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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 September 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 October 16, 2020, the registrant had outstanding 126,816,444 shares of its Common Stock.



ALLEGHENY TECHNOLOGIES INCORPORATED
SEC FORM 10-Q
Quarter Ended September 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)
September 30,
2020
December 31,
2019
ASSETS
Current Assets:
Cash and cash equivalents$572.2 $490.8 
Accounts receivable, net 388.0 554.1 
Short-term contract assets41.7 38.5 
Inventories, net1,035.9 1,155.3 
Prepaid expenses and other current assets48.5 64.3 
Total Current Assets2,086.3 2,303.0 
Property, plant and equipment, net2,466.6 2,450.1 
Goodwill238.4 525.8 
Other assets272.6 355.7 
Total Assets$5,063.9 $5,634.6 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$240.7 $521.2 
Short-term contract liabilities97.8 78.7 
Short-term debt and current portion of long-term debt12.2 11.5 
Other current liabilities213.0 237.8 
Total Current Liabilities563.7 849.2 
Long-term debt1,529.0 1,387.4 
Accrued postretirement benefits300.2 312.5 
Pension liabilities608.9 731.5 
Other long-term liabilities212.3 160.8 
Total Liabilities3,214.1 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-126,817,461 shares at September 30, 2020 and 126,695,171 shares at December 31, 2019; outstanding-126,815,756 shares at September 30, 2020 and 126,085,348 shares at December 31, 2019
12.7 12.7 
Additional paid-in capital1,622.2 1,618.0 
Retained earnings1,227.4 1,679.3 
Treasury stock: 1,705 shares at September 30, 2020 and 609,823 shares at December 31, 2019
 (18.2)
Accumulated other comprehensive loss, net of tax(1,128.6)(1,201.7)
Total ATI stockholders’ equity1,733.7 2,090.1 
Noncontrolling interests116.1 103.1 
Total Equity1,849.8 2,193.2 
Total Liabilities and Equity$5,063.9 $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 September 30,Nine months ended September 30,
 2020201920202019
Sales$598.0 $1,018.7 $2,323.8 $3,103.9 
Cost of sales559.9 859.0 2,076.2 2,635.4 
Gross profit 38.1 159.7 247.6 468.5 
Selling and administrative expenses45.4 65.2 148.2 200.9 
Impairment of goodwill  287.0  
Restructuring charges2.3  27.0  
Operating income (loss)(9.6)94.5 (214.6)267.6 
Nonoperating retirement benefit expense(11.1)(18.5)(33.5)(55.2)
Interest expense, net(25.1)(24.2)(68.7)(74.9)
Debt extinguishment charge  (21.5) 
Other income (expense), net(0.4)67.2 (0.8)82.9 
Income (loss) before income taxes(46.2)119.0 (339.1)220.4 
Income tax provision 0.8 3.7 104.2 10.3 
Net income (loss)(47.0)115.3 (443.3)210.1 
Less: Net income attributable to noncontrolling interests3.1 4.3 8.3 9.0 
Net income (loss) attributable to ATI$(50.1)$111.0 $(451.6)$201.1 
Basic net income (loss) attributable to ATI per common share$(0.40)$0.88 $(3.57)$1.60 
Diluted net income (loss) attributable to ATI per common share$(0.40)$0.78 $(3.57)$1.44 
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 September 30,Nine months ended September 30,
 2020201920202019
Net income (loss)$(47.0)$115.3 $(443.3)$210.1 
Currency translation adjustment
Unrealized net change arising during the period23.2 (16.3)14.0 (13.8)
Derivatives
Net derivatives gain (loss) on hedge transactions6.1 14.3 (4.2)19.1 
Reclassification to net income (loss) of net realized (gain) loss0.4 (0.8)6.4 0.6 
Income taxes on derivative transactions    
Total6.5 13.5 2.2 19.7 
Postretirement benefit plans
Actuarial loss
Amortization of net actuarial loss21.3 21.9 63.9 65.4 
Prior service cost
Amortization to net income (loss) of net prior service credits(0.8)(0.7)(2.3)(1.9)
Income taxes on postretirement benefit plans    
Total20.5 21.2 61.6 63.5 
Other comprehensive income, net of tax50.2 18.4 77.8 69.4 
Comprehensive income (loss)3.2 133.7 (365.5)279.5 
Less: Comprehensive income (loss) attributable to noncontrolling interests9.1 (0.3)13.0 6.0 
Comprehensive income (loss) attributable to ATI$(5.9)$134.0 $(378.5)$273.5 
The accompanying notes are an integral part of these statements.

3


Allegheny Technologies Incorporated and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 
Nine months ended September 30,
 20202019
Operating Activities:
Net income (loss)$(443.3)$210.1 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization108.3 114.6 
Deferred taxes98.5 4.1 
Impairment of goodwill287.0  
Debt extinguishment charge21.5  
Net gains from disposal of property, plant and equipment(3.3)(90.6)
Loss from sale of business 1.8 
Changes in operating assets and liabilities:
Inventories119.3 12.2 
Accounts receivable166.2 (92.5)
Accounts payable(280.5)(75.2)
Retirement benefits(78.3)(86.0)
Accrued liabilities and other49.6 (8.5)
Cash provided by (used in) operating activities45.0 (10.0)
Investing Activities:
Purchases of property, plant and equipment(94.6)(98.1)
Proceeds from sale of businesses, net of transaction costs 155.9 
Proceeds from disposal of property, plant and equipment4.0 91.8 
Other1.4 (0.2)
Cash provided by (used in) investing activities(89.2)149.4 
Financing Activities:
Borrowings on long-term debt391.4  
Payments on long-term debt and finance leases(209.5)(5.3)
Net borrowings (payments) under credit facilities(0.9)5.1 
Purchase of convertible note capped call(19.4) 
Debt issuance costs(9.1) 
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 activities125.6 (10.1)
Increase in cash and cash equivalents81.4 129.3 
Cash and cash equivalents at beginning of period490.8 382.0 
Cash and cash equivalents at end of period$572.2 $511.3 
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, June 30, 2019$12.7 $1,604.6 $1,511.8 $(18.3)$(1,084.4)$112.2 $2,138.6 
Net income  111.0   4.3 115.3 
Other comprehensive income (loss)— — — — 23.0 (4.6)18.4 
Employee stock plans— 7.5  0.1 — — 7.6 
Balance, September 30, 2019$12.7 $1,612.1 $1,622.8 $(18.2)$(1,061.4)$111.9 $2,279.9 
Balance, June 30, 2020$12.7 $1,617.8 $1,277.6 $ $(1,172.8)$107.0 $1,842.3 
Net income (loss)  (50.1)  3.1 (47.0)
Other comprehensive income— — — — 44.2 6.0 50.2 
Equity component of convertible note— 1.1 — — — — 1.1 
Convertible note capped call— (0.4)— — — — (0.4)
Employee stock plans— 3.7 (0.1) — — 3.6 
Balance, September 30, 2020$12.7 $1,622.2 $1,227.4 $ $(1,128.6)$116.1 $1,849.8 

 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  201.1   9.0 210.1 
Other comprehensive income (loss)— — — — 72.4 (3.0)69.4 
Employee stock plans— (3.3)(0.3)12.4 — — 8.8 
Balance, September 30, 2019$12.7 $1,612.1 $1,622.8 $(18.2)$(1,061.4)$111.9 $2,279.9 
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)   (451.6)  8.3 (443.3)
Other comprehensive income— — — — 73.1 4.7 77.8 
Equity component of convertible note— 49.8 — — — — 49.8 
Convertible note capped call— (19.4)— — — (19.4)
Employee stock plans— (26.2)(0.3)18.2 — — (8.3)
Balance, September 30, 2020$12.7 $1,622.2 $1,227.4 $ $(1,128.6)$116.1 $1,849.8 
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. Certain prior year amounts have been reclassified in order to conform with fiscal year 2020 presentation. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2019 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, 2019 financial information has been derived from the Company’s audited consolidated financial statements.
Effective January 1, 2020, the Company began operating under two revised business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). HPMC is now comprised of the Specialty Materials and Forged Products businesses, as well as the ATI Europe distribution operations. The new AA&S segment combines the Specialty Alloys & Components (SAC) business, including the primary titanium operations in Richland, WA and Albany, OR, with ATI’s former Flat Rolled Products (FRP) business segment, which included the FRP business and the 60%-owned Shanghai STAL Precision Stainless Steel Company Limited (STAL), as well as the Uniti LLC (Uniti) and Allegheny & Tsingshan Stainless (A&T Stainless) 50%-owned joint ventures that are reported in AA&S segment results under the equity method of accounting. See Note 13, Business Segments, for further information. Financial results of aerospace-grade titanium plate products also transferred from HPMC to AA&S effective January 1, 2020. Prior period segment information has been restated to conform to this operating structure.

The Company’s collective bargaining agreements (CBAs) with the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied & Industrial Service Workers International Union, AFL-CIO, CLC (USW) involving approximately 1,500 full-time represented employees located primarily within the AA&S segment operations expired on February 29, 2020. On March 25, 2020, the Company announced an agreement with the USW that extended the terms of the expired CBAs for one year, to February 28, 2021.
New Accounting Pronouncements Adopted

In March 2020, the Financial Accounting Standards Board (FASB) issued new optional accounting guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In response to concerns about structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The new accounting guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The new accounting guidance applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments generally do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. Management is continuing to evaluate the issue, and presently does not expect a transition away from LIBOR, primarily involving ATI’s domestic credit facility and an interest rate swap contract, to have any significant financial impact to ATI.

In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The areas for simplification in the guidance involve the removal of certain exceptions to the general principals in the current guidance, including intraperiod allocation and the calculation of income taxes in an interim period when a year to date loss exceeds the anticipated loss for the year. The new guidance also simplifies the accounting for income taxes in the area of franchise taxes. This new guidance is effective for the Company in fiscal year 2021, with early adoption permitted. This guidance was early adopted by the Company in fiscal year 2020 without significant impact to the consolidated financial statements.
6



In August 2018, the FASB issued new disclosure guidance on fair value measurement. This new guidance modifies the disclosure requirements on fair value measurements, including removal and modifications of various current disclosures as well as some additional disclosure requirements for Level 3 fair value measurements. Some of these disclosure changes must be applied prospectively while others retrospectively depending on the requirement. This guidance was adopted by the Company in fiscal year 2020 without an impact on the Company’s consolidated financial statements other than disclosures.
In June 2016, the FASB added a new impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to trade receivables, other receivables, contract assets and most debt instruments. The CECL model does not have a minimum threshold for recognition of impairment losses, and entities will need to measure expected credit losses on assets that have a low risk of loss. This guidance was adopted by the Company in fiscal year 2020 without significant impact to the consolidated financial statements.
Pending Accounting Pronouncements
In August 2020, the FASB 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 expects to early adopt 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. As such, upon adoption on January 1, 2021, the $49.8 million value of the embedded conversion, which is net of allocated offering costs, that was classified in additional paid-in-capital in stockholders’ equity will be reclassified to long-term debt on the consolidated balance sheet and will no longer be amortized as additional non-cash interest expense over the term of the 2025 Convertible Notes using the effective interest method, resulting in reported interest expense for the 2025 Convertible Notes that is closer to the 3.5% cash coupon rate. The $4.6 million of non-cash interest expense recorded in fiscal year 2020 for the amortization of the portion of the 2025 Convertible Notes that was allocated to stockholders’ equity will be shown as an adjustment to the opening balance of retained earnings on January 1, 2021 with an offset to long-term debt on the consolidated balance sheet. These expected effects of adoption exclude any effects related to deferred taxes. There will be 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.
7



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 third quarters and nine months ended September 30, 2020 and 2019 were as follows:
(in millions)Third quarter ended
September 30, 2020September 30, 2019
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense$171.8 $74.3 $246.1 $377.7 $125.8 $503.5 
Energy*24.4 106.0 130.4 36.2 181.0 217.2 
Automotive1.5 57.9 59.4 2.2 71.4 73.6 
Electronics/Computers/Communications0.2 45.7 45.9 0.1 44.4 44.5 
Food Equipment & Appliances 33.8 33.8 0.1 53.5 53.6 
Construction/Mining4.0 24.3 28.3 5.4 38.3 43.7 
Medical10.6 16.7 27.3 18.9 22.1 41.0 
Other8.8 18.0 26.8 11.2 30.4 41.6 
Total$221.3 $376.7 $598.0 $451.8 $566.9 $1,018.7 
(in millions)Nine Months Ended
September 30, 2020September 30, 2019
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense$782.9 $321.3 $1,104.2 $1,223.1 $378.2 $1,601.3 
Energy*71.3 397.2 468.5 97.7 501.4 599.1 
Automotive4.5 182.2 186.7 8.9 215.2 224.1 
Food Equipment & Appliances0.1 131.3 131.4 0.2 156.2 156.4 
Electronics/Computers/Communications0.7 117.9 118.6 0.4 116.3 116.7 
Construction/Mining14.3 92.4 106.7 37.3 116.9 154.2 
Medical37.9 57.9 95.8 64.7 64.8 129.5