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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited) Selected Quarterly Financial Data
(Unaudited)
 Quarter Ended
(In millions, except per share amounts)March 31June 30September 30December 31
2020 -
Sales$955.5 $770.3 $598.0 $658.3 
Gross Profit 134.8 74.7 38.1 45.2 
Net income (loss)23.6 (419.9)(47.0)(1,116.3)
Net income (loss) attributable to ATI21.1 (422.6)(50.1)(1,121.0)
Basic income (loss) attributable to ATI per common share$0.17 $(3.34)$(0.40)$(8.85)
Diluted income (loss) attributable to ATI per common share$0.16 $(3.34)$(0.40)$(8.85)
Average shares outstanding126.3 126.7 126.8 126.8 
2019 -
Sales$1,004.8 $1,080.4 $1,018.7 $1,018.6 
Gross Profit 131.1 177.7 159.7 169.3 
Net income 16.3 78.5 115.3 60.0 
Net income attributable to ATI15.0 75.1 111.0 56.5 
Basic income attributable to ATI per common share$0.12 $0.60 $0.88 $0.45 
Diluted income attributable to ATI per common share$0.12 $0.54 $0.78 $0.41 
Average shares outstanding125.8 126.1 126.1 126.1 
Quarterly earnings per share amounts above may not add to year-to-date amounts due to rounding as well as the impact of dilutive securities for each individual quarterly period versus the year-to-date period.
First quarter 2020 results include an $8.0 million pre-tax ($5.5 million, net of tax) restructuring charge for a voluntary retirement incentive program. See Note 3 for further explanation.
Second quarter 2020 results include the following:
•$287.0 million pre-tax ($281.4 million, net of tax) goodwill impairment charge to write-off a portion of the Company’s goodwill related to its Forged Products reporting unit. See Note 4 for further explanation.
•$16.7 million pre-tax ($16.4 million, net of tax) restructuring charge related to severance charges for involuntary reductions and voluntary retirement incentive programs for the HPMC segment. See Note 3 for further explanation.
•$2.4 million pre-tax and net of tax charge for ATI’s 50% portion of severance charges recorded by the A&T Stainless joint venture. See Note 9 for further explanation.
•$21.5 million pre-tax ($21.1 million, net of tax) debt extinguishment charge for the partial redemption of the 2022 Convertible Notes. See Note 12 for further explanation.
•$99.0 million discrete tax charge related to deferred tax valuation allowances due to re-entering a three-year cumulative loss condition for U.S. Federal and state jurisdictions. See Note 19 for further explanation on deferred tax asset valuation allowances.
Third quarter 2020 results include a $2.3 million pre-tax and net of tax restructuring charge for additional employee severance actions. See Note 3 for further explanation.
Fourth quarter 2020 results include $1,105.1 million in pre-tax and net of tax restructuring and other charges, including $1,041.5 million of long-lived asset impairment charges primarily related to the AA&S segment’s Brackenridge, PA operations, which include the HRPF, as well as stainless melting and finishing operations, $33.5 million of severance-related costs for hourly and salary employees, $12.7 million of other costs related to facility idlings including asset retirement obligations and inventory valuation reserves, and $17.4 million in pre-tax charges for termination benefits for pension and postretirement medical obligations related to facility closures. See Note 3 for further explanation. Fourth quarter 2020 results also include a $26.0 million net tax benefit associated with the tax impacts of the long-lived asset impairments and other restructuring charges and associated deferred tax asset valuation allowances. See Note 19 for further explanation on deferred tax asset valuation allowances.
Second quarter 2019 results include a $29.3 million pre-tax ($27.3 million, net of tax) gain on the sale of oil and gas rights in New Mexico. See Note 11 for further explanation. Second quarter 2019 results also include a $7.7 million pre-tax ($7.2 million, net of tax) loss on the sale of two non-core forging facilities. See Note 8 for further explanation.
Third quarter 2019 results include a $62.4 million pre-tax ($60.5 million, net of tax) gain on an additional sale of oil and gas rights in New Mexico. See Note 11 for further explanation. Third quarter 2019 results also include a $6.2 million pre-tax ($6.0 million, net of tax) net gain on the sale of the Cast Products business. See Note 8 for further explanation.
Fourth quarter 2019 results include the following:
•$4.5 million pre-tax ($4.3 million, net of tax) restructuring charge to streamline ATI’s salaried workforce primarily to improve the cost competitiveness of the U.S.-based Flat Rolled Products business. See Note 3 for further explanation.
•$21.6 million pre-tax ($20.5 million, net of tax) debt extinguishment charge for the full redemption of the 2021 Notes. See Note 12 for further explanation.
•$11.4 million pre-tax ($10.8 million, net of tax) joint venture impairment charge related to the A&T Stainless joint venture. See Note 9 for further explanation.
•$41.9 million net discrete tax benefit primarily related to the reversal of a significant portion of the Company’s deferred tax valuation allowances. See Note 19 for further explanation.