Item 8.01. Other Events.
As previously disclosed in a Current Report on Form 8-K dated March 17, 2020, effective January 1, 2020, Allegheny Technologies Incorporated (ATI or the Company) began operating under two revised business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). HPMC is now comprised of the Specialty Materials and Forged Products businesses, as well as ATI Europe distribution operations. The new AA&S segment combines the Specialty Alloys & Components (SAC) business, including primary titanium operations in Richland, WA and Albany, OR, with ATI’s former Flat Rolled Products (FRP) business segment. Financial results of aerospace-grade titanium plate products also transferred from HPMC to AA&S effective January 1, 2020.
The Company is filing information under Item 8.01 of this Current Report on Form 8-K to (i) provide investors with recast historical information in the Company’s financial reporting for periods prior to this change, and (ii) incorporate by reference the recast historical financial information into the Company’s filings with the SEC, including registration statements filed under the Securities Act of 1933, as amended.
The following items of the 2019 Form 10-K are being revised and updated from their previous presentation solely to reflect the Company’s new segment structure, as reflected in Exhibit 99.1 to this report:
•Part I, Item 1. Business;
•Part I, Item 2. Properties;
•Part II, Item 6. Selected Financial Data;
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Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A);
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•Part II, Item 8. Financial Statements and Supplementary Data.
Except for minor, non-substantive revisions, only the following notes to the consolidated financial statements have been revised from their previous presentation:
•Note 2 - Revenue from Contracts with Customers
•Note 18 - Business Segments.
The changes referred to above had no impact on the Company’s historical consolidated financial position, results of operations or cash flows, and the recast financial information contained in Exhibit 99.1 to this Form 8-K do not represent a restatement of previously issued financial statements.
Also included in Exhibit 99.1 is the report of Ernst & Young LLP, our independent registered public accounting firm, on the consolidated financial statements, which is unchanged from the report included in the 2019 Annual Report on Form 10-K, other than the dual date to include the recast and reissuance of the consolidated financial statement footnote information.
This Current Report does not modify or update other Annual Report information in any way, nor does it reflect any subsequent information or events, other than as required to reflect the change in segments as described above.
The information in this Current Report, including exhibit 99.1, should be read in conjunction with the 2019 Annual Report on Form 10-K and any other documents filed by the Company subsequent to February 25, 2020 which are incorporated herein by reference.