ATI Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ATI Inc. has filed its 2023 annual report (10-K) detailing its financial performance and corporate information.</b>

AI Summary

ATI INC (ATI) filed a Annual Report (10-K) with the SEC on February 23, 2024. ATI Inc. filed its 2023 Form 10-K on February 23, 2024, reporting on the fiscal year ending December 31, 2023. The company's primary business is in Steel Pipe & Tubes, with SIC code 3317. ATI Inc. was formerly known as Allegheny Technologies Inc. and Allegheny Teledyne Inc. The filing includes financial data and disclosures for the fiscal year 2023. Key dates related to debt maturities and former company name changes are noted.

Why It Matters

For investors and stakeholders tracking ATI INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of ATI Inc.'s financial health, operational segments, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The document includes historical financial data and details on debt obligations, offering insights into the company's capital structure and its ability to manage financial commitments.

Risk Assessment

Risk Level: medium — ATI INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not present immediate red flags or exceptionally high-risk indicators beyond those typical for a publicly traded manufacturing company.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand ATI Inc.'s performance and potential challenges in the steel and specialty materials market.

Key Numbers

• 20231231 — Fiscal Year End (Period of report)
• 20240223 — Filing Date (Date of filing)
• 3317 — SIC Code (Steel Pipe & Tubes)
• 19991213 — Date of Name Change (From Allegheny Technologies Inc.)
• 19960716 — Date of Name Change (From Allegheny Teledyne Inc.)

Key Players & Entities

• ATI INC (company) — Filer name
• ALLEGHENY TECHNOLOGIES INC (company) — Former company name
• ALLEGHENY TELEDYNE INC (company) — Former company name
• 2021 MCKINNEY AVENUE (address) — Business and mailing address
• DALLAS (location) — Business and mailing city
• TX (location) — Business and mailing state
• 75201 (postal_code) — Business and mailing zip code
• DE (location) — State of incorporation

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-02-23: Filing Date — Date the 10-K was filed with the SEC

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for ATI Inc.)

SIC Code

Standard Industrial Classification code, used to classify businesses based on their primary activity. (Identifies ATI Inc.'s primary industry as Steel Pipe & Tubes.)

Key Financial Figures

• $0.10 — ich registered Common stock, par value $0.10 ATI New York Stock Exchange Securitie
• $44.23 — are of Common Stock on June 30, 2023 of $44.23 as reported on the New York Stock Excha
• $50 million — luent) whereby Confluent will provide a $50 million investment in our capacity expansion to
• $4.17 b — lowing percentages of total revenues of $4.17 billion, $3.84 billion, and $2.80 billion
• $3.84 b — ges of total revenues of $4.17 billion, $3.84 billion, and $2.80 billion for the fiscal
• $2.80 billion — es of $4.17 billion, $3.84 billion, and $2.80 billion for the fiscal years ended December 31,
• $3.8 billion — g of confirmed orders was approximately $3.8 billion at December 31, 2023 and $2.9 billion a
• $2.9 billion — y $3.8 billion at December 31, 2023 and $2.9 billion at January 1, 2023. We expect that appr
• $3.0 billion — g of confirmed orders was approximately $3.0 billion at December 31, 2023 and $2.3 billion a
• $2.3 billion — y $3.0 billion at December 31, 2023 and $2.3 billion at January 1, 2023. We expect that appr
• $0.8 billion — g of confirmed orders was approximately $0.8 billion at December 31, 2023 and $0.6 billion a
• $0.6 billion — y $0.8 billion at December 31, 2023 and $0.6 billion at January 1, 2023. We expect that appr

Filing Documents

• ati-20231231.htm (10-K) — 3844KB
• fy202310-k1014.htm (EX-10.14) — 65KB
• fy202310-k1015.htm (EX-10.15) — 98KB
• fy202310-k1016.htm (EX-10.16) — 57KB
• fy202310-k181.htm (EX-18.1) — 4KB
• fy202310k211.htm (EX-21.1) — 8KB
• fy202310k231.htm (EX-23.1) — 5KB
• fy202310-k311.htm (EX-31.1) — 9KB
• fy202310-k312.htm (EX-31.2) — 9KB
• fy202310-k321.htm (EX-32.1) — 9KB
• fy202310-k971.htm (EX-97.1) — 36KB
• ati-20231231_g1.jpg (GRAPHIC) — 107KB
• atistarburst_blue003.jpg (GRAPHIC) — 570KB
• 0001628280-24-006606.txt (&nbsp;) — 24214KB
• ati-20231231.xsd (EX-101.SCH) — 124KB
• ati-20231231_cal.xml (EX-101.CAL) — 138KB
• ati-20231231_def.xml (EX-101.DEF) — 867KB
• ati-20231231_lab.xml (EX-101.LAB) — 1547KB
• ati-20231231_pre.xml (EX-101.PRE) — 1238KB
• ati-20231231_htm.xml (XML) — 4589KB

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 16

Cybersecurity

Item 1C. Cybersecurity 16

Properties

Item 2. Properties 17

Legal Proceedings

Item 3. Legal Proceedings 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 18 PART II

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18

[Reserved]

Item 6. [Reserved] 19

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 43

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 45

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 101

Controls and Procedures

Item 9A. Controls and Procedures 101

Other Information

Item 9B. Other Information 104

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 104 PART III

Directors and Executive Officers of the Registrant

Item 10. Directors and Executive Officers of the Registrant 104

Executive Compensation

Item 11. Executive Compensation 104

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 105

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 105 PART IV

Exhibits, Financial Statements and Financial Statement Schedules

Item 15. Exhibits, Financial Statements and Financial Statement Schedules 105

Form 10-K Summary

Item 16. Form 10-K Summary 108

SIGNATURES

SIGNATURES 2 PART I

Business

Item 1. Business The Company ATI Inc. is a Delaware corporation with its corporate headquarters located at 2021 McKinney Avenue, Suite 1100, Dallas, TX 75201, telephone number (800) 289-7454, Internet website address www.atimaterials.com. Our Internet website and content contained therein or connected thereto are not intended to incorporate into this Annual Report on Form 10-K. References to "ATI," the "Company," "the Registrant," "we," "our" and "us" and similar terms mean ATI Inc. and its subsidiaries, unless the context otherwise requires. When used in this Annual Report on Form 10-K, unless the context otherwise requires or unless otherwise specified, any reference to "year" is to the Company's fiscal year. The Company follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31. Fiscal years 2023, 2022 and 2021 ended on December 31, 2023, January 1, 2023 and January 2, 2022, respectively. All fiscal years presented include 52 weeks of operations. The dates for prior fiscal years have been revised to more precisely reflect the exact day of the year end periods for these fiscal years given our 4-4-5 or 5-4-4 calendar. Our Business ATI produces specialty materials, highly differentiated by our materials science expertise and advanced process technologies. Our mission is to solve the world's challenges through materials science. Our core markets of aerospace & defense represent nearly 60% of total sales, led by products for jet engines. Additionally, we have a strong presence in the energy markets, including specialty energy, oil & gas and downstream processing, as well as the medical and electronics markets. In aggregate, these markets represent almost 85% of our revenue. We operate in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). The HPMC