UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q ALLEGHENY TECHNOLOGIES INCORPORATED
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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2017 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number ALLEGHENY TECHNOLOGIES INCORPORATED (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1000 Six PPG Place Pittsburgh, Pennsylvania (Address of Principal Executive Offices) (Zip Code) (412) (Registrant s telephone number, including area code) IndicatebycheckmarkwhethertheRegistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthe preceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days. YesýNo IndicatebycheckmarkwhethertheRegistrantsubmittedelectronicallyandpostedonitscorporateWebsite,ifany,everyInteractiveDataFilerequiredtobesubmitted andpostedpursuanttorule405ofregulations-t( ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredto submitandpostsuchfiles).yesýno Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,orasmallerreportingcompany.Seedefinitionsof largeacceleratedfiler, acceleratedfiler, smallerreportingcompany and emerginggrowthcompany inrule12b-2oftheexchangeact. Largeacceleratedfiler ý Acceleratedfiler Non-acceleratedfiler o(donotcheckifasmallerreportingcompany) Smallerreportingcompany Emerginggrowthcompany Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevised financialaccountingstandardsprovidedpursuanttosection13(a)oftheexchangeact. IndicatebycheckmarkwhethertheRegistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes Noý AtOctober20,2017,theregistranthadoutstanding108,863,099sharesofitsCommonStock.
2 PARTI.-FINANCIALINFORMATION Item1.FinancialStatements ALLEGHENYTECHNOLOGIESINCORPORATED SECFORM10-Q QuarterEndedSeptember30,2017 INDEX ConsolidatedBalanceSheets 1 ConsolidatedStatementsofOperations 2 ConsolidatedStatementsofComprehensiveIncome(Loss) 3 ConsolidatedStatementsofCashFlows 4 StatementsofChangesinConsolidatedEquity 5 NotestoConsolidatedFinancialStatements 6 Item2.Management sdiscussionandanalysisoffinancialconditionandresultsofoperations 27 Item3.QuantitativeandQualitativeDisclosuresAboutMarketRisk 43 Item4.ControlsandProcedures 45 PARTII.-OTHERINFORMATION Item1.LegalProceedings 45 Item1A.RiskFactors 46 Item6.Exhibits 46 SIGNATURES 47 PageNo.
3 PART I. FINANCIAL INFORMATION Item 1. Financial Statements Allegheny Technologies Incorporated and Subsidiaries Consolidated Balance Sheets (In millions, except share and per share amounts) (Current period unaudited) September 30, 2017 ASSETS Current Assets: December 31, 2016 Cashandcashequivalents $ $ Accountsreceivable,net Inventories,net 1, ,037.0 Prepaidexpensesandothercurrentassets Total Current Assets 1, ,766.5 Property,plantandequipment,net 2, ,498.9 Goodwill Otherassets Total Assets $ 5,075.1 $ 5,170.0 LIABILITIES AND EQUITY Current Liabilities: Accountspayable $ $ Accruedliabilities Shorttermdebtandcurrentportionoflong-termdebt Total Current Liabilities Long-termdebt 1, ,771.9 Accruedpostretirementbenefits Pensionliabilities Deferredincometaxes Otherlong-termliabilities Total Liabilities 3, ,725.2 Equity: ATI Stockholders Equity: Preferredstock,parvalue$0.10:authorized-50,000,000shares;issued-none Commonstock,parvalue$0.10:authorized-500,000,000shares;issued-109,695,171sharesatSeptember 30,2017andDecember31,2016;outstanding-108,863,099sharesatSeptember30,2017and108,925,254 sharesatdecember31, Additionalpaid-incapital 1, ,188.8 Retainedearnings 1, ,277.1 Treasurystock:832,072sharesatSeptember30,2017and769,917sharesatDecember31,2016 (25.9) (28.0) Accumulatedothercomprehensiveloss,netoftax (1,016.3) (1,093.7) Total ATI stockholders equity 1, ,355.2 Noncontrolling interests Total Equity 1, ,444.8 Total Liabilities and Equity $ 5,075.1 $ 5,170.0 Theaccompanyingnotesareanintegralpartofthesestatements. 1
4 Allegheny Technologies Incorporated and Subsidiaries Consolidated Statements of Operations (In millions, except per share amounts) (Unaudited) Three months ended September 30, Nine months ended September 30, Sales $ $ $ 2,615.2 $ 2,338.5 Costofsales , ,273.3 Grossprofit Sellingandadministrativeexpenses Impairmentofgoodwill Restructuringcharges Operatingincome(loss) (87.3) (498.9) 11.6 (615.8) Interestexpense,net (34.2) (32.6) (102.2) (91.2) Otherincome,net Lossbeforeincometaxes (121.3) (531.5) (86.9) (705.2) Incometaxbenefit (1.9) (4.3) (2.0) (64.4) Net loss (119.4) (527.2) (84.9) (640.8) Less:Netincomeattributabletononcontrollinginterests Net loss attributable to ATI $ (121.2) $ (530.8) $ (93.6) $ (650.8) Basic net loss attributable to ATI per common share $ (1.12) $ (4.95) $ (0.87) $ (6.07) Diluted net loss attributable to ATI per common share $ (1.12) $ (4.95) $ (0.87) $ (6.07) Dividends declared per common share $ $ 0.08 $ $ 0.24 Theaccompanyingnotesareanintegralpartofthesestatements. 2
5 Allegheny Technologies Incorporated and Subsidiaries Consolidated Statements of Comprehensive Income (Loss) (In millions) (Unaudited) Three months ended September 30, Nine months ended September 30, Net loss $ (119.4) $ (527.2) $ (84.9) $ (640.8) Currencytranslationadjustment Unrealizednetchangearisingduringtheperiod 24.2 (4.4) 39.0 (19.6) Derivatives Netderivativesgain(loss)onhedgetransactions (1.6) 21.9 Reclassificationtonetincome(loss)ofnetrealizedloss(gain) (1.2) 0.6 (3.5) 8.5 Incometaxesonderivativetransactions (0.2) 11.5 Total (4.9) 18.9 Postretirementbenefitplans Actuarialloss Amortizationofnetactuarialloss Netgainarisingduringtheperiod 22.5 Priorservicecost Amortizationtonetincome(loss)ofnetpriorservicecost (credits) (0.4) (0.4) (1.2) Incometaxesonpostretirementbenefitplans (11.1) Total Othercomprehensiveincome,netoftax Comprehensive loss (63.5) (516.8) (0.3) (592.6) Less:Comprehensiveincomeattributabletononcontrollinginterests Comprehensive loss attributable to ATI $ (70.3) $ (518.8) $ (16.2) $ (598.0) Theaccompanyingnotesareanintegralpartofthesestatements. 3
6 Allegheny Technologies Incorporated and Subsidiaries Consolidated Statements of Cash Flows (In millions) (Unaudited) Nine months ended September 30, Operating Activities: Netloss $ (84.9) $ (640.8) Adjustmentstoreconcilenetincome(loss)tonetcashusedinoperatingactivities: Depreciationandamortization Deferredtaxes 1.7 (78.1) Impairmentofgoodwill Non-cashrestructuringcharges Changesinoperatingassetsandliabilities: Inventories (64.1) Accountsreceivable (73.8) (53.7) Accountspayable 56.2 (60.2) Retirementbenefits(a) (117.6) (94.6) Accruedincometaxes (4.6) 7.7 Accruedliabilitiesandother (1.8) 13.8 Cash used in operating activities (53.8) (111.7) Investing Activities: Purchasesofproperty,plantandequipment (85.3) (174.9) Assetdisposalsandother Cash used in investing activities (82.1) (172.8) Financing Activities: Borrowingsonlong-termdebt Paymentsonlong-termdebtandcapitalleases (1.9) (2.4) Netborrowingsundercreditfacilities Debtissuancecosts (0.8) (10.4) Dividendspaidtostockholders (25.8) Dividendspaidtononcontrollinginterests (16.0) Acquisitionofnoncontrollinginterests (12.2) Saletononcontrollinginterests 2.2 Sharesrepurchasedforincometaxwithholdingonshare-basedcompensationandother (4.8) Cash provided by financing activities Increase (decrease) in cash and cash equivalents (104.7) 38.6 Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period $ $ (a)includesa$(135)millioncontributiontotheu.s.definedbenefitpensionplanin2017anda$(115)millioncontributiontotheu.s.definedbenefitpension planin2016. Theaccompanyingnotesareanintegralpartofthesestatements. 4
7 Allegheny Technologies Incorporated and Subsidiaries Statements of Changes in Consolidated Equity (In millions, except per share amounts) (Unaudited) ATI Stockholders Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Income(Loss) Noncontrolling Interests Balance, December 31, 2015 $ 11.0 $ 1,161.7 $ 1,945.9 $ (21.3) $ (1,014.5) $ $ 2,184.4 Net income (loss) (650.8) 10.0 (640.8) Othercomprehensiveincome (loss) 52.8 (4.6) 48.2 Cashdividendsoncommonstock ($0.24pershare) (25.8) (25.8) Purchaseofsubsidiaryshares fromnoncontrollinginterest (0.1) (0.1) Dividendstononcontrolling interests (16.0) (16.0) Employeestockplans 21.6 (2.2) (6.6) 12.8 Balance, September 30, 2016 $ 11.0 $ 1,183.3 $ 1,267.1 $ (27.9) $ (961.7) $ 90.9 $ 1,562.7 Balance, December 31, 2016 $ 11.0 $ 1,188.8 $ 1,277.1 $ (28.0) $ (1,093.7) $ 89.6 $ 1,444.8 Net income (loss) (93.6) 8.7 (84.9) Othercomprehensiveincome Dividendstononcontrolling interests (8.0) (8.0) Salesofsubsidiarysharesto noncontrollinginterest Employeestockplans 7.6 (0.9) Balance, September 30, 2017 $ 11.0 $ 1,196.4 $ 1,182.6 $ (25.9) $ (1,016.3) $ 99.7 $ 1,447.5 Theaccompanyingnotesareanintegralpartofthesestatements. 5 Total Equity
8 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited Note 1. Accounting Policies TheinterimconsolidatedfinancialstatementsincludetheaccountsofAlleghenyTechnologiesIncorporatedanditssubsidiaries.Unlessthecontextrequires otherwise, AlleghenyTechnologies, ATI and thecompany refertoalleghenytechnologiesincorporatedanditssubsidiaries. TheseunauditedconsolidatedfinancialstatementshavebeenpreparedinaccordancewithU.S.generallyacceptedaccountingprinciplesforinterimfinancial informationandwiththeinstructionsforform10-qandarticle10ofregulations-x.accordingly,theydonotincludealloftheinformationandnotedisclosures requiredbyu.s.generallyacceptedaccountingprinciplesforcompletefinancialstatements.inmanagement sopinion,alladjustments(whichincludeonlynormal recurringadjustments)considerednecessaryforafairpresentationhavebeenincluded.theseunauditedconsolidatedfinancialstatementsshouldbereadin conjunctionwiththeconsolidatedfinancialstatementsandnotestheretoincludedinthecompany s2016annualreportonform10-k.theresultsofoperations fortheseinterimperiodsarenotnecessarilyindicativeoftheoperatingresultsforanyfutureperiod.thedecember31,2016financialinformationhasbeenderived fromthecompany sauditedconsolidatedfinancialstatements. New Accounting Pronouncements Adopted InJanuary2017,theCompanyearlyadoptedchangesissuedbytheFinancialAccountingStandardsBoard(FASB)tosimplifyhowanentityisrequiredtotest goodwillforimpairmentbyeliminatingstep2fromthegoodwillimpairmenttest.step2measuresagoodwillimpairmentlossbycomparingtheimpliedfairvalue ofareportingunit sgoodwillwiththecarryingamountofthatgoodwill,whichiscurrentlyrequiredifareportingunitwithgoodwillfailsastep1testcomparing thefairvalueofthereportingunittoitscarryingvalueincludinggoodwill.underthisnewguidance,anentityshouldperformitsannual,orinterim,goodwill impairmenttestusingjustthestep1testofcomparingthefairvalueofareportingunitwithitscarryingamount.anygoodwillimpairment,representingthe amountbywhichthecarryingamountexceedsthereportingunit sfairvalue,isdeterminedusingthisstep1test.anygoodwillimpairmentlossrecognizedwould notexceedthetotalcarryingamountofgoodwillallocatedtothatreportingunit. InJanuary2017,theCompanyadoptedchangesissuedbytheFASBtosimplifyemployeeshare-basedpaymentaccounting.Theareasforsimplificationinthis guidanceinvolveseveralaspectsoftheaccountingforshare-basedpaymenttransactions,includingtheincometaxconsequences,classificationofawardsaseither equityorliabilities,andclassificationonthestatementofcashflows,whichwillbeprospectivelyadopted.theadoptionofthesechangesdidnothaveamaterial impactonthecompany sfinancialstatements. InJanuary2017,theCompanyadoptedchangesissuedbytheFASBtosimplifythemeasurementofinventoryvaluationatthelowerofcostornetrealizable value.netrealizablevalueistheestimatedsellingpriceintheordinarycourseofbusiness,lessreasonablypredictablecostsofcompletion,disposaland transportation.thenewinventorymeasurementrequirementsreplacethecurrentinventoryvaluationguidancethatrequirestheuseofalowerofcostormarket framework.thischangeinthemeasurementofinventorydoesnotapplytoinventoryvaluedonalast-in,first-out(lifo)basis,whichistheaccountingbasisused formostofthecompany sinventory.theadoptionofthesechangesdidnothaveamaterialimpactonthecompany sfinancialstatements. Pending Accounting Pronouncement InAugust2017,theFASBissuedchangestoitsaccountingguidanceforderivativesandhedging,whichchangesboththedesignationandmeasurementguidance forqualifyinghedgingrelationshipsandthepresentationofhedgeresults.somechangesresultingfromthisnewguidanceincludetheeliminationoftheconceptof recognizingperiodichedgeineffectivenessforcashflowhedges,changestotherecognitionandpresentationofchangesinthefairvalueofthehedginginstrument, enhancementoftheabilitytousethecritical-terms-matchmethodforthecashflowhedgeofgroupsofforecastedtransactionswhenthetimingofthehedged transactionsdoesnotperfectlymatchthehedginginstrument smaturitydate,andtheadditionofnewdisclosurerequirementsandamendmentstoexistingones. ThisnewguidanceiseffectivefortheCompany s2019fiscalyear,withearlyadoptionpermittedandalltransitionrequirementsandelectionsbeingappliedto hedgingrelationshipsexistingonthedateofadoption.thecompanyiscurrentlyevaluatingtheimpactofthenewguidanceonitsconsolidatedfinancial statements. 6
9 InMarch2017,theFASBissuedchangestotheaccountingfordefinedbenefitpensionandotherpostretirementbenefitexpenses.Thisnewguidancerequiresthe disaggregationoftheservicecostcomponentfromtheothercomponentsofnetbenefitcost.theservicecostcomponentofnetbenefitcostistobereportedinthe samelineitemontheconsolidatedstatementofoperationsasothercompensationcostsarisingfromservicesrenderedbythepertinentemployees,whiletheother componentsofnetbenefitcostaretobepresentedintheconsolidatedstatementofoperationsseparately,outsideasubtotalofoperatingincome.theamendments alsoprovideexplicitguidancetoallowonlytheservicecostcomponentofnetbenefitcosttobeeligibleforcapitalization.thisnewguidanceiseffectiveforthe Company s2018fiscalyear,withtheadoptionofthechangeinpresentationofnetbenefitcostintheconsolidatedstatementofoperationstobeapplied retrospectively,andthechangeincapitalizationforonlyservicecostappliedprospectively.theguidanceallowsapracticalexpedientthatpermitstheuseofthe amountsdisclosedintheretirementbenefitsfootnoteforthepriorcomparativeperiodsastheestimationbasisforapplyingtheretrospectivepresentation requirements.thecompanywilladoptthisnewguidanceinthefirstquarteroffiscalyear2018usingthispracticalexpedient. TheCompanyexpectssuchadoptiontohaveamaterialimpacttoreportedoperatingincomeduetothechangeinpresentationofnon-servicecostexpense components.forexample,applyingthepracticalexpedienttofiscalyear2016results,operatingincomefor2016wouldbe$70.6millionhigher,withthe reclassificationofthisamountrepresentingtheothercomponentsofnetbenefitcosttoanewly-creatednon-operatingretirementbenefitexpensecategory,withno netimpacttothereported2016lossbeforeincometaxes.thecompanyexpectstohaveaone-time,unfavorableimpacttopre-taxreportedresultsinthefirst quarterof2018uponadoptionduetothechangelimitingonlytheservicecostcomponentofnetbenefitcosttobecapitalizableintoinventory.usingexpected fiscalyear2017definedbenefitretirementexpenseandcurrentinventorylevels,thisimpactinthefirstquarterof2018isprojectedtobeapproximately$5million,pre-tax. InFebruary2016,theFASBissuednewguidanceontheaccountingforleases.Thisnewguidancewillrequirethatalesseerecognizeassetsandliabilitiesonthe balancesheetforallleaseswithaleasetermofmorethantwelvemonths,withtheresultbeingtherecognitionofarightofuseassetandaleaseliability.thenew leaseaccountingrequirementsareeffectiveforthecompany s2019fiscalyearwithamodifiedretrospectivetransitionapproachrequired,withearlyadoption permitted.thecompanyiscurrentlyevaluatingtheimpactofthenewguidanceonitsconsolidatedfinancialstatements. InMay2014,theFASBissuedchangestorevenuerecognitionwithcustomers,whichisrequiredtobeadoptedbytheCompanyinfiscalyear2018.Thisupdate providesafive-stepanalysisoftransactionstodeterminewhenandhowrevenueisrecognized,alongwithexpandeddisclosurerequirements.anentityshould recognizerevenuetodepictthetransferofpromisedgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichtheentityexpectstobe entitledinexchangeforthosegoodsorservices.thecompanyplanstoadoptthisaccountingstandardupdateusingthemodifiedretrospectivemethod,withthe cumulativeeffectofinitiallyapplyingthisupdaterecognizedinthefirstreportingperiodof2018.althoughthecompanyiscurrentlyevaluatingtheimpactofthis standardonindividualcustomercontracts,thecompanyhasevaluatedtheimpactofthisstandardonthebroadcategoriesofitscustomercontractsandanticipates theadoptionofthisguidancewillnothaveamaterialimpactontheconsolidatedresultsofoperations.thecompanyisstillevaluatingalimitednumberof customeragreementsinvolvingproductionofpartsandcomponentsinthehighperformancematerialsandcomponentssegment,representinglessthan5%of annualized2017revenues,thatmayrequirerevenuetoberecognizedovertimeduetonoalternativeusefortheproductwithoutsignificanteconomicloss,andan enforceablerighttopaymentincludinganormalprofitmarginfromthecustomerintheeventofcontracttermination.over-timerecognitionwouldbeachange fromcurrentaccounting,whichisatapoint-in-timefortheseproducts,however,basedonongoingproductionoftheseproducts,theimpacttothestatementof operationsisnotexpectedtobematerial.thecompanydoesexpectanimpacttotheconsolidatedbalancesheetforreclassificationstocontractassetsand liabilities,themagnitudeofwhichisstillbeingdetermined.thecompanyalsoexpectsanincreasetofinancialstatementfootnotedisclosuresregardingrevenues, contractassetsandcontractliabilitiesasaresultofthisaccountingstandardupdate. 7
10 Note 2. Inventories InventoriesatSeptember30,2017andDecember31,2016wereasfollows(inmillions): September30, 2017 December31, 2016 Rawmaterialsandsupplies $ $ Work-in-process Finishedgoods Totalinventoriesatcurrentcost 1, ,149.2 AdjustmentfromcurrentcosttoLIFOcostbasis Inventoryvaluationreserves (118.7) (169.0) Progresspayments (35.5) (40.5) Totalinventories,net $ 1,101.1 $ 1,037.0 Inventoriesarestatedatthelowerofcost(LIFO,first-in,first-out(FIFO),andaveragecostmethods)ormarket,lessprogresspayments.MostoftheCompany s inventoryisvaluedutilizingthelifocostingmethodology.inventoryofthecompany snon-u.s.operationsisvaluedusingaveragecostorfifomethods.due todeflationaryimpactsprimarilyrelatedtorawmaterials,thecarryingvalueofthecompany sinventoryasvaluedonlifoexceedscurrentreplacementcost,and basedonalowerofcostormarketvalueanalysis,anetrealizablevalue(nrv)inventoryreserveisrequired.impactstocostofsalesforchangesinthelifo costingmethodologyandassociatednrvinventoryreserveswereasfollows(inmillions): NinemonthsendedSeptember30, LIFObenefit(charge) $ (51.5) $ (23.1) NRVbenefit(charge) Netcostofsalesimpact $ (0.2) $ 0.4 Thefirstninemonthsof2016resultsincluded$17.7millionininventoryvaluationchargesrelatedtothemarket-basedvaluationoftitaniumproducts. Additionally,inthethirdquarterof2016,inconjunctionwiththeindefiniteidlingoftheCompany srowley,uttitaniumspongefacility,thecompanyrecorded anadditional$11.3millionchargetorevaluetitaniumspongeinventorybasedonrevisedassessmentsofindustrialgradetitaniummarketconditionsandexpected utilizationofthisinventory. Note 3. Property, Plant and Equipment Property,plantandequipmentatSeptember30,2017andDecember31,2016wasasfollows(inmillions): September30, 2017 December31, 2016 Land $ 31.7 $ 31.4 Buildings Equipmentandleaseholdimprovements 3, , , ,358.2 Accumulateddepreciationandamortization (1,946.3) (1,859.3) Totalproperty,plantandequipment,net $ 2,490.9 $ 2,498.9 Theconstructioninprogressportionofproperty,plantandequipmentatSeptember30,2017was$71.8million. 8
11 Note 4. Goodwill Impairment AtSeptember30,2017,theCompanyhad$531.9millionofgoodwillonitsconsolidatedbalancesheet,allofwhichrelatestotheHighPerformanceMaterials& Components(HPMC)segment.Goodwilldecreased$110.0millionatSeptember30,2017comparedtoDecember31,2016,resultingfroma$114.4million impairmentchargeinthehpmcsegmentoffsetby$4.4millionfromtheimpactofforeigncurrencytranslationongoodwilldenominatedinfunctionalcurrencies otherthantheu.s.dollar. TheCompanyperformsitsannualgoodwillimpairmentevaluationsinthefourthquarterofeachyear.Duringthethirdquarterof2017,theCompanyperformedan interimgoodwillimpairmentanalysisonaticastproducts,atitaniuminvestmentcastingbusiness,duetoimpairmentindicatorsincludingloweractualresults versusprojections.thisreportingunithadafairvaluethatexceededcarryingvalueby12%asaresultofour2016annualgoodwillimpairmentevaluation.forthe 2017interimimpairmentanalysis,fairvaluewasdeterminedbyusingaquantitativeassessmentthatusedadiscountedcashflowtechnique,whichrepresentsLevel 3unobservableinformationinthefairvaluehierarchy.Asaresultofthe2017interimgoodwillimpairmentevaluation,theCompanydeterminedthatthefairvalue ofthecastproductsbusinesswassignificantlybelowthecarryingvalue,includinggoodwill.thiswasprimarilyduetolowerprojectedrevenues,profitabilityand cashflowsassociatedwithrevisedexpectationsfortherateofoperationalimprovementandprofitabilityofthisbusinessbasedoncurrentcustomeragreements. Consequently,duringthethirdquarterof2017,theCompanyrecordeda$114.4millionpre-taximpairmentchargetowrite-offallofthegoodwillassociatedwith ATICastProducts,mostofwhichwasassignedfromtheCompany s2011ladishacquisitionthatwasnotdeductibleforincometaxpurposes.thisgoodwill impairmentchargewasexcludedfrom2017hpmcbusinesssegmentresults.accumulatedgoodwillimpairmentlossesasofseptember30,2017anddecember 31,2016were$241.0millionand$126.6million,respectively. Alsoduringthethirdquarterof2017,managementconcludedthatthegoodwillimpairmentatATICastProductswasanimpairmentindicatortoevaluatethe recoverabilityofotherlong-livedassetsofthisreportingunit,includingproperty,plant,equipment,andintangibleassets.noimpairmentwasdeterminedtoexist intheselong-livedassetsasaresultofthisinterimimpairmenttest. Note 5. Debt DebtatSeptember30,2017andDecember31,2016wasasfollows(inmillions): September30, 2017 December31, 2016 AlleghenyTechnologies5.875%Notesdue2023(a) $ $ AlleghenyTechnologies5.95%Notesdue AlleghenyTechnologies9.375%Notesdue AlleghenyTechnologies4.75%ConvertibleSeniorNotesdue AlleghenyLudlum6.95%debenturesdue TermLoandue U.S.revolvingcreditfacility 25.0 Foreigncreditfacilities Other Debtissuancecosts (15.2) (17.1) Totaldebt 1, ,877.0 Shorttermdebtandcurrentportionoflong-termdebt Totallong-termdebt $ 1,877.7 $ 1,771.9 (a) Bearinginterestat7.875%effectiveFebruary15,2016. RevolvingCreditFacility TheCompanyhasanAssetBasedLending(ABL)CreditFacility,whichiscollateralizedbytheaccountsreceivableandinventoryoftheCompany sdomestic operations.therevolvingcreditportionoftheablfacilityis$400million,whichincludesaletterofcreditsub-facilityofupto$200million.theablfacility includesatermloan(termloan)intheamountof$100.0million. InJune2017,theABLfacilitywasamendedto,amongotherthings,extendthedurationofthefacilityfromSeptember2020toFebruary2022.Asamended,the applicableinterestrateforrevolvingcreditborrowingsundertheablfacilityincludes 9
12 interestratespreadsbasedonavailableborrowingcapacitythatrangebetween1.75%and2.25%forlibor-basedborrowingsandbetween1.0%and1.5%for baserateborrowings.theablfacilitycontainsafinancialcovenantwherebythecompanymustmaintainafixedchargecoverageratioofnotlessthan1.00: 1.00afteraneventofdefaulthasoccurredandiscontinuingoriftheundrawnavailabilityundertheABLrevolvingcreditportionofthefacilityislessthanthe greaterof(i)10%,asamended,ofthethenapplicablemaximumborrowingamountundertherevolvingcreditportionoftheablandanyoutstandingtermloan balance,or(ii)$40.0million.thecompanydoesnotmeetthisrequiredfixedchargecoverageratioatseptember30,2017.asaresult,thecompanyisnotable toaccess$50.0millionoftherevolvingcreditportionoftheablfacilityuntilitmeetstherequiredratio.additionally,thecompanymustdemonstrateliquidity, ascalculatedinaccordancewiththetermsoftheablfacility,ofatleast$500milliononthedatethatis91dayspriortojune1,2019,thematuritydateofthe 9.375%SeniorNotesdue2019andatleast$700milliononthedatethatis91dayspriortoJanuary15,2021,thematuritydateofthe5.95%SeniorNotesdue 2021,andthatsuchliquidityisavailableatalltimesthereafteruntilthe9.375%SeniorNotesdue2019andthe5.95%SeniorNotesdue2021arepaidinfullor refinanced.costsassociatedwithenteringintotheablamendmentwere$1.0million,andarebeingamortized,alongwithanypreviousunamortizeddeferred costs,tointerestexpenseovertheextendedtermofthefacilityendingfebruary2022. AlsoinJune2017,the$100.0millionTermLoanwasamendedtoextendthematuritydatefromNovember2017toFebruary2022andtoreducetheinterestrate to3.0%plusaliborspread.theamendedtermloancanbeprepaidinminimumincrementsof$50.0milliononoraftertheearlierofdecember2018orupon refinancingorretirementofthe9.375%seniornotesdue2019ifcertainminimumliquidityconditionsaresatisfied.theunderwritingcostsassociatedwith amendingthetermloanwere$0.8million,andarebeingamortized,alongwithanypreviousunamortizeddeferredcosts,tointerestexpenseovertheextended termoftheloanendingfebruary2022. AsofSeptember30,2017,therewere$25.0millionofoutstandingborrowingsundertheABLfacility,and$41.5millionwasutilizedtosupporttheissuanceof lettersofcredit.averagerevolvingcreditborrowingsundertheablfacilityforthefirstninemonthsof2017and2016were$46millionand$109million, respectively,bearinganaverageannualinterestrateof3.276%and1.757%,respectively. Note 6. Derivative Financial Instruments and Hedging Aspartofitsriskmanagementstrategy,theCompany,fromtime-to-time,utilizesderivativefinancialinstrumentstomanageitsexposuretochangesinraw materialprices,energycosts,foreigncurrencies,andinterestrates.inaccordancewithapplicableaccountingstandards,thecompanyaccountsformostofthese contractsashedges.ingeneral,hedgeeffectivenessisdeterminedbyexaminingtherelationshipbetweenoffsettingchangesinfairvalueorcashflowsattributable totheitembeinghedged,andthefinancialinstrumentbeingusedforthehedge.effectivenessismeasuredutilizingregressionanalysisandothertechniquesto determinewhetherthechangeinthefairmarketvalueorcashflowsofthederivativeexceedsthechangeinfairvalueorcashflowofthehedgeditem.calculated ineffectiveness,ifany,isimmediatelyrecognizedintheconsolidatedstatementsofoperations. TheCompanysometimesusesfuturesandswapcontractstomanageexposuretochangesinpricesforforecastedpurchasesofrawmaterials,suchasnickel,and naturalgas.underthesecontracts,whicharegenerallyaccountedforascashflowhedges,thepriceoftheitembeinghedgedisfixedatthetimethatthecontractis enteredinto,andthecompanyisobligatedtomakeorreceiveapaymentequaltothenetchangebetweenthisfixedpriceandthemarketpriceatthedatethe contractmatures. ThemajorityofATI sproductsaresoldutilizingrawmaterialsurchargesandindexmechanisms.however,asofseptember30,2017,thecompanyhadentered intofinancialhedgingarrangements,primarilyattherequestofitscustomers,relatedtofirmorders,foranaggregatenotionalamountofapproximately17million poundsofnickelwithhedgedatesthrough2021.theaggregatenotionalamounthedgedisapproximately20%ofasingleyear sestimatednickelrawmaterial purchaserequirements. AtSeptember30,2017,theoutstandingfinancialderivativesusedtohedgetheCompany sexposuretoenergycostvolatilityincludednaturalgascosthedges.in thefirstninemonthsof2016,duetochangesinexpectedoperatinglevels,thecompany concludedthatadditionalportionsofthesenaturalgashedgesfor2016andthefirstquarterof2017wereineffectivebasedon forecastchangesinunderlyingnaturalgasusage.thecompanyrecognized$0.4millionand$1.7millionofpre-taxlossesforthethreeandninemonthsended September30,2016,respectively,fornaturalgascashflowhedgeineffectiveness,whichisreportedinsellingandadministrativeexpensesontheconsolidated statementofoperations.atseptember30,2017,thecompanyhedgedapproximately55%ofthecompany sforecasteddomesticrequirementsfornaturalgasfor theremainderof2017,approximately35%for2018,andapproximately30%for2019. WhilethemajorityoftheCompany sdirectexportsalesaretransactedinu.s.dollars,foreigncurrencyexchangecontractsareused,fromtime-to-time,tolimit transactionalexposuretochangesincurrencyexchangeratesforthosetransactions 10
13 denominatedinanon-u.s.currency.thecompanysometimespurchasesforeigncurrencyforwardcontractsthatpermitittosellspecifiedamountsofforeign currenciesexpectedtobereceivedfromitsexportsalesforpre-establishedu.s.dollaramountsatspecifieddates.theforwardcontractsaredenominatedinthe sameforeigncurrenciesinwhichexportsalesaredenominated.thesecontractsaredesignatedashedgesofthevariabilityincashflowsofaportionofthe forecastedfutureexportsalestransactionswhichotherwisewouldexposethecompanytoforeigncurrencyrisk,primarilyeuros.inaddition,thecompanymay alsodesignatecashbalancesheldinforeigncurrenciesashedgesofforecastedforeigncurrencytransactions. In2015,theCompanynetsettledsubstantiallyallofitsforeigncurrencyforwardcontractsdesignatedascashflowhedgeswith2016and2017maturitydates.The portionofthedeferredgainsonthesesettledcashflowhedgesdeterminedtobeeffectiveiscurrentlyrecognizedinaccumulatedothercomprehensiveincomeand isreclassifiedtoearningswhentheunderlyingtransactionsoccur.asofseptember30,2017,thecompanyheld10.8millioneuronotionalvalueofforeign currencyforwardcontractsdesignatedasfairvaluehedgeswithmaturitydatesthrough2017.thecompanyrecorded$0.5millionand$2.7millionofchargesin thethreeandninemonthsendedseptember30,2017,respectively,and$0.5millionand$3.0millionofchargesinthethreeandninemonthsendedseptember30, 2016,respectively,incostsofsalesontheconsolidatedstatementofoperationsformaturitiesandmark-to-marketchangesonthesefairvaluehedges. TheCompanymayenterintoderivativeinterestratecontractstomaintainareasonablebalancebetweenfixed-andfloating-ratedebt.Therewerenounsettled derivativefinancialinstrumentsrelatedtodebtbalancesfortheperiodspresented. Therearenocreditrisk-relatedcontingentfeaturesintheCompany sderivativecontracts,andthecontractscontainednoprovisionsunderwhichthecompanyhas posted,orwouldberequiredtopost,collateral.thecounterpartiestothecompany sderivativecontractsaresubstantialandcreditworthycommercialbanksthat arerecognizedmarketmakers.thecompanycontrolsitscreditexposurebydiversifyingacrossmultiplecounterpartiesandbymonitoringcreditratingsandcredit defaultswapspreadsofitscounterparties.thecompanyalsoentersintomasternettingagreementswithcounterpartieswhenpossible. ThefairvaluesoftheCompany sderivativefinancialinstrumentsarepresentedbelow,representingthegrossamountsrecognizedwhicharenotoffsetby counterpartyorbytypeofitemhedged.allfairvaluesforthesederivativesweremeasuredusinglevel2informationasdefinedbytheaccountingstandard hierarchy,whichincludesquotedpricesforsimilarassetsorliabilitiesinactivemarkets,quotedpricesforidenticalorsimilarassetsorliabilitiesinmarketsthatare notactive,andinputsderivedprincipallyfromorcorroboratedbyobservablemarketdata. 11
14 (In millions) Assetderivatives Balancesheetlocation September30, 2017 Derivativesdesignatedashedginginstruments: December31, 2016 Foreignexchangecontracts Prepaidexpensesandothercurrentassets $ 0.2 $ 2.4 Naturalgascontacts Prepaidexpensesandothercurrentassets Nickelandotherrawmaterialcontracts Prepaidexpensesandothercurrentassets Foreignexchangecontracts Otherassets 0.2 Naturalgascontracts Otherassets Nickelandotherrawmaterialcontracts Otherassets Totalderivativesdesignatedashedginginstruments Derivativesnotdesignatedashedginginstruments: Foreignexchangecontracts Prepaidexpensesandothercurrentassets Totalderivativesnotdesignatedashedginginstruments Totalassetderivatives $ 6.6 $ 9.1 Liabilityderivatives Balancesheetlocation Derivativesdesignatedashedginginstruments: Naturalgascontracts Accruedliabilities $ 0.8 $ 2.5 Nickelandotherrawmaterialcontracts Accruedliabilities Foreignexchangecontracts Accruedliabilities 0.7 Naturalgascontracts Otherlong-termliabilities 0.1 Nickelandotherrawmaterialcontracts Otherlong-termliabilities Foreignexchangecontracts Otherlong-termliabilities 0.1 Totalderivativesdesignatedashedginginstruments Derivativesnotdesignatedashedginginstruments: Foreignexchangecontracts AccruedLiabilities 0.2 Totalderivativesnotdesignatedashedginginstruments 0.2 Totalliabilityderivatives $ 12.3 $ 18.7 Forderivativefinancialinstrumentsthataredesignatedascashflowhedges,theeffectiveportionofthegainorlossonthederivativeisreportedasacomponentof othercomprehensiveincome(oci)andreclassifiedintoearningsinthesameperiodorperiodsduringwhichthehedgeditemaffectsearnings.gainsandlosseson thederivativerepresentingeitherhedgeineffectivenessorhedgecomponentsexcludedfromtheassessmentofeffectivenessarerecognizedincurrentperiod results.forderivativefinancialinstrumentsthataredesignatedasfairvaluehedges,changesinthefairvalueofthesederivativesarerecognizedincurrentperiod resultsandarereportedaschangeswithinaccruedliabilitiesandotherontheconsolidatedstatementsofcashflows.thecompanydidnotusenetinvestment hedgesfortheperiodspresented.theeffectsofderivativeinstrumentsinthetablesbelowarepresentednetofrelatedincometaxes,excludinganyimpactsof changestoincometaxvaluationallowanceseffectingresultsofoperationsorothercomprehensiveincome,whenapplicable(seenote13forfurtherexplanation). AssumingmarketpricesremainconstantwiththoseatSeptember30,2017,alossof$1.7million,netoftaxandexcludingincometaxvaluationallowance changes,isexpectedtoberecognizedoverthenext12months. 12
15 ActivitywithregardtoderivativesdesignatedascashflowhedgesforthethreeandninemonthperiodsendedSeptember30,2017and2016wasasfollows(in millions): AmountofGain(Loss) RecognizedinOCIon Derivatives (EffectivePortion) AmountofGain(Loss) Reclassifiedfrom AccumulatedOCI intoincome (EffectivePortion)(a) AmountofGain(Loss) RecognizedinIncome onderivatives(ineffective PortionandAmount Excludedfrom EffectivenessTesting)(b) DerivativesinCashFlow ThreemonthsendedSeptember30, ThreemonthsendedSeptember30, ThreemonthsendedSeptember30, HedgingRelationships Nickelandotherrawmaterial contracts $ 5.6 $ 4.2 $ (0.9) $ (2.2) $ $ Naturalgascontracts (1.2) (0.7) (1.3) (0.3) Foreignexchangecontracts Total $ 5.7 $ 3.0 $ 0.8 $ (0.1) $ $ (0.3) AmountofGain(Loss) RecognizedinOCIon Derivatives (EffectivePortion) AmountofGain(Loss) Reclassifiedfrom AccumulatedOCI intoincome (EffectivePortion)(a) AmountofGain(Loss) RecognizedinIncome onderivatives(ineffective PortionandAmount Excludedfrom EffectivenessTesting)(b) DerivativesinCashFlow NinemonthsendedSeptember30, NinemonthsendedSeptember30, NinemonthsendedSeptember30, HedgingRelationships Nickelandotherrawmaterial contracts $ 1.2 $ 13.0 $ (2.5) $ (9.9) $ $ Naturalgascontracts (2.1) 1.1 (2.8) (7.2) (1.2) Foreignexchangecontracts (0.1) (0.5) Total $ (1.0) $ 13.6 $ 2.2 $ (4.1) $ $ (1.2) (a) (b) Thegains(losses)reclassifiedfromaccumulatedOCIintoincomerelatedtotheeffectiveportionofthederivativesarepresentedincostofsalesinthe sameperiodorperiodsinwhichthehedgeditemaffectsearnings. Thegains(losses)recognizedinincomeonderivativesrelatedtotheineffectiveportionandtheamountsexcludedfromeffectivenesstestingarepresented insellingandadministrativeexpenses. Thedisclosuresofgainsorlossespresentedabovefornickelandotherrawmaterialcontractsandforeigncurrencycontractsdonottakeintoaccountthe anticipatedunderlyingtransactions.sincethesederivativecontractsrepresenthedges,theneteffectofanygainorlossonresultsofoperationsmaybefullyor partiallyoffset. TheCompanyhas10millioneuronotionalvalueoutstandingasofSeptember30,2017offoreigncurrencyforwardcontractsnotdesignatedashedges,with maturitydatesintothesecondquarterof2018.thesederivativesthatarenotdesignatedashedginginstrumentswereasfollows: (In millions) AmountofGain(Loss)RecognizedonDerivatives ThreemonthsendedSeptember30, NinemonthsendedSeptember30, DerivativesNotDesignatedasHedgingInstruments Foreignexchangecontracts $ (0.1) $ (0.2) $ (0.7) $ (0.1) Changesinthefairvalueofforeignexchangecontractderivativesnotdesignatedashedginginstrumentsarerecordedincostofsalesandarereportedaschanges withinaccruedliabilitiesandotherontheconsolidatedstatementsofcashflows. 13
16 Note 7. Fair Value of Financial Instruments TheestimatedfairvalueoffinancialinstrumentsatSeptember30,2017wasasfollows: FairValueMeasurementsatReportingDateUsing Total Total QuotedPricesin Significant Observable Carrying Estimated ActiveMarketsfor Inputs (In millions) Amount FairValue IdenticalAssets(Level1) (Level2) Cashandcashequivalents $ $ $ $ Derivativefinancialinstruments: Assets Liabilities Debt(a) 1, , , TheestimatedfairvalueoffinancialinstrumentsatDecember31,2016wasasfollows: FairValueMeasurementsatReportingDateUsing QuotedPricesin ActiveMarketsfor IdenticalAssets (Level1) Significant Observable Inputs (Level2) Total Total Carrying Estimated (In millions) Amount FairValue Cashandcashequivalents $ $ $ $ Derivativefinancialinstruments: Assets Liabilities Debt(a) 1, , , (a) Thetotalcarryingamountfordebtexcludesdebtissuancecostsrelatedtotherecognizeddebtliabilitywhichispresentedintheconsolidatedbalancesheet asadirectreductionfromthecarryingamountofthedebtliability. Inaccordancewithaccountingstandards,fairvalueisdefinedastheexchangepricethatwouldbereceivedforanassetorpaidtotransferaliability(anexitprice) intheprincipalormostadvantageousmarketfortheassetorliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.accounting standardsestablishedthreelevelsofafairvaluehierarchythatprioritizestheinputsusedtomeasurefairvalue.thishierarchyrequiresentitiestomaximizetheuse ofobservableinputsandminimizetheuseofunobservableinputs.thethreelevelsofinputsusedtomeasurefairvalueareasfollows: Level1 Quotedpricesinactivemarketsforidenticalassetsorliabilities. Level2 ObservableinputsotherthanquotedpricesincludedinLevel1,suchasquotedpricesforsimilarassetsandliabilitiesinactivemarkets;quoted pricesforidenticalorsimilarassetsandliabilitiesinmarketsthatarenotactive;orotherinputsthatareobservableorcanbecorroboratedbyobservable marketdata. Level3 Unobservableinputsthataresupportedbylittleornomarketactivityandthataresignificanttothefairvalueoftheassetsandliabilities.This includescertainpricingmodels,discountedcashflowmethodologiesandsimilartechniquesthatusesignificantunobservableinputs. Theavailabilityofobservablemarketdataismonitoredtoassesstheappropriateclassificationoffinancialinstrumentswithinthefairvaluehierarchy.Changesin economicconditionsormodel-basedvaluationtechniquesmayrequirethetransferoffinancialinstrumentsfromonefairvalueleveltoanother.insuchinstances, thetransferisreportedatthebeginningofthereportingperiod.notransfersbetweenlevelswerereportedin2017or2016. ThefollowingmethodsandassumptionswereusedbytheCompanyinestimatingthefairvalueofitsfinancialinstruments: Cashandcashequivalents:FairvaluewasdeterminedusingLevel1information. Derivativefinancialinstruments:Fairvaluesforderivativesweremeasuredusingexchange-tradedpricesforthehedgeditems.Thefairvaluewasdetermined usinglevel2information,includingconsiderationofcounterpartyriskandthecompany screditrisk. 14
17 Short-termandlong-termdebt:ThefairvaluesoftheCompany spubliclytradeddebtwerebasedonlevel1information.thefairvaluesoftheothershorttermandlong-termdebtweredeterminedusinglevel2information. Note 8. Retirement Benefits TheCompanyhasdefinedcontributionretirementplansordefinedbenefitpensionplanscoveringsubstantiallyallemployees.Companycontributionstodefined contributionretirementplansaregenerallybasedonapercentageofeligiblepayorbasedonhoursworked.benefitsunderthedefinedbenefitpensionplansare generallybasedonyearsofserviceand/orfinalaveragepay.thecompanyfundstheu.s.pensionplansinaccordancewiththeemployeeretirementincome SecurityActof1974,asamended,andtheInternalRevenueCode. TheCompanyalsosponsorsseveralpostretirementplanscoveringcertaincollectively-bargainedsalariedandhourlyemployees.Theplansprovidehealthcareand lifeinsurancebenefitsforeligibleretirees.inmostretireehealthcareplans,companycontributionstowardspremiumsarecappedbasedonthecostasofacertain date,therebycreatingadefinedcontribution. ForthethreemonthperiodsendedSeptember30,2017and2016,thecomponentsofpensionandotherpostretirementbenefitexpensefortheCompany sdefined benefitplansincludedthefollowing(inmillions): PensionBenefits OtherPostretirementBenefits ThreemonthsendedSeptember30, ThreemonthsendedSeptember30, Servicecost-benefitsearnedduringtheyear $ 3.5 $ 5.2 $ 0.6 $ 0.6 Interestcostonbenefitsearnedinprioryears Expectedreturnonplanassets (36.7) (37.2) Amortizationofpriorservicecost(credit) (0.7) (0.7) Amortizationofnetactuarialloss Totalretirementbenefitexpense $ 11.9 $ 16.0 $ 5.8 $ 6.3 FortheninemonthperiodsendedSeptember30,2017and2016,thecomponentsofpensionandotherpostretirementbenefitexpensefortheCompany sdefined benefitplansincludedthefollowing(inmillions): PensionBenefits OtherPostretirementBenefits NinemonthsendedSeptember30, NinemonthsendedSeptember30, Servicecost-benefitsearnedduringtheyear $ 10.5 $ 15.5 $ 1.8 $ 1.9 Interestcostonbenefitsearnedinprioryears Expectedreturnonplanassets (110.1) (111.5) Amortizationofpriorservicecost(credit) (2.1) (0.9) Amortizationofnetactuarialloss Totalretirementbenefitexpense $ 35.8 $ 48.0 $ 17.4 $ 20.2 EffectiveJanuary31,2017,closureoftheU.K.definedbenefitpensionplantofutureaccrualsforserviceandpay(hardfreeze)occurred.InMarch2017,the Companymadea$135millioncashcontributiontotheATIPensionPlan,itsU.S.qualifieddefinedbenefitpensionplan,completingtheCompany sfunding requirementsfor2017.injuly2016,thecompanymadea$115millioncontributiontotheatipensionplan. Note 9. Income Taxes TheCompanymaintainsincometaxvaluationallowancesonitsU.S.Federalandstatedeferredtaxassetsduetoathreeyearcumulativelosscondition,which limitstheabilitytoconsiderotherpositivesubjectiveevidence,suchasprojectionsoffutureresults,toassesstherealizabilityofdeferredtaxassets.resultsinboth 2017and2016includeimpactsfromincometaxesthatdifferfromastandard35%taxrate,primarilyrelatedtoincometaxvaluationallowancechanges.Third quarter2017resultsincludedabenefitforincometaxesof$1.9million,whichincludestheimpactof$106millionpre-taxnon-deductiblegoodwillimpairment and$0.3millionofdiscretetaxbenefits.thethirdquarter2016benefitforincometaxeswas$4.3million,whichincludesa$173.1millionincometaxvaluation allowancechargeonu.s.federaldeferredtaxassets,and$4.1millionof 15
18 discretecharges.thethirdquarter2016actionstoindefinitelyidletherowley,uttitaniumspongeproductionfacilityresultedinareassessmentofthe realizabilityofu.s.federaldeferredtaxassets. Forthefirstninemonthsof2017,thebenefitforincometaxeswas$2.0million,comparedtoabenefitforincometaxesof$64.4million,or9.1%oftheloss beforeincometaxes,forthecomparable2016period.thefirstninemonthsof2017includeddiscretetaxbenefitsof$7.0million,largelyfortheeffectsof amendingtaxreturnsforpriorperiodsincertaindomesticjurisdictions,andthefirstninemonthsof2016includeddiscretetaxexpenseof$0.5million. ForthethreeandninemonthsendedSeptember30,2017,theCompanydeterminedthatitwasunabletomakeareliableestimateoftheannualeffectivetaxrate forthecompany'sdomesticoperations,asinsignificantchangesinprojectedresultsfortheseoperationscanproduceasignificantvariationinitsannualeffective taxrate.therefore,thecompanyrecordedtaxexpensefortheseoperationsforthethreeandninemonthsendedseptember30,2017basedontheactualyearto dateeffectiveratefortheseperiods. Note 10. Business Segments TheCompanyoperatesintwobusinesssegments:HighPerformanceMaterials&Components(HPMC)andFlatRolledProducts(FRP).Themeasureofsegment operatingprofit,whichisusedtoanalyzetheperformanceandresultsofthebusinesssegments,excludesalleffectsoflifoinventoryaccountingandanyrelated changesinnetrealizablevalueinventoryreserveswhichoffsetthecompany saggregatenetdebitlifovaluationbalance,incometaxes,corporateexpenses,net interestexpense,closedoperationsexpensesandrestructuringcosts,ifany.managementbelievessegmentoperatingprofit,asdefined,providesanappropriate measureofcontrollableoperatingresultsatthebusinesssegmentlevel.followingiscertainfinancialinformationwithrespecttothecompany sbusinesssegments fortheperiodsindicated(inmillions): ThreemonthsendedSeptember30, NinemonthsendedSeptember30, Totalsales: HighPerformanceMaterials&Components $ $ $ 1,593.3 $ 1,493.7 FlatRolledProducts , , ,420.9 Intersegmentsales: HighPerformanceMaterials&Components FlatRolledProducts Salestoexternalcustomers: HighPerformanceMaterials&Components , ,453.2 FlatRolledProducts , $ $ $ 2,615.2 $ 2,338.5 Operatingprofit(loss): HighPerformanceMaterials&Components $ 61.7 $ 47.0 $ $ FlatRolledProducts (7.3) (20.8) 14.6 (162.2) Totaloperatingprofit(loss) (47.3) LIFOandnetrealizablevaluereserves (0.1) (0.2) 0.4 Corporateexpenses (14.8) (9.8) (36.9) (32.6) Closedoperationsandotherexpenses (12.2) (15.4) (28.4) (24.6) Impairmentofgoodwill(SeeNote4) (114.4) (114.4) Restructuringandothercharges (499.9) (509.9) Interestexpense,net (34.2) (32.6) (102.2) (91.2) Lossbeforeincometaxes $ (121.3) $ (531.5) $ (86.9) $ (705.2) RestructuringandotherchargesforthethirdquarterendedSeptember30,2016primarilyrelatetotheindefiniteidlingofthe Company srowley,uttitaniumspongefacilityandinclude$471.3millionoflong-livedassetimpairmentcharges,$11.3millionofinventoryvaluationcharges fortitaniumspongethatareclassifiedincostofsales,and$17.3millionoffacilityshutdown,idlingandemployeebenefitcosts.theninemonthsendedseptember 30,2016alsoincludea$9.0millionchargeforseveranceobligationsintheFRPoperations,anda$1.0millionchargeforseveranceobligationsintheHPMC segment. 16
19 ResultsfortheHPMCsegmentexcludetheRowley,UTtitaniumspongeoperationsbeginningwiththethirdquarterof2016,withsuchoperationsbeingreported inclosedoperationsandotherexpenses.reservesforrestructuringchargesatseptember30,2017were$9.1million,ofwhich$3.1millionrelatestoseverance andemployeebenefitcostsand$6.0milliontoclosurecosts.thedeclineinthesereservescomparedto$33.1millionatdecember31,2016isprimarilydueto payments.theserestructuringreservesareexpectedtobesubstantiallypaidin2017. Note 11. Per Share Information Thefollowingtablesetsforththecomputationofbasicanddilutedlosspercommonshare: ThreeMonthsEnded Ninemonthsended September30, September30, (In millions, except per share amounts) Numerator: Numeratorforbasiclosspercommonshare NetlossattributabletoATI $ (121.2) $ (530.8) $ (93.6) $ (650.8) Effectofdilutivesecurities: 4.75%ConvertibleSeniorNotesdue2022 Numeratorfordilutedlosspercommonshare NetlossattributabletoATIafterassumedconversions $ (121.2) $ (530.8) $ (93.6) $ (650.8) Denominator: Denominatorforbasicnetlosspercommonshare weightedaverageshares Effectofdilutivesecurities: Share-basedcompensation 4.75%ConvertibleSeniorNotesdue2022 Denominatorfordilutednetlosspercommonshare adjustedweightedaveragesharesand assumedconversions BasicnetlossattributabletoATIpercommonshare $ (1.12) $ (4.95) $ (0.87) $ (6.07) DilutednetlossattributabletoATIpercommonshare $ (1.12) $ (4.95) $ (0.87) $ (6.07) Commonstockthatwouldbeissuableupontheassumedconversionofthe2022ConvertibleNotesandotheroptionequivalentsandcontingentlyissuableshares areexcludedfromthecomputationofcontingentlyissuableshares,andtherefore,fromthedenominatorfordilutedearningspershare,iftheeffectofinclusionis anti-dilutive.therewere20.9millionand20.7millionanti-dilutivesharesforthethreeandninemonthperiodsendedseptember30,2017.therewere21.0 millionand10.3millionanti-dilutivesharesforthethreeandninemonthperiodsendedseptember30,2016,respectively. Note 12. Financial Information for Subsidiary and Guarantor Parent Thepaymentobligationsunderthe$150million6.95%debenturesdue2025issuedbyAlleghenyLudlum,LLC(the Subsidiary )arefullyandunconditionally guaranteedbyalleghenytechnologiesincorporated(the GuarantorParent ).InaccordancewithpositionsestablishedbytheSecuritiesandExchange Commission,thefollowingfinancialinformationsetsforthseparatelyfinancialinformationwithrespecttotheSubsidiary,thenon-guarantorsubsidiariesandthe GuarantorParent.Theprincipaleliminationentrieseliminateinvestmentsinsubsidiariesandcertainintercompanybalancesandtransactions. ATIistheplansponsorfortheATIPensionPlan,theCompany su.s.qualifieddefinedbenefitpensionplan(the Plan )whichcoverscertaincurrentandformer employeesofthesubsidiaryandthenon-guarantorsubsidiaries.asaresult,thebalancesheetspresentedforthesubsidiaryandthenon-guarantorsubsidiariesdo notincludeanyplanassetsorliabilities,ortherelateddeferredtaxesandvaluationallowances.theplanassets,liabilitiesandrelateddeferredtaxesandpension incomeorexpensearerecognizedbytheguarantorparent.managementandroyaltyfeeschargedtothesubsidiaryandtothenon-guarantorsubsidiariesbythe GuarantorParenthavebeenexcludedsolelyforpurposesofthispresentation.TheeffectsofincometaxvaluationallowancesonU.S.FederalandStatedeferred taxassetsareexcludedfromthesubsidiary sfinancialresults,andarereportedbytheguarantorparentorthenon-guarantorsubsidiaries,asapplicable. 17
OCEANEERING INTERNATIONAL, INC. (Exact name of registrant as specified in its charter)
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