<SEC-DOCUMENT>0001193125-22-089833.txt : 20220510
<SEC-HEADER>0001193125-22-089833.hdr.sgml : 20220510
<ACCEPTANCE-DATETIME>20220330162105
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-089833
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALLEGHENY TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001018963
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				251792394
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1000 SIX PPG PLACE
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
		BUSINESS PHONE:		4123942800

	MAIL ADDRESS:	
		STREET 1:		100 SIX PPG PLACE
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLEGHENY TELEDYNE INC
		DATE OF NAME CHANGE:	19960716
</SEC-HEADER>
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<TYPE>CORRESP
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<IMG SRC="g313091g0329193634053.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1000 Six PPG Place&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pittsburgh, PA 15222-5479 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WWW.ATIMETALS.COM </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;30, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100
F. Street N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-7010 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Claire
Erlanger </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Allegheny Technologies Incorporated </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;1-12001</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Erlanger: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter sets forth our response to
the letter (the &#147;Comment Letter&#148;) dated March&nbsp;23, 2022 from the Staff of the Securities and Exchange Commission with respect to Allegheny Technologies Incorporated (the &#147;Company&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below are the Company&#146;s responses to the comments set forth in the Comment Letter. For your convenience, each comment is reproduced below and
is followed by the Company&#146;s response. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2021 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations Overview of 2021 Financial Performance, page 19</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note that throughout the document, and in particular within MD&amp;A, you disclose the <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, Adjusted EBITDA. Please revise to label this measure as a <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measure and include the disclosures required by Item 10(e) of
Regulation SK. In this regard, please revise to include a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, which would be net income (loss). This reconciliation should also begin with the comparable GAAP measure. See Question
103.01 of SEC Staff&#146;s Compliance&nbsp;&amp; Disclosure Interpretation on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures updated April&nbsp;4, 2018. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our
financial performance overview on page 19 leads with the Company&#146;s net loss in 2021 of $38.2&nbsp;million in the sentence prior to our use of the Adjusted EBITDA measure, so we believe we meet the Staff&#146;s interpretive guidance on
prominence of first disclosing the comparable GAAP measure. In future filings, our cross-reference to <FONT STYLE="white-space:nowrap">non-GAAP</FONT> definitions and reconciliations will specifically identify Adjusted EBITDA as a <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measure, and describe in the initial usage of Adjusted EBITDA why management utilizes this metric along with other required Item 10(e) disclosures, similar to the disclosures we provided on page 36 of our
2021 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> The reconciliation of Adjusted EBITDA begins with the GAAP measure <FONT STYLE="white-space:nowrap">pre-tax</FONT> income (loss), not net income (loss). We will revise future filings to use net
income (loss) as the applicable GAAP measure for all EBITDA reconciliations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Results of Operations, page 20 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note your disclosure of Total segment EBITDA on page 23 of your filing. Please note that although Segment
EBITDA is a disclosure required in the notes to the financial statements by ASC 280, Total Segment EBITDA would be considered a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure when disclosed outside the notes to the financial statements.
Please revise to remove this measure, or alternatively, provide the disclosures required by Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> as they apply to Total Segment EBITDA. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our tabular disclosure on page 23 reconciles Total
Segment EBITDA to <FONT STYLE="white-space:nowrap">pre-tax</FONT> income (loss), which we believe is the nearest applicable GAAP measure for reporting segment operating performance. In future filings, we will expand our disclosures to include a
reconciliation from Total Segment EBITDA to net income (loss). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Condition and Liquidity, page 33 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note your disclosure on page 35 of managed working capital, which does not appear to be consistent with the
definition of working capital as defined in the FASB Codification Master Glossary. In this regard, please provide all the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure disclosures required by Item 10(e) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> Additionally, please note that Item 10(e)(1)(ii)(A) indicates that a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure must not exclude charges or liabilities that required, or will require, cash
settlement, or would have required cash settlement absent an ability to settle in another manner, from <FONT STYLE="white-space:nowrap">non-GAAP</FONT> liquidity measures, other than the measures EBIT and EBITDA. In this regard we note that your
managed working capital measure excludes the short-term portion of current debt and other current liabilities which would appear to require cash settlement. Please revise or advise accordingly. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our
disclosures regarding managed working capital are not intended to represent working capital as defined in the FASB Codification Master Glossary. Our use of the managed working capital metric is more appropriately categorized as a key performance
indicator (KPI) of the asset intensity of our operations, and we will revise our description to this effect in future filings, cease referring to the term as a liquidity measure based on the Item 10(e)(1)(ii)(A) guidance and remove any discussion of
managed working capital from Financial Condition and Liquidity.&nbsp;&nbsp;&nbsp;&nbsp;To the extent that we use this KPI in future filings, we will discuss its importance in our Results of Operations section of MD&amp;A as a <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> performance measure that it is not intended to be used in place of working capital or as a measure of liquidity. We will provide a reconciliation to all applicable GAAP balance sheet line item elements to
enable the reader to understand the definition and use of this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure by management. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note your disclosure on page 37 of Net Debt to Adjusted EBITDA, Total Debt to ATI Capital, and Net Debt to
ATI Capital, all of which appear to represent <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures. In this regard, the amount used for total ATI stockholders&#146; equity in the total debt to ATI capital and net debt to ATI capital
measures, does not correspond to the comparable GAAP amount included in the audited financial statements. Please revise to include the disclosures required by Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> including a
reconciliation of the measures to the most comparable GAAP measure. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In future filings, to the extent we continue use these measures, we will expand our disclosures to specifically identify Net Debt to Adjusted EBITDA, Total
Debt to ATI Capital, and Net Debt to ATI Capital as <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures, reconcile the EBITDA measure to net income (loss), and replace our existing footnote (a)&nbsp;and (b) narrative reconciliation
of the components of the Net Debt to ATI Capital and Total Debt to ATI Capital tables to a tabular, numerical reconciliation all applicable audited financial statement line items. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to the Financial Statements </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 2. Revenue,
page 62 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note that the chart on page 24 of MD&amp;A, which discloses revenue by market type, is more detailed than
the disaggregated revenue disclosure in Note 2 to the financial statements. Please revise your disclosure in Note 2 to include similar detailed level of revenue by market or explain to us why you do not believe that information is required See
guidance at ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-55-90.</FONT></FONT></FONT> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
believe our footnote disclosure of disaggregated revenue by market type in Note 2 to the financial statements is fully compliant with ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-55-90.</FONT></FONT></FONT> We provide disaggregated revenue information for each material end market. The additional information provided in
MD&amp;A relative to our aerospace&nbsp;&amp; defense and energy markets does not represent additional end markets but merely additional detail regarding some of these markets, which are impacted by the same economic factors, to enable a more
thorough discussion in each business segment of changes in sales and segment EBITDA between periods. The decreases in aerospace and defense markets sales which have negatively impacted our financial results in fiscal years 2021 and 2020, compared to
2019, are fully disclosed in Note 2. In future filings, we will ensure that the level of disaggregated revenue by market information is disclosed at the same level of detail in both the financial statement footnotes and MD&amp;A. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 18. Segments, page 96 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note you disclose Segment EBITDA as your segment profitability measure as require under ASC 280. We also
note on page 97 that within this footnote disclosure, you disclose Total ATI Adjusted EBITDA. Please note that this measure is considered a <FONT STYLE="white-space:nowrap">Non-</FONT> GAAP financial measure and therefore must not be presented in
the notes to the financial statements in accordance with Item 10(e)(1)(ii)(C) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> Please revise accordingly. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In future filings, we will remove the line item Total
ATI Adjusted EBITDA from this footnote disclosure. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished February&nbsp;2, 2022 </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.1 Earnings Release, page 1 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note that your earnings release furnished on Form <FONT STYLE="white-space:nowrap">8-K</FONT> on
February&nbsp;2, 2022 discloses several <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures, including Total Segment EBITDA, Total ATI Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted EPS, Managed Working Capital, Net Debt to
ATI Capital and Total Debt to ATI Capital. Please revise to clearly indicate that these are <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures and include the disclosures required by Item 10(e)(i) of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> for each of these <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> measures </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regarding the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures of Total Segment EBITDA, Total ATI Adjusted EBITDA, Adjusted Net Income
(Loss) and Adjusted EPS, management will revise in future filings to more clearly indicate that these figures are <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> measures in the earnings release text.&nbsp;As an example, in the first table on page
1, in the asterisk on the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> measures that refers readers to the detailed reconciliations, we will highlight these are in fact <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> measures.&nbsp;In addition,
in our final table, <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, we will enhance our <FONT STYLE="white-space:nowrap">lead-in</FONT> disclosures to more fully explain why management believes that presentation of these <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> financial measures provides useful information to investors regarding the registrant&#146;s financial condition and results of operations.</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regarding the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measure of Managed Working Capital,
please see management&#146;s response in Question #3 above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regarding the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures of Net Debt
to ATI Capital and Total Debt to ATI Capital, please see management&#146;s response in Question #4 above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact the undersigned, Donald P. Newman at <FONT STYLE="white-space:nowrap">(801)&nbsp;554-6890</FONT> with any questions or comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Donald P. Newman </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Donald P. Newman </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, Chief Financial
Officer </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: Elliot S. Davis </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
