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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 March 31, 2022
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 April 15, 2022, the registrant had outstanding 124,132,851 shares of its Common Stock.



ALLEGHENY TECHNOLOGIES INCORPORATED
SEC FORM 10-Q
Quarter Ended March 31, 2022
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)
March 31,
2022
December 31,
2021
ASSETS
Current Assets:
Cash and cash equivalents$316.7 $687.7 
Accounts receivable, net 558.0 470.0 
Short-term contract assets50.8 53.9 
Inventories, net1,189.0 1,046.3 
Current assets held for sale58.9  
Prepaid expenses and other current assets112.3 48.8 
Total Current Assets2,285.7 2,306.7 
Property, plant and equipment, net1,502.6 1,528.5 
Goodwill227.2 227.9 
Long-term assets held for sale26.2  
Other assets194.4 222.1 
Total Assets$4,236.1 $4,285.2 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$396.1 $375.5 
Short-term contract liabilities133.3 116.2 
Short-term debt and current portion of long-term debt116.7 131.3 
Current liabilities held for sale17.6  
Other current liabilities213.5 233.4 
Total Current Liabilities877.2 856.4 
Long-term debt1,707.4 1,711.6 
Accrued postretirement benefits252.4 258.1 
Pension liabilities402.5 415.4 
Long-term liabilities held for sale1.5  
Other long-term liabilities199.4 211.0 
Total Liabilities3,440.4 3,452.5 
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-128,114,494 shares at March 31, 2022 and 127,484,902 shares at December 31, 2021; outstanding-124,121,350 shares at March 31, 2022 and 127,253,045 shares at December 31, 2021
12.8 12.7 
Additional paid-in capital1,602.5 1,596.7 
Retained earnings103.6 72.7 
Treasury stock: 3,993,144 shares at March 31, 2022 and 231,857 shares at December 31, 2021
(99.7)(4.8)
Accumulated other comprehensive loss, net of tax(960.5)(991.7)
Total ATI stockholders’ equity658.7 685.6 
Noncontrolling interests137.0 147.1 
Total Equity795.7 832.7 
Total Liabilities and Equity$4,236.1 $4,285.2 

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 March 31,
 20222021
Sales$834.1 $692.5 
Cost of sales664.7 606.7 
Gross profit 169.4 85.8 
Selling and administrative expenses75.2 54.0 
Restructuring charges (credits)(1.1) 
Loss (gain) on asset sales and sales of businesses, net18.3  
Operating income 77.0 31.8 
Nonoperating retirement benefit expense(5.8)(6.8)
Interest expense, net(23.6)(23.4)
Other income (expense), net(7.5)1.5 
Income before income taxes40.1 3.1 
Income tax provision 4.9 5.5 
Net income (loss)35.2 (2.4)
Less: Net income attributable to noncontrolling interests4.3 5.5 
Net income (loss) attributable to ATI$30.9 $(7.9)
Basic net income (loss) attributable to ATI per common share$0.24 $(0.06)
Diluted net income (loss) attributable to ATI per common share$0.23 $(0.06)
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 March 31,
 20222021
Net income (loss)$35.2 $(2.4)
Currency translation adjustment
Unrealized net change arising during the period(6.8)(4.8)
Derivatives
Net derivatives gain on hedge transactions24.6 0.4 
Reclassification to net income (loss) of net realized gain(5.0)(1.7)
Income taxes on derivative transactions  
Total19.6 (1.3)
Postretirement benefit plans
Actuarial loss
Amortization of net actuarial loss19.3 22.2 
Prior service cost
Amortization to net income (loss) of net prior service credits(0.2)(0.5)
Income taxes on postretirement benefit plans  
Total19.1 21.7 
Other comprehensive income, net of tax31.9 15.6 
Comprehensive income 67.1 13.2 
Less: Comprehensive income attributable to noncontrolling interests5.0 6.1 
Comprehensive income attributable to ATI$62.1 $7.1 
The accompanying notes are an integral part of these statements.

3


Allegheny Technologies Incorporated and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 
Three months ended March 31,
 20222021
Operating Activities:
Net income (loss)$35.2 $(2.4)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization35.5 36.1 
Deferred taxes(1.2)(0.4)
Net gains from disposal of property, plant and equipment(0.8)(1.2)
Loss on sale of business25.1  
Changes in operating assets and liabilities:
Inventories(181.3)(50.8)
Accounts receivable(108.2)(78.1)
Accounts payable35.6 34.1 
Retirement benefits(0.7)(16.6)
Accrued liabilities and other(56.4)11.2 
Cash used in operating activities(217.2)(68.1)
Investing Activities:
Purchases of property, plant and equipment(26.0)(26.4)
Proceeds from disposal of property, plant and equipment0.8 1.4 
Other1.0 (0.1)
Cash used in investing activities(24.2)(25.1)
Financing Activities:
Payments on long-term debt and finance leases(5.0)(3.0)
Net payments under credit facilities(14.6)(3.3)
Purchase of treasury stock(89.9) 
Sale of noncontrolling interests0.9  
Dividends paid to noncontrolling interests(16.0) 
Shares repurchased for income tax withholding on share-based compensation and other(5.0)(4.7)
Cash used in financing activities(129.6)(11.0)
Decrease in cash and cash equivalents(371.0)(104.2)
Cash and cash equivalents at beginning of period687.7 645.9 
Cash and cash equivalents at end of period$316.7 $541.7 
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, December 31, 2020$12.7 $1,625.5 $106.5 $ $(1,223.6)$120.3 $641.4 
Net income (loss)  (7.9)  5.5 (2.4)
Other comprehensive income — — — — 15.0 0.6 15.6 
Cumulative effect of adoption of new accounting standard— (49.8)4.4 — — — (45.4)
Employee stock plans 4.8  (4.7)— — 0.1 
Balance, March 31, 2021$12.7 $1,580.5 $103.0 $(4.7)$(1,208.6)$126.4 $609.3 
Balance, December 31, 2021$12.7 $1,596.7 $72.7 $(4.8)$(991.7)$147.1 $832.7 
Net income   30.9   4.3 35.2 
Other comprehensive income — — — — 31.2 0.7 31.9 
Purchase of treasury stock— — — (89.9)— — (89.9)
Dividends paid to noncontrolling interest— — — — — (16.0)(16.0)
Sales of subsidiary shares to noncontrolling interest— — — — — 0.9 0.9 
Employee stock plans0.1 5.8  (5.0)— — 0.9 
Balance, March 31, 2022$12.8 $1,602.5 $103.6 $(99.7)$(960.5)$137.0 $795.7 


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 2021 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, 2021 financial information has been derived from the Company’s audited consolidated financial statements.
New Accounting Pronouncements Adopted
In November 2021, the Financial Accounting Standards Board issued new accounting guidance related to disclosures about certain types of government assistance. This new guidance requires business entities that account for transactions with a government by analogizing to a grant or contribution accounting model to make certain annual disclosures. It requires disclosure of the nature and significant terms and considerations of the transactions, the accounting policies used and the effects of those transactions on an entity’s financial statements. This new guidance is effective for the Company in fiscal year 2022, with early adoption permitted. The Company adopted this new accounting guidance effective January 1, 2022. The adoption of these changes does not have an impact on the Company’s consolidated financial statements other than the annual disclosure requirements.
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 quarters ended March 31, 2022 and 2021 were as follows:
(in millions)First quarter ended
March 31, 2022March 31, 2021
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$179.0 $17.6 $196.6 $95.9 $10.2 $106.1 
   Airframes- Commercial37.2 56.5 93.7 26.5 31.7 58.2 
   Defense41.4 35.1 76.5 57.4 32.5 89.9 
   Total Aerospace & Defense257.6 109.2 366.8 179.8 74.4 254.2 
Energy:
   Oil & Gas17.1 86.0 103.1 8.3 74.2 82.5 
   Specialty Energy30.1 26.5 56.6 22.2 44.4 66.6 
   Total Energy47.2 112.5 159.7 30.5 118.6 149.1 
Automotive2.9 88.1 91.0 2.0 89.5 91.5 
Construction/Mining8.4 43.6 52.0 5.1 37.4 42.5 
Electronics0.5 51.1 51.6 0.3 55.3 55.6 
Medical13.2 23.0 36.2 11.2 17.8 29.0 
Food Equipment & Appliances 34.0 34.0  35.4 35.4 
Other11.8 31.0 42.8 12.0 23.2 35.2 
Total$341.6 $492.5 $834.1 $240.9 $451.6 $692.5 
6


(in millions)First quarter ended
March 31, 2022March 31, 2021
HPMCAA&STotalHPMCAA&STotal
Primary Geographical Market:
United States$156.4 $321.3 $477.7 $128.3 $271.6 $399.9 
Europe121.3 38.6 159.9 79.1 34.0 113.1 
Asia44.2 115.1 159.3 20.1 122.6 142.7 
Canada10.3 8.7 19.0 8.2 9.1 17.3 
South America, Middle East and other9.4 8.8 18.2 5.2 14.3 19.5 
Total$341.6 $492.5 $834.1 $240.9 $451.6 $692.5 
Comparative information of the Company’s major products based on their percentages of sales is included in the following table. The Company has nearly completed its previously-announced exit from standard stainless products, and therefore no longer presents these sales as a separate product category. Prior period information includes these sales within the nickel-based alloys and specialty alloys category. Hot-Rolling and Processing Facility (HRPF) conversion service sales in the AA&S segment are excluded from this presentation.
First quarter ended
March 31, 2022March 31, 2021
HPMCAA&STotalHPMCAA&STotal
Diversified Products and Services:
     Nickel-based alloys and specialty alloys48 %52 %50 %36 %47 %43 %
     Precision rolled strip products %29 %17 % %31 %20 %
     Precision forgings, castings and components36 % %15 %43 % %15 %
     Titanium and titanium-based alloys16 %5 %10 %21 %7 %12 %
     Zirconium and related alloys %14 %8 % %15 %10 %
Total100 %100 %100 %100 %100 %100 %
The Company maintained a backlog of confirmed orders totaling $2.4 billion and $1.5 billion at March 31, 2022 and 2021, respectively. Due to the structure of the Company’s long-term agreements, approximately 80% of this backlog at March 31, 2022 represented booked orders with performance obligations that will be satisfied within the next 12 months. The backlog does not reflect any elements of variable consideration.
Contract balances
As of March 31, 2022 and December 31, 2021, accounts receivable with customers were $562.0 million and $473.8 million, respectively. The following represents the rollforward of accounts receivable - reserve for doubtful accounts and contract assets and liabilities for the three months ended March 31, 2022 and 2021:
(in millions)
Accounts Receivable - Reserve for Doubtful AccountsMarch 31,
2022
March 31,
2021
Balance as of beginning of fiscal year$3.8 $4.3 
Expense to increase the reserve0.3 0.2 
Write-off of uncollectible accounts(0.1)(0.3)
Balance as of period end$4.0 $4.2 
(in millions)
Contract Assets
Short-termMarch 31,
2022
March 31,
2021
Balance as of beginning of fiscal year$53.9 $38.9 
Recognized in current year18.9 25.7 
Reclassified to accounts receivable(22.0)(19.1)
Reclassification to/from long-term and contract liability (3.5)
Balance as of period end$50.8 $42.0 
7


(in millions)
Contract Liabilities
Short-termMarch 31,
2022
March 31,
2021
Balance as of beginning of fiscal year$116.2 $111.8 
Recognized in current year40.5 57.1 
Amounts in beginning balance reclassified to revenue(28.1)(43.0)
Current year amounts reclassified to revenue(5.5)(4.0)
Other1.3  
Reclassification to/from long-term and contract asset8.9 (3.2)
Balance as of period end$133.3 $118.7 
Long-termMarch 31,
2022
March 31,
2021
Balance as of beginning of fiscal year$84.4 $32.0 
Recognized in current year5.5 24.3 
Amounts in beginning balance reclassified to revenue(0.3)(0.3)
Current year amounts reclassified to revenue  
Reclassification to/from short-term(8.9)(0.3)
Balance as of period end$80.7 $55.7 
Contract costs for obtaining and fulfilling a contract were $5.0 million and $5.2 million as of March 31, 2022 and December 31, 2021, respectively, and are reported in other long-term assets on the consolidated balance sheet. Contract cost amortization expense for both the three months ended March 31, 2022 and 2021 was $0.2 million.
Note 3. Inventories
Inventories at March 31, 2022 and December 31, 2021 were as follows (in millions):
March 31,
2022
December 31,
2021
Raw materials and supplies$219.9 $160.3 
Work-in-process919.2 829.6 
Finished goods112.9 121.8 
Total inventories at current cost1,252.0 1,111.7 
Inventory valuation reserves(63.0)(65.4)
Total inventories, net$1,189.0 $1,046.3 
Inventories are stated at the lower of cost (first-in, first-out (FIFO) and average cost methods) or net realizable value.
Note 4. Property, Plant and Equipment
Property, plant and equipment at March 31, 2022 and December 31, 2021 was as follows (in millions):
March 31,
2022
December 31,
2021
Land$31.5 $34.4 
Buildings586.1 575.5 
Equipment and leasehold improvements2,798.6 2,870.2 
3,416.2 3,480.1 
Accumulated depreciation and amortization(1,913.6)(1,951.6)
Total property, plant and equipment, net$1,502.6 $1,528.5 
The construction in progress portion of property, plant and equipment at March 31, 2022 was $225.8 million.

8


Note 5. Divestitures

As announced on March 3, 2022, ATI’s Board of Directors approved the divestiture of the Sheffield, UK operations, which includes facilities for melting and re-melting, machining and bar mill operations, and is part of the Specialty Materials business in the HPMC segment. As a result, the Company’s Sheffield, UK operations are classified as held for sale at March 31, 2022, and the terms of sale resulted in indicators of impairment in the long-lived assets of this disposal group. A $22.3 million long-lived asset impairment charge was recorded as part of the $25.1 million partial loss on sale of this business recorded in the first quarter 2022, which remains subject to UK government approval under the National Security and Investment Act 2021. This long-lived asset impairment charge was determined using the held for sale framework and represents Level 1 information in the fair value hierarchy. The loss on sale is reported in loss (gain) on asset sales and sales of businesses, net, on the consolidated statement of operations and is excluded from HPMC segment results.
The following are the assets and liabilities of the Sheffield, UK operations, subsequent to the impairment loss discussed above, classified as held for sale and reported as separate amounts on the consolidated balance sheet as of March 31, 2022.
(in millions)March 31,
2022
Assets
Accounts receivable, net$20.2 
Inventories, net38.6
Prepaid expenses and other current assets0.1
   Total current assets58.9
Other assets26.2
   Total long-term assets26.2
      Total Assets85.1
Liabilities
Accounts payable17.6
   Total current liabilities17.6
Other long-term liabilities1.5
      Total Liabilities19.1
Net assets held for sale$66.0 
ATI expects to recognize an additional pre-tax loss of approximately $110 million upon the completion of this sale, which is projected to be completed in the second quarter 2022. The expected loss includes approximately $55 million related to the UK defined benefit pension plan, of which $25 million is reported as a net pension asset but which is in a deficit funding position for UK statutory reporting purposes, and $30 million in accumulated other comprehensive loss on the consolidated ATI balance sheet. The expected loss also includes approximately $15 million of cumulative translation adjustment foreign exchange losses since ATI’s acquisition of these operations in 1998. In 2021, the Sheffield operations had external sales of $36 million, with over 80% of its sales to energy markets, primarily oil & gas, and had a net loss before tax of $9 million.
During the first quarter of 2022, the Company completed the sale of the small Pico Rivera, CA operations as part of the strategy to exit standard stainless products. The Company received cash proceeds of $6.2 million on the sale of these assets, which was primarily reported within operating activities on the consolidated statement of cash flows. The Company recognized a $6.8 million pretax gain on sale, including de-recognizing certain lease liabilities, in the first quarter of 2022, which is reported in loss (gain) on asset sales and sales of businesses, net, on the consolidated statement of operations and is excluded from AA&S segment results.

9


Note 6. Joint Ventures

The financial results of majority-owned joint ventures are consolidated into the Company’s operating results and financial position, with the minority ownership interest recognized in the consolidated statements of operations as net income attributable to noncontrolling interests, and as equity attributable to the noncontrolling interests within total stockholders’ equity. Investments in which the Company exercises significant influence, but which it does not control (generally a 20% to 50% ownership interest), are accounted for under the equity method of accounting.

Majority-Owned Joint Ventures

STAL:
The Company has a 60% interest in the Chinese joint venture known as STAL. The remaining 40% interest in STAL is owned by China Baowu Steel Group Corporation Limited, a state authorized investment company whose equity securities are publicly traded in the People’s Republic of China. STAL is part of ATI’s AA&S segment and manufactures Precision Rolled Strip stainless products mainly for the electronics and automotive markets located in Asia. Cash and cash equivalents held by STAL as of March 31, 2022 were $45.6 million.

Next Gen Alloys LLC:
The Company has a 51% interest in Next Gen Alloys LLC, a joint venture with GE Aviation for the development of a new meltless titanium alloy powder manufacturing technology. The titanium alloy powders are being developed for use in additive manufacturing applications, including 3D printing. Next Gen Alloys LLC funds its development activities through the sale of shares to the two joint venture partners, and in the first quarter of 2022 the Company received $0.9 million from sales of noncontrolling interests to its joint venture partner, which is reported as a financing activity on the consolidated statements of cash flows. Cash and cash equivalents held by this joint venture as of March 31, 2022 were $2.3 million.

Equity Method Joint Ventures

A&T Stainless:
The Company has a 50% interest in A&T Stainless, a joint venture with an affiliate company of Tsingshan Group (Tsingshan) to produce 60-inch wide stainless sheet products for sale in North America. Tsingshan purchased its 50% joint venture interest in A&T Stainless in 2018 for $17.5 million, of which $12.0 million has been received by ATI. The A&T Stainless operations included the Company’s previously-idled direct roll and pickle (DRAP) facility in Midland, PA. ATI provided hot-rolling conversion services to A&T Stainless using the AA&S segment’s HRPF. ATI accounts for the A&T Stainless joint venture under the equity method of accounting.

In March 2018, ATI filed for an exclusion from the Section 232 tariffs on behalf of A&T Stainless, which imports semi-finished stainless slab products from Indonesia. In April 2019, the Company learned that this exclusion request was denied by the U.S. Department of Commerce. ATI filed new requests on behalf of A&T Stainless for exclusion from the Section 232 tariffs in October 2019. These requests were denied by the U.S. Department of Commerce in the second quarter of 2020, and the 25% tariff remains in place. In April 2022, ATI and A&T Stainless entered into a settlement agreement with the U.S. pursuant to which the U.S., without admitting liability, agreed to refund a substantial portion of the Section 232 tariffs previously paid by A&T Stainless. As a result of the settlement agreement, A&T Stainless will receive tariff refunds of approximately $17.8 million plus accrued interest, which will be recognized as income by the joint venture in the second quarter of 2022.

Due to repeated tariff exclusion denials, the DRAP facility was idled in an orderly shut down process that was completed in the third quarter of 2020. ATI’s share of A&T Stainless results was losses of $0.3 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively, which is included within other income/expense, net, on the consolidated statements of operations and in the AA&S segment’s operating results.

As of March 31, 2022 and December 31, 2021, ATI had net receivables for working capital advances and administrative services from A&T Stainless of $2.5 million and $2.9 million, respectively. For the March 31, 2022 balance of net receivables, $0.7 million was reported in prepaid expenses and other current assets and $1.8 million in other long-term assets on the consolidated balance sheet, while for December 31, 2021, $0.7 million was reported in prepaid expenses and other current assets and $2.2 million in other long-term assets. In addition, ATI evaluated the collectability of its remaining $5.5 million receivable from Tsingshan, which is reported in other long-term assets on the consolidated balance sheet, and concluded that no impairment or loss in expected value exists at this time.


10


Uniti:
ATI has a 50% interest in the industrial titanium joint venture known as Uniti, with the remaining 50% interest held by VSMPO, a Russian producer of titanium, aluminum, and specialty steel products. Uniti is accounted for under the equity method of accounting. ATI’s share of Uniti’s income was $0.7 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively, which is included in the AA&S segment’s operating results, and within other income/expense, net on the consolidated statements of operations.

On March 9, 2022, the Company announced the termination of Uniti, LLC. The joint venture is expected to wind up no later than year-end 2022. No impairments were recorded as a result of the decision to terminate the Uniti joint venture.
Note 7. Supplemental Financial Statement Information
Other income (expense), net for the three months ended March 31, 2022 and 2021 was as follows:
(in millions)Three months ended March 31,
20222021
Rent and royalty income$0.7 $0.3 
Gains from disposal of property, plant and equipment, net 1.2 
Net equity income (loss) on joint ventures (See Note 6)0.4  
Litigation reserve (see Note 16)(8.6) 
Total other income (expense), net$(7.5)$1.5 
Restructuring
Restructuring charges for the first quarter ended March 31, 2022 were a credit of $1.1 million for a reduction in severance-related reserves related to approximately 20 employees based on changes in planned operating rates and revised workforce reduction estimates. This amount was presented as a restructuring credit in the consolidated statements of operations and is excluded from segment EBITDA.
Restructuring reserves for severance cost activity is as follows:
Severance and Employee
Benefit Costs
Balance at December 31, 2021$17.7 
Adjustments(1.1)
Payments(1.2)
Balance at March 31, 2022$15.4 
The $15.4 million restructuring reserve balance at March 31, 2022 includes $9.1 million recorded in other current liabilities and $6.3 million recorded in other long-term liabilities on the consolidated balance sheet.

11


Note 8. Debt
Debt at March 31, 2022 and December 31, 2021 was as follows (in millions): 
March 31,
2022
December 31,
2021
Allegheny Technologies 5.875% Notes due 2027
350.0 350.0 
Allegheny Technologies 5.125% Notes due 2031
350.0 350.0 
Allegheny Technologies 4.875% Notes due 2029
325.0 325.0 
Allegheny Technologies 3.5% Convertible Senior Notes due 2025
291.4 291.4 
Allegheny Technologies