XML 48 R30.htm IDEA: XBRL DOCUMENT v3.24.0.1
Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Unaudited)
The following selected quarterly operating results for each quarter of fiscal years 2023 and 2022 have been revised to reflect the voluntary change in accounting method as described in Note 1.
Quarterly financial data for fiscal years 2023 and 2022 was as follows:
Quarter Ended
(In millions except share and per share amounts)April 2, 2023July 2, 2023October 1, 2023December 31, 2023
Fiscal Year 2023 -
Sales$1,038.1 $1,046.0 $1,025.6 $1,064.0 
Operating income112.6 120.3 125.2 108.3 
Net income86.6 93.5 94.1 149.2 
Net income attributable to ATI84.5 90.4 90.2 145.7 
Basic income attributable to ATI per common share*$0.66 $0.70 $0.70 $1.15 
Diluted income attributable to ATI per common share*$0.58 $0.62 $0.62 $0.99 
Quarter Ended
April 3, 2022July 3, 2022October 2, 2022January 1, 2023
Fiscal Year 2022-
Sales$834.1 $959.5 $1,032.0 $1,010.4 
Operating income77.0 17.2 113.2 108.7 
Net income51.2 10.4 80.2 197.3 
Net income attributable to ATI46.9 6.7 76.9 193.0 
Basic income attributable to ATI per common share*$0.37 $0.05 $0.59 $1.49 
Diluted income attributable to ATI per common share*$0.33 $0.05 $0.53 $1.30 
* The sum of quarterly earnings per share may not equal the annual earnings per share due to changes in the weighted-average shares between periods and the dilutive effect of dilutive share equivalents.
The comparability of the Company’s quarterly financial results during fiscal years 2023 and 2022 was impacted by certain items, as follows:
First quarter of fiscal year 2023 results include a $1.2 million pre-tax ($1.1 million, net of tax) charge for costs to restart the Company’s titanium operations in Albany, OR.
Second quarter of fiscal year 2023 results include pre-tax charges totaling $10.6 million ($10.2 million, net of tax), which include $4.5 million for start-up costs, $2.7 million of severance-related restructuring charges, $2.8 million primarily for asset write-offs related to the closure of our Robinson, PA operation, and $0.6 million for the loss on the sale of the Company’s Northbrook, IL operation.
Third quarter of fiscal year 2023 results include pre-tax net charges totaling $4.2 million ($4.0 million, net of tax), which include $2.8 million for start-up costs and $1.9 million of costs associated with an unplanned outage at the Company’s Lockport, NY melt facility, partially offset by a $0.5 million credit for restructuring charges, primarily related to lowered severance-related reserves based on changes in planned operating rates and revised workforce reduction estimates.
Fourth quarter of fiscal year 2023 results include net pre-tax charges totaling $88.3 million ($84.7 million, net of tax), which include $3.0 million for start-up costs, $5.5 million of severance-related restructuring charges, $11.3 million for inventory and asset write-offs related to the restructuring of the Company’s European operations, $26.8 million for a pension plan remeasurement loss, and $41.7 million for a pension plan settlement loss. Fourth quarter of fiscal year 2023 results also include a $140.3 million discrete tax benefit primarily related to the reversal of a portion of deferred tax valuation allowances due to exiting the three-year cumulative loss condition for U.S. Federal and state jurisdictions at fiscal year-end 2023.
First quarter of fiscal year 2022 results include net pre-tax net charges totaling $25.8 million ($25.8 million, net of tax), which include an $8.6 million litigation reserve for the case of US Magnesium, LLC v. ATI Titanium LLC and a $25.1 million partial loss on the sale of the Company’s Sheffield, UK operations, partially offset by a $1.1 million credit for restructuring charges, primarily related to lowered severance-related reserves based on changes in planned operating rates and revised workforce reduction estimates and a $6.8 million gain on the sale of the Company’s Pico Rivera, CA operations.

Second quarter of fiscal year 2022 results include net pre-tax net charges totaling $85.8 million ($85.9 million, net of tax), which include an $87.1 million loss on the sale of our Sheffield, UK operations, which was completed in the second quarter of fiscal year 2022, partially offset by a $1.3 million credit for restructuring charges, primarily related to lowered severance-related reserves based on changes in planned operating rates and revised workforce reduction estimates.

Third quarter of fiscal year 2022 results include pre-tax net charges totaling $17.3 million ($16.3 million, net of tax), which include a $19.9 million litigation reserve, partially offset by a $2.6 million credit for restructuring charges, primarily related to lowered severance-related reserves based on changes in planned operating rates and revised workforce reduction estimates.
Fourth quarter of fiscal year 2022 results include a $100.3 million pre-tax and net of tax pension plan remeasurement gain.
Below reflects the quarterly impact of the change in accounting principle on our quarterly financial data presented:
(dollars in millions, except per share data)As Computed Under Previous PolicyAs Reported Under New PolicyEffect of Accounting Change
Three months ended April 2, 2023
Net income$72.2 $86.6 $14.4 
Net income attributable to ATI$70.1 $84.5 $14.4 
Basic income attributable to ATI per common share*$0.55 $0.66 $0.11 
Diluted income attributable to ATI per common share*$0.48 $0.58 $0.10 
Three months ended July 2, 2023
Net income$79.1 $93.5 $14.4 
Net income attributable to ATI$76.0 $90.4 $14.4 
Basic income attributable to ATI per common share*$0.59 $0.70 $0.11 
Diluted income attributable to ATI per common share*$0.52 $0.62 $0.10 
Three months ended October 1, 2023
Net income$79.6 $94.1 $14.5 
Net income attributable to ATI$75.7 $90.2 $14.5 
Basic income attributable to ATI per common share*$0.59 $0.70 $0.11 
Diluted income attributable to ATI per common share*$0.52 $0.62 $0.10 
Three months ended December 31, 2023
Net income (loss)$(550.1)$149.2 $699.3 
Net income (loss) attributable to ATI$(553.6)$145.7 $699.3 
Basic income (loss) attributable to ATI per common share*$(4.35)$1.15 $5.50 
Diluted income (loss) attributable to ATI per common share*$(4.35)$0.99 $5.34 
(dollars in millions, except per share data)As Computed Under Previous PolicyAs Reported Under New PolicyEffect of Accounting Change
Three months ended April 3, 2022
Net income$35.2 $51.2 $16.0 
Net income attributable to ATI$30.9 $46.9 $16.0 
Basic income attributable to ATI per common share*$0.24 $0.37 $0.13 
Diluted income attributable to ATI per common share*$0.23 $0.33 $0.10 
Three months ended July 3, 2022
Operating income (loss)$(11.6)$17.2 $28.8 
Net income (loss)$(34.3)$10.4 $44.7 
Net income (loss) attributable to ATI$(38.0)$6.7 $44.7 
Basic income (loss) attributable to ATI per common share*$(0.31)$0.05 $0.36 
Diluted income (loss) attributable to ATI per common share*$(0.31)$0.05 $0.36 
Three months ended October 2, 2022
Net income$64.4 $80.2 $15.8 
Net income attributable to ATI$61.1 $76.9 $15.8 
Basic income attributable to ATI per common share*$0.47 $0.59 $0.12 
Diluted income attributable to ATI per common share*$0.42 $0.53 $0.11 
Three months ended January 1, 2023
Net income$81.2 $197.3 $116.1 
Net income attributable to ATI$76.9 $193.0 $116.1 
Basic income attributable to ATI per common share*$0.60 $1.49 $0.89 
Diluted income attributable to ATI per common share*$0.53 $1.30 $0.77 
* The sum of quarterly earnings per share may not equal the annual earnings per share due to changes in the weighted-average shares between periods and the dilutive effect of dilutive share equivalents.