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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, 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
 ATI Inc.
(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.)
2021 McKinney Avenue
Dallas,Texas75201
(Address of Principal Executive Offices)(Zip Code)
(800) 289-7454
(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 14, 2022, the registrant had outstanding 129,417,664 shares of its Common Stock.



ATI INC.
SEC FORM 10-Q
Quarter Ended September 30, 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
ATI Inc. and Subsidiaries
Consolidated Balance Sheets
(In millions, except share and per share amounts)
(Current period unaudited)
September 30,
2022
December 31,
2021
ASSETS
Current Assets:
Cash and cash equivalents$329.1 $687.7 
Accounts receivable, net 678.1 470.0 
Short-term contract assets70.2 53.9 
Inventories, net1,216.9 1,046.3 
Prepaid expenses and other current assets75.1 48.8 
Total Current Assets2,369.4 2,306.7 
Property, plant and equipment, net1,496.7 1,528.5 
Goodwill227.2 227.9 
Other assets194.5 222.1 
Total Assets$4,287.8 $4,285.2 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$410.2 $375.5 
Short-term contract liabilities120.7 116.2 
Short-term debt and current portion of long-term debt28.9 131.3 
Other current liabilities263.0 233.4 
Total Current Liabilities822.8 856.4 
Long-term debt1,700.4 1,711.6 
Accrued postretirement benefits243.1 258.1 
Pension liabilities376.6 415.4 
Other long-term liabilities206.5 211.0 
Total Liabilities3,349.4 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-131,383,969 shares at September 30, 2022 and 127,484,902 shares at December 31, 2021; outstanding-129,417,664 shares at September 30, 2022 and 127,253,045 shares at December 31, 2021
13.1 12.7 
Additional paid-in capital1,662.2 1,596.7 
Retained earnings100.0 72.7 
Treasury stock: 1,966,305 shares at September 30, 2022 and 231,857 shares at December 31, 2021
(51.9)(4.8)
Accumulated other comprehensive loss, net of tax(909.9)(991.7)
Total ATI stockholders’ equity813.5 685.6 
Noncontrolling interests124.9 147.1 
Total Equity938.4 832.7 
Total Liabilities and Equity$4,287.8 $4,285.2 

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


ATI Inc. and Subsidiaries
Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
 
Three months ended September 30,Nine months ended September 30,
 2022202120222021
Sales$1,032.0 $725.7 $2,825.6 $2,034.4 
Cost of sales848.2 643.2 2,297.1 1,823.4 
Gross profit 183.8 82.5 528.5 211.0 
Selling and administrative expenses73.2 54.9 220.7 169.1 
Restructuring credits(2.6)(2.3)(5.0)(8.5)
Loss on asset sales and sales of businesses, net  134.2  
Operating income113.2 29.9 178.6 50.4 
Nonoperating retirement benefit income (expense)(6.5)57.9 (18.9)44.3 
Interest expense, net(20.8)(25.1)(67.8)(72.2)
Other income (expense), net(18.5)14.5 (15.3)17.4 
Income before income taxes67.4 77.2 76.6 39.9 
Income tax provision 3.0 22.0 11.3 31.5 
Net income 64.4 55.2 65.3 8.4 
Less: Net income attributable to noncontrolling interests3.3 6.5 11.3 16.8 
Net income (loss) attributable to ATI$61.1 $48.7 $54.0 $(8.4)
Basic net income (loss) attributable to ATI per common share$0.47 $0.38 $0.43 $(0.07)
Diluted net income (loss) attributable to ATI per common share$0.42 $0.35 $0.42 $(0.07)
The accompanying notes are an integral part of these statements.

2


ATI Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)
 
Three months ended September 30,Nine months ended September 30,
 2022202120222021
Net income $64.4 $55.2 $65.3 $8.4 
Currency translation adjustment
Unrealized net change arising during the period(30.0)(5.0)(59.2)(2.8)
Reclassification adjustment included in net income   20.0  
Total(30.0)(5.0)(39.2)(2.8)
Derivatives
Net derivatives gain on hedge transactions7.7 6.7 48.4 14.1 
Reclassification to net income of net realized gain(7.1)(3.0)(32.5)(6.2)
Income taxes on derivative transactions    
Total0.6 3.7 15.9 7.9 
Postretirement benefit plans
Actuarial loss
Amortization of net actuarial loss19.1 22.5 57.6 66.9 
Prior service cost
Amortization to net income of net prior service credits(0.1)(0.4)(0.4)(1.4)
Settlement loss (gain) included in net income (21.9)29.5 (21.9)
Income taxes on postretirement benefit plans (15.5) (15.5)
Total19.0 15.7 86.7 59.1 
Other comprehensive income (loss), net of tax(10.4)14.4 63.4 64.2 
Comprehensive income54.0 69.6 128.7 72.6 
Less: Comprehensive income (loss) attributable to noncontrolling interests(6.1)5.7 (7.1)18.5 
Comprehensive income attributable to ATI$60.1 $63.9 $135.8 $54.1 
The accompanying notes are an integral part of these statements.

3


ATI Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 
Nine months ended September 30,
 20222021
Operating Activities:
Net income $65.3 $8.4 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization107.1 108.0 
Deferred taxes2.2 1.9 
Net gains from disposal of property, plant and equipment(1.0)(2.5)
Loss (gain) on sales of businesses141.0 (13.7)
Changes in operating assets and liabilities:
Inventories(212.0)(63.4)
Accounts receivable(224.4)(158.0)
Accounts payable52.2 0.6 
Retirement benefits2.4 (112.9)
Accrued liabilities and other(32.2)(13.2)
Cash used in operating activities(99.4)(244.8)
Investing Activities:
Purchases of property, plant and equipment(100.5)(104.2)
Proceeds from disposal of property, plant and equipment1.5 2.9 
Proceeds (transaction costs) from sales of businesses, net(2.8)53.0 
Other0.8 (0.2)
Cash used in investing activities(101.0)(48.5)
Financing Activities:
Borrowings on long-term debt 675.7 
Payments on long-term debt and finance leases(16.6)(11.0)
Net (payments) borrowings under credit facilities(16.0)3.6 
Debt issuance costs (9.3)
Purchase of treasury stock(104.9) 
Sale of noncontrolling interests0.9  
Dividends paid to noncontrolling interests(16.0) 
Shares repurchased for income tax withholding on share-based compensation and other(5.6)(4.8)
Cash provided by (used in) financing activities(158.2)654.2 
Increase (decrease) in cash and cash equivalents(358.6)360.9 
Cash and cash equivalents at beginning of period687.7 645.9 
Cash and cash equivalents at end of period$329.1 $1,006.8 
The accompanying notes are an integral part of these statements.

4


ATI Inc. 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, 2021$12.7 $1,587.5 $53.8 $(4.7)$(1,176.3)$133.1 $606.1 
Net income   48.7   6.5 55.2 
Other comprehensive income (loss)— — — — 15.2 (0.8)14.4 
Employee stock plans 4.6  (0.1)— — 4.5 
Balance, September 30, 2021$12.7 $1,592.1 $102.5 $(4.8)$(1,161.1)$138.8 $680.2 
Balance, June 30, 2022$13.1 $1,656.6 $38.9 $(36.8)$(908.9)$131.0 $893.9 
Net income   61.1   3.3 64.4 
Other comprehensive loss— — — — (1.0)(9.4)(10.4)
Purchase of treasury stock— — — (15.0)— — (15.0)
Employee stock plans 5.6  (0.1)— — 5.5 
Balance, September 30, 2022$13.1 $1,662.2 $100.0 $(51.9)$(909.9)$124.9 $938.4 
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)  (8.4)  16.8 8.4 
Other comprehensive income — — — 62.5 1.7 64.2 
Cumulative effect of adoption of new accounting standard— (49.8)4.4 — — — (45.4)
Employee stock plans 16.4  (4.8)— — 11.6 
Balance, September 30, 2021$12.7 $1,592.1 $102.5 $(4.8)$(1,161.1)$138.8 $680.2 
Balance, December 31, 2021$12.7 $1,596.7 $72.7 $(4.8)$(991.7)$147.1 $832.7 
Net income   54.0   11.3 65.3 
Other comprehensive income (loss)— — — — 81.8 (18.4)63.4 
Purchase of treasury stock— — — (104.9)— — (104.9)
Conversion of convertible notes0.3 45.4 (26.7)63.5 — — 82.5 
Dividends paid to noncontrolling interest— — — — — (16.0)(16.0)
Sales of subsidiary shares to noncontrolling interest— — — — — 0.9 0.9 
Employee stock plans0.1 20.1  (5.7)— — 14.5 
Balance, September 30, 2022$13.1 $1,662.2 $100.0 $(51.9)$(909.9)$124.9 $938.4 

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 ATI Inc. and its subsidiaries. Unless the context requires otherwise, “ATI” and “the Company” refer to ATI Inc. 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 (FASB) 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.
Pending Accounting Pronouncements
In September 2022, the FASB issued new accounting guidance related to disclosures about supplier finance programs. Supplier finance programs allow a buyer to offer its suppliers the option for access to payment in advance of an invoice due date,
which is paid by a third-party finance provider or intermediary on the basis of invoices that the buyer has confirmed as valid. This new guidance requires a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude, using both qualitative and quantitative information about its supplier finance programs. This new guidance, with the exception of disclosures on rollforward information, will be effective for the Company in fiscal year 2023, with early adoption permitted. The rollforward information disclosures are effective for the Company in fiscal year 2024, with early adoption permitted. The Company does not plan to early adopt this guidance. The adoption of these changes is not expected to have an impact on the Company’s consolidated financial statements other than disclosure requirements.


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 third quarters and nine months ended September 30, 2022 and 2021 is included in the following tables.
(in millions)Third quarter ended
September 30, 2022September 30, 2021
HPMCAA&STotalHPMCAA&STotal
Diversified Global Markets:
Aerospace & Defense:
   Jet Engines- Commercial$285.7 $26.9 $312.6 $120.4 $8.4 $128.8 
   Airframes- Commercial49.8 81.6 131.4 35.0 36.3 71.3 
   Defense38.5 47.6 86.1 52.1 30.7 82.8 
   Total Aerospace & Defense374.0 156.1 530.1 207.5 75.4 282.9 
Energy:
   Oil & Gas6.9 120.2 127.1 10.4 82.0 92.4 
   Specialty Energy26.4 39.2 65.6 47.1 26.7 73.8 
   Total Energy33.3 159.4 192.7 57.5