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1-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2021
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 1-12001
 ALLEGHENY TECHNOLOGIES INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware25-1792394
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
1000 Six PPG Place
Pittsburgh,Pennsylvania15222-5479
(Address of Principal Executive Offices)(Zip Code)
(412) 394-2800
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $0.10ATINew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the Registrant submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  
At July 16, 2021, the registrant had outstanding 127,245,632 shares of its Common Stock.



ALLEGHENY TECHNOLOGIES INCORPORATED
SEC FORM 10-Q
Quarter Ended June 30, 2021
INDEX
 Page No.
PART I. - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
Consolidated Statements of Operations
Consolidated Statements of Comprehensive Income (Loss)
Consolidated Statements of Cash Flows
Statements of Changes in Consolidated Equity
Notes to Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. - OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
SIGNATURES



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)
June 30,
2021
December 31,
2020
ASSETS
Current Assets:
Cash and cash equivalents$472.5 $645.9 
Accounts receivable, net 362.2 345.8 
Short-term contract assets52.3 38.9 
Inventories, net1,059.0 997.1 
Prepaid expenses and other current assets50.5 38.3 
Total Current Assets1,996.5 2,066.0 
Property, plant and equipment, net1,486.3 1,469.2 
Goodwill241.9 240.7 
Other assets249.3 259.0 
Total Assets$3,974.0 $4,034.9 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$265.8 $290.6 
Short-term contract liabilities103.8 111.8 
Short-term debt and current portion of long-term debt19.3 17.8 
Other current liabilities210.2 233.1 
Total Current Liabilities599.1 653.3 
Long-term debt1,602.2 1,550.0 
Accrued postretirement benefits317.1 326.7 
Pension liabilities629.4 673.6 
Other long-term liabilities220.1 189.9 
Total Liabilities3,367.9 3,393.5 
Equity:
ATI Stockholders’ Equity:
Preferred stock, par value $0.10: authorized-50,000,000 shares; issued-none
  
Common stock, par value $0.10: authorized-500,000,000 shares; issued-127,471,322 shares at June 30, 2021 and 126,820,440 shares at December 31, 2020; outstanding-127,243,908 shares at June 30, 2021 and 126,817,768 shares at December 31, 2020
12.7 12.7 
Additional paid-in capital1,587.5 1,625.5 
Retained earnings53.8 106.5 
Treasury stock: 227,414 shares at June 30, 2021 and 2,672 shares at December 31, 2020
(4.7) 
Accumulated other comprehensive loss, net of tax(1,176.3)(1,223.6)
Total ATI stockholders’ equity473.0 521.1 
Noncontrolling interests133.1 120.3 
Total Equity606.1 641.4 
Total Liabilities and Equity$3,974.0 $4,034.9 

The accompanying notes are an integral part of these statements.
1


Allegheny Technologies Incorporated and Subsidiaries
Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
 
Three months ended June 30,Six months ended June 30,
 2021202020212020
Sales$616.2 $770.3 $1,308.7 $1,725.8 
Cost of sales573.5 695.6 1,180.2 1,516.3 
Gross profit 42.7 74.7 128.5 209.5 
Selling and administrative expenses60.2 44.4 114.2 102.8 
Impairment of goodwill 287.0  287.0 
Restructuring charges (credits)(6.2)16.7 (6.2)24.7 
Operating income (loss)(11.3)(273.4)20.5 (205.0)
Nonoperating retirement benefit expense(6.8)(11.2)(13.6)(22.4)
Interest expense, net(23.7)(21.7)(47.1)(43.6)
Debt extinguishment charge (21.5) (21.5)
Other income (expense), net1.4 0.5 2.9 (0.4)
Loss before income taxes(40.4)(327.3)(37.3)(292.9)
Income tax provision 4.0 92.6 9.5 103.4 
Net loss(44.4)(419.9)(46.8)(396.3)
Less: Net income attributable to noncontrolling interests4.8 2.7 10.3 5.2 
Net loss attributable to ATI$(49.2)$(422.6)$(57.1)$(401.5)
Basic net loss attributable to ATI per common share$(0.39)$(3.34)$(0.45)$(3.18)
Diluted net loss attributable to ATI per common share$(0.39)$(3.34)$(0.45)$(3.18)
The accompanying notes are an integral part of these statements.

2


Allegheny Technologies Incorporated and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)
 
Three months ended June 30,Six months ended June 30,
 2021202020212020
Net loss$(44.4)$(419.9)$(46.8)$(396.3)
Currency translation adjustment
Unrealized net change arising during the period7.0 14.2 2.2 (9.2)
Derivatives
Net derivatives gain (loss) on hedge transactions7.0 2.0 7.4 (10.3)
Reclassification to net loss of net realized (gain) loss(1.5)4.2 (3.2)6.0 
Income taxes on derivative transactions 2.5   
Total5.5 3.7 4.2 (4.3)
Postretirement benefit plans
Actuarial loss
Amortization of net actuarial loss22.2 21.3 44.4 42.6 
Prior service cost
Amortization to net loss of net prior service credits(0.5)(0.8)(1.0)(1.5)
Income taxes on postretirement benefit plans (4.9)  
Total21.7 25.4 43.4 41.1 
Other comprehensive income, net of tax34.2 43.3 49.8 27.6 
Comprehensive income (loss)(10.2)(376.6)3.0 (368.7)
Less: Comprehensive income attributable to noncontrolling interests6.7 2.2 12.8 3.9 
Comprehensive loss attributable to ATI$(16.9)$(378.8)$(9.8)$(372.6)
The accompanying notes are an integral part of these statements.

3


Allegheny Technologies Incorporated and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 
Six months ended June 30,
 20212020
Operating Activities:
Net loss$(46.8)$(396.3)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization72.4 72.9 
Deferred taxes1.0 98.1 
Impairment of goodwill 287.0 
Debt extinguishment charge 21.5 
Net gains from disposal of property, plant and equipment(2.4)(2.5)
Changes in operating assets and liabilities:
Inventories(61.9)51.8 
Accounts receivable(16.4)70.5 
Accounts payable(24.9)(245.4)
Retirement benefits(15.2)(17.0)
Accrued liabilities and other(8.4)45.0 
Cash used in operating activities(102.6)(14.4)
Investing Activities:
Purchases of property, plant and equipment(61.4)(66.0)
Proceeds from disposal of property, plant and equipment2.7 3.2 
Other(0.1)1.0 
Cash used in investing activities(58.8)(61.8)
Financing Activities:
Borrowings on long-term debt0.7 385.0 
Payments on long-term debt and finance leases(7.1)(207.2)
Net borrowings (payments) under credit facilities(0.9)0.7 
Purchase of convertible note capped call (19.0)
Debt issuance costs (8.1)
Debt extinguishment charge (19.1)
Shares repurchased for income tax withholding on share-based compensation and other(4.7)(7.8)
Cash provided by (used in) financing activities(12.0)124.5 
Increase (decrease) in cash and cash equivalents(173.4)48.3 
Cash and cash equivalents at beginning of period645.9 490.8 
Cash and cash equivalents at end of period$472.5 $539.1 
The accompanying notes are an integral part of these statements.

4


Allegheny Technologies Incorporated and Subsidiaries
Statements of Changes in Consolidated Equity
(In millions)
(Unaudited)
ATI Stockholders
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interests
Total
Equity
Balance, March 31, 2020$12.7 $1,592.1 $1,700.4 $(0.8)$(1,216.6)$104.8 $2,192.6 
Net income (loss)  (422.6)  2.7 (419.9)
Other comprehensive income (loss)— — — — 43.8 (0.5)43.3 
Equity component of convertible note— 48.7 — — — — 48.7 
Convertible note capped call— (19.0)— — — — (19.0)
Employee stock plans— (4.0)(0.2)0.8 — — (3.4)
Balance, June 30, 2020$12.7 $1,617.8 $1,277.6 $ $(1,172.8)$107.0 $1,842.3 
Balance, March 31, 2021$12.7 $1,580.5 $103.0 $(4.7)$(1,208.6)$126.4 $609.3 
Net income (loss)  (49.2)  4.8 (44.4)
Other comprehensive income— — — — 32.3 1.9 34.2 
Employee stock plans— 7.0   — — 7.0 
Balance, June 30, 2021$12.7 $1,587.5 $53.8 $(4.7)$(1,176.3)$133.1 $606.1 

 ATI Stockholders  
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interests
Total
Equity
Balance, December 31, 2019$12.7 $1,618.0 $1,679.3 $(18.2)$(1,201.7)$103.1 $2,193.2 
Net income (loss)  (401.5)  5.2 (396.3)
Other comprehensive income (loss)— — — — 28.9 (1.3)27.6 
Equity component of convertible note— 48.7 — — — — 48.7 
Convertible note capped call— (19.0)— — — — (19.0)
Employee stock plans— (29.9)(0.2)18.2 — — (11.9)
Balance, June 30, 2020$12.7 $1,617.8 $1,277.6 $ $(1,172.8)$107.0 $1,842.3 
Balance, December 31, 2020$12.7 $1,625.5 $106.5 $ $(1,223.6)$120.3 $641.4 
Net income (loss)   (57.1)  10.3 (46.8)
Other comprehensive income— — — — 47.3 2.5 49.8 
Cumulative effect of adoption of new accounting standard— (49.8)4.4 — — — (45.4)
Employee stock plans— 11.8  (4.7)— — 7.1 
Balance, June 30, 2021$12.7 $1,587.5 $53.8 $(4.7)$(1,176.3)$133.1 $606.1 
The accompanying notes are an integral part of these statements.
5


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Unaudited
Note 1. Accounting Policies
The interim consolidated financial statements include the accounts of Allegheny Technologies Incorporated and its subsidiaries. Unless the context requires otherwise, “Allegheny Technologies,” “ATI” and “the Company” refer to Allegheny Technologies Incorporated and its subsidiaries.
These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (which include only normal recurring adjustments) considered necessary for a fair presentation have been included. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2020 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, 2020 financial information has been derived from the Company’s audited consolidated financial statements.
New Accounting Pronouncements Adopted
In August 2020, the Financial Accounting Standards Board issued new accounting guidance related to accounting for convertible instruments. Under this new guidance, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. As such, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. By removing those separation models, the reported interest rate of convertible debt instruments typically will be closer to the coupon interest rate. The new guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation, requiring the if-converted method, and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. This new guidance is effective for the Company in fiscal year 2022, with early adoption permitted.
The Company adopted this new accounting guidance related to accounting for convertible instruments effective January 1, 2021 using the modified transition approach with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. This new guidance is applicable to the Company’s 3.5% Convertible Senior Notes due 2025 (the 2025 Convertible Notes) that were issued in June 2020, for which the embedded conversion option was required to be separately accounted for as a component of stockholders’ equity. Upon adoption on January 1, 2021, long-term debt increased by $45.4 million and stockholders’ equity decreased by the same amount, representing the net impact of two adjustments: (1) the $49.8 million value of the embedded conversion, which is net of allocated offering costs, previously classified in additional paid-in capital in stockholders’ equity, and (2) a $4.4 million increase to retained earnings for the cumulative effect of adoption primarily related to the non-cash interest expense recorded in fiscal year 2020 for the amortization of the portion of the 2025 Convertible Notes allocated to stockholders’ equity. Prospectively, the reported interest expense for the 2025 Convertible Notes will no longer include the non-cash interest expense of the equity component as required under prior accounting standards and will be closer to the 3.5% cash coupon rate. There was no impact to the Company’s earnings per share calculation as it previously applied the if-converted method to the 2025 Convertible Notes given ATI’s flexibility to settle conversions of the 2025 Convertible Notes in cash, shares of ATI’s common stock or a combination thereof, at ATI’s election.
6



Note 2. Revenue from Contracts with Customers

Disaggregation of Revenue
The Company operates in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). Revenue is disaggregated within these two business segments by diversified global markets, primary geographical markets and diversified products. Comparative information of the Company’s overall revenues (in millions) by global and geographical markets for the second quarters and six months ended June 30, 2021 and 2020 were as follows:
(in millions)Second quarter ended
June 30, 2021June 30, 2020
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense$218.6 $62.6 $281.2 $252.3 $113.3 $365.6 
Energy*48.6 69.7 118.3 22.8 144.7 167.5 
Automotive1.4 66.6 68.0 1.0 49.8 50.8 
Electronics0.2 43.1 43.3 0.2 39.3 39.5 
Medical14.6 17.4 32.0 10.3 19.6 29.9 
Construction/Mining6.1 15.8 21.9 5.0 29.8 34.8 
Food Equipment & Appliances0.1 20.6 20.7 0.1 47.1 47.2 
Other11.0 19.8 30.8 9.0 26.0 35.0 
Total$300.6 $315.6 $616.2 $300.7 $469.6 $770.3 
(in millions)Six months ended
June 30, 2021June 30, 2020
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense$398.4 $137.0 $535.4 $611.1 $247.0 $858.1 
Energy*79.1 188.3 267.4 46.9 291.2 338.1 
Automotive3.4 156.1 159.5 3.0 124.3 127.3 
Electronics0.5 98.4 98.9 0.5 72.2 72.7 
Construction/Mining11.2 53.2 64.4 10.3 68.1 78.4 
Medical25.8 35.2 61.0 27.3 41.2 68.5 
Food Equipment & Appliances0.1 56.0 56.1 0.1 97.5 97.6 
Other23.0 43.0 66.0 21.8 63.3 85.1 
Total$541.5 $