Yep, but you can still be ICAO restricted. I'm not sure of the actual numbers, but an FAA issued ATP is done a a smaller number of hours then the ICAO standard. It's no problem as long as the holder of the license is only using it domesticly, but flying internation could be a problem. That's why a lot of airlines (regionals mostly) have higher requirments time wise then an ATP to sit left seat.
Ethan