ' | ' |
Purchases of property, plant and equipment | -395.5 | -245.6 |
Asset disposals and other | 0.8 | 1.5 |
Cash used in investing activities | -394.7 | -244.1 |
Financing Activities: | ' | ' |
Borrowings on long-term debt | 500 | 0 |
Payments on long-term debt and capital leases | -17 | -16.7 |
Net payments under credit facilities | -0.1 | -10.3 |
Debt issuance costs | -5.2 | 0 |
Dividends paid to stockholders | -57.7 | -57.3 |
Dividends paid to noncontrolling interests | -18 | 0 |
Purchase of subsidiary shares from noncontrolling interest | 0 | -0.1 |
Taxes on share-based compensation | 2.6 | 5.2 |
Exercises of stock options and other | 0.4 | 1.3 |
Shares repurchased for income tax withholding on share-based compensation | -6.6 | -23.4 |
Cash provided by (used in) financing activities | 398.4 | -101.3 |
Increase (decrease) in cash and cash equivalents | ' | ' |
Increase (decrease) in cash and cash equivalents | 231.1 | -99.6 |
Cash and cash equivalents at beginning of period | 304.6 | 380.6 |
Cash and cash equivalents at end of period | $535.70 | $281 |
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, 2011 | $2,571.60 | $11 | $1,207.10 | $2,361.50 | ($162.70) | ($941.60) | $96.30 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 154.3 | ' | ' | 147.9 | ' | ' | 6.4 |
Other comprehensive income | 65.7 | ' | ' | ' | ' | 65.7 | 0 |
Cash dividends on common stock ($0.54 per share) | -57.3 | ' | ' | -57.3 | ' | ' | ' |
Purchase of subsidiary shares from noncontrolling interest | -0.1 | ' | ' | ' | ' | ' | -0.1 |
Employee stock plans | 10.7 | ' | -23.7 | -8.5 | 42.9 | ' | ' |
Total Stockholders' Equity at Sep. 30, 2012 | 2,744.90 | 11 | 1,183.40 | 2,443.60 | -119.8 | -875.9 | 102.6 |
Total Stockholders' Equity at Dec. 31, 2012 | 2,587.10 | 11 | 1,181.70 | 2,427.60 | -111.3 | -1,029.40 | 107.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -14 | ' | ' | -19.4 | ' | ' | 5.4 |
Other comprehensive income | 49.3 | ' | ' | ' | ' | 46.8 | 2.5 |
Cash dividends on common stock ($0.54 per share) | -57.7 | ' | ' | -57.7 | ' | ' | ' |
Employee stock plans | 17.4 | ' | -0.5 | -14.6 | 32.5 | ' | ' |
Dividends paid to noncontrolling interest | -18 | ' | ' | ' | ' | ' | -18 |
Total Stockholders' Equity at Sep. 30, 2013 | $2,564.10 | $11 | $1,181.20 | $2,335.90 | ($78.80) | ($982.60) | $97.40 |
STATEMENTS_OF_CHANGES_IN_CONSO1
STATEMENTS OF CHANGES IN CONSOLIDATED EQUITY (PARENTHETICAL) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Cash dividends on common stock per share | $0.54 | $0.54 |
Accounting_Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Significant 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. Certain prior year amounts have been reclassified in order to conform with the fiscal year 2013 presentation. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2012 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, 2012 financial information has been derived from the Company’s audited consolidated financial statements. | |
New Accounting Pronouncements Adopted | |
In January 2013, the Company adopted changes issued by the Financial Accounting Standards Board (FASB) to the disclosure of offsetting assets and liabilities. These changes require an entity to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The enhanced disclosures will enable users of an entity’s financial statements to understand and evaluate the effect or potential effect of master netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. Other than the additional disclosure requirements, the adoption of these changes had no impact on the consolidated financial statements. | |
In January 2013, the Company adopted changes issued by the FASB to the reporting of amounts reclassified out of accumulated other comprehensive income. These changes require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. These requirements are to be applied to each component of accumulated other comprehensive income. Other than the additional disclosure requirements (see Note 13), the adoption of these changes had no impact on the consolidated financial statements. | |
Pending Accounting Pronouncements | |
In July 2013, the FASB issued new accounting guidance that requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law. The provisions of this new guidance become effective for the Company in fiscal year 2014. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. | |
In February 2013, the FASB issued changes to the accounting for obligations resulting from joint and several liability arrangements. This guidance requires an entity that is joint and severally liable to measure the obligation as the sum of the amount the entity has agreed with co-obligors to pay and any additional amount it expects to pay on behalf of one or more co-obligors. Required disclosures include a description of the nature of the arrangement, how the liability arose, the relationship with co-obligors and the terms and conditions of the arrangement. These changes become effective for the Company in fiscal year 2014. The Company does not anticipate a material impact to the consolidated financial statements upon adoption. | |
In March 2013, the FASB issued changes to a parent entity’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The amendments specify that a cumulative translation adjustment (CTA) should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. For sales of an equity method investment that is a foreign entity, a pro rata portion of CTA attributable to the investment would be recognized in earnings when the investment is sold. When an entity sells either a part or all of its investment in a consolidated foreign entity, CTA would be recognized in earnings only if the sale results in the parent no longer having a controlling financial interest in the foreign entity. In addition, CTA should be recognized in earnings in a business combination achieved in stages (i.e., a step acquisition). These changes become effective for the Company in fiscal year 2014. The Company does not anticipate a material impact to the consolidated financial statements upon adoption. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories at September 30, 2013 and December 31, 2012 were as follows (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials and supplies | $ | 330.7 | $ | 351.6 | ||||
Work-in-process | 900.3 | 1,063.90 | ||||||
Finished goods | 164.7 | 209 | ||||||
Total inventories at current cost | 1,395.70 | 1,624.50 | ||||||
Less allowances to reduce current cost values to LIFO basis | (12.4 | ) | (76.9 | ) | ||||
Progress payments | (38.4 | ) | (11.0 | ) | ||||
Total inventories, net | $ | 1,344.90 | $ | 1,536.60 | ||||
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, decreased cost of sales by $39.1 million for the first nine months of 2013 compared to a decrease of $28.4 million for the first nine months of 2012. |
Property_Plant_And_Equipment
Property Plant And Equipment | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment Disclosures (Abstract) | ' | |||||||
Property Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment at September 30, 2013 and December 31, 2012 was as follows (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 29.9 | $ | 34.4 | ||||
Buildings | 947.3 | 921 | ||||||
Equipment and leasehold improvements | 3,431.90 | 3,344.40 | ||||||
4,409.10 | 4,299.80 | |||||||
Accumulated depreciation and amortization | (1,664.4 | ) | (1,739.9 | ) | ||||
Total property, plant and equipment, net | $ | 2,744.70 | $ | 2,559.90 | ||||
The construction in progress portion of property, plant and equipment at September 30, 2013 was $900.1 million. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On September 16, 2013, the Company announced it had entered into an agreement to sell its tungsten materials business, which produces tungsten powder, tungsten heavy alloys, tungsten carbide materials, and carbide cutting tools, for $605 million. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to be completed during the fourth quarter 2013. | ||||||||||||||||
Also, during the third quarter of 2013, the Company completed a strategic review of its iron castings and fabricated components businesses. Based on current and forecasted results, these businesses were not projected to meet the Company's long-term profitable growth and return on capital employed expectations. As a result of this review, the Company closed its fabricated components business and recorded $6.4 million of pre-tax exit costs, including $5.6 million of non-cash impairment charges for long-lived assets, and $0.8 million primarily related to lease exit costs. The Company expects the cash requirements associated with lease-related exit costs to be approximately $3.8 - $4.3 million, to be incurred over the next four years. The planned divestiture of the iron castings business, which is held for sale at September 30, 2013, resulted in a $3.1 million pre-tax, non-cash long-lived asset impairment charge based on an analysis of the estimated fair value of the business, which represents Level 3 unobservable information in the fair value hierarchy. | ||||||||||||||||
The tungsten materials, iron castings and fabricated components businesses were all previously reported as part of the Company's Engineered Products segment. The net assets of these businesses were classified as held for sale as of the end of the third quarter of 2013 and the operating results of these businesses have been included in discontinued operations in the Company's consolidated statements of operations for all periods presented. Results of discontinued operations include $9.5 million pre-tax ($8.1 million after-tax) of charges associated with the iron castings and fabricated components divestitures. | ||||||||||||||||
The following table presents summarized operating results for these discontinued operations (in millions): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Sales | $ | 77.6 | $ | 89 | $ | 236.7 | $ | 284.9 | ||||||||
Income (loss) before income tax provision | $ | (7.1 | ) | $ | 6 | $ | (5.4 | ) | $ | 20.4 | ||||||
Net assets of discontinued operations were $163.4 million at September 30, 2013 and consisted of the following items (in millions): | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Accounts receivable, net of allowances for doubtful accounts | $ | 47.5 | ||||||||||||||
Inventories, net | 65 | |||||||||||||||
Prepaid expenses and other current assets | 2.9 | |||||||||||||||
Property, plant and equipment, net | 72.9 | |||||||||||||||
Cost in excess of net assets acquired | 11.2 | |||||||||||||||
Other long-term assets | 0.9 | |||||||||||||||
Total Assets | 200.4 | |||||||||||||||
Accounts payable | 20.6 | |||||||||||||||
Accrued liabilities | 13.1 | |||||||||||||||
Long-term liabilities | 3.3 | |||||||||||||||
Total Liabilities | 37 | |||||||||||||||
Net Assets | $ | 163.4 | ||||||||||||||
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Debt at September 30, 2013 and December 31, 2012 was as follows (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Allegheny Technologies 5.875% Notes due 2023 | $ | 500 | $ | — | ||||
Allegheny Technologies 5.95% Notes due 2021 | 500 | 500 | ||||||
Allegheny Technologies 4.25% Convertible Notes due 2014 | 402.5 | 402.5 | ||||||
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 (a) | 18.4 | 24.8 | ||||||
ATI Ladish Series C 6.41% Notes due 2015 (b) | 21.4 | 32.5 | ||||||
Domestic Bank Group $400 million unsecured credit facility | — | — | ||||||
Foreign credit facilities | 14.3 | 14.2 | ||||||
Industrial revenue bonds, due through 2020, and other | 5.5 | 6.1 | ||||||
Total short-term and long-term debt | 1,962.10 | 1,480.10 | ||||||
Short-term debt and current portion of long-term debt | 419.9 | 17.1 | ||||||
Total long-term debt | $ | 1,542.20 | $ | 1,463.00 | ||||
(a) | Includes fair value adjustments of $1.2 million at September 30, 2013 and $1.9 million at December 31, 2012. | |||||||
(b) | Includes fair value adjustments of $1.4 million at September 30, 2013 and $2.5 million at December 31, 2012. | |||||||
On July 12, 2013, ATI issued $500 million aggregate principal amount of 5.875% Senior Notes due 2023 (the “2023 Notes”). Interest on the 2023 Notes is payable semi-annually in arrears at a rate of 5.875% per year and will mature on August 15, 2023, unless redeemed or repurchased earlier. The interest rate payable on the 2023 Notes is subject to adjustment in the event of a change in the credit ratings on the 2023 Notes. A downgrade of the Company's credit ratings could result in an increase to the interest cost with respect to the 2023 Notes. The Company will use net proceeds from the offering of the 2023 Notes for general corporate purposes which may include repurchases, repayment or refinancing of debt, capital expenditures, additions to working capital, the financing of future acquisitions or strategic combinations. | ||||||||
In May and September 2013, the Company amended its $400 million senior unsecured domestic revolving credit facility to, among other things, extend the expiration date of the commitments of the lenders thereunder to May 31, 2018 and to modify the maximum leverage ratio and minimum interest coverage ratio permitted under the facility. Under the terms of the facility, the Company may increase the size of the credit facility by up to $100 million without seeking the further approval of the lending group. As amended, the facility requires the Company to maintain a leverage ratio (consolidated total indebtedness divided by consolidated earnings before interest, taxes and depreciation and amortization for the four prior fiscal quarters) of 4.50 for the quarter ended September 30, 2013. The maximum leverage ratio is reduced to 4.0 beginning with the quarter ended December 31, 2013, then to 3.75 for the quarter ended March 31, 2015 and is further reduced to 3.50 beginning with the quarter ended June 30, 2015 and for each fiscal quarter thereafter. As amended, the credit facility requires that the Company maintain an interest coverage ratio (consolidated earnings before interest and taxes divided by interest expense) of not less than 2.0 for the quarter ended September 30, 2013, 1.75 for the quarter ended December 31, 2013, and 2.0 for the quarter ended March 31, 2014 and for each fiscal quarter thereafter. At September 30, 2013, the leverage ratio was 4.18 and the interest coverage ratio was 2.71. The definition of consolidated earnings before interest and taxes, and consolidated earnings before interest, taxes, depreciation and amortization as used in the interest coverage and leverage ratios excludes any non-cash pension expense or income, and consolidated indebtedness in the leverage ratio is net of cash on hand in excess of $50 million. The Company was in compliance with these required ratios during all applicable periods. As of September 30, 2013, there were no outstanding borrowings made against the facility, although a portion of the facility was used to support approximately $4 million in letters of credit. The facility includes a $200 million sublimit for the issuance of letters of credit. | ||||||||
The Company has an additional separate credit facility for the issuance of letters of credit. As of September 30, 2013, $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, has a 205 million renminbi (approximately $33 million at September 30, 2013 exchange rates) revolving credit facility with a group of banks, which expires in August 2014. This credit facility is supported solely by STAL’s financial capability without any guarantees from the joint venture partners. As of September 30, 2013, there were no borrowings under this credit facility. | ||||||||
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 | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
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 income. | ||||||||||||||||||||||||
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 September 30, 2013, 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 7% of its estimated annual nickel requirements. These nickel hedges extend to 2020. | ||||||||||||||||||||||||
At September 30, 2013, 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 2013, approximately 75% for 2014, and approximately 30% for 2015, and electricity hedges for Western Pennsylvania operations of approximately 10% of its forecasted on-peak and off-peak requirements for 2014. | ||||||||||||||||||||||||
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. The Company may also enter into foreign currency forward contracts that are not designated as hedges, which are denominated in the same foreign currency in which export sales are denominated. At September 30, 2013, the outstanding financial derivatives, including both hedges and undesignated derivatives, that are used to manage the Company’s exposure to foreign currency, primarily euros, represented approximately 10% of its forecasted total international sales through 2016. In addition, the Company may also designate cash balances held in foreign currencies as hedges of forecasted foreign currency transactions. | ||||||||||||||||||||||||
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 | September 30, | December 31, | |||||||||||||||||||||
Asset derivatives | 2013 | 2012 | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 0.3 | $ | 2.9 | |||||||||||||||||||
Nickel and other raw material contracts | Prepaid expenses and other current assets | — | 0.6 | |||||||||||||||||||||
Natural gas contracts | Prepaid expenses and other current assets | 0.4 | 0.4 | |||||||||||||||||||||
Foreign exchange contracts | Other assets | — | 0.9 | |||||||||||||||||||||
Nickel and other raw material contracts | Other assets | 0.1 | 0.3 | |||||||||||||||||||||
Natural gas contracts | Other assets | 0.2 | 0.7 | |||||||||||||||||||||
Total derivatives designated as hedging instruments: | 1 | 5.8 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | — | 0.4 | |||||||||||||||||||||
Total derivatives not designated as hedging instruments: | — | 0.4 | ||||||||||||||||||||||
Total asset derivatives | $ | 1 | $ | 6.2 | ||||||||||||||||||||
Liability derivatives | Balance sheet location | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Natural gas contracts | Accrued liabilities | $ | 2.2 | $ | 4.4 | |||||||||||||||||||
Nickel and other raw material contracts | Accrued liabilities | 9.3 | 1.1 | |||||||||||||||||||||
Foreign exchange contracts | Accrued liabilities | 4 | 1.7 | |||||||||||||||||||||
Electricity contracts | Accrued liabilities | 0.4 | 0.3 | |||||||||||||||||||||
Natural gas contracts | Other long-term liabilities | 0.3 | 0.6 | |||||||||||||||||||||
Electricity contracts | Other long-term liabilities | 0.1 | 0.4 | |||||||||||||||||||||
Foreign exchange contracts | Other long-term liabilities | 3 | 1.4 | |||||||||||||||||||||
Nickel and other raw material contracts | Other long-term liabilities | 1.5 | 0.3 | |||||||||||||||||||||
Total derivatives designated as hedging instruments: | 20.8 | 10.2 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Accrued liabilities | 1.6 | 1.6 | |||||||||||||||||||||
Total derivatives not designated as hedging instruments: | 1.6 | 1.6 | ||||||||||||||||||||||
Total liability derivatives | $ | 22.4 | $ | 11.8 | ||||||||||||||||||||
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. The Company did not use fair value or 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 and nine month periods ended September 30, 2013 and 2012 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 September 30, | Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Nickel and other raw material contracts | $ | 0.2 | $ | 4.8 | $ | (1.3 | ) | $ | (1.5 | ) | $ | — | $ | — | ||||||||||
Natural gas contracts | 0.1 | 1.2 | (0.6 | ) | (1.8 | ) | — | — | ||||||||||||||||
Electricity contracts | (0.1 | ) | 0.2 | — | (0.5 | ) | — | — | ||||||||||||||||
Foreign exchange contracts | (11.3 | ) | (1.4 | ) | (0.7 | ) | 3.5 | — | — | |||||||||||||||
Total | $ | (11.1 | ) | $ | 4.8 | $ | (2.6 | ) | $ | (0.3 | ) | $ | — | $ | — | |||||||||
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 | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Nickel and other raw material contracts | $ | (8.6 | ) | $ | 0.1 | $ | (2.3 | ) | $ | (2.3 | ) | $ | — | $ | — | |||||||||
Natural gas contracts | (0.2 | ) | (2.1 | ) | (1.5 | ) | (6.8 | ) | — | — | ||||||||||||||
Electricity contracts | (0.1 | ) | (0.9 | ) | (0.2 | ) | (1.6 | ) | — | — | ||||||||||||||
Foreign exchange contracts | (4.0 | ) | 6.3 | 0.6 | 8.6 | — | — | |||||||||||||||||
Total | $ | (12.9 | ) | $ | 3.4 | $ | (3.4 | ) | $ | (2.1 | ) | $ | — | $ | — | |||||||||
(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 September 30, 2013, a loss of $9.4 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. | ||||||||||||||||||||||||
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 September 30, | Nine months ended September 30, | ||||||||||||||||||||||
as Hedging Instruments | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Foreign exchange contracts | $ | (0.7 | ) | $ | (1.9 | ) | $ | (0.3 | ) | $ | (2.0 | ) | ||||||||||||
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 | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The estimated fair value of financial instruments at September 30, 2013 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 | $ | 535.7 | $ | 535.7 | $ | 535.7 | $ | — | ||||||||
Derivative financial instruments: | ||||||||||||||||
Assets | 1 | 1 | — | 1 | ||||||||||||
Liabilities | 22.4 | 22.4 | — | 22.4 | ||||||||||||
Debt | 1,962.10 | 2,102.10 | 2,042.40 | 59.7 | ||||||||||||
The estimated fair value of financial instruments at December 31, 2012 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 | $ | 304.6 | $ | 304.6 | $ | 304.6 | $ | — | ||||||||
Derivative financial instruments: | ||||||||||||||||
Assets | 6.2 | 6.2 | — | 6.2 | ||||||||||||
Liabilities | 11.8 | 11.8 | — | 11.8 | ||||||||||||
Debt | 1,480.10 | 1,703.20 | 1,625.60 | 77.6 | ||||||||||||
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 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 | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Pension And Other Postretirement Benefits Disclosure [Abstract] | ' | |||||||||||||||
Pension Plans and Other Postretirement Benefits | ' | |||||||||||||||
Pension Plans and Other Postretirement Benefits | ||||||||||||||||
The Company has defined benefit pension plans and 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 September 30, 2013 and 2012, 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 September 30, | Three months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost - benefits earned during the year | $ | 10 | $ | 8.8 | $ | 0.8 | $ | 0.8 | ||||||||
Interest cost on benefits earned in prior years | 30.3 | 33.1 | 5.6 | 6.5 | ||||||||||||
Expected return on plan assets | (43.8 | ) | (45.4 | ) | (0.1 | ) | (0.2 | ) | ||||||||
Amortization of prior service cost (credit) | 0.8 | 1.6 | (4.6 | ) | (4.5 | ) | ||||||||||
Amortization of net actuarial loss | 29.2 | 26.3 | 4.3 | 3.6 | ||||||||||||
Total retirement benefit expense | $ | 26.5 | $ | 24.4 | $ | 6 | $ | 6.2 | ||||||||
For the nine month periods ended September 30, 2013 and 2012, 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 | |||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost - benefits earned during the year | $ | 30 | $ | 26.3 | $ | 2.4 | $ | 2.4 | ||||||||
Interest cost on benefits earned in prior years | 90.9 | 99.3 | 16.8 | 19.5 | ||||||||||||
Expected return on plan assets | (131.4 | ) | (136.1 | ) | (0.3 | ) | (0.6 | ) | ||||||||
Amortization of prior service cost (credit) | 2.3 | 4.8 | (13.7 | ) | (13.6 | ) | ||||||||||
Amortization of net actuarial loss | 87.6 | 78.9 | 12.9 | 10.9 | ||||||||||||
Total retirement benefit expense | $ | 79.4 | $ | 73.2 | $ | 18.1 | $ | 18.6 | ||||||||
Other postretirement benefit costs for a defined contribution plan were $2.0 million for both the three and nine months ended September 30, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Third quarter 2013 results included a benefit for income taxes of $8.5 million, or 24.1% of loss before tax, compared to a provision of $14.8 million, or 30.8% of income before tax, for the comparable period. The third quarter of 2013 included a lower than normal tax benefit due to the impacts of income taxes reported in both domestic and foreign jurisdictions. | |
For the first nine months of 2013, the benefit for income taxes was $4.4 million, or 31.4% of loss before tax, compared to a provision of $66.6 million, or 32.1% of income before tax, for the nine months of 2012. The first nine months of 2013 included a discrete tax benefit of $6.7 million, primarily associated with adjustments to prior years’ taxes and 2013 Federal tax law changes. The first nine months of 2012 included a discrete tax benefit of $4.2 million primarily related to state income taxes. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting Disclosure [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
In the third quarter of 2013, the Company restructured its Engineered Products segment due to the planned divestitures of its tungsten materials and casting services businesses and the closure of the fabricated components business (see Note 4). Such restructuring included the integration of the previously standalone specialty steel forgings business into ATI Ladish’s forgings operations in the High Performance Metals segment, and the integration of its precision titanium and specialty alloy flat-rolled finishing business into ATI Allegheny Ludlum’s specialty plate business in the Flat-Rolled Products segment. The segment results for High Performance Metals and Flat-Rolled Products below reflect these changes for all periods presented. The other businesses that comprised the Engineered Products segment are classified as discontinued operations, and are not reported within business segment results. | ||||||||||||||||
Following is certain financial information with respect to the Company’s business segments for the periods indicated (in millions): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total sales: | ||||||||||||||||
High Performance Metals | $ | 481.2 | $ | 591.8 | $ | 1,561.70 | $ | 1,858.00 | ||||||||
Flat-Rolled Products | 515.6 | 573.1 | 1,644.00 | 1,892.50 | ||||||||||||
996.8 | 1,164.90 | 3,205.70 | 3,750.50 | |||||||||||||
Intersegment sales: | ||||||||||||||||
High Performance Metals | 17.3 | 21.2 | 53.6 | 69.1 | ||||||||||||
Flat-Rolled Products | 7.1 | 12.2 | 23.9 | 35.9 | ||||||||||||
24.4 | 33.4 | 77.5 | 105 | |||||||||||||
Sales to external customers: | ||||||||||||||||
High Performance Metals | 463.9 | 570.6 | 1,508.10 | 1,788.90 | ||||||||||||
Flat-Rolled Products | 508.5 | 560.9 | 1,620.10 | 1,856.60 | ||||||||||||
$ | 972.4 | $ | 1,131.50 | $ | 3,128.20 | $ | 3,645.50 | |||||||||
Operating profit (loss): | ||||||||||||||||
High Performance Metals | $ | 48 | $ | 87.4 | $ | 192 | $ | 303.8 | ||||||||
Flat-Rolled Products | (20.4 | ) | 26.1 | (16.7 | ) | 118.4 | ||||||||||
Total operating profit | 27.6 | 113.5 | 175.3 | 422.2 | ||||||||||||
Corporate expenses | (8.1 | ) | (14.9 | ) | (32.3 | ) | (52.4 | ) | ||||||||
Interest expense, net | (18.2 | ) | (17.2 | ) | (46.5 | ) | (55.7 | ) | ||||||||
Closed company and other expenses | (2.1 | ) | (2.7 | ) | (11.0 | ) | (14.8 | ) | ||||||||
Retirement benefit expense | (34.5 | ) | (30.6 | ) | (99.5 | ) | (91.8 | ) | ||||||||
Income (loss) before income taxes | $ | (35.3 | ) | $ | 48.1 | $ | (14.0 | ) | $ | 207.5 | ||||||
Retirement benefit expense represents defined benefit plan 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 pension plans are included in segment operating profit or corporate expenses, as applicable. | ||||||||||||||||
Corporate expenses for the three months ended September 30, 2013 were $8.1 million compared to $14.9 million for the three months ended September 30, 2012. The decrease in corporate expenses was primarily related to lower incentive compensation expenses associated with annual and long-term performance plans, and a favorable litigation settlement. | ||||||||||||||||
Interest expense, net of interest income, in the third quarter was $18.2 million, compared to net interest expense of $17.2 million in the third quarter 2012. The increase in interest expense was primarily due the 2023 Notes issued on July 12, 2013, partially offset by increased capitalized interest on major strategic projects. Interest expense benefited from the capitalization of interest costs of $12.7 million in the third quarter 2013 compared to $6.6 million in the third quarter 2012. The increased capitalized interest amounts are primarily related to the Hot-Rolling and Processing Facility. | ||||||||||||||||
Closed company and other expenses primarily includes charges incurred in connection with closed operations and other non-operating income or expense. These items are presented primarily in selling and administrative expenses and in other income in the statements of operations. These items resulted in net charges of $2.1 million for the three months ended September 30, 2013 and $2.7 million for the three months ended September 30, 2012. | ||||||||||||||||
Retirement benefit expense, which includes pension expense and other postretirement expense, increased to $34.5 million in the third quarter 2013, compared to $30.6 million in the third quarter 2012. This increase was primarily due to the utilization of a lower discount rate to value retirement benefit obligations and increased expense for defined contribution plan other postretirement benefits. |
Per_Share_Information
Per Share Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share Disclosures [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 | Nine months ended | |||||||||||||||
(in millions, except per share amounts): | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator for basic income (loss) from continuing operations per common share - | ||||||||||||||||
Income (loss) from continuing operations attributable to ATI | $ | (28.4 | ) | $ | 31.3 | $ | (15.0 | ) | $ | 134.5 | ||||||
Effect of dilutive securities: | ||||||||||||||||
4.25% Convertible Notes due 2014 | — | 2.1 | — | 6.5 | ||||||||||||
Numerator for diluted income (loss) from continuing operations per common share - | ||||||||||||||||
Income (loss) from continuing operations available to ATI after assumed conversions | $ | (28.4 | ) | $ | 33.4 | $ | (15.0 | ) | $ | 141 | ||||||
Denominator for basic net income per common share-weighted average shares | 106.8 | 106.2 | 106.7 | 106.1 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share-based compensation | — | 0.9 | — | 0.9 | ||||||||||||
4.25% Convertible Notes due 2014 | — | 9.6 | — | 9.6 | ||||||||||||
Denominator for diluted net income per common share – adjusted weighted average shares assuming conversions | 106.8 | 116.7 | 106.7 | 116.6 | ||||||||||||
Basic income (loss) from continuing operations attributable to ATI per common share | $ | (0.27 | ) | $ | 0.3 | $ | (0.14 | ) | $ | 1.27 | ||||||
Diluted income (loss) from continuing operations attributable to ATI per common share | $ | (0.27 | ) | $ | 0.29 | $ | (0.14 | ) | $ | 1.21 | ||||||
Common stock that would be issuable upon the assumed conversion of the 2014 Convertible Notes 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. Excluded shares for the three and nine month periods ended September 30, 2013 were 10.0 million shares. There were no anti-dilutive shares for the periods ended September 30, 2012. |
Financial_Information_for_Subs
Financial Information for Subsidiary and Guarantor Parent | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Schedule Of Condensed Financial Statements 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 (formerly known as Allegheny Ludlum Corporation) (the “Subsidiary”) are fully and unconditionally guaranteed by Allegheny Technologies Incorporated (the “Guarantor Parent”). In accordance with positions established by the Securities and Exchange Commission, the following financial information sets forth separately financial information with respect to the Subsidiary, the Non-guarantor Subsidiaries and the Guarantor Parent. The principal elimination entries eliminate investments in subsidiaries and certain intercompany balances and transactions. | ||||||||||||||||||||
Allegheny Technologies is the plan sponsor for the U.S. qualified defined benefit pension plan (the “Plan”) which covers certain current and former employees of the Subsidiary and the Non-guarantor Subsidiaries. As a result, the balance sheets presented for the Subsidiary and the Non-guarantor Subsidiaries do not include any Plan assets or liabilities, or the related deferred taxes. The Plan assets, liabilities and related deferred taxes and pension income or expense are recognized by the Guarantor Parent. Management and royalty fees charged to the Subsidiary and to the Non-guarantor Subsidiaries by the Guarantor Parent have been excluded solely for purposes of this presentation. | ||||||||||||||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.6 | $ | 7.3 | $ | 525.8 | $ | — | $ | 535.7 | ||||||||||
Accounts receivable, net | 3.4 | 187.5 | 386 | 576.9 | ||||||||||||||||
Intercompany notes receivable | — | — | 1,261.40 | (1,261.4 | ) | — | ||||||||||||||
Inventories, net | — | 267.1 | 1,077.80 | — | 1,344.90 | |||||||||||||||
Prepaid expenses and other current assets | 82.9 | 9.3 | 28.4 | — | 120.6 | |||||||||||||||
Current assets of discontinued operations | — | — | 115.4 | — | 115.4 | |||||||||||||||
Total current assets | 88.9 | 471.2 | 3,394.80 | (1,261.4 | ) | 2,693.50 | ||||||||||||||
Property, plant and equipment, net | 3.2 | 1,211.80 | 1,529.70 | — | 2,744.70 | |||||||||||||||
Cost in excess of net assets acquired | — | 112.1 | 616 | — | 728.1 | |||||||||||||||
Intercompany notes receivable | — | — | 200 | (200.0 | ) | — | ||||||||||||||
Investment in subsidiaries | 5,605.50 | 37.7 | — | (5,643.2 | ) | — | ||||||||||||||
Other assets | 39.5 | 31.3 | 277.2 | — | 348 | |||||||||||||||
Non-current assets of discontinued operations | — | — | 85 | — | 85 | |||||||||||||||
Total assets | $ | 5,737.10 | $ | 1,864.10 | $ | 6,102.70 | $ | (7,104.6 | ) | $ | 6,599.30 | |||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||
Accounts payable | $ | 4.6 | $ | 230.8 | $ | 166.5 | $ | — | $ | 401.9 | ||||||||||
Accrued liabilities | 46.9 | 57 | 201 | — | 304.9 | |||||||||||||||
Intercompany notes payable | 664.5 | 596.9 | — | (1,261.4 | ) | — | ||||||||||||||
Deferred income taxes | 8.2 | — | — | — | 8.2 | |||||||||||||||
Short-term debt and current portion of long-term debt | 402.9 | 0.1 | 16.9 | — | 419.9 | |||||||||||||||
Current liabilities of discontinued operations | — | — | 33.7 | — | 33.7 | |||||||||||||||
Total current liabilities | 1,127.10 | 884.8 | 418.1 | (1,261.4 | ) | 1,168.60 | ||||||||||||||
Long-term debt | 1,350.90 | 150.5 | 40.8 | — | 1,542.20 | |||||||||||||||
Intercompany notes payable | — | 200 | — | (200.0 | ) | — | ||||||||||||||
Accrued postretirement benefits | — | 183.1 | 291.9 | — | 475 | |||||||||||||||
Pension liabilities | 638.1 | 4.7 | 59.6 | — | 702.4 | |||||||||||||||
Deferred income taxes | 52.1 | — | — | — | 52.1 | |||||||||||||||
Other long-term liabilities | 4.8 | 19.3 | 70.8 | — | 94.9 | |||||||||||||||
Total liabilities | 3,173.00 | 1,442.40 | 881.2 | (1,461.4 | ) | 4,035.20 | ||||||||||||||
Total stockholders’ equity | 2,564.10 | 421.7 | 5,221.50 | (5,643.2 | ) | 2,564.10 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,737.10 | $ | 1,864.10 | $ | 6,102.70 | $ | (7,104.6 | ) | $ | 6,599.30 | |||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Income and Comprehensive Income | ||||||||||||||||||||
For the three months ended September 30, 2013 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 422.3 | $ | 550.1 | $ | — | $ | 972.4 | ||||||||||
Cost of sales | 19.4 | 424.3 | 475.6 | — | 919.3 | |||||||||||||||
Selling and administrative expenses | 35.4 | 7.4 | 27.8 | — | 70.6 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (54.8 | ) | (9.4 | ) | 46.7 | — | (17.5 | ) | ||||||||||||
Interest expense, net | (17.3 | ) | (9.7 | ) | 8.8 | — | (18.2 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 36.8 | 0.1 | 0.3 | (36.8 | ) | 0.4 | ||||||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | (35.3 | ) | (19.0 | ) | 55.8 | (36.8 | ) | (35.3 | ) | |||||||||||
Income tax provision (benefit) | (8.5 | ) | (6.6 | ) | 22.4 | (15.8 | ) | (8.5 | ) | |||||||||||
Income (loss) from continuing operations | (26.8 | ) | (12.4 | ) | 33.4 | (21.0 | ) | (26.8 | ) | |||||||||||
Income (loss)from discontinued operations, net of tax | (5.4 | ) | — | (2.5 | ) | 2.5 | (5.4 | ) | ||||||||||||
Net income (loss) | (32.2 | ) | (12.4 | ) | 30.9 | (18.5 | ) | (32.2 | ) | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | 1.6 | — | 1.6 | |||||||||||||||
Net income (loss) attributable to ATI | $ | (32.2 | ) | $ | (12.4 | ) | $ | 29.3 | $ | (18.5 | ) | $ | (33.8 | ) | ||||||
Comprehensive income (loss) attributable to ATI | $ | (9.9 | ) | $ | (12.2 | ) | $ | 42 | $ | (31.5 | ) | $ | (11.6 | ) | ||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Income and Comprehensive Income | ||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 1,375.20 | $ | 1,753.00 | $ | — | $ | 3,128.20 | ||||||||||
Cost of sales | 55.5 | 1,359.50 | 1,471.90 | — | 2,886.90 | |||||||||||||||
Selling and administrative expenses | 88.9 | 27.3 | 93.9 | — | 210.1 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (144.4 | ) | (11.6 | ) | 187.2 | — | 31.2 | |||||||||||||
Interest expense, net | (45.5 | ) | (27.0 | ) | 26 | — | (46.5 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 175.9 | 0.6 | 0.8 | (176.0 | ) | 1.3 | ||||||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | (14.0 | ) | (38.0 | ) | 214 | (176.0 | ) | (14.0 | ) | |||||||||||
Income tax provision (benefit) | (4.4 | ) | (9.8 | ) | 76.6 | (66.8 | ) | (4.4 | ) | |||||||||||
Income (loss) from continuing operations | (9.6 | ) | (28.2 | ) | 137.4 | (109.2 | ) | (9.6 | ) | |||||||||||
Income (loss) from discontinued operations, net of tax | (4.4 | ) | — | (0.2 | ) | 0.2 | (4.4 | ) | ||||||||||||
Net income (loss) | (14.0 | ) | (28.2 | ) | 137.2 | (109.0 | ) | (14.0 | ) | |||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 5.4 | — | 5.4 | |||||||||||||||
Net income (loss) attributable to ATI | $ | (14.0 | ) | $ | (28.2 | ) | $ | 131.8 | $ | (109.0 | ) | $ | (19.4 | ) | ||||||
Comprehensive income (loss) attributable to ATI | $ | 35.3 | $ | (27.8 | ) | $ | 134.8 | $ | (114.9 | ) | $ | 27.4 | ||||||||
Condensed Statements of Cash Flows | ||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (9.1 | ) | $ | (87.2 | ) | $ | 348 | $ | (24.3 | ) | $ | 227.4 | |||||||
Investing Activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (0.2 | ) | (359.1 | ) | (36.2 | ) | — | (395.5 | ) | |||||||||||
Net receipts/(payments) on intercompany activity | — | — | (31.4 | ) | 31.4 | — | ||||||||||||||
Asset disposals and other | 0.1 | 0.1 | 0.6 | — | 0.8 | |||||||||||||||
Cash flows provided by (used in) investing activities | (0.1 | ) | (359.0 | ) | (67.0 | ) | 31.4 | (394.7 | ) | |||||||||||
Financing Activities: | ||||||||||||||||||||
Borrowings on long-term debt | 500 | — | — | — | 500 | |||||||||||||||
Net receipts/(payments) on intercompany activity | (409.0 | ) | 440.4 | — | (31.4 | ) | — | |||||||||||||
Dividends paid to stockholders | (57.7 | ) | — | (24.3 | ) | 24.3 | (57.7 | ) | ||||||||||||
Other | (27.0 | ) | — | (16.9 | ) | — | (43.9 | ) | ||||||||||||
Cash flows provided by (used in) financing activities | 6.3 | 440.4 | (41.2 | ) | (7.1 | ) | 398.4 | |||||||||||||
Increase (decrease) in cash and cash equivalents | $ | (2.9 | ) | $ | (5.8 | ) | $ | 239.8 | $ | — | $ | 231.1 | ||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Guarantor | Non-guarantor | |||||||||||||||||||
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 5.5 | $ | 13.1 | $ | 286 | $ | — | $ | 304.6 | ||||||||||
Accounts receivable, net | 0.4 | 190.1 | 422.8 | — | 613.3 | |||||||||||||||
Intercompany notes receivable | — | — | 1,289.90 | (1,289.9 | ) | — | ||||||||||||||
Inventories, net | — | 311.1 | 1,225.50 | — | 1,536.60 | |||||||||||||||
Prepaid expenses and other current assets | 1.1 | 10.2 | 44.8 | — | 56.1 | |||||||||||||||
Total current assets | 7 | 524.5 | 3,269.00 | (1,289.9 | ) | 2,510.60 | ||||||||||||||
Property, plant and equipment, net | 3.9 | 882.2 | 1,673.80 | — | 2,559.90 | |||||||||||||||
Cost in excess of net assets acquired | — | 112.1 | 628 | — | 740.1 | |||||||||||||||
Deferred income taxes | 71.5 | — | — | — | 71.5 | |||||||||||||||
Intercompany notes receivable | — | — | 200.1 | (200.1 | ) | — | ||||||||||||||
Investment in subsidiaries | 5,545.40 | 33.7 | — | (5,579.1 | ) | — | ||||||||||||||
Other assets | 50.5 | 35.5 | 279.7 | — | 365.7 | |||||||||||||||
Total assets | $ | 5,678.30 | $ | 1,588.00 | $ | 6,050.60 | $ | (7,069.1 | ) | $ | 6,247.80 | |||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||
Accounts payable | $ | 5.3 | $ | 262.6 | $ | 232 | $ | — | $ | 499.9 | ||||||||||
Accrued liabilities | 64 | 62.2 | 204.3 | — | 330.5 | |||||||||||||||
Intercompany notes payable | $ | 1,073.40 | $ | 216.5 | $ | — | $ | (1,289.9 | ) | — | ||||||||||
Deferred income taxes | 24 | — | — | — | 24 | |||||||||||||||
Short-term debt and current portion of long-term debt | 0.3 | 0.1 | 16.7 | — | 17.1 | |||||||||||||||
Total current liabilities | 1,167.00 | 541.4 | 453 | (1,289.9 | ) | 871.5 | ||||||||||||||
Long-term debt | 1,253.40 | 150.5 | 59.1 | — | 1,463.00 | |||||||||||||||
Intercompany notes payable | — | 200.1 | — | (200.1 | ) | |||||||||||||||
Accrued postretirement benefits | — | 198.2 | 297 | — | 495.2 | |||||||||||||||
Pension liabilities | 651.7 | 5.1 | 64.3 | — | 721.1 | |||||||||||||||
Other long-term liabilities | 19.1 | 20.8 | 70 | — | 109.9 | |||||||||||||||
Total liabilities | 3,091.20 | 1,116.10 | 943.4 | (1,490.0 | ) | 3,660.70 | ||||||||||||||
Total stockholders’ equity | 2,587.10 | 471.9 | 5,107.20 | (5,579.1 | ) | 2,587.10 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,678.30 | $ | 1,588.00 | $ | 6,050.60 | $ | (7,069.1 | ) | $ | 6,247.80 | |||||||||
The condensed consolidating balance sheets at December 31, 2012 have been restated to revise the presentation of intercompany balances, and to reflect equity elimination entries between Non-guarantor Subsidiaries within the Non-guarantor balance sheet, rather than as part of Eliminations. These revisions increased Non-guarantor balances of total current assets $1,289.9 million and total assets $1,112.7 million, decreased total current liabilities and total liabilities $196.8 million, and increased total stockholders' equity $1,309.5 million. The Subsidiary balances of total assets, total current liabilities and total liabilities were each reduced by $141.1 million to reclassify intercompany balances to a net payable presentation. There was no impact to the consolidated financial statements as a result of these presentation changes. | ||||||||||||||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Income and Comprehensive Income | ||||||||||||||||||||
For the three months ended September 30, 2012 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 483.6 | $ | 647.9 | $ | — | $ | 1,131.50 | ||||||||||
Cost of sales | 15.1 | 453.8 | 519.9 | — | 988.8 | |||||||||||||||
Selling and administrative expenses | 33.7 | 10.8 | 33.1 | — | 77.6 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (48.8 | ) | 19 | 94.9 | — | 65.1 | ||||||||||||||
Interest income (expense), net | (14.7 | ) | (2.7 | ) | 0.2 | — | (17.2 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 111.6 | (5.2 | ) | 7.8 | (114.0 | ) | 0.2 | |||||||||||||
Income from continuing operations before income tax provision | 48.1 | 11.1 | 102.9 | (114.0 | ) | 48.1 | ||||||||||||||
Income tax provision | 14.8 | 4.6 | 33.3 | (37.9 | ) | 14.8 | ||||||||||||||
Income from continuing operations | 33.3 | 6.5 | 69.6 | (76.1 | ) | 33.3 | ||||||||||||||
Income from discontinued operations, net of tax | 4 | — | 4.6 | (4.6 | ) | 4 | ||||||||||||||
Net income | 37.3 | 6.5 | 74.2 | (80.7 | ) | 37.3 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 2 | — | 2 | |||||||||||||||
Net income attributable to ATI | $ | 37.3 | $ | 6.5 | $ | 72.2 | $ | (80.7 | ) | $ | 35.3 | |||||||||
Comprehensive income attributable to ATI | $ | 74.4 | $ | 6.3 | $ | 87.3 | $ | (96.2 | ) | $ | 71.8 | |||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Income and Comprehensive Income | ||||||||||||||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 1,614.20 | $ | 2,031.30 | $ | — | $ | 3,645.50 | ||||||||||
Cost of sales | 41.8 | 1,488.70 | 1,609.10 | — | 3,139.60 | |||||||||||||||
Selling and administrative expenses | 109.1 | 33.2 | 101 | — | 243.3 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (150.9 | ) | 92.3 | 321.2 | — | 262.6 | ||||||||||||||
Interest expense, net | (47.3 | ) | (7.9 | ) | (0.5 | ) | — | (55.7 | ) | |||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 405.7 | (16.1 | ) | 24.2 | (413.2 | ) | 0.6 | |||||||||||||
Income from continuing operations before income tax provision | 207.5 | 68.3 | 344.9 | (413.2 | ) | 207.5 | ||||||||||||||
Income tax provision | 66.6 | 26.9 | 116.9 | (143.8 | ) | 66.6 | ||||||||||||||
Income from continuing operations | 140.9 | 41.4 | 228 | (269.4 | ) | 140.9 | ||||||||||||||
Income from discontinued operations, net of tax | 13.4 | — | 16.1 | (16.1 | ) | 13.4 | ||||||||||||||
Net income | 154.3 | 41.4 | 244.1 | (285.5 | ) | 154.3 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 6.4 | — | 6.4 | |||||||||||||||
Net income attributable to ATI | $ | 154.3 | $ | 41.4 | $ | 237.7 | $ | (285.5 | ) | $ | 147.9 | |||||||||
Comprehensive income attributable to ATI | $ | 220 | $ | 40.6 | $ | 249.2 | $ | (296.2 | ) | $ | 213.6 | |||||||||
Condensed Statements of Cash Flows | ||||||||||||||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (26.1 | ) | $ | 4.1 | $ | 267.8 | $ | — | $ | 245.8 | |||||||||
Investing Activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (1.0 | ) | (192.5 | ) | (52.1 | ) | — | (245.6 | ) | |||||||||||
Net receipts/(payments) on intercompany activity | — | — | (187.0 | ) | 187 | — | ||||||||||||||
Asset disposals and other | — | 0.2 | 1.3 | — | 1.5 | |||||||||||||||
Cash flows used in investing activities | (1.0 | ) | (192.3 | ) | (237.8 | ) | 187 | (244.1 | ) | |||||||||||
Financing Activities: | ||||||||||||||||||||
Net receipts/(payments) on intercompany activity | 103.8 | 83.2 | — | (187.0 | ) | — | ||||||||||||||
Dividends paid to stockholders | (57.3 | ) | — | — | — | (57.3 | ) | |||||||||||||
Other | (17.0 | ) | (0.1 | ) | (26.9 | ) | — | (44.0 | ) | |||||||||||
Cash flows provided by (used in) financing activities | 29.5 | 83.1 | (26.9 | ) | (187.0 | ) | (101.3 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | $ | 2.4 | $ | (105.1 | ) | $ | 3.1 | $ | — | $ | (99.6 | ) | ||||||||
The condensed consolidating statements of cash flows for the nine months ended September 30, 2012 have been revised to reclassify intercompany activities between operating, investing and financing activities, rather than entirely as financing activities, as previously presented. These revisions increased (decreased) cash flows provided by (used in) the consolidating statements of cash flows as follows, in millions: operating activities for the Guarantor Parent, Subsidiary, Non-guarantor Subsidiaries and Eliminations, $(4.4), $42.7, $(42.5) and $4.2, respectively; investing activities for the Non-guarantor Subsidiaries and Eliminations, $(187.0) and $187.0, respectively; and financing activities for the Guarantor Parent, Subsidiary, Non-guarantor Subsidiaries and Eliminations, $4.4, $(42.7), $229.5 and $(191.2), respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Accumulated Other Comprehensive Income Net Of Tax [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
The changes in the accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the three month period ended September 30, 2013 were as follows (in millions): | |||||||||||||||||||||
Post- | Currency | Unrealized | Derivatives | Total | |||||||||||||||||
retirement | translation | holding gains | |||||||||||||||||||
benefit plans | adjustment | on securities | |||||||||||||||||||
Attributable to ATI: | |||||||||||||||||||||
Balance, June 30, 2013 | $ | (993.5 | ) | $ | (7.5 | ) | $ | (0.1 | ) | $ | (3.7 | ) | $ | (1,004.8 | ) | ||||||
OCI before reclassifications | — | 12.3 | 0.1 | (11.1 | ) | 1.3 | |||||||||||||||
Amounts reclassified from AOCI | (a) | 18.3 | (b) | — | (b) | — | (c) | 2.6 | 20.9 | ||||||||||||
Net current-period OCI | 18.3 | 12.3 | 0.1 | (8.5 | ) | 22.2 | |||||||||||||||
Balance, September 30, 2013 | $ | (975.2 | ) | $ | 4.8 | $ | — | $ | (12.2 | ) | $ | (982.6 | ) | ||||||||
Attributable to noncontrolling interests: | |||||||||||||||||||||
Balance, June 30, 2013 | $ | — | $ | 26.1 | $ | — | $ | — | $ | 26.1 | |||||||||||
OCI before reclassifications | — | 0.1 | — | — | 0.1 | ||||||||||||||||
Net current-period OCI | — | 0.1 | — | — | 0.1 | ||||||||||||||||
Balance, September 30, 2013 | $ | — | $ | 26.2 | $ | — | $ | — | $ | 26.2 | |||||||||||
The changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the nine month period ended September 30, 2013 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, 2012 | $ | (1,030.0 | ) | $ | 3.4 | $ | (0.1 | ) | $ | (2.7 | ) | $ | (1,029.4 | ) | |||||||
OCI before reclassifications | — | 1.4 | 0.1 | (12.9 | ) | (11.4 | ) | ||||||||||||||
Amounts reclassified from AOCI | (a) | 54.8 | (b) | — | (b) | — | (c) | 3.4 | 58.2 | ||||||||||||
Net current-period OCI | 54.8 | 1.4 | 0.1 | (9.5 | ) | 46.8 | |||||||||||||||
Balance, September 30, 2013 | $ | (975.2 | ) | $ | 4.8 | $ | — | $ | (12.2 | ) | $ | (982.6 | ) | ||||||||
Attributable to noncontrolling interests: | |||||||||||||||||||||
Balance, December 31, 2012 | $ | — | $ | $ | 23.7 | $ | — | $ | — | $ | 23.7 | ||||||||||
OCI before reclassifications | — | 2.5 | — | — | 2.5 | ||||||||||||||||
Amounts reclassified from AOCI | — | (b) | — | — | — | — | |||||||||||||||
Net current-period OCI | — | 2.5 | — | — | 2.5 | ||||||||||||||||
Balance, September 30, 2013 | $ | — | $ | 26.2 | $ | — | $ | — | $ | 26.2 | |||||||||||
(a) | Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 8). | ||||||||||||||||||||
(b) | No amounts were reclassified to earnings. | ||||||||||||||||||||
(c) | Amounts were included in cost of goods sold in the period or periods the hedged item affects earnings (see Note 6). | ||||||||||||||||||||
Reclassifications out of AOCI for the three and nine month periods ended September 30, 2013 were as follows: | |||||||||||||||||||||
Amount reclassified from AOCI (c) | |||||||||||||||||||||
Details about AOCI Components | Three months ended September 30, 2013 | Nine months ended September 30, 2013 | Affected line item in the | ||||||||||||||||||
(in millions) | statement of operations | ||||||||||||||||||||
Postretirement benefit plans | |||||||||||||||||||||
Prior service (cost) credit | 3.8 | (a) | 11.4 | (a) | |||||||||||||||||
Actuarial losses | (33.5 | ) | (a) | (100.5 | ) | (a) | |||||||||||||||
(29.7 | ) | (c) | (89.1 | ) | (c) | Total before tax | |||||||||||||||
(11.4 | ) | (34.3 | ) | Tax provision (benefit) | |||||||||||||||||
$ | (18.3 | ) | $ | (54.8 | ) | Net of tax | |||||||||||||||
Derivatives | |||||||||||||||||||||
Nickel and other raw material contracts | $ | (2.3 | ) | (b) | $ | (3.8 | ) | (b) | |||||||||||||
Natural gas contracts | (0.9 | ) | (b) | (2.4 | ) | (b) | |||||||||||||||
Electricity contracts | — | (b) | (0.3 | ) | (b) | ||||||||||||||||
Foreign exchange contracts | (1.1 | ) | (b) | 1 | (b) | ||||||||||||||||
(4.3 | ) | (c) | (5.5 | ) | (c) | Total before tax | |||||||||||||||
(1.7 | ) | (2.1 | ) | Tax provision (benefit) | |||||||||||||||||
$ | (2.6 | ) | $ | (3.4 | ) | 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 8. | ||||||||||||||||||||
(b) | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings. For additional information, see Note 6. | ||||||||||||||||||||
(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 | 9 Months Ended |
Sep. 30, 2013 | |
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 September 30, 2013, the Company’s reserves for environmental remediation obligations totaled approximately $15 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; $7 million for formerly owned or operated sites for which the Company has remediation or indemnification obligations; $2 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. | |
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 16. 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, 2012 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, 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. | |
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 $8 million. In addition, as part of the agreement to sell the tungsten materials business, the Company has agreed to indemnify the buyer for a five year period for conditional asset retirement obligation costs up to $13 million, which is approximately $9.5 million above the Company's recorded reserve for this matter. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Significant 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. Certain prior year amounts have been reclassified in order to conform with the fiscal year 2013 presentation. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2012 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, 2012 financial information has been derived from the Company’s audited 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 income. | |
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 September 30, 2013, 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 7% of its estimated annual nickel requirements. These nickel hedges extend to 2020. | |
At September 30, 2013, 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 2013, approximately 75% for 2014, and approximately 30% for 2015, and electricity hedges for Western Pennsylvania operations of approximately 10% of its forecasted on-peak and off-peak requirements for 2014. | |
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. The Company may also enter into foreign currency forward contracts that are not designated as hedges, which are denominated in the same foreign currency in which export sales are denominated. At September 30, 2013, the outstanding financial derivatives, including both hedges and undesignated derivatives, that are used to manage the Company’s exposure to foreign currency, primarily euros, represented approximately 10% of its forecasted total international sales through 2016. In addition, the Company may also designate cash balances held in foreign currencies as hedges of forecasted foreign currency transactions. | |
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. The Company did not use fair value or 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 and 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. | |
New Accounting Pronouncements | ' |
In January 2013, the Company adopted changes issued by the Financial Accounting Standards Board (FASB) to the disclosure of offsetting assets and liabilities. These changes require an entity to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The enhanced disclosures will enable users of an entity’s financial statements to understand and evaluate the effect or potential effect of master netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. Other than the additional disclosure requirements, the adoption of these changes had no impact on the consolidated financial statements. | |
In January 2013, the Company adopted changes issued by the FASB to the reporting of amounts reclassified out of accumulated other comprehensive income. These changes require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. These requirements are to be applied to each component of accumulated other comprehensive income. Other than the additional disclosure requirements (see Note 13), the adoption of these changes had no impact on the consolidated financial statements. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure (Tables) [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories at September 30, 2013 and December 31, 2012 were as follows (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials and supplies | $ | 330.7 | $ | 351.6 | ||||
Work-in-process | 900.3 | 1,063.90 | ||||||
Finished goods | 164.7 | 209 | ||||||
Total inventories at current cost | 1,395.70 | 1,624.50 | ||||||
Less allowances to reduce current cost values to LIFO basis | (12.4 | ) | (76.9 | ) | ||||
Progress payments | (38.4 | ) | (11.0 | ) | ||||
Total inventories, net | $ | 1,344.90 | $ | 1,536.60 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property Plant And Equipment | ' | |||||||
Property, plant and equipment at September 30, 2013 and December 31, 2012 was as follows (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 29.9 | $ | 34.4 | ||||
Buildings | 947.3 | 921 | ||||||
Equipment and leasehold improvements | 3,431.90 | 3,344.40 | ||||||
4,409.10 | 4,299.80 | |||||||
Accumulated depreciation and amortization | (1,664.4 | ) | (1,739.9 | ) | ||||
Total property, plant and equipment, net | $ | 2,744.70 | $ | 2,559.90 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
The following table presents summarized operating results for these discontinued operations (in millions): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Sales | $ | 77.6 | $ | 89 | $ | 236.7 | $ | 284.9 | ||||||||
Income (loss) before income tax provision | $ | (7.1 | ) | $ | 6 | $ | (5.4 | ) | $ | 20.4 | ||||||
Net assets of discontinued operations were $163.4 million at September 30, 2013 and consisted of the following items (in millions): | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Accounts receivable, net of allowances for doubtful accounts | $ | 47.5 | ||||||||||||||
Inventories, net | 65 | |||||||||||||||
Prepaid expenses and other current assets | 2.9 | |||||||||||||||
Property, plant and equipment, net | 72.9 | |||||||||||||||
Cost in excess of net assets acquired | 11.2 | |||||||||||||||
Other long-term assets | 0.9 | |||||||||||||||
Total Assets | 200.4 | |||||||||||||||
Accounts payable | 20.6 | |||||||||||||||
Accrued liabilities | 13.1 | |||||||||||||||
Long-term liabilities | 3.3 | |||||||||||||||
Total Liabilities | 37 | |||||||||||||||
Net Assets | $ | 163.4 | ||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure (Tables) [Abstract] | ' | |||||||
Schedule of Debt Instruments | ' | |||||||
Debt at September 30, 2013 and December 31, 2012 was as follows (in millions): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Allegheny Technologies 5.875% Notes due 2023 | $ | 500 | $ | — | ||||
Allegheny Technologies 5.95% Notes due 2021 | 500 | 500 | ||||||
Allegheny Technologies 4.25% Convertible Notes due 2014 | 402.5 | 402.5 | ||||||
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 (a) | 18.4 | 24.8 | ||||||
ATI Ladish Series C 6.41% Notes due 2015 (b) | 21.4 | 32.5 | ||||||
Domestic Bank Group $400 million unsecured credit facility | — | — | ||||||
Foreign credit facilities | 14.3 | 14.2 | ||||||
Industrial revenue bonds, due through 2020, and other | 5.5 | 6.1 | ||||||
Total short-term and long-term debt | 1,962.10 | 1,480.10 | ||||||
Short-term debt and current portion of long-term debt | 419.9 | 17.1 | ||||||
Total long-term debt | $ | 1,542.20 | $ | 1,463.00 | ||||
(a) | Includes fair value adjustments of $1.2 million at September 30, 2013 and $1.9 million at December 31, 2012. | |||||||
(b) | Includes fair value adjustments of $1.4 million at September 30, 2013 and $2.5 million at December 31, 2012. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [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 | September 30, | December 31, | |||||||||||||||||||||
Asset derivatives | 2013 | 2012 | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | $ | 0.3 | $ | 2.9 | |||||||||||||||||||
Nickel and other raw material contracts | Prepaid expenses and other current assets | — | 0.6 | |||||||||||||||||||||
Natural gas contracts | Prepaid expenses and other current assets | 0.4 | 0.4 | |||||||||||||||||||||
Foreign exchange contracts | Other assets | — | 0.9 | |||||||||||||||||||||
Nickel and other raw material contracts | Other assets | 0.1 | 0.3 | |||||||||||||||||||||
Natural gas contracts | Other assets | 0.2 | 0.7 | |||||||||||||||||||||
Total derivatives designated as hedging instruments: | 1 | 5.8 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other current assets | — | 0.4 | |||||||||||||||||||||
Total derivatives not designated as hedging instruments: | — | 0.4 | ||||||||||||||||||||||
Total asset derivatives | $ | 1 | $ | 6.2 | ||||||||||||||||||||
Liability derivatives | Balance sheet location | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Natural gas contracts | Accrued liabilities | $ | 2.2 | $ | 4.4 | |||||||||||||||||||
Nickel and other raw material contracts | Accrued liabilities | 9.3 | 1.1 | |||||||||||||||||||||
Foreign exchange contracts | Accrued liabilities | 4 | 1.7 | |||||||||||||||||||||
Electricity contracts | Accrued liabilities | 0.4 | 0.3 | |||||||||||||||||||||
Natural gas contracts | Other long-term liabilities | 0.3 | 0.6 | |||||||||||||||||||||
Electricity contracts | Other long-term liabilities | 0.1 | 0.4 | |||||||||||||||||||||
Foreign exchange contracts | Other long-term liabilities | 3 | 1.4 | |||||||||||||||||||||
Nickel and other raw material contracts | Other long-term liabilities | 1.5 | 0.3 | |||||||||||||||||||||
Total derivatives designated as hedging instruments: | 20.8 | 10.2 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts | Accrued liabilities | 1.6 | 1.6 | |||||||||||||||||||||
Total derivatives not designated as hedging instruments: | 1.6 | 1.6 | ||||||||||||||||||||||
Total liability derivatives | $ | 22.4 | $ | 11.8 | ||||||||||||||||||||
Schedule Of Derivative Instruments Gain Loss In Statement Of Financial Performance | ' | |||||||||||||||||||||||
Activity with regard to derivatives designated as cash flow hedges for the three and nine month periods ended September 30, 2013 and 2012 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 September 30, | Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Nickel and other raw material contracts | $ | 0.2 | $ | 4.8 | $ | (1.3 | ) | $ | (1.5 | ) | $ | — | $ | — | ||||||||||
Natural gas contracts | 0.1 | 1.2 | (0.6 | ) | (1.8 | ) | — | — | ||||||||||||||||
Electricity contracts | (0.1 | ) | 0.2 | — | (0.5 | ) | — | — | ||||||||||||||||
Foreign exchange contracts | (11.3 | ) | (1.4 | ) | (0.7 | ) | 3.5 | — | — | |||||||||||||||
Total | $ | (11.1 | ) | $ | 4.8 | $ | (2.6 | ) | $ | (0.3 | ) | $ | — | $ | — | |||||||||
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 | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Nickel and other raw material contracts | $ | (8.6 | ) | $ | 0.1 | $ | (2.3 | ) | $ | (2.3 | ) | $ | — | $ | — | |||||||||
Natural gas contracts | (0.2 | ) | (2.1 | ) | (1.5 | ) | (6.8 | ) | — | — | ||||||||||||||
Electricity contracts | (0.1 | ) | (0.9 | ) | (0.2 | ) | (1.6 | ) | — | — | ||||||||||||||
Foreign exchange contracts | (4.0 | ) | 6.3 | 0.6 | 8.6 | — | — | |||||||||||||||||
Total | $ | (12.9 | ) | $ | 3.4 | $ | (3.4 | ) | $ | (2.1 | ) | $ | — | $ | — | |||||||||
(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 Included In Trading Activities | ' | |||||||||||||||||||||||
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 September 30, | Nine months ended September 30, | ||||||||||||||||||||||
as Hedging Instruments | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Foreign exchange contracts | $ | (0.7 | ) | $ | (1.9 | ) | $ | (0.3 | ) | $ | (2.0 | ) |
Recovered_Sheet1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Of Financial Instruments (Tables) [Abstract] | ' | |||||||||||||||
Fair Value By Balance Sheet Grouping | ' | |||||||||||||||
The estimated fair value of financial instruments at September 30, 2013 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 | $ | 535.7 | $ | 535.7 | $ | 535.7 | $ | — | ||||||||
Derivative financial instruments: | ||||||||||||||||
Assets | 1 | 1 | — | 1 | ||||||||||||
Liabilities | 22.4 | 22.4 | — | 22.4 | ||||||||||||
Debt | 1,962.10 | 2,102.10 | 2,042.40 | 59.7 | ||||||||||||
The estimated fair value of financial instruments at December 31, 2012 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 | $ | 304.6 | $ | 304.6 | $ | 304.6 | $ | — | ||||||||
Derivative financial instruments: | ||||||||||||||||
Assets | 6.2 | 6.2 | — | 6.2 | ||||||||||||
Liabilities | 11.8 | 11.8 | — | 11.8 | ||||||||||||
Debt | 1,480.10 | 1,703.20 | 1,625.60 | 77.6 | ||||||||||||
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule Of Defined Benefit Plans Disclosures | ' | |||||||||||||||
For the three month periods ended September 30, 2013 and 2012, 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 September 30, | Three months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost - benefits earned during the year | $ | 10 | $ | 8.8 | $ | 0.8 | $ | 0.8 | ||||||||
Interest cost on benefits earned in prior years | 30.3 | 33.1 | 5.6 | 6.5 | ||||||||||||
Expected return on plan assets | (43.8 | ) | (45.4 | ) | (0.1 | ) | (0.2 | ) | ||||||||
Amortization of prior service cost (credit) | 0.8 | 1.6 | (4.6 | ) | (4.5 | ) | ||||||||||
Amortization of net actuarial loss | 29.2 | 26.3 | 4.3 | 3.6 | ||||||||||||
Total retirement benefit expense | $ | 26.5 | $ | 24.4 | $ | 6 | $ | 6.2 | ||||||||
For the nine month periods ended September 30, 2013 and 2012, 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 | |||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost - benefits earned during the year | $ | 30 | $ | 26.3 | $ | 2.4 | $ | 2.4 | ||||||||
Interest cost on benefits earned in prior years | 90.9 | 99.3 | 16.8 | 19.5 | ||||||||||||
Expected return on plan assets | (131.4 | ) | (136.1 | ) | (0.3 | ) | (0.6 | ) | ||||||||
Amortization of prior service cost (credit) | 2.3 | 4.8 | (13.7 | ) | (13.6 | ) | ||||||||||
Amortization of net actuarial loss | 87.6 | 78.9 | 12.9 | 10.9 | ||||||||||||
Total retirement benefit expense | $ | 79.4 | $ | 73.2 | $ | 18.1 | $ | 18.6 | ||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting Tables [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 September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total sales: | ||||||||||||||||
High Performance Metals | $ | 481.2 | $ | 591.8 | $ | 1,561.70 | $ | 1,858.00 | ||||||||
Flat-Rolled Products | 515.6 | 573.1 | 1,644.00 | 1,892.50 | ||||||||||||
996.8 | 1,164.90 | 3,205.70 | 3,750.50 | |||||||||||||
Intersegment sales: | ||||||||||||||||
High Performance Metals | 17.3 | 21.2 | 53.6 | 69.1 | ||||||||||||
Flat-Rolled Products | 7.1 | 12.2 | 23.9 | 35.9 | ||||||||||||
24.4 | 33.4 | 77.5 | 105 | |||||||||||||
Sales to external customers: | ||||||||||||||||
High Performance Metals | 463.9 | 570.6 | 1,508.10 | 1,788.90 | ||||||||||||
Flat-Rolled Products | 508.5 | 560.9 | 1,620.10 | 1,856.60 | ||||||||||||
$ | 972.4 | $ | 1,131.50 | $ | 3,128.20 | $ | 3,645.50 | |||||||||
Operating profit (loss): | ||||||||||||||||
High Performance Metals | $ | 48 | $ | 87.4 | $ | 192 | $ | 303.8 | ||||||||
Flat-Rolled Products | (20.4 | ) | 26.1 | (16.7 | ) | 118.4 | ||||||||||
Total operating profit | 27.6 | 113.5 | 175.3 | 422.2 | ||||||||||||
Corporate expenses | (8.1 | ) | (14.9 | ) | (32.3 | ) | (52.4 | ) | ||||||||
Interest expense, net | (18.2 | ) | (17.2 | ) | (46.5 | ) | (55.7 | ) | ||||||||
Closed company and other expenses | (2.1 | ) | (2.7 | ) | (11.0 | ) | (14.8 | ) | ||||||||
Retirement benefit expense | (34.5 | ) | (30.6 | ) | (99.5 | ) | (91.8 | ) | ||||||||
Income (loss) before income taxes | $ | (35.3 | ) | $ | 48.1 | $ | (14.0 | ) | $ | 207.5 | ||||||
Per_Share_Information_Tables
Per Share Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
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 | Nine months ended | |||||||||||||||
(in millions, except per share amounts): | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator for basic income (loss) from continuing operations per common share - | ||||||||||||||||
Income (loss) from continuing operations attributable to ATI | $ | (28.4 | ) | $ | 31.3 | $ | (15.0 | ) | $ | 134.5 | ||||||
Effect of dilutive securities: | ||||||||||||||||
4.25% Convertible Notes due 2014 | — | 2.1 | — | 6.5 | ||||||||||||
Numerator for diluted income (loss) from continuing operations per common share - | ||||||||||||||||
Income (loss) from continuing operations available to ATI after assumed conversions | $ | (28.4 | ) | $ | 33.4 | $ | (15.0 | ) | $ | 141 | ||||||
Denominator for basic net income per common share-weighted average shares | 106.8 | 106.2 | 106.7 | 106.1 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share-based compensation | — | 0.9 | — | 0.9 | ||||||||||||
4.25% Convertible Notes due 2014 | — | 9.6 | — | 9.6 | ||||||||||||
Denominator for diluted net income per common share – adjusted weighted average shares assuming conversions | 106.8 | 116.7 | 106.7 | 116.6 | ||||||||||||
Basic income (loss) from continuing operations attributable to ATI per common share | $ | (0.27 | ) | $ | 0.3 | $ | (0.14 | ) | $ | 1.27 | ||||||
Diluted income (loss) from continuing operations attributable to ATI per common share | $ | (0.27 | ) | $ | 0.29 | $ | (0.14 | ) | $ | 1.21 | ||||||
Financial_Information_for_Subs1
Financial Information for Subsidiary and Guarantor Parent (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure | ' | |||||||||||||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.6 | $ | 7.3 | $ | 525.8 | $ | — | $ | 535.7 | ||||||||||
Accounts receivable, net | 3.4 | 187.5 | 386 | 576.9 | ||||||||||||||||
Intercompany notes receivable | — | — | 1,261.40 | (1,261.4 | ) | — | ||||||||||||||
Inventories, net | — | 267.1 | 1,077.80 | — | 1,344.90 | |||||||||||||||
Prepaid expenses and other current assets | 82.9 | 9.3 | 28.4 | — | 120.6 | |||||||||||||||
Current assets of discontinued operations | — | — | 115.4 | — | 115.4 | |||||||||||||||
Total current assets | 88.9 | 471.2 | 3,394.80 | (1,261.4 | ) | 2,693.50 | ||||||||||||||
Property, plant and equipment, net | 3.2 | 1,211.80 | 1,529.70 | — | 2,744.70 | |||||||||||||||
Cost in excess of net assets acquired | — | 112.1 | 616 | — | 728.1 | |||||||||||||||
Intercompany notes receivable | — | — | 200 | (200.0 | ) | — | ||||||||||||||
Investment in subsidiaries | 5,605.50 | 37.7 | — | (5,643.2 | ) | — | ||||||||||||||
Other assets | 39.5 | 31.3 | 277.2 | — | 348 | |||||||||||||||
Non-current assets of discontinued operations | — | — | 85 | — | 85 | |||||||||||||||
Total assets | $ | 5,737.10 | $ | 1,864.10 | $ | 6,102.70 | $ | (7,104.6 | ) | $ | 6,599.30 | |||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||
Accounts payable | $ | 4.6 | $ | 230.8 | $ | 166.5 | $ | — | $ | 401.9 | ||||||||||
Accrued liabilities | 46.9 | 57 | 201 | — | 304.9 | |||||||||||||||
Intercompany notes payable | 664.5 | 596.9 | — | (1,261.4 | ) | — | ||||||||||||||
Deferred income taxes | 8.2 | — | — | — | 8.2 | |||||||||||||||
Short-term debt and current portion of long-term debt | 402.9 | 0.1 | 16.9 | — | 419.9 | |||||||||||||||
Current liabilities of discontinued operations | — | — | 33.7 | — | 33.7 | |||||||||||||||
Total current liabilities | 1,127.10 | 884.8 | 418.1 | (1,261.4 | ) | 1,168.60 | ||||||||||||||
Long-term debt | 1,350.90 | 150.5 | 40.8 | — | 1,542.20 | |||||||||||||||
Intercompany notes payable | — | 200 | — | (200.0 | ) | — | ||||||||||||||
Accrued postretirement benefits | — | 183.1 | 291.9 | — | 475 | |||||||||||||||
Pension liabilities | 638.1 | 4.7 | 59.6 | — | 702.4 | |||||||||||||||
Deferred income taxes | 52.1 | — | — | — | 52.1 | |||||||||||||||
Other long-term liabilities | 4.8 | 19.3 | 70.8 | — | 94.9 | |||||||||||||||
Total liabilities | 3,173.00 | 1,442.40 | 881.2 | (1,461.4 | ) | 4,035.20 | ||||||||||||||
Total stockholders’ equity | 2,564.10 | 421.7 | 5,221.50 | (5,643.2 | ) | 2,564.10 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,737.10 | $ | 1,864.10 | $ | 6,102.70 | $ | (7,104.6 | ) | $ | 6,599.30 | |||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Income and Comprehensive Income | ||||||||||||||||||||
For the three months ended September 30, 2013 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 422.3 | $ | 550.1 | $ | — | $ | 972.4 | ||||||||||
Cost of sales | 19.4 | 424.3 | 475.6 | — | 919.3 | |||||||||||||||
Selling and administrative expenses | 35.4 | 7.4 | 27.8 | — | 70.6 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (54.8 | ) | (9.4 | ) | 46.7 | — | (17.5 | ) | ||||||||||||
Interest expense, net | (17.3 | ) | (9.7 | ) | 8.8 | — | (18.2 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 36.8 | 0.1 | 0.3 | (36.8 | ) | 0.4 | ||||||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | (35.3 | ) | (19.0 | ) | 55.8 | (36.8 | ) | (35.3 | ) | |||||||||||
Income tax provision (benefit) | (8.5 | ) | (6.6 | ) | 22.4 | (15.8 | ) | (8.5 | ) | |||||||||||
Income (loss) from continuing operations | (26.8 | ) | (12.4 | ) | 33.4 | (21.0 | ) | (26.8 | ) | |||||||||||
Income (loss)from discontinued operations, net of tax | (5.4 | ) | — | (2.5 | ) | 2.5 | (5.4 | ) | ||||||||||||
Net income (loss) | (32.2 | ) | (12.4 | ) | 30.9 | (18.5 | ) | (32.2 | ) | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | 1.6 | — | 1.6 | |||||||||||||||
Net income (loss) attributable to ATI | $ | (32.2 | ) | $ | (12.4 | ) | $ | 29.3 | $ | (18.5 | ) | $ | (33.8 | ) | ||||||
Comprehensive income (loss) attributable to ATI | $ | (9.9 | ) | $ | (12.2 | ) | $ | 42 | $ | (31.5 | ) | $ | (11.6 | ) | ||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Income and Comprehensive Income | ||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 1,375.20 | $ | 1,753.00 | $ | — | $ | 3,128.20 | ||||||||||
Cost of sales | 55.5 | 1,359.50 | 1,471.90 | — | 2,886.90 | |||||||||||||||
Selling and administrative expenses | 88.9 | 27.3 | 93.9 | — | 210.1 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (144.4 | ) | (11.6 | ) | 187.2 | — | 31.2 | |||||||||||||
Interest expense, net | (45.5 | ) | (27.0 | ) | 26 | — | (46.5 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 175.9 | 0.6 | 0.8 | (176.0 | ) | 1.3 | ||||||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | (14.0 | ) | (38.0 | ) | 214 | (176.0 | ) | (14.0 | ) | |||||||||||
Income tax provision (benefit) | (4.4 | ) | (9.8 | ) | 76.6 | (66.8 | ) | (4.4 | ) | |||||||||||
Income (loss) from continuing operations | (9.6 | ) | (28.2 | ) | 137.4 | (109.2 | ) | (9.6 | ) | |||||||||||
Income (loss) from discontinued operations, net of tax | (4.4 | ) | — | (0.2 | ) | 0.2 | (4.4 | ) | ||||||||||||
Net income (loss) | (14.0 | ) | (28.2 | ) | 137.2 | (109.0 | ) | (14.0 | ) | |||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 5.4 | — | 5.4 | |||||||||||||||
Net income (loss) attributable to ATI | $ | (14.0 | ) | $ | (28.2 | ) | $ | 131.8 | $ | (109.0 | ) | $ | (19.4 | ) | ||||||
Comprehensive income (loss) attributable to ATI | $ | 35.3 | $ | (27.8 | ) | $ | 134.8 | $ | (114.9 | ) | $ | 27.4 | ||||||||
Condensed Statements of Cash Flows | ||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (9.1 | ) | $ | (87.2 | ) | $ | 348 | $ | (24.3 | ) | $ | 227.4 | |||||||
Investing Activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (0.2 | ) | (359.1 | ) | (36.2 | ) | — | (395.5 | ) | |||||||||||
Net receipts/(payments) on intercompany activity | — | — | (31.4 | ) | 31.4 | — | ||||||||||||||
Asset disposals and other | 0.1 | 0.1 | 0.6 | — | 0.8 | |||||||||||||||
Cash flows provided by (used in) investing activities | (0.1 | ) | (359.0 | ) | (67.0 | ) | 31.4 | (394.7 | ) | |||||||||||
Financing Activities: | ||||||||||||||||||||
Borrowings on long-term debt | 500 | — | — | — | 500 | |||||||||||||||
Net receipts/(payments) on intercompany activity | (409.0 | ) | 440.4 | — | (31.4 | ) | — | |||||||||||||
Dividends paid to stockholders | (57.7 | ) | — | (24.3 | ) | 24.3 | (57.7 | ) | ||||||||||||
Other | (27.0 | ) | — | (16.9 | ) | — | (43.9 | ) | ||||||||||||
Cash flows provided by (used in) financing activities | 6.3 | 440.4 | (41.2 | ) | (7.1 | ) | 398.4 | |||||||||||||
Increase (decrease) in cash and cash equivalents | $ | (2.9 | ) | $ | (5.8 | ) | $ | 239.8 | $ | — | $ | 231.1 | ||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Guarantor | Non-guarantor | |||||||||||||||||||
(In millions) | Parent | Subsidiary | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 5.5 | $ | 13.1 | $ | 286 | $ | — | $ | 304.6 | ||||||||||
Accounts receivable, net | 0.4 | 190.1 | 422.8 | — | 613.3 | |||||||||||||||
Intercompany notes receivable | — | — | 1,289.90 | (1,289.9 | ) | — | ||||||||||||||
Inventories, net | — | 311.1 | 1,225.50 | — | 1,536.60 | |||||||||||||||
Prepaid expenses and other current assets | 1.1 | 10.2 | 44.8 | — | 56.1 | |||||||||||||||
Total current assets | 7 | 524.5 | 3,269.00 | (1,289.9 | ) | 2,510.60 | ||||||||||||||
Property, plant and equipment, net | 3.9 | 882.2 | 1,673.80 | — | 2,559.90 | |||||||||||||||
Cost in excess of net assets acquired | — | 112.1 | 628 | — | 740.1 | |||||||||||||||
Deferred income taxes | 71.5 | — | — | — | 71.5 | |||||||||||||||
Intercompany notes receivable | — | — | 200.1 | (200.1 | ) | — | ||||||||||||||
Investment in subsidiaries | 5,545.40 | 33.7 | — | (5,579.1 | ) | — | ||||||||||||||
Other assets | 50.5 | 35.5 | 279.7 | — | 365.7 | |||||||||||||||
Total assets | $ | 5,678.30 | $ | 1,588.00 | $ | 6,050.60 | $ | (7,069.1 | ) | $ | 6,247.80 | |||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||
Accounts payable | $ | 5.3 | $ | 262.6 | $ | 232 | $ | — | $ | 499.9 | ||||||||||
Accrued liabilities | 64 | 62.2 | 204.3 | — | 330.5 | |||||||||||||||
Intercompany notes payable | $ | 1,073.40 | $ | 216.5 | $ | — | $ | (1,289.9 | ) | — | ||||||||||
Deferred income taxes | 24 | — | — | — | 24 | |||||||||||||||
Short-term debt and current portion of long-term debt | 0.3 | 0.1 | 16.7 | — | 17.1 | |||||||||||||||
Total current liabilities | 1,167.00 | 541.4 | 453 | (1,289.9 | ) | 871.5 | ||||||||||||||
Long-term debt | 1,253.40 | 150.5 | 59.1 | — | 1,463.00 | |||||||||||||||
Intercompany notes payable | — | 200.1 | — | (200.1 | ) | |||||||||||||||
Accrued postretirement benefits | — | 198.2 | 297 | — | 495.2 | |||||||||||||||
Pension liabilities | 651.7 | 5.1 | 64.3 | — | 721.1 | |||||||||||||||
Other long-term liabilities | 19.1 | 20.8 | 70 | — | 109.9 | |||||||||||||||
Total liabilities | 3,091.20 | 1,116.10 | 943.4 | (1,490.0 | ) | 3,660.70 | ||||||||||||||
Total stockholders’ equity | 2,587.10 | 471.9 | 5,107.20 | (5,579.1 | ) | 2,587.10 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,678.30 | $ | 1,588.00 | $ | 6,050.60 | $ | (7,069.1 | ) | $ | 6,247.80 | |||||||||
The condensed consolidating balance sheets at December 31, 2012 have been restated to revise the presentation of intercompany balances, and to reflect equity elimination entries between Non-guarantor Subsidiaries within the Non-guarantor balance sheet, rather than as part of Eliminations. These revisions increased Non-guarantor balances of total current assets $1,289.9 million and total assets $1,112.7 million, decreased total current liabilities and total liabilities $196.8 million, and increased total stockholders' equity $1,309.5 million. The Subsidiary balances of total assets, total current liabilities and total liabilities were each reduced by $141.1 million to reclassify intercompany balances to a net payable presentation. There was no impact to the consolidated financial statements as a result of these presentation changes. | ||||||||||||||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Income and Comprehensive Income | ||||||||||||||||||||
For the three months ended September 30, 2012 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 483.6 | $ | 647.9 | $ | — | $ | 1,131.50 | ||||||||||
Cost of sales | 15.1 | 453.8 | 519.9 | — | 988.8 | |||||||||||||||
Selling and administrative expenses | 33.7 | 10.8 | 33.1 | — | 77.6 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (48.8 | ) | 19 | 94.9 | — | 65.1 | ||||||||||||||
Interest income (expense), net | (14.7 | ) | (2.7 | ) | 0.2 | — | (17.2 | ) | ||||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 111.6 | (5.2 | ) | 7.8 | (114.0 | ) | 0.2 | |||||||||||||
Income from continuing operations before income tax provision | 48.1 | 11.1 | 102.9 | (114.0 | ) | 48.1 | ||||||||||||||
Income tax provision | 14.8 | 4.6 | 33.3 | (37.9 | ) | 14.8 | ||||||||||||||
Income from continuing operations | 33.3 | 6.5 | 69.6 | (76.1 | ) | 33.3 | ||||||||||||||
Income from discontinued operations, net of tax | 4 | — | 4.6 | (4.6 | ) | 4 | ||||||||||||||
Net income | 37.3 | 6.5 | 74.2 | (80.7 | ) | 37.3 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 2 | — | 2 | |||||||||||||||
Net income attributable to ATI | $ | 37.3 | $ | 6.5 | $ | 72.2 | $ | (80.7 | ) | $ | 35.3 | |||||||||
Comprehensive income attributable to ATI | $ | 74.4 | $ | 6.3 | $ | 87.3 | $ | (96.2 | ) | $ | 71.8 | |||||||||
Allegheny Technologies Incorporated | ||||||||||||||||||||
Financial Information for Subsidiary and Guarantor Parent | ||||||||||||||||||||
Statements of Income and Comprehensive Income | ||||||||||||||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Sales | $ | — | $ | 1,614.20 | $ | 2,031.30 | $ | — | $ | 3,645.50 | ||||||||||
Cost of sales | 41.8 | 1,488.70 | 1,609.10 | — | 3,139.60 | |||||||||||||||
Selling and administrative expenses | 109.1 | 33.2 | 101 | — | 243.3 | |||||||||||||||
Income (loss) before interest, other income and income taxes | (150.9 | ) | 92.3 | 321.2 | — | 262.6 | ||||||||||||||
Interest expense, net | (47.3 | ) | (7.9 | ) | (0.5 | ) | — | (55.7 | ) | |||||||||||
Other income (loss) including equity in income of unconsolidated subsidiaries | 405.7 | (16.1 | ) | 24.2 | (413.2 | ) | 0.6 | |||||||||||||
Income from continuing operations before income tax provision | 207.5 | 68.3 | 344.9 | (413.2 | ) | 207.5 | ||||||||||||||
Income tax provision | 66.6 | 26.9 | 116.9 | (143.8 | ) | 66.6 | ||||||||||||||
Income from continuing operations | 140.9 | 41.4 | 228 | (269.4 | ) | 140.9 | ||||||||||||||
Income from discontinued operations, net of tax | 13.4 | — | 16.1 | (16.1 | ) | 13.4 | ||||||||||||||
Net income | 154.3 | 41.4 | 244.1 | (285.5 | ) | 154.3 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 6.4 | — | 6.4 | |||||||||||||||
Net income attributable to ATI | $ | 154.3 | $ | 41.4 | $ | 237.7 | $ | (285.5 | ) | $ | 147.9 | |||||||||
Comprehensive income attributable to ATI | $ | 220 | $ | 40.6 | $ | 249.2 | $ | (296.2 | ) | $ | 213.6 | |||||||||
Condensed Statements of Cash Flows | ||||||||||||||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||
(In millions) | Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Parent | Subsidiaries | |||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (26.1 | ) | $ | 4.1 | $ | 267.8 | $ | — | $ | 245.8 | |||||||||
Investing Activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (1.0 | ) | (192.5 | ) | (52.1 | ) | — | (245.6 | ) | |||||||||||
Net receipts/(payments) on intercompany activity | — | — | (187.0 | ) | 187 | — | ||||||||||||||
Asset disposals and other | — | 0.2 | 1.3 | — | 1.5 | |||||||||||||||
Cash flows used in investing activities | (1.0 | ) | (192.3 | ) | (237.8 | ) | 187 | (244.1 | ) | |||||||||||
Financing Activities: | ||||||||||||||||||||
Net receipts/(payments) on intercompany activity | 103.8 | 83.2 | — | (187.0 | ) | — | ||||||||||||||
Dividends paid to stockholders | (57.3 | ) | — | — | — | (57.3 | ) | |||||||||||||
Other | (17.0 | ) | (0.1 | ) | (26.9 | ) | — | (44.0 | ) | |||||||||||
Cash flows provided by (used in) financing activities | 29.5 | 83.1 | (26.9 | ) | (187.0 | ) | (101.3 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | $ | 2.4 | $ | (105.1 | ) | $ | 3.1 | $ | — | $ | (99.6 | ) | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Table Text Block Supplement [Abstract] | ' | ||||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income Loss | ' | ||||||||||||||||||||
The changes in the accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the three month period ended September 30, 2013 were as follows (in millions): | |||||||||||||||||||||
Post- | Currency | Unrealized | Derivatives | Total | |||||||||||||||||
retirement | translation | holding gains | |||||||||||||||||||
benefit plans | adjustment | on securities | |||||||||||||||||||
Attributable to ATI: | |||||||||||||||||||||
Balance, June 30, 2013 | $ | (993.5 | ) | $ | (7.5 | ) | $ | (0.1 | ) | $ | (3.7 | ) | $ | (1,004.8 | ) | ||||||
OCI before reclassifications | — | 12.3 | 0.1 | (11.1 | ) | 1.3 | |||||||||||||||
Amounts reclassified from AOCI | (a) | 18.3 | (b) | — | (b) | — | (c) | 2.6 | 20.9 | ||||||||||||
Net current-period OCI | 18.3 | 12.3 | 0.1 | (8.5 | ) | 22.2 | |||||||||||||||
Balance, September 30, 2013 | $ | (975.2 | ) | $ | 4.8 | $ | — | $ | (12.2 | ) | $ | (982.6 | ) | ||||||||
Attributable to noncontrolling interests: | |||||||||||||||||||||
Balance, June 30, 2013 | $ | — | $ | 26.1 | $ | — | $ | — | $ | 26.1 | |||||||||||
OCI before reclassifications | — | 0.1 | — | — | 0.1 | ||||||||||||||||
Net current-period OCI | — | 0.1 | — | — | 0.1 | ||||||||||||||||
Balance, September 30, 2013 | $ | — | $ | 26.2 | $ | — | $ | — | $ | 26.2 | |||||||||||
The changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the nine month period ended September 30, 2013 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, 2012 | $ | (1,030.0 | ) | $ | 3.4 | $ | (0.1 | ) | $ | (2.7 | ) | $ | (1,029.4 | ) | |||||||
OCI before reclassifications | — | 1.4 | 0.1 | (12.9 | ) | (11.4 | ) | ||||||||||||||
Amounts reclassified from AOCI | (a) | 54.8 | (b) | — | (b) | — | (c) | 3.4 | 58.2 | ||||||||||||
Net current-period OCI | 54.8 | 1.4 | 0.1 | (9.5 | ) | 46.8 | |||||||||||||||
Balance, September 30, 2013 | $ | (975.2 | ) | $ | 4.8 | $ | — | $ | (12.2 | ) | $ | (982.6 | ) | ||||||||
Attributable to noncontrolling interests: | |||||||||||||||||||||
Balance, December 31, 2012 | $ | — | $ | $ | 23.7 | $ | — | $ | — | $ | 23.7 | ||||||||||
OCI before reclassifications | — | 2.5 | — | — | 2.5 | ||||||||||||||||
Amounts reclassified from AOCI | — | (b) | — | — | — | — | |||||||||||||||
Net current-period OCI | — | 2.5 | — | — | 2.5 | ||||||||||||||||
Balance, September 30, 2013 | $ | — | $ | 26.2 | $ | — | $ | — | $ | 26.2 | |||||||||||
(a) | Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 8). | ||||||||||||||||||||
(b) | No amounts were reclassified to earnings. | ||||||||||||||||||||
(c) | Amounts were included in cost of goods sold in the period or periods the hedged item affects earnings (see Note 6). | ||||||||||||||||||||
Reclassifications out of AOCI for the three and nine month periods ended September 30, 2013 were as follows: | |||||||||||||||||||||
Amount reclassified from AOCI (c) | |||||||||||||||||||||
Details about AOCI Components | Three months ended September 30, 2013 | Nine months ended September 30, 2013 | Affected line item in the | ||||||||||||||||||
(in millions) | statement of operations | ||||||||||||||||||||
Postretirement benefit plans | |||||||||||||||||||||
Prior service (cost) credit | 3.8 | (a) | 11.4 | (a) | |||||||||||||||||
Actuarial losses | (33.5 | ) | (a) | (100.5 | ) | (a) | |||||||||||||||
(29.7 | ) | (c) | (89.1 | ) | (c) | Total before tax | |||||||||||||||
(11.4 | ) | (34.3 | ) | Tax provision (benefit) | |||||||||||||||||
$ | (18.3 | ) | $ | (54.8 | ) | Net of tax | |||||||||||||||
Derivatives | |||||||||||||||||||||
Nickel and other raw material contracts | $ | (2.3 | ) | (b) | $ | (3.8 | ) | (b) | |||||||||||||
Natural gas contracts | (0.9 | ) | (b) | (2.4 | ) | (b) | |||||||||||||||
Electricity contracts | — | (b) | (0.3 | ) | (b) | ||||||||||||||||
Foreign exchange contracts | (1.1 | ) | (b) | 1 | (b) | ||||||||||||||||
(4.3 | ) | (c) | (5.5 | ) | (c) | Total before tax | |||||||||||||||
(1.7 | ) | (2.1 | ) | Tax provision (benefit) | |||||||||||||||||
$ | (2.6 | ) | $ | (3.4 | ) | 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 8. | ||||||||||||||||||||
(b) | Amounts are included in cost of goods sold in the period or periods the hedged item affects earnings. For additional information, see Note 6. | ||||||||||||||||||||
(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. |
Inventories_Details
Inventories (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Inventory Disclosure (Details) [Abstract] | ' | ' | ' |
Raw materials and supplies | $330.70 | ' | $351.60 |
Work-in-process | 900.3 | ' | 1,063.90 |
Finished goods | 164.7 | ' | 209 |
Total inventories at current cost | 1,395.70 | ' | 1,624.50 |
Less allowances to reduce current cost values to LIFO basis | -12.4 | ' | -76.9 |
Progress payments | -38.4 | ' | -11 |
Total inventories, net | 1,344.90 | ' | 1,536.60 |
LIFO provision (benefit) | ($39.10) | ($28.40) | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment Details [Abstract] | ' | ' |
Land | $29.90 | $34.40 |
Buildings | 947.3 | 921 |
Equipment and leasehold improvements | 3,431.90 | 3,344.40 |
Property Plant And Equipment | 4,409.10 | 4,299.80 |
Accumulated depreciation and amortization | -1,664.40 | -1,739.90 |
Total property, plant and equipment, net | 2,744.70 | 2,559.90 |
Construction in progress | $900.10 | ' |
Discontinued_Operations_Narrat
Discontinued Operations - Narrative (Details) (USD $) | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Tungsten Materials Business | Fabricated Components Business | Fabricated Components Business | Fabricated Components Business | Fabricated Components Business | Iron Castings Business | ||
Minimum | Maximum | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Estimated Sale Price, Disposed Operation | ' | $605 | ' | ' | ' | ' | ' |
Restructuring Charge | 9.5 | ' | 6.4 | ' | ' | ' | 3.1 |
Impairment of Long-Lived Assets to be Disposed of | ' | ' | 5.6 | ' | ' | ' | ' |
Lease Exit Costs | ' | ' | 0.8 | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | ' | ' | 3.8 | 4.3 | ' |
Restructuring and Related Cost, Expected Cost, Period to be Incurred | ' | ' | ' | '4 years | ' | ' | ' |
Restructuring Charges, Net of Tax | $8.10 | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Sales | $77.60 | $89 | $236.70 | $284.90 |
Income (loss) before income tax provision | ($7.10) | $6 | ($5.40) | $20.40 |
Discontinued_Operations_Schedu1
Discontinued Operations - Schedule of Assets and Liabilities (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Accounts receivable, net of allowances for doubtful accounts | $47.50 |
Inventories, net | 65 |
Prepaid expenses and other current assets | 2.9 |
Property, plant and equipment, net | 72.9 |
Cost in excess of net assets acquired | 11.2 |
Other long-term assets | 0.9 |
Total Assets | 200.4 |
Accounts payable | 20.6 |
Accrued liabilities | 13.1 |
Long-term liabilities | 3.3 |
Total Liabilities | 37 |
Net Assets | $163.40 |
Debt_Schedule_of_Debt_Details
Debt Schedule of Debt (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Total Debt | $1,962,100,000 | $1,480,100,000 |
Short-term debt and current portion of long-term debt | 419,900,000 | 17,100,000 |
Long-term debt | 1,542,200,000 | 1,463,000,000 |
Allegheny Technologies 5.875% Notes due 2023 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 500,000,000 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 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 4.25% Convertible Notes due 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 402,500,000 | 402,500,000 |
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 |
Debt Instrument, Interest Rate, Stated Percentage | 6.95% | ' |
ATI Ladish Series B 6.14% Notes due 2016 (a) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 18,400,000 | 24,800,000 |
Business Acquisition Purchase Price Allocation Notes Payable and L T Debt | 1,200,000 | 1,900,000 |
ATI Ladish Series C 6.41% Notes due 2015 (b) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 21,400,000 | 32,500,000 |
Business Acquisition Purchase Price Allocation Notes Payable and L T Debt | 1,400,000 | 2,500,000 |
Domestic Bank Group $400 million unsecured credit facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | ' |
Long-term Debt, Gross | 0 | 0 |
Foreign credit facilities | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 14,300,000 | 14,200,000 |
Industrial revenue bonds, due through 2020, and other | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 5,500,000 | 6,100,000 |
ATI Ladish Series B 6.14% Notes due 2016 (a) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuer | 'ATI Ladish | ' |
Debt Instrument, Maturity Date | 16-May-16 | 16-May-16 |
Debt Instrument, Interest Rate, Stated Percentage | 6.14% | 6.14% |
ATI Ladish Series C 6.41% Notes due 2015 (b) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuer | 'ATI Ladish | ' |
Debt Instrument, Maturity Date | 2-Sep-15 | 2-Sep-15 |
Debt Instrument, Interest Rate, Stated Percentage | 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 |
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | 5.95% |
Allegheny Technologies 4.25% Convertible Notes due 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuer | 'Allegheny Technologies | ' |
Debt Instrument, Maturity Date | 1-Jun-14 | 1-Jun-14 |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% |
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 |
Debt Instrument, Interest Rate, Stated Percentage | ' | 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 |
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | 9.38% |
Domestic Bank Group $400 million unsecured credit facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $400,000,000 |
Debt_Narrative_Details
Debt Narrative (Details) | Sep. 30, 2013 | Jul. 12, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Allegheny Technologies 5.875% Notes due 2023 | Allegheny Technologies 5.875% Notes due 2023 | Allegheny Technologies 5.875% Notes due 2023 | Domestic Bank Group $400 million unsecured credit facility | Domestic Bank Group $400 million unsecured credit facility | Seperateletter of Credit Facility | STAL Revolving Credit Facility | STAL Revolving Credit Facility | STAL Precision Stainless Steel Company Limited | STAL Revolving Credit Facility | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 400,000,000 | ' | ' | 33,000,000 | 205,000,000 | ' | ' |
Line of Credit Facility, Borrowing Capacity Increase Limit | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Maximum Leverage Ratio, Period One | ' | ' | ' | 4.5 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Maximum Leverage Ratio, Period Two | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Maximum Leverage Ratio, Period Three | ' | ' | ' | 3.75 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Maximum Leverage Ratio, Period Four | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Maximum Interest Coverage Ratio, Period One | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Maximum Interest Coverage Ratio, Period Two | ' | ' | ' | 1.75 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Maximum Interest Coverage Ratio, Period Three | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Leverage Ratio | ' | ' | ' | 4.18 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Interest Coverage Ratio | ' | ' | ' | 2.71 | ' | ' | ' | ' | ' | ' |
Amount of Cash on Hand Used to Reduce the Indebtness Figure used in the Leverage Ratio Calculation | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 500,000,000 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | 4,000,000 | ' | ' | 0 | ' | ' | ' |
Sublimit for letters of credit | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | $32,000,000 | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-14 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | $2.60 | ' | $3.40 | ' |
Notional Amount of Derivatives, by Category of Derivative [Abstract] | ' | ' | ' | ' |
Percentage of estimated annual nickel requirements | ' | ' | 7.00% | ' |
Percentage of forecasted natural gas usage hedged for 2013 | ' | ' | 80.00% | ' |
Percentage Of Forecasted Natural Gas Usage Hedged for 2014 | ' | ' | 75.00% | ' |
Percentage Of Forecasted Natural Gas Usage Hedged for 2015 | ' | ' | 30.00% | ' |
Percentage of on-peak and off-peak electricity hedged | ' | ' | 10.00% | ' |
Percentage of forecasted international sales hedged | ' | ' | 10.00% | ' |
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract] | ' | ' | ' | ' |
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months | ' | ' | -9.4 | ' |
Other Comprehensive Income | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | -11.1 | 4.8 | -12.9 | 3.4 |
Cost Of Sales | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | -2.6 | -0.3 | -3.4 | -2.1 |
Selling And Administrative Expenses | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | 0 | 0 | 0 | 0 |
Nickel and other raw material contracts | Other Comprehensive Income | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | 0.2 | 4.8 | -8.6 | 0.1 |
Nickel and other raw material contracts | Cost Of Sales | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | -1.3 | -1.5 | -2.3 | -2.3 |
Nickel and other raw material contracts | Selling And Administrative Expenses | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | 0 | 0 | 0 | 0 |
Natural gas contracts | Other Comprehensive Income | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | 0.1 | 1.2 | -0.2 | -2.1 |
Natural gas contracts | Cost Of Sales | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | -0.6 | -1.8 | -1.5 | -6.8 |
Natural gas contracts | Selling And Administrative Expenses | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | 0 | 0 | 0 | 0 |
Electricity contracts | Other Comprehensive Income | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | -0.1 | 0.2 | -0.1 | -0.9 |
Electricity contracts | Cost Of Sales | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | 0 | -0.5 | -0.2 | -1.6 |
Electricity contracts | Selling And Administrative Expenses | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | 0 | 0 | 0 | 0 |
Foreign exchange contracts | Other Comprehensive Income | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | -11.3 | -1.4 | -4 | 6.3 |
Foreign exchange contracts | Cost Of Sales | Derivatives not designated as hedging instruments: | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Income Net | -0.7 | -1.9 | -0.3 | -2 |
Foreign exchange contracts | Cost Of Sales | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Reclassified From Accumulated OCI Into Income Effective Portion Net | -0.7 | 3.5 | 0.6 | 8.6 |
Foreign exchange contracts | Selling And Administrative Expenses | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net | $0 | $0 | $0 | $0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging (Details2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | $1 | $6.20 |
Derivative Fair Value Of Derivative Liability | 22.4 | 11.8 |
Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 1 | 5.8 |
Derivative Fair Value Of Derivative Liability | 20.8 | 10.2 |
Derivatives not designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0 | 0.4 |
Derivative Fair Value Of Derivative Liability | 1.6 | 1.6 |
Prepaid expenses and other current assets | Nickel and other raw material contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0 | 0.6 |
Prepaid expenses and other current assets | Natural gas contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0.4 | 0.4 |
Prepaid expenses and other current assets | Electricity contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0 | 0 |
Prepaid expenses and other current assets | Foreign exchange contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0.3 | 2.9 |
Prepaid expenses and other current assets | Foreign exchange contracts | Derivatives not designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0 | 0.4 |
Other assets | Nickel and other raw material contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0.1 | 0.3 |
Other assets | Natural gas contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0.2 | 0.7 |
Other assets | Electricity contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0 | 0 |
Other assets | Foreign exchange contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0 | 0.9 |
Accrued liabilities | Nickel and other raw material contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 9.3 | 1.1 |
Accrued liabilities | Natural gas contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 2.2 | 4.4 |
Accrued liabilities | Electricity contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 0.4 | 0.3 |
Accrued liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 4 | 1.7 |
Accrued liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 1.6 | 1.6 |
Other long-term liabilities | Nickel and other raw material contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 1.5 | 0.3 |
Other long-term liabilities | Natural gas contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 0.3 | 0.6 |
Other long-term liabilities | Electricity contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 0.1 | 0.4 |
Other long-term liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments: | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | $3 | $1.40 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
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 | $535.70 | $304.60 |
Derivative financial instruments, Assets | 1 | 6.2 |
Derivative Financial Instruments, liabilities | 22.4 | 11.8 |
Debt | 1,962.10 | 1,480.10 |
Estimate Of Fair Value Fair Value Disclosure | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 535.7 | 304.6 |
Derivative financial instruments, Assets | 1 | 6.2 |
Derivative Financial Instruments, liabilities | 22.4 | 11.8 |
Debt | 2,102.10 | 1,703.20 |
Fair Value Inputs Level 1 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 535.7 | 304.6 |
Derivative financial instruments, Assets | 0 | 0 |
Derivative Financial Instruments, liabilities | 0 | 0 |
Debt | 2,042.40 | 1,625.60 |
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 | 1 | 6.2 |
Derivative Financial Instruments, liabilities | 22.4 | 11.8 |
Debt | $59.70 | $77.60 |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefits (Details1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost - benefits earned during the year | $10 | $8.80 | $30 | $26.30 |
Interest cost on benefits earned in prior years | 30.3 | 33.1 | 90.9 | 99.3 |
Expected return on plan assets | -43.8 | -45.4 | -131.4 | -136.1 |
Amortization of prior service cost (credit) | 0.8 | 1.6 | 2.3 | 4.8 |
Amortization of net actuarial loss | 29.2 | 26.3 | 87.6 | 78.9 |
Total retirement benefit expense | 26.5 | 24.4 | 79.4 | 73.2 |
Other Postretirement Benefit Plans Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost - benefits earned during the year | 0.8 | 0.8 | 2.4 | 2.4 |
Interest cost on benefits earned in prior years | 5.6 | 6.5 | 16.8 | 19.5 |
Expected return on plan assets | -0.1 | -0.2 | -0.3 | -0.6 |
Amortization of prior service cost (credit) | -4.6 | -4.5 | -13.7 | -13.6 |
Amortization of net actuarial loss | 4.3 | 3.6 | 12.9 | 10.9 |
Total retirement benefit expense | $6 | $6.20 | $18.10 | $18.60 |
Pension_Plans_and_Other_Postre3
Pension Plans and Other Postretirement Benefits - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Pension and Other Postemployment Benefits [Abstract] | ' | ' |
Defined Contribution Plan, Cost Recognized | $2 | $2 |
Income_Taxes_Quarterly_Disclos
Income Taxes - Quarterly Disclosure (Details9) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Expense (Benefit) [Abstract] | ' | ' | ' | ' |
Income tax (provision) benefit | $8.50 | ($14.80) | $4.40 | ($66.60) |
Effective Income Tax Rate Continuing Operations | 24.10% | 30.80% | 31.40% | 32.10% |
Income Tax Reconciliation Other Adjustments | ' | ' | ($6.70) | ($4.20) |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total sales: | $996.80 | $1,164.90 | $3,205.70 | $3,750.50 |
Intersegment sales: | 24.4 | 33.4 | 77.5 | 105 |
Sales to external customers: | 972.4 | 1,131.50 | 3,128.20 | 3,645.50 |
Operating profit (loss): | 27.6 | 113.5 | 175.3 | 422.2 |
Corporate expenses | -8.1 | -14.9 | -32.3 | -52.4 |
Interest expense, net | -18.2 | -17.2 | -46.5 | -55.7 |
Closed company and other expenses | -2.1 | -2.7 | -11 | -14.8 |
Retirement benefit expense | -34.5 | -30.6 | -99.5 | -91.8 |
Income (loss) before income taxes | -35.3 | 48.1 | -14 | 207.5 |
Interest Costs Capitalized | 12.7 | 6.6 | ' | ' |
High Performance Metals | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total sales: | 481.2 | 591.8 | 1,561.70 | 1,858 |
Intersegment sales: | 17.3 | 21.2 | 53.6 | 69.1 |
Sales to external customers: | 463.9 | 570.6 | 1,508.10 | 1,788.90 |
Operating profit (loss): | 48 | 87.4 | 192 | 303.8 |
Flat-Rolled Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total sales: | 515.6 | 573.1 | 1,644 | 1,892.50 |
Intersegment sales: | 7.1 | 12.2 | 23.9 | 35.9 |
Sales to external customers: | 508.5 | 560.9 | 1,620.10 | 1,856.60 |
Operating profit (loss): | ($20.40) | $26.10 | ($16.70) | $118.40 |
Per_Share_Information_Details
Per Share Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 10,000,000 | 0 | 10,000,000 | 0 |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to ATI | ($28.40) | $31.30 | ($15) | $134.50 |
4.25% Convertible Notes due 2014 | 0 | 2.1 | 0 | 6.5 |
Income (loss) from continuing operations available to ATI after assumed conversions | ($28.40) | $33.40 | ($15) | $141 |
Denominator for basic net income per common share-weighted average shares | 106,800,000 | 106,200,000 | 106,700,000 | 106,100,000 |
Share-based compensation | 0 | 900,000 | 0 | 900,000 |
4.25% Convertible Notes due 2014 | 0 | 9,600,000 | 0 | 9,600,000 |
Denominator for diluted net income per common share – adjusted weighted average shares assuming conversions | 106,800,000 | 116,700,000 | 106,700,000 | 116,600,000 |
Basic income (loss) from continuing operations attributable to ATI per common share (in dollars per share) | ($0.27) | $0.30 | ($0.14) | $1.27 |
Diluted income (loss) from continuing operations attributable to ATI per common share (in dollars per share) | ($0.27) | $0.29 | ($0.14) | $1.21 |
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 $) | Sep. 30, 2013 | Dec. 31, 2012 |
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 $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $535.70 | $304.60 | $281 | $380.60 |
Accounts receivable, net | 576.9 | 613.3 | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' |
Inventories, net | 1,344.90 | 1,536.60 | ' | ' |
Prepaid expenses and other current assets | 120.6 | 56.1 | ' | ' |
Current assets of discontinued operations | 115.4 | 0 | ' | ' |
Total current assets | 2,693.50 | 2,510.60 | ' | ' |
Property, plant and equipment, net | 2,744.70 | 2,559.90 | ' | ' |
Cost in excess of net assets acquired | 728.1 | 740.1 | ' | ' |
Deferred income taxes | 0 | 71.5 | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 348 | 365.7 | ' | ' |
Non-current assets of discontinued operations | 85 | 0 | ' | ' |
Total assets | 6,599.30 | 6,247.80 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 401.9 | 499.9 | ' | ' |
Accrued liabilities | 304.9 | 330.5 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Deferred income taxes | 8.2 | 24 | ' | ' |
Short-term debt and current portion of long-term debt | 419.9 | 17.1 | ' | ' |
Current liabilities of discontinued operations | 33.7 | 0 | ' | ' |
Total current liabilities | 1,168.60 | 871.5 | ' | ' |
Long-term debt | 1,542.20 | 1,463 | ' | ' |
Intercompany notes payable | 0 | ' | ' | ' |
Accrued postretirement benefits | 475 | 495.2 | ' | ' |
Pension liabilities | 702.4 | 721.1 | ' | ' |
Deferred income taxes | 52.1 | 0 | ' | ' |
Other long-term liabilities | 94.9 | 109.9 | ' | ' |
Total liabilities | 4,035.20 | 3,660.70 | ' | ' |
Total stockholders’ equity | 2,564.10 | 2,587.10 | 2,744.90 | 2,571.60 |
Total Liabilities and Equity | 6,599.30 | 6,247.80 | ' | ' |
Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 2.6 | 5.5 | ' | ' |
Accounts receivable, net | 3.4 | 0.4 | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 82.9 | 1.1 | ' | ' |
Current assets of discontinued operations | 0 | ' | ' | ' |
Total current assets | 88.9 | 7 | ' | ' |
Property, plant and equipment, net | 3.2 | 3.9 | ' | ' |
Cost in excess of net assets acquired | 0 | 0 | ' | ' |
Deferred income taxes | ' | 71.5 | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' |
Investment in subsidiaries | 5,605.50 | 5,545.40 | ' | ' |
Other assets | 39.5 | 50.5 | ' | ' |
Non-current assets of discontinued operations | 0 | ' | ' | ' |
Total assets | 5,737.10 | 5,678.30 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 4.6 | 5.3 | ' | ' |
Accrued liabilities | 46.9 | 64 | ' | ' |
Intercompany notes payable | 664.5 | 1,073.40 | ' | ' |
Deferred income taxes | 8.2 | 24 | ' | ' |
Short-term debt and current portion of long-term debt | 402.9 | 0.3 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | ' | ' |
Total current liabilities | 1,127.10 | 1,167 | ' | ' |
Long-term debt | 1,350.90 | 1,253.40 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Accrued postretirement benefits | 0 | 0 | ' | ' |
Pension liabilities | 638.1 | 651.7 | ' | ' |
Deferred income taxes | 52.1 | ' | ' | ' |
Other long-term liabilities | 4.8 | 19.1 | ' | ' |
Total liabilities | 3,173 | 3,091.20 | ' | ' |
Total stockholders’ equity | 2,564.10 | 2,587.10 | ' | ' |
Total Liabilities and Equity | 5,737.10 | 5,678.30 | ' | ' |
Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 7.3 | 13.1 | ' | ' |
Accounts receivable, net | 187.5 | 190.1 | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' |
Inventories, net | 267.1 | 311.1 | ' | ' |
Prepaid expenses and other current assets | 9.3 | 10.2 | ' | ' |
Current assets of discontinued operations | 0 | ' | ' | ' |
Total current assets | 471.2 | 524.5 | ' | ' |
Property, plant and equipment, net | 1,211.80 | 882.2 | ' | ' |
Cost in excess of net assets acquired | 112.1 | 112.1 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' |
Investment in subsidiaries | 37.7 | 33.7 | ' | ' |
Other assets | 31.3 | 35.5 | ' | ' |
Non-current assets of discontinued operations | 0 | ' | ' | ' |
Total assets | 1,864.10 | 1,588 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 230.8 | 262.6 | ' | ' |
Accrued liabilities | 57 | 62.2 | ' | ' |
Intercompany notes payable | 596.9 | 216.5 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | 0.1 | 0.1 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | ' | ' |
Total current liabilities | 884.8 | 541.4 | ' | ' |
Long-term debt | 150.5 | 150.5 | ' | ' |
Intercompany notes payable | 200 | 200.1 | ' | ' |
Accrued postretirement benefits | 183.1 | 198.2 | ' | ' |
Pension liabilities | 4.7 | 5.1 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other long-term liabilities | 19.3 | 20.8 | ' | ' |
Total liabilities | 1,442.40 | 1,116.10 | ' | ' |
Total stockholders’ equity | 421.7 | 471.9 | ' | ' |
Total Liabilities and Equity | 1,864.10 | 1,588 | ' | ' |
NonGuarantor Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 525.8 | 286 | ' | ' |
Accounts receivable, net | 386 | 422.8 | ' | ' |
Intercompany notes receivable | 1,261.40 | 1,289.90 | ' | ' |
Inventories, net | 1,077.80 | 1,225.50 | ' | ' |
Prepaid expenses and other current assets | 28.4 | 44.8 | ' | ' |
Current assets of discontinued operations | 115.4 | ' | ' | ' |
Total current assets | 3,394.80 | 3,269 | ' | ' |
Property, plant and equipment, net | 1,529.70 | 1,673.80 | ' | ' |
Cost in excess of net assets acquired | 616 | 628 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Intercompany notes receivable | 200 | 200.1 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 277.2 | 279.7 | ' | ' |
Non-current assets of discontinued operations | 85 | ' | ' | ' |
Total assets | 6,102.70 | 6,050.60 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 166.5 | 232 | ' | ' |
Accrued liabilities | 201 | 204.3 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | 16.9 | 16.7 | ' | ' |
Current liabilities of discontinued operations | 33.7 | ' | ' | ' |
Total current liabilities | 418.1 | 453 | ' | ' |
Long-term debt | 40.8 | 59.1 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Accrued postretirement benefits | 291.9 | 297 | ' | ' |
Pension liabilities | 59.6 | 64.3 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other long-term liabilities | 70.8 | 70 | ' | ' |
Total liabilities | 881.2 | 943.4 | ' | ' |
Total stockholders’ equity | 5,221.50 | 5,107.20 | ' | ' |
Total Liabilities and Equity | 6,102.70 | 6,050.60 | ' | ' |
Consolidation Eliminations | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Accounts receivable, net | ' | 0 | ' | ' |
Intercompany notes receivable | -1,261.40 | -1,289.90 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Current assets of discontinued operations | 0 | ' | ' | ' |
Total current assets | -1,261.40 | -1,289.90 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Cost in excess of net assets acquired | 0 | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Intercompany notes receivable | -200 | -200.1 | ' | ' |
Investment in subsidiaries | -5,643.20 | -5,579.10 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Non-current assets of discontinued operations | 0 | ' | ' | ' |
Total assets | -7,104.60 | -7,069.10 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Intercompany notes payable | -1,261.40 | -1,289.90 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | ' | ' |
Total current liabilities | -1,261.40 | -1,289.90 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Intercompany notes payable | -200 | -200.1 | ' | ' |
Accrued postretirement benefits | 0 | 0 | ' | ' |
Pension liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | -1,461.40 | -1,490 | ' | ' |
Total stockholders’ equity | -5,643.20 | -5,579.10 | ' | ' |
Total Liabilities and Equity | ($7,104.60) | ($7,069.10) | ' | ' |
Financial_Information_for_Subs4
Financial Information for Subsidiary and Guarantor Parent (I.S.) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | $972.40 | $1,131.50 | $3,128.20 | $3,645.50 |
Cost of sales | 919.3 | 988.8 | 2,886.90 | 3,139.60 |
Selling and administrative expenses | 70.6 | 77.6 | 210.1 | 243.3 |
Income (loss) before interest, other income and income taxes | -17.5 | 65.1 | 31.2 | 262.6 |
Interest expense, net | -18.2 | -17.2 | -46.5 | -55.7 |
Other income (loss) including equity in income of unconsolidated subsidiaries | 0.4 | 0.2 | 1.3 | 0.6 |
Income (loss) before income taxes | -35.3 | 48.1 | -14 | 207.5 |
Income tax provision (benefit) | -8.5 | 14.8 | -4.4 | 66.6 |
Income (loss) from continuing operations | -26.8 | 33.3 | -9.6 | 140.9 |
Income (loss)from discontinued operations, net of tax | -5.4 | 4 | -4.4 | 13.4 |
Net income (loss) | -32.2 | 37.3 | -14 | 154.3 |
Less: Net income (loss) attributable to noncontrolling interests | 1.6 | 2 | 5.4 | 6.4 |
Net income (loss) attributable to ATI | -33.8 | 35.3 | -19.4 | 147.9 |
Comprehensive income (loss) attributable to ATI | -11.6 | 71.8 | 27.4 | 213.6 |
Parent Company | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | 0 | 0 | 0 | 0 |
Cost of sales | 19.4 | 15.1 | 55.5 | 41.8 |
Selling and administrative expenses | 35.4 | 33.7 | 88.9 | 109.1 |
Income (loss) before interest, other income and income taxes | -54.8 | -48.8 | -144.4 | -150.9 |
Interest expense, net | -17.3 | -14.7 | -45.5 | -47.3 |
Other income (loss) including equity in income of unconsolidated subsidiaries | 36.8 | 111.6 | 175.9 | 405.7 |
Income (loss) before income taxes | -35.3 | 48.1 | -14 | 207.5 |
Income tax provision (benefit) | -8.5 | 14.8 | -4.4 | 66.6 |
Income (loss) from continuing operations | -26.8 | 33.3 | -9.6 | 140.9 |
Income (loss)from discontinued operations, net of tax | -5.4 | 4 | -4.4 | 13.4 |
Net income (loss) | -32.2 | 37.3 | -14 | 154.3 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to ATI | -32.2 | 37.3 | -14 | 154.3 |
Comprehensive income (loss) attributable to ATI | -9.9 | 74.4 | 35.3 | 220 |
Subsidiaries | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | 422.3 | 483.6 | 1,375.20 | 1,614.20 |
Cost of sales | 424.3 | 453.8 | 1,359.50 | 1,488.70 |
Selling and administrative expenses | 7.4 | 10.8 | 27.3 | 33.2 |
Income (loss) before interest, other income and income taxes | -9.4 | 19 | -11.6 | 92.3 |
Interest expense, net | -9.7 | -2.7 | -27 | -7.9 |
Other income (loss) including equity in income of unconsolidated subsidiaries | 0.1 | -5.2 | 0.6 | -16.1 |
Income (loss) before income taxes | -19 | 11.1 | -38 | 68.3 |
Income tax provision (benefit) | -6.6 | 4.6 | -9.8 | 26.9 |
Income (loss) from continuing operations | -12.4 | 6.5 | -28.2 | 41.4 |
Income (loss)from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income (loss) | -12.4 | 6.5 | -28.2 | 41.4 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to ATI | -12.4 | 6.5 | -28.2 | 41.4 |
Comprehensive income (loss) attributable to ATI | -12.2 | 6.3 | -27.8 | 40.6 |
NonGuarantor Subsidiaries | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | 550.1 | 647.9 | 1,753 | 2,031.30 |
Cost of sales | 475.6 | 519.9 | 1,471.90 | 1,609.10 |
Selling and administrative expenses | 27.8 | 33.1 | 93.9 | 101 |
Income (loss) before interest, other income and income taxes | 46.7 | 94.9 | 187.2 | 321.2 |
Interest expense, net | 8.8 | 0.2 | 26 | -0.5 |
Other income (loss) including equity in income of unconsolidated subsidiaries | 0.3 | 7.8 | 0.8 | 24.2 |
Income (loss) before income taxes | 55.8 | 102.9 | 214 | 344.9 |
Income tax provision (benefit) | 22.4 | 33.3 | 76.6 | 116.9 |
Income (loss) from continuing operations | 33.4 | 69.6 | 137.4 | 228 |
Income (loss)from discontinued operations, net of tax | -2.5 | 4.6 | -0.2 | 16.1 |
Net income (loss) | 30.9 | 74.2 | 137.2 | 244.1 |
Less: Net income (loss) attributable to noncontrolling interests | 1.6 | 2 | 5.4 | 6.4 |
Net income (loss) attributable to ATI | 29.3 | 72.2 | 131.8 | 237.7 |
Comprehensive income (loss) attributable to ATI | 42 | 87.3 | 134.8 | 249.2 |
Consolidation Eliminations | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Income (loss) before interest, other income and income taxes | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other income (loss) including equity in income of unconsolidated subsidiaries | -36.8 | -114 | -176 | -413.2 |
Income (loss) before income taxes | -36.8 | -114 | -176 | -413.2 |
Income tax provision (benefit) | -15.8 | -37.9 | -66.8 | -143.8 |
Income (loss) from continuing operations | -21 | -76.1 | -109.2 | -269.4 |
Income (loss)from discontinued operations, net of tax | 2.5 | -4.6 | 0.2 | -16.1 |
Net income (loss) | -18.5 | -80.7 | -109 | -285.5 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to ATI | -18.5 | -80.7 | -109 | -285.5 |
Comprehensive income (loss) attributable to ATI | ($31.50) | ($96.20) | ($114.90) | ($296.20) |
Financial_Information_for_Subs5
Financial Information for Subsidiary and Guarantor Parent (Cash Flow) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Cash Flows | ' | ' |
Cash flows provided by (used in) operating activities | $227.40 | $245.80 |
Investing Activities: | ' | ' |
Purchases of property, plant and equipment | -395.5 | -245.6 |
Net receipts/(payments) on intercompany activity | 0 | 0 |
Asset disposals and other | 0.8 | 1.5 |
Cash used in investing activities | -394.7 | -244.1 |
Financing Activities: | ' | ' |
Borrowings on long-term debt | 500 | 0 |
Net receipts/(payments) on intercompany activity | 0 | 0 |
Dividends paid to stockholders | -57.7 | -57.3 |
Other | -43.9 | -44 |
Cash provided by (used in) financing activities | 398.4 | -101.3 |
Increase (decrease) in cash and cash equivalents | 231.1 | -99.6 |
Parent Company | ' | ' |
Statement of Cash Flows | ' | ' |
Cash flows provided by (used in) operating activities | -9.1 | -26.1 |
Investing Activities: | ' | ' |
Purchases of property, plant and equipment | -0.2 | -1 |
Net receipts/(payments) on intercompany activity | 0 | 0 |
Asset disposals and other | 0.1 | 0 |
Cash used in investing activities | -0.1 | -1 |
Financing Activities: | ' | ' |
Borrowings on long-term debt | 500 | ' |
Net receipts/(payments) on intercompany activity | -409 | 103.8 |
Dividends paid to stockholders | -57.7 | -57.3 |
Other | -27 | -17 |
Cash provided by (used in) financing activities | 6.3 | 29.5 |
Increase (decrease) in cash and cash equivalents | -2.9 | 2.4 |
Subsidiaries | ' | ' |
Statement of Cash Flows | ' | ' |
Cash flows provided by (used in) operating activities | -87.2 | 4.1 |
Investing Activities: | ' | ' |
Purchases of property, plant and equipment | -359.1 | -192.5 |
Net receipts/(payments) on intercompany activity | 0 | 0 |
Asset disposals and other | 0.1 | 0.2 |
Cash used in investing activities | -359 | -192.3 |
Financing Activities: | ' | ' |
Borrowings on long-term debt | 0 | ' |
Net receipts/(payments) on intercompany activity | 440.4 | 83.2 |
Dividends paid to stockholders | 0 | 0 |
Other | 0 | -0.1 |
Cash provided by (used in) financing activities | 440.4 | 83.1 |
Increase (decrease) in cash and cash equivalents | -5.8 | -105.1 |
NonGuarantor Subsidiaries | ' | ' |
Statement of Cash Flows | ' | ' |
Cash flows provided by (used in) operating activities | 348 | 267.8 |
Investing Activities: | ' | ' |
Purchases of property, plant and equipment | -36.2 | -52.1 |
Net receipts/(payments) on intercompany activity | -31.4 | -187 |
Asset disposals and other | 0.6 | 1.3 |
Cash used in investing activities | -67 | -237.8 |
Financing Activities: | ' | ' |
Borrowings on long-term debt | 0 | ' |
Net receipts/(payments) on intercompany activity | 0 | 0 |
Dividends paid to stockholders | -24.3 | 0 |
Other | -16.9 | -26.9 |
Cash provided by (used in) financing activities | -41.2 | -26.9 |
Increase (decrease) in cash and cash equivalents | 239.8 | 3.1 |
Consolidation Eliminations | ' | ' |
Statement of Cash Flows | ' | ' |
Cash flows provided by (used in) operating activities | -24.3 | 0 |
Investing Activities: | ' | ' |
Purchases of property, plant and equipment | 0 | 0 |
Net receipts/(payments) on intercompany activity | 31.4 | 187 |
Asset disposals and other | 0 | 0 |
Cash used in investing activities | 31.4 | 187 |
Financing Activities: | ' | ' |
Borrowings on long-term debt | 0 | ' |
Net receipts/(payments) on intercompany activity | -31.4 | -187 |
Dividends paid to stockholders | 24.3 | 0 |
Other | 0 | 0 |
Cash provided by (used in) financing activities | -7.1 | -187 |
Increase (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 $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | $2,693.50 | ' | $2,510.60 | ' |
Assets | 6,599.30 | ' | 6,247.80 | ' |
Current liabilities | 1,168.60 | ' | 871.5 | ' |
Liabilities | 4,035.20 | ' | 3,660.70 | ' |
Stockholders' equity | 2,564.10 | 2,744.90 | 2,587.10 | 2,571.60 |
Cash flows provided by (used in) operating activities | 227.4 | 245.8 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | -394.7 | -244.1 | ' | ' |
Cash provided by (used in) financing activities | 398.4 | -101.3 | ' | ' |
NonGuarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | 3,394.80 | ' | 3,269 | ' |
Assets | 6,102.70 | ' | 6,050.60 | ' |
Current liabilities | 418.1 | ' | 453 | ' |
Liabilities | 881.2 | ' | 943.4 | ' |
Stockholders' equity | 5,221.50 | ' | 5,107.20 | ' |
Cash flows provided by (used in) operating activities | 348 | 267.8 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | -67 | -237.8 | ' | ' |
Cash provided by (used in) financing activities | -41.2 | -26.9 | ' | ' |
Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | 471.2 | ' | 524.5 | ' |
Assets | 1,864.10 | ' | 1,588 | ' |
Current liabilities | 884.8 | ' | 541.4 | ' |
Liabilities | 1,442.40 | ' | 1,116.10 | ' |
Stockholders' equity | 421.7 | ' | 471.9 | ' |
Cash flows provided by (used in) operating activities | -87.2 | 4.1 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | -359 | -192.3 | ' | ' |
Cash provided by (used in) financing activities | 440.4 | 83.1 | ' | ' |
Parent Company | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | 88.9 | ' | 7 | ' |
Assets | 5,737.10 | ' | 5,678.30 | ' |
Current liabilities | 1,127.10 | ' | 1,167 | ' |
Liabilities | 3,173 | ' | 3,091.20 | ' |
Stockholders' equity | 2,564.10 | ' | 2,587.10 | ' |
Cash flows provided by (used in) operating activities | -9.1 | -26.1 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | -0.1 | -1 | ' | ' |
Cash provided by (used in) financing activities | 6.3 | 29.5 | ' | ' |
Consolidation Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | -1,261.40 | ' | -1,289.90 | ' |
Assets | -7,104.60 | ' | -7,069.10 | ' |
Current liabilities | -1,261.40 | ' | -1,289.90 | ' |
Liabilities | -1,461.40 | ' | -1,490 | ' |
Stockholders' equity | -5,643.20 | ' | -5,579.10 | ' |
Cash flows provided by (used in) operating activities | -24.3 | 0 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | 31.4 | 187 | ' | ' |
Cash provided by (used in) financing activities | -7.1 | -187 | ' | ' |
Restatement Adjustment | NonGuarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | ' | ' | 1,289.90 | ' |
Assets | ' | ' | 1,112.70 | ' |
Current liabilities | ' | ' | -196.8 | ' |
Liabilities | ' | ' | -196.8 | ' |
Stockholders' equity | ' | ' | 1,309.50 | ' |
Cash flows provided by (used in) operating activities | ' | -42.5 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | ' | -187 | ' | ' |
Cash provided by (used in) financing activities | ' | 229.5 | ' | ' |
Restatement Adjustment | Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | -141.1 | ' |
Current liabilities | ' | ' | -141.1 | ' |
Liabilities | ' | ' | -141.1 | ' |
Cash flows provided by (used in) operating activities | ' | 42.7 | ' | ' |
Cash provided by (used in) financing activities | ' | -42.7 | ' | ' |
Restatement Adjustment | Parent Company | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash flows provided by (used in) operating activities | ' | -4.4 | ' | ' |
Cash provided by (used in) financing activities | ' | 4.4 | ' | ' |
Restatement Adjustment | Consolidation Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash flows provided by (used in) operating activities | ' | 4.2 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | ' | 187 | ' | ' |
Cash provided by (used in) financing activities | ' | ($191.20) | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent [Abstract] | ' | ' | ' | ' |
Post-retirement benefit plans, Opening balance, Attributable to parent | ($993.50) | ' | ($1,030) | ' |
Post-retirement benefit plans, OCI before reclassifications, Attributable to parent | 0 | ' | 0 | ' |
Post-retirement benefit plans, Amounts reclassified from AOCI, Attributable to parent | 18.3 | 16.7 | 54.8 | 50 |
Post-retirement benefit plans, Net current-period OCI, Attributable to parent | 18.3 | ' | 54.8 | ' |
Post-retirement benefit plans, Closing balance, Attributable to parent | -975.2 | ' | -975.2 | ' |
Accumulated Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent [Abstract] | ' | ' | ' | ' |
Currency translation adjustment, Opening balance, Attributable to parent | -7.5 | ' | 3.4 | ' |
Currency translation adjustment, OCI before reclassification, Attributable to parent | 12.3 | ' | 1.4 | ' |
Currency translation adjustment, Amounts reclassified from AOCI, Attributable to parent | 0 | ' | 0 | ' |
Currency translation adjustment, Net current-period OCI, Attributable to parent | 12.3 | ' | 1.4 | ' |
Currency translation adjustment, Closing balance, Attributable to parent | 4.8 | ' | 4.8 | ' |
Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax Attributable to Parent [Abstract] | ' | ' | ' | ' |
Unrealized holding gains on securities, Opening Balance, Attributable to parent | -0.1 | ' | -0.1 | ' |
Unrealized holding gains on securities, OCI before reclassifications, Attributable to parent | 0.1 | ' | 0.1 | ' |
Unrealized holding gains on securities, Amounts reclassified from AOCI, Attributable to parent | 0 | ' | 0 | ' |
Unrealized holding gains on securities, Net current-period OCI, Attributable to parent | 0.1 | ' | 0.1 | ' |
Unrealized holding gains on securities, Closing Balance, Attributable to parent | 0 | ' | 0 | ' |
AOCI Derivative Financial Instruments Attributable to Parent [Abstract] | ' | ' | ' | ' |
Derivatives, Opening balance, Attributable to parent | -3.7 | ' | -2.7 | ' |
Derivatives, OCI before reclassifications, Attributable to parent | -11.1 | ' | -12.9 | ' |
Derivatives, Amounts reclassified from AOCI, Attributable to parent | 2.6 | ' | 3.4 | ' |
Derivatives, Net current-period OCI,, Attributable to parent | -8.5 | ' | -9.5 | ' |
Derivatives, Closing balance, Attributable to parent | -12.2 | ' | -12.2 | ' |
Accumulated Other Comprehensive Income Loss Attributable To ATI [Abstract] | ' | ' | ' | ' |
Total, Opening balance, Attributable to parent | -1,004.80 | ' | -1,029.40 | ' |
Total, OCI before reclassifications, Attributable to parent | 1.3 | ' | -11.4 | ' |
Total, Amounts reclassified from AOCI, Attributable to parent | 20.9 | ' | 58.2 | ' |
Total, Net current-period OCI, Attributable to parent | 22.2 | ' | 46.8 | ' |
Total, Closing balance, Attributable to parent | -982.6 | ' | -982.6 | ' |
Accumulated Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Post-retirement benefit plans, Opening balance, Attributable to noncontrolling interest | 0 | ' | 0 | ' |
Post-retirement benefit plans, OCI before reclassifications, Attributable to noncontrolling interest | 0 | ' | 0 | ' |
Post-retirement benefit plans, Amounts reclassified from AOCI, Attributable to noncontrolling interest | ' | ' | 0 | ' |
Post-retirement benefit plans, Net current-period OCI, Attributable to noncontrolling interest | 0 | ' | 0 | ' |
Post-retirement benefit plans, Closing balance, Attributable to noncontrolling interest | 0 | ' | 0 | ' |
Accumulated Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Currency translation adjustment, Opening balance, Attributable to noncontrolling interests | 26.1 | ' | 23.7 | ' |
Currency translation adjustment, OCI before reclassifications, Attributable to noncontrolling interests | 0.1 | ' | 2.5 | ' |
Currency translation adjustment, Amounts reclassified from AOCI, Attributable to noncontrolling interest | ' | ' | 0 | ' |
Foreign Currency adjustment, Net current-period OCI, Attributable to noncontrolling interests | 0.1 | ' | 2.5 | ' |
Currency translation adjustment, Closing balance, Attributable to noncontrolling interests | 26.2 | ' | 26.2 | ' |
Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Unrealized holding gains on securities, Opening balance, Attributable to noncontrolling interests | 0 | ' | 0 | ' |
Unrealized holding gains on securities, OCI before reclassifications, Attributable to noncontrolling interests | 0 | ' | 0 | ' |
Unrealized holding gains on securities, Amounts reclassified from AOCI, Attributable to noncontrolling interest | ' | ' | 0 | ' |
Unrealized holding gains on securities, Net current-period OCI, Attributable to noncontrolling interests | 0 | ' | 0 | ' |
Unrealized holding gains on securities, Closing balance, Attributable to noncontrolling interests | 0 | ' | 0 | ' |
AOCI Derivative Financial Instruments Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Derivatives, Opening balance, Attributable to noncontrolling interests | 0 | ' | 0 | ' |
Derivatives, OCI before reclassifications, Attributable to noncontrolling interests | 0 | ' | 0 | ' |
Derivatives, Amounts reclassified from AOCI, Attributable to Noncontrolling Interest | ' | ' | 0 | ' |
Derivatives, OCI before reclassifications, Attributable to noncontrolling interests | 0 | ' | 0 | ' |
Derivatives, Closing balance, Attributable to noncontrolling interests | 0 | ' | 0 | ' |
Accumulated Other Comprehensive Income Loss Attributable To Noncontrolling interest [Roll Forward] | ' | ' | ' | ' |
Total, Opening balance, Attributable to Noncontrolling Interest | 26.1 | ' | 23.7 | ' |
Total, OCI before reclassifications, Attributable to noncontrolling interest | 0.1 | ' | 2.5 | ' |
Total, Amounts reclassified from AOCI, Attributable To Noncontrolling Interest | ' | ' | 0 | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0.1 | ' | 2.5 | ' |
Total, Closing balance, Attributable to Noncontrolling Interest | $26.20 | ' | $26.20 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Amount reclassified from AOCI, Derivatives | ($4.30) | ($0.60) | ($5.50) | ($3.50) |
Amount reclassified from AOCI, Derivatives, Tax provision (benefit) | -1.7 | ' | -2.1 | ' |
Amount reclassified from AOCI, Derivatives, Net of tax | -2.6 | ' | -3.4 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax [Abstract] | ' | ' | ' | ' |
Amount reclassified from AOCI, Postretirement benefit plans, Prior service (cost) credit | 3.8 | 2.9 | 11.4 | 8.8 |
Amount reclassified from AOCI, Postretirement benefit plans, Actuarial costs | -33.5 | -29.9 | -100.5 | -89.8 |
Amount reclassified from AOCI, Postretirement benefit plans, Total before tax | -29.7 | ' | -89.1 | ' |
Amount reclassified from AOCI, Postretirement benefit plans, Tax provision (benefit) | -11.4 | -10.3 | -34.3 | -31 |
Amount reclassified from AOCI, Postretirement benefit plans, Net of tax | -18.3 | -16.7 | -54.8 | -50 |
Nickel and other raw material contracts | ' | ' | ' | ' |
Amount reclassified from AOCI, Derivatives | -2.3 | ' | -3.8 | ' |
Natural gas contracts | ' | ' | ' | ' |
Amount reclassified from AOCI, Derivatives | -0.9 | ' | -2.4 | ' |
Electricity contracts | ' | ' | ' | ' |
Amount reclassified from AOCI, Derivatives | 0 | ' | -0.3 | ' |
Foreign exchange contracts | ' | ' | ' | ' |
Amount reclassified from AOCI, Derivatives | ($1.10) | ' | $1 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Components of Environmental Loss Accrual [Abstract] | ' |
Accrual For Environmental Loss Contingencies | $15 |
Accrued Environmental Loss Contingencies Current | 9 |
Federal Superfund and comparable state-managed sites | 5 |
Formerly owned or operated sites | 7 |
Owned or controlled sites at which Company operations have been discontinued | 2 |
Sites utilized by the company in its ongoing operations | 1 |
Loss Contingency, Estimate [Abstract] | ' |
Loss contingency maximum possible loss | 8 |
Tungsten Materials Business | ' |
Loss Contingency, Estimate [Abstract] | ' |
Conditional asset retirement obligation costs, Idenmity Maximum | 13 |
Conditional asset retirement obligation costs, Unreserved portion of Maximum | $9.50 |