engineered finished components, including those used for next-generation jet engine forgings and 3D-printed aerospace products.
Revenues in our largest end markets, aerospace & defense, decreased $227 million, or 17%, compared to 2020, and represented 41% of our 2021 sales. International sales, including both U.S. exports and foreign sales from our foreign manufacturing operations, were $1.26 billion in 2021 and represented 45% of total sales.
A summary of our results is as follows.
*Years ended December 31, 2020 and 2019 reflect the change in inventory accounting method, as described in Note 1 of the Notes to the Consolidated Financial Statements. There were no adjustments to 2020 amounts as a result of this change.
Our major accomplishments during 2021 include the following:
stainless sheet products. Our AA&S sales would have been approximately $250 million lower in 2020, and approximately $110 million lower in 2021 without sales of standard stainless sheet products.
•$65.5 million debt extinguishment charge related to the redemption of our $500 million of 5.875% Senior Notes due 2023 (2023 notes);
The 2020 results included $1,443.0 million of pretax charges which consisted of the following:
•$1,132.1 million of restructuring and other charges;
•$287.0 million for impairment of a portion of goodwill at our Forged Products operations;
•$21.5 million for debt extinguishment on $203.2 million, or 71%, of the principal balance of the outstanding 2022 Convertible Notes; and
•$2.4 million of severance charges at our A&T Stainless joint venture.
• $21.6 million for debt extinguishment on the $500 million 5.95% Senior Notes due 2021 (2021 Notes); and
• $11.4 million impairment charge for our A&T Stainless joint venture.
*Years ended December 31, 2020 and 2019 reflect the change in inventory accounting method, as described in Note 1 of the Notes to the Consolidated Financial Statements. There were no adjustments to 2020 amounts as a result of this change.
Precision forgings, castings and components 16 % 14 % 18
Sales by geographic area (in millions), including divested businesses prior to sale, and as a percentage of total sales, were as follows:
Information with respect to our business segments follows.
High Performance Materials & Components
Comparative information for HPMC's major product categories based on their percentages of the segment's overall revenue is as follows:
Precision forgings, castings and components 38 % 34 % Titanium and titanium-based alloys
commercial aerospace demand, especially in the next-generation jet engine platforms where LTAs provide significant growth and share gains for ATI on next-generation airplanes and the jet engines that power them.
Precision forgings, castings and components 34 % 36 % Titanium and titanium-based alloys
High-Value Products Nickel-based alloys and specialty alloys 37 % 35 % PRS products
High-Value Products Nickel-based alloys and specialty alloys 35 % 41 % PRS products
COVID-19 pandemic impacts, as well as from lower structural costs following business transformation initiatives. Corporate expenses were $65.3 million in 2019.
Closed Operations and Other Expenses
The following is depreciation & amortization by business segment:
Restructuring and Other Charges/Credits
Other charges for the year ended December 31, 2020 include:
Joint Venture Restructuring and Impairment Charges
Gains on Asset Sales and Sale of Business, Net
We have no off-balance sheet arrangements as defined in Item 303(a)(4) of SEC Regulation S-K.
The components of managed working capital were as follows:
*December 31, 2020 reflects the change in inventory accounting method, as described in Note 1 of the Notes to the Consolidated Financial Statements. There were no adjustments to 2020 amounts as a result of this change.
*Year ended December 31, 2020 reflects the change in inventory accounting method, as described in Note 1 of the Notes to the Consolidated Financial Statements. There were no adjustments to 2020 amounts as a result of this change.
On November 22, 2019, we issued $350 million aggregate principal amount of the 2027 Notes. Net proceeds of $344.5 million from this issuance were used, together with cash on hand, to redeem all $500 million aggregate principal amount outstanding of the 5.95% 2021 Notes in December 2019.
A summary of required payments under financial instruments (excluding accrued interest) and other commitments are presented below.
condition period will primarily be affected by changes in estimates of the time periods that deferred tax assets and liabilities will be realized, or on a limited basis to tax planning strategies that may result in a change in the amount of taxable income realized.
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