As part of managing the liquidity in our business, we focus on controlling managed working capital, which is defined as gross accounts receivable, short-term contract assets and gross inventories, less accounts payable and short-term contract liabilities. In measuring performance in controlling this managed working capital, we exclude the effects of LIFO and other inventory valuation reserves and reserves for uncollectible accounts receivable which, due to their nature, are managed separately.

Allegheny Technologies Incorporated and Subsidiaries Other Financial Information Debt to Capital (Unaudited, dollars in millions)
		March 31				December 31
		2020				2019
Total debt (a)		$	1,712.4			$	1,411.2
Less: Cash		(639.0		)		(490.8		)
Net debt		$	1,073.4			$	920.4
Net debt		$	1,073.4			$	920.4
Total ATI stockholders' equity		2,087.8				2,090.1
Net ATI capital		$	3,161.2			$	3,010.5
Net debt to ATI capital		34.0		%		30.6		%
Total debt (a)		$	1,712.4			$	1,411.2
Total ATI stockholders' equity		2,087.8				2,090.1
Total ATI capital		$	3,800.2			$	3,501.3
Total debt to total ATI capital		45.1		%		40.3		%
(a) Excludes debt issuance costs.

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