| Schedule of condensed consolidating balance sheets |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Balance Sheets December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Guarantor Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated | Assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 3.6 |
| | $ | 13.5 |
| | $ | 1,009.7 |
| | $ | — |
| | $ | 1,026.8 |
| Accounts receivable, net | | 0.3 |
| | 179.4 |
| | 348.5 |
| | — |
| | 528.2 |
| Intercompany notes receivable | | — |
| | — |
| | 1,589.4 |
| | (1,589.4 | ) | | — |
| Inventories, net | | — |
| | 295.5 |
| | 1,026.6 |
| | — |
| | 1,322.1 |
| Prepaid expenses and other current assets | | 26.2 |
| | 6.5 |
| | 34.9 |
| | — |
| | 67.6 |
| Current assets from discontinued operations | | — |
| | — |
| | 6.1 |
| | — |
| | 6.1 |
| Total current assets | | 30.1 |
| | 494.9 |
| | 4,015.2 |
| | (1,589.4 | ) | | 2,950.8 |
| Property, plant and equipment, net | | 2.9 |
| | 1,397.5 |
| | 1,473.7 |
| | — |
| | 2,874.1 |
| Cost in excess of net assets acquired | | — |
| | 112.1 |
| | 615.8 |
| | — |
| | 727.9 |
| Intercompany notes receivable | | — |
| | — |
| | 200.0 |
| | (200.0 | ) | | — |
| Investments in subsidiaries | | 6,170.8 |
| | 37.7 |
| | — |
| | (6,208.5 | ) | | — |
| Other assets | | 35.7 |
| | 32.0 |
| | 274.3 |
| | — |
| | 342.0 |
| Non-current assets of discontinued operations | | — |
| | — |
| | 3.7 |
| | — |
| | 3.7 |
| Total assets | | $ | 6,239.5 |
| | $ | 2,074.2 |
| | $ | 6,582.7 |
| | $ | (7,997.9 | ) | | $ | 6,898.5 |
| Liabilities and stockholders’ equity: | | | | | | | | | | | Accounts payable | | $ | 3.1 |
| | $ | 310.5 |
| | $ | 158.2 |
| | $ | — |
| | $ | 471.8 |
| Accrued liabilities | | 51.6 |
| | 56.6 |
| | 202.7 |
| | — |
| | 310.9 |
| Intercompany notes payable | | 825.6 |
| | 763.8 |
| | — |
| | (1,589.4 | ) | | — |
| Deferred income taxes | | 3.5 |
| | — |
| | — |
| | — |
| | 3.5 |
| Short-term debt and current portion of long-term debt | | 402.9 |
| | 0.1 |
| | 16.9 |
| | — |
| | 419.9 |
| Current liabilities of discontinued operations | | — |
| | — |
| | 4.9 |
| | | | 4.9 |
| Total current liabilities | | 1,286.7 |
| | 1,131.0 |
| | 382.7 |
| | (1,589.4 | ) | | 1,211.0 |
| Long-term debt | | 1,350.8 |
| | 150.4 |
| | 26.2 |
| | — |
| | 1,527.4 |
| Intercompany notes payable | | — |
| | 200.0 |
| | — |
| | (200.0 | ) | | — |
| Accrued postretirement benefits | | — |
| | 179.7 |
| | 262.7 |
| | — |
| | 442.4 |
| Pension liabilities | | 323.0 |
| | 5.6 |
| | 39.6 |
| | — |
| | 368.2 |
| Deferred income taxes | | 206.6 |
| | — |
| | — |
| | — |
| | 206.6 |
| Other long-term liabilities | | 77.7 |
| | 20.2 |
| | 50.3 |
| | — |
| | 148.2 |
| Total liabilities | | 3,244.8 |
| | 1,686.9 |
| | 761.5 |
| | (1,789.4 | ) | | 3,903.8 |
| Total stockholders’ equity | | 2,994.7 |
| | 387.3 |
| | 5,821.2 |
| | (6,208.5 | ) | | 2,994.7 |
| Total liabilities and stockholders’ equity | | $ | 6,239.5 |
| | $ | 2,074.2 |
| | $ | 6,582.7 |
| | $ | (7,997.9 | ) | | $ | 6,898.5 |
|
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Balance Sheets December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Guarantor Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated | Assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 5.5 |
| | $ | 13.1 |
| | $ | 286.0 |
| | $ | — |
| | $ | 304.6 |
| Accounts receivable, net | | 0.4 |
| | 190.1 |
| | 422.8 |
| | — |
| | 613.3 |
| Intercompany notes receivable | | — |
| | — |
| | 1,289.9 |
| | (1,289.9 | ) | | — |
| Inventories, net | | — |
| | 311.1 |
| | 1,225.5 |
| | — |
| | 1,536.6 |
| Prepaid expenses and other current assets | | 1.1 |
| | 10.2 |
| | 44.8 |
| | — |
| | 56.1 |
| Total current assets | | 7.0 |
| | 524.5 |
| | 3,269.0 |
| | (1,289.9 | ) | | 2,510.6 |
| Property, plant and equipment, net | | 3.9 |
| | 882.2 |
| | 1,673.8 |
| | — |
| | 2,559.9 |
| Cost in excess of net assets acquired | | — |
| | 112.1 |
| | 628.0 |
| | — |
| | 740.1 |
| Deferred income taxes | | 71.5 |
| | — |
| | — |
| | — |
| | 71.5 |
| Intercompany notes receivable | | — |
| | — |
| | 200.1 |
| | (200.1 | ) | | — |
| Investments in subsidiaries | | 5,545.4 |
| | 33.7 |
| | — |
| | (5,579.1 | ) | | — |
| Other assets | | 50.5 |
| | 35.5 |
| | 279.7 |
| | — |
| | 365.7 |
| Total assets | | $ | 5,678.3 |
| | $ | 1,588.0 |
| | $ | 6,050.6 |
| | $ | (7,069.1 | ) | | $ | 6,247.8 |
| Liabilities and stockholders’ equity: | | | | | | | | | | | Accounts payable | | $ | 5.3 |
| | $ | 262.6 |
| | $ | 232.0 |
| | $ | — |
| | $ | 499.9 |
| Accrued liabilities | | 64.0 |
| | 62.2 |
| | 204.3 |
| | — |
| | 330.5 |
| Intercompany notes payable | | 1,073.4 |
| | 216.5 |
| | — |
| | (1,289.9 | ) | | — |
| Deferred income taxes | | 24.0 |
| | — |
| | — |
| | — |
| | 24.0 |
| Short-term debt and current portion of long-term debt | | 0.3 |
| | 0.1 |
| | 16.7 |
| | — |
| | 17.1 |
| Total current liabilities | | 1,167.0 |
| | 541.4 |
| | 453.0 |
| | (1,289.9 | ) | | 871.5 |
| Long-term debt | | 1,253.4 |
| | 150.5 |
| | 59.1 |
| | — |
| | 1,463.0 |
| Intercompany notes payable | | — |
| | 200.1 |
| | — |
| | (200.1 | ) | | — |
| Accrued postretirement benefits | | — |
| | 198.2 |
| | 297.0 |
| | — |
| | 495.2 |
| Pension liabilities | | 651.7 |
| | 5.1 |
| | 64.3 |
| | — |
| | 721.1 |
| Other long-term liabilities | | 19.1 |
| | 20.8 |
| | 70.0 |
| | — |
| | 109.9 |
| Total liabilities | | 3,091.2 |
| | 1,116.1 |
| | 943.4 |
| | (1,490.0 | ) | | 3,660.7 |
| Total stockholders’ equity | | 2,587.1 |
| | 471.9 |
| | 5,107.2 |
| | (5,579.1 | ) | | 2,587.1 |
| Total liabilities and stockholders’ equity | | $ | 5,678.3 |
| | $ | 1,588.0 |
| | $ | 6,050.6 |
| | $ | (7,069.1 | ) | | $ | 6,247.8 |
|
|
| Schedule of condensed consolidating statements of operations |
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations For the year ended December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Guarantor Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated | Sales | | $ | — |
| | $ | 2,363.4 |
| | $ | 2,448.9 |
| | $ | — |
| | $ | 4,812.3 |
| Cost of sales | | 27.4 |
| | 2,129.2 |
| | 1,918.9 |
| | — |
| | 4,075.5 |
| Selling and administrative expenses | | 161.6 |
| | 50.9 |
| | 110.5 |
| | — |
| | 323.0 |
| Income (loss) before interest, other income and income taxes | | (189.0 | ) | | 183.3 |
| | 419.5 |
| | — |
| | 413.8 |
| Interest expense, net | | (81.6 | ) | | (10.4 | ) | | (0.3 | ) | | — |
| | (92.3 | ) | Other income (expense) including equity in income of unconsolidated subsidiaries | | 592.7 |
| | 4.1 |
| | 2.6 |
| | (598.8 | ) | | 0.6 |
| Income (loss) from continuing operations, before income taxes | | 322.1 |
| | 177.0 |
| | 421.8 |
| | (598.8 | ) | | 322.1 |
| Income tax provision (benefit) | | 110.4 |
| | 68.8 |
| | 142.2 |
| | (211.0 | ) | | 110.4 |
| Income (loss) from continuing operations | | 211.7 |
| | 108.2 |
| | 279.6 |
| | (387.8 | ) | | 211.7 |
| Income (loss) from discontinued operations, net of tax | | 11.4 |
| | — |
| | 11.4 |
| | (11.4 | ) | | 11.4 |
| Net income (loss) | | 223.1 |
| | 108.2 |
| | 291.0 |
| | (399.2 | ) | | 223.1 |
| Less: Net income (loss) attributable to noncontrolling interest | | — |
| | — |
| | 8.8 |
| | — |
| | 8.8 |
| Net income (loss) attributable to ATI | | $ | 223.1 |
| | $ | 108.2 |
| | $ | 282.2 |
| | $ | (399.2 | ) | | $ | 214.3 |
|
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations For the year ended December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Guarantor Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated | Sales | | $ | — |
| | $ | 1,769.4 |
| | $ | 2,274.1 |
| | $ | — |
| | $ | 4,043.5 |
| Cost of sales | | 75.2 |
| | 1,748.8 |
| | 1,966.9 |
| | — |
| | 3,790.9 |
| Selling and administrative expenses | | 124.3 |
| | 34.9 |
| | 117.2 |
| | — |
| | 276.4 |
| Restructuring costs | | 1.1 |
| | 15.7 |
| | 50.7 |
| | — |
| | 67.5 |
| Income (loss) before interest, other income and income taxes | | (200.6 | ) | | (30.0 | ) | | 139.3 |
| | — |
| | (91.3 | ) | Interest expense, net | | (63.4 | ) | | (37.2 | ) | | 35.4 |
| | — |
| | (65.2 | ) | Other income (expense) including equity in income of unconsolidated subsidiaries | | 109.2 |
| | 0.9 |
| | 0.8 |
| | (109.2 | ) | | 1.7 |
| Income (loss) from continuing operations before income taxes | | (154.8 | ) | | (66.3 | ) | | 175.5 |
| | (109.2 | ) | | (154.8 | ) | Income tax provision (benefit) | | (63.6 | ) | | (20.0 | ) | | 40.4 |
| | (20.4 | ) | | (63.6 | ) | Income (loss) from continuing operations | | (91.2 | ) | | (46.3 | ) | | 135.1 |
| | (88.8 | ) | | (91.2 | ) | Income (loss) from discontinued operations, net of tax | | 252.8 |
| | — |
| | 252.8 |
| | (252.8 | ) | | 252.8 |
| Net income (loss) | | 161.6 |
| | (46.3 | ) | | 387.9 |
| | (341.6 | ) | | 161.6 |
| Less: Net income attributable to noncontrolling interest | | — |
| | — |
| | 7.6 |
| | — |
| | 7.6 |
| Net income (loss) attributable to ATI | | $ | 161.6 |
| | $ | (46.3 | ) | | $ | 380.3 |
| | $ | (341.6 | ) | | $ | 154.0 |
|
Allegheny Technologies Incorporated Financial Information for Subsidiary and Guarantor Parent Statements of Operations For the year ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Guarantor Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated | Sales | | $ | — |
| | $ | 2,031.8 |
| | $ | 2,635.1 |
| | $ | — |
| | $ | 4,666.9 |
| Cost of sales | | 57.0 |
| | 1,888.2 |
| | 2,096.2 |
| | — |
| | 4,041.4 |
| Selling and administrative expenses | | 144.2 |
| | 42.6 |
| | 134.8 |
| | — |
| | 321.6 |
| Income (loss) before interest, other income and income taxes | | (201.2 | ) | | 101.0 |
| | 404.1 |
| | — |
| | 303.9 |
| Interest expense, net | | (60.7 | ) | | (10.5 | ) | | (0.4 | ) | | — |
| | (71.6 | ) | Other income (expense) including equity in income of unconsolidated subsidiaries | | 494.2 |
| | (21.5 | ) | | 31.8 |
| | (504.5 | ) | | — |
| Income (loss) from continuing operations before income taxes | | 232.3 |
| | 69.0 |
| | 435.5 |
| | (504.5 | ) | | 232.3 |
| Income tax provision (benefit) | | 72.4 |
| | 27.5 |
| | 168.7 |
| | (196.2 | ) | | 72.4 |
| Income (loss) from continuing operations | | 159.9 |
| | 41.5 |
| | 266.8 |
| | (308.3 | ) | | 159.9 |
| Income (loss) from discontinued operations, net of tax | | 7.9 |
| | — |
| | 7.9 |
| | (7.9 | ) | | 7.9 |
| Net income (loss) | | 167.8 |
| | 41.5 |
| | 274.7 |
| | (316.2 | ) | | 167.8 |
| Less: Net income attributable to noncontrolling interest | | — |
| | — |
| | 9.4 |
| | — |
| | 9.4 |
| Net income (loss) attributable to ATI | | $ | 167.8 |
| | $ | 41.5 |
| | $ | 265.3 |
| | $ | (316.2 | ) | | $ | 158.4 |
|
|