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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, 2020
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 17, 2020, the registrant had outstanding 126,814,081 shares of its Common Stock.



ALLEGHENY TECHNOLOGIES INCORPORATED
SEC FORM 10-Q
Quarter Ended June 30, 2020
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,
2020
December 31,
2019
ASSETS
Current Assets:
Cash and cash equivalents$539.1  $490.8  
Accounts receivable, net 483.6  554.1  
Short-term contract assets41.6  38.5  
Inventories, net1,103.5  1,155.3  
Prepaid expenses and other current assets33.8  64.3  
Total Current Assets2,201.6  2,303.0  
Property, plant and equipment, net2,455.0  2,450.1  
Goodwill236.4  525.8  
Other assets276.4  355.7  
Total Assets$5,169.4  $5,634.6  
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$275.8  $521.2  
Short-term contract liabilities109.8  78.7  
Short-term debt and current portion of long-term debt12.8  11.5  
Other current liabilities216.0  237.8  
Total Current Liabilities614.4  849.2  
Long-term debt1,516.9  1,387.4  
Accrued postretirement benefits303.9  312.5  
Pension liabilities685.0  731.5  
Other long-term liabilities206.9  160.8  
Total Liabilities3,327.1  3,441.4  
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-126,813,383 shares at June 30, 2020 and 126,695,171 shares at December 31, 2019; outstanding-126,813,078 shares at June 30, 2020 and 126,085,348 shares at December 31, 2019
12.7  12.7  
Additional paid-in capital1,617.8  1,618.0  
Retained earnings1,277.6  1,679.3  
Treasury stock: 305 shares at June 30, 2020 and 609,823 shares at December 31, 2019
  (18.2) 
Accumulated other comprehensive loss, net of tax(1,172.8) (1,201.7) 
Total ATI stockholders’ equity1,735.3  2,090.1  
Noncontrolling interests107.0  103.1  
Total Equity1,842.3  2,193.2  
Total Liabilities and Equity$5,169.4  $5,634.6  

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,
 2020201920202019
Sales$770.3  $1,080.4  $1,725.8  $2,085.2  
Cost of sales695.6  902.7  1,516.3  1,776.4  
Gross profit 74.7  177.7  209.5  308.8  
Selling and administrative expenses44.4  67.7  102.8  135.7  
Impairment of goodwill287.0    287.0    
Restructuring charges16.7    24.7    
Operating (loss) income(273.4) 110.0  (205.0) 173.1  
Nonoperating retirement benefit expense(11.2) (18.4) (22.4) (36.7) 
Interest expense, net(21.7) (25.9) (43.6) (50.7) 
Debt extinguishment charge(21.5)   (21.5)   
Other income (expense), net0.5  18.6  (0.4) 15.7  
(Loss) income before income taxes(327.3) 84.3  (292.9) 101.4  
Income tax provision 92.6  5.8  103.4  6.6  
Net (loss) income (419.9) 78.5  (396.3) 94.8  
Less: Net income attributable to noncontrolling interests2.7  3.4  5.2  4.7  
Net (loss) income attributable to ATI$(422.6) $75.1  $(401.5) $90.1  
Basic net (loss) income attributable to ATI per common share$(3.34) $0.60  $(3.18) $0.72  
Diluted net (loss) income attributable to ATI per common share$(3.34) $0.54  $(3.18) $0.66  
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,
 2020201920202019
Net (loss) income$(419.9) $78.5  $(396.3) $94.8  
Currency translation adjustment
Unrealized net change arising during the period14.2  (8.5) (9.2) 2.5  
Derivatives
Net derivatives gain (loss) on hedge transactions2.0  (5.7) (10.3) 4.8  
Reclassification to net income (loss) of net realized loss4.2  0.5  6.0  1.4  
Income taxes on derivative transactions2.5        
Total3.7  (5.2) (4.3) 6.2  
Postretirement benefit plans
Actuarial loss
Amortization of net actuarial loss21.3  21.8  42.6  43.5  
Prior service cost
Amortization to net income (loss) of net prior service credits(0.8) (0.6) (1.5) (1.2) 
Income taxes on postretirement benefit plans(4.9)       
Total25.4  21.2  41.1  42.3  
Other comprehensive income, net of tax43.3  7.5  27.6  51.0  
Comprehensive (loss) income(376.6) 86.0  (368.7) 145.8  
Less: Comprehensive income (loss) attributable to noncontrolling interests2.2  (0.2) 3.9  6.3  
Comprehensive (loss) income attributable to ATI$(378.8) $86.2  $(372.6) $139.5  
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,
 20202019
Operating Activities:
Net (loss) income$(396.3) $94.8  
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization72.9  77.6  
Deferred taxes98.1  2.7  
Impairment of goodwill287.0    
Debt extinguishment charge21.5    
Net gains from disposal of property, plant and equipment(2.5) (28.3) 
Loss from sale of business  7.7  
Changes in operating assets and liabilities:
Inventories51.8  (36.6) 
Accounts receivable70.5  (77.7) 
Accounts payable(245.4) (77.5) 
Retirement benefits(17.0) (34.2) 
Accrued liabilities and other45.0  (32.9) 
Cash used in operating activities(14.4) (104.4) 
Investing Activities:
Purchases of property, plant and equipment(66.0) (51.3) 
Proceeds from sale of businesses, net of transaction costs  33.4  
Proceeds from disposal of property, plant and equipment3.2  29.4  
Other1.0  (0.1) 
Cash (used in) provided by investing activities(61.8) 11.4  
Financing Activities:
Borrowings on long-term debt385.0    
Payments on long-term debt and finance leases(207.2) (3.3) 
Net borrowings under credit facilities0.7  5.4  
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(7.8) (9.9) 
Cash provided by (used in) financing activities124.5  (7.8) 
Increase (decrease) in cash and cash equivalents48.3  (100.8) 
Cash and cash equivalents at beginning of period490.8  382.0  
Cash and cash equivalents at end of period$539.1  $281.2  
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, 2019$12.7  $1,599.7  $1,437.0  $(19.7) $(1,095.5) $112.4  $2,046.6  
Net income—  —  75.1  —  —  3.4  78.5  
Other comprehensive income (loss)—  —  —  —  11.1  (3.6) 7.5  
Employee stock plans—  4.9  (0.3) 1.4  —  —  6.0  
Balance, June 30, 2019$12.7  $1,604.6  $1,511.8  $(18.3) $(1,084.4) $112.2  $2,138.6  
Balance, March 31, 2020$12.7  $1,592.1  $1,700.4  $(0.8) $(1,216.6) $104.8  $2,192.6  
Net (loss) income —  —  (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  

 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, 2018$12.7  $1,615.4  $1,422.0  $(30.6) $(1,133.8) $105.9  $1,991.6  
Net income—  —  90.1  —  —  4.7  94.8  
Other comprehensive income—  —  —  —  49.4  1.6  51.0  
Employee stock plans—  (10.8) (0.3) 12.3  —  —  1.2  
Balance, June 30, 2019$12.7  $1,604.6  $1,511.8  $(18.3) $(1,084.4) $112.2