<SEC-DOCUMENT>0001739445-25-000006.txt : 20250211
<SEC-HEADER>0001739445-25-000006.hdr.sgml : 20250211
<ACCEPTANCE-DATETIME>20250110100421
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001739445-25-000006
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arcosa, Inc.
		CENTRAL INDEX KEY:			0001739445
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				825339416
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		500 N. AKARD SREET
		STREET 2:		SUITE 400
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		972-942-6500

	MAIL ADDRESS:	
		STREET 1:		500 N. AKARD SREET
		STREET 2:		SUITE 400
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i9ca5548f21a94d4ab71d8c872e7f1d59_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt;text-align:right"><img alt="image.jpg" src="image.jpg" style="height:29px;margin-bottom:5pt;vertical-align:text-bottom;width:182px"></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">January 10, 2025</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%;text-decoration:underline">VIA EDGAR TRANSMISSION</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">U.S. Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Office of Manufacturing</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Washington, D.C. 20549</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Attention&#58;   SiSi Cheng and Hugh West</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">Re&#58;&#160;&#160;&#160;&#160;Arcosa, Inc.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">&#160;&#160;&#160;&#160;Form 10-K for the Year Ended December 31, 2023</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">&#160;&#160;&#160;&#160;Filed February 23, 2024</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">&#160;&#160;&#160;&#160;Form 8-K</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">&#160;&#160;&#160;&#160;Filed August 6, 2024</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">&#160;&#160;&#160;&#160;File No. 001-38494</font></div><div><font><br></font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Dear Ms. Cheng and Mr. West&#58;</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Arcosa, Inc. (&#8220;Arcosa&#8221; or the &#8220;Company&#8221;) is responding to the letter from the staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) dated December 16, 2024, containing comments on the above-referenced filings. For your convenience, the Company has included in this letter the Staff&#8217;s comments in bold and italics before providing the Company&#8217;s response to that comment. All terms used but not defined herein have the meanings assigned to such terms in the Form 8-K filed August 6, 2024 (the &#8220;Regulation FD 8-K&#8221;) and the Annual Report on Form 10-K for the Year Ended December 31, 2023 (the &#8220;Form 10-K&#8221;), respectively.</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%;text-decoration:underline">Form 8-K filed August 6, 2024</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%;text-decoration:underline">Exhibit 99.3</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%;padding-left:9pt">Your Exhibit 99.3 includes the unaudited financial statements of Stavola for the six months ended March 31, 2024 which appear to consist of only a balance sheet and an income statement. Please advise us how you consider these financial statements to meet the requirements of Rule 3-05 of Regulation S-X and Item 9.01 (a) (2) of Form 8-K.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">Response&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%"> We acknowledge the Staff&#8217;s comment and respectfully advise the Staff that the financial information furnished under Item 7.01 of the Regulation FD 8-K filed August 6, 2024 was for informational purposes only in connection with the Company&#8217;s proposed senior secured Term Loan B Facility and was not intended to satisfy the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt;text-align:right"><font><br></font></div></div><div style="margin-bottom:8pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">requirements under Rule 3-05 of Regulation S-X. The Company timely provided the financial statements required by Rule 3-05 of Regulation S-X with its filing of the Form 8-K&#47;A on December 16, 2024 (the &#8220;Closing Form 8-K&#47;A&#8221;). Please refer to Exhibits 99.1 and 99.2 to the Closing Form 8-K&#47;A for the audited consolidated financial statements of Stavola for the year ended September 30, 2023 and the unaudited consolidated financial statements of Stavola for the nine months ended June 30, 2024 as filed in accordance with Rule 3-05 of Regulation S-X and Item 9.01 (a) (2) of Form 8-K.</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%;text-decoration:underline">Item 9.01 - Financial Statements and Exhibits</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%;padding-left:9pt">Your Form 8-K filed August 6, 2024 includes audited financial statement of Stavola Holding Corporation and interim financial statements as of March 31, 2024. Please tell us your consideration given to also providing the pro forma financial information required by Article 11 of Regulation S-X.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">Response&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">  The Company timely provided the financial information required by Article 11 of Regulation S-X with its Closing Form 8-K&#47;A filed December 16, 2024.  Please refer to Exhibit 99.3 to the Closing Form 8-K&#47;A for the unaudited pro forma condensed combined financial information as of and for the six months ended June 30, 2024 and the fiscal year ended December 31, 2023 as required by Article 11 of Regulation S-X.</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%;text-decoration:underline">Form 10-K for the Year Ended December 31, 2023</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%;text-decoration:underline">Notes to Consolidated Financial Statements</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%;text-decoration:underline">Note 2. Acquisitions and Divestitures, page 68</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%;padding-left:9pt">Please provide us your analysis of how you determined that the sale of your storing tank business did not qualify as a strategic shift that has or will have a major effect on your operations and financial results. Refer to ASC 205-20-45-1B.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">Response&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">  In determining whether the sale of the storage tanks business in 2022 met the definition of a discontinued operation, we considered ASC 205-20-45-1B which states that &#8220;a disposal of a component of an entity or a group of components of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity&#8217;s operations and financial results.&#8221;  We also considered ASC 205-20-45-1C which states that &#8220;examples of a strategic shift that has (or will have) a major effect on the entity&#8217;s operations and financial results could include a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity.&#8221;  We considered this guidance both from a qualitative and quantitative basis. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">From a qualitative perspective, the storage tanks business was not core to the Company&#8217;s long-term strategy, a position held consistently since the Company&#8217;s spin-off from its </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt;text-align:right"><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">former parent in 2018.  At spin-off, we outlined a strategy to our investors that included growing our core businesses, which we identified as construction materials and utility and related structures, while reducing the complexity of our overall business portfolio.  The Company&#8217;s storage tanks business was a legacy business that was not part of the Company&#8217;s focus on strategic growth in select markets. Aligning with its strategy, the Company focused on improving the profitability of the storage tanks business to maximize its value in preparation for an eventual divestiture, culminating with the divesture of the business in 2022. The divestiture of the business was a continuation of our strategy set out at spin, rather than a &#8220;strategic shift&#8221;.  Furthermore, the storage tanks business was not prominently discussed in MD&#38;A disclosures.  In fact, as recently as 2020 the storage tanks business had been referred to as &#8220;Other&#8221; revenue within the Company&#8217;s disclosure of disaggregated revenue within its engineered structures segment.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Quantitatively, we compared the significance of the storage tanks business to the Company overall in terms of revenue, operating profit, adjusted EBITDA, and total assets, noting that in each case for the three years leading up to the divesture, the storage tanks business represented approximately 10% or less of revenue, operating profit, and adjusted EBITDA and less than 6% of total assets.  The lone outlier to these trends was in 2021 when the storage tanks business represented approximately 30% of the Company&#8217;s operating profit and approximately 16% of its adjusted EBITDA (while still only representing approximately 10% of the Company&#8217;s revenue in that year), however this outlier was primarily attributable to the downturns experienced in our other businesses during that year.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">We believe the FASB&#8217;s use of the word &#8220;major&#8221; in ASC 205-20-45-1C intended a relatively high bar for a disposal to be considered a strategic shift on a quantitative basis.  Based on our analysis of both qualitative and quantitative factors, we determined that the sale of the storage tanks business did not meet the definition of a &#8220;strategic shift&#8221; that would have a major effect on the operations or financial results of the Company.</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%;text-decoration:underline">Note 4. Segment Information, page 72</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%;padding-left:9pt">Please revise your future filings to address the following (refer to ASC 280-10-50-41)&#58;</font></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%;padding-left:13.8pt">disclose revenues from external customers attributed to your country of domicile and attributed to all foreign countries in total from which you derive revenues&#59;</font></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%;padding-left:13.8pt">disclose long-lived assets located in your country of domicile and located in all foreign countries in total in which you hold assets&#59; and</font></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:134%;padding-left:13.8pt">disclose the amount of revenues from external customers attributed to and the amount of long-lived assets in an individual foreign country, if material.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt;text-align:right"><font><br></font></div></div><div style="margin-bottom:8pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:134%">Response&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">  We acknowledge the Staff&#8217;s comment and respectfully advise the Staff that for the year ended December 31, 2023, the Company disclosed the above-referenced information within &#8220;Note 4. Segment Information&#8221; for Mexico, which is the only foreign country in which it had material operations.  In response to the Staff&#8217;s comment, in future filings the Company will also specifically disclose the required information for its operations within the United States which is its country of domicile, commencing with the Company&#8217;s Form 10-K for the fiscal year ending December 31, 2024.</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Should you have any questions or comments with respect to the above, or believe that a call would be helpful in any way, please do not hesitate to contact me at (972) 942-6578.</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Very truly yours,</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">Arcosa, Inc.</font></div><div style="margin-bottom:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:20.053%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.361%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.286%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">By&#58;</font></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">&#47;s&#47; Gail M. Peck</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;padding-left:2.77pt;padding-right:2.77pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Gail M. Peck</font></div><div style="margin-bottom:3pt;padding-left:2.77pt;padding-right:2.77pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Chief Financial Officer </font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:17pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:134%">cc&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;padding-left:2.77pt;padding-right:2.77pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Eric D. Hurst &#8211; Vice President, Controller</font></div><div style="margin-bottom:3pt;padding-left:2.77pt;padding-right:2.77pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Mark J. Elmore &#8211; Vice President and Corporate Secretary</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt"><font><br></font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
