ATI Announces Second Quarter 2021 Results

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)

	June 30			December 31
	2021			2020

Total debt (a)	$	1,635.7		$	1,629.1
Less: Cash	(472.5)			(645.9)
Net debt	$	1,163.2		$	983.2

Net debt	$	1,163.2		$	983.2
Total ATI stockholders' equity (b)	473.0			471.3
Net ATI capital	$	1,636.2		$	1,454.5

Net debt to ATI capital	71.1		%	67.6		%

Total debt (a)	$	1,635.7		$	1,629.1
Total ATI stockholders' equity (b)	473.0			471.3
Total ATI capital	$	2,108.7		$	2,100.4

Total debt to total ATI capital	77.6		%	77.6		%

(a) Excludes debt issuance costs for both periods. The December 31, 2020 debt balance presented in the table includes $46.8 million for the unamortized balance of the portion of the 2025 Convertible Notes recorded in stockholders' equity due to the flexible settlement feature of the notes. New accounting guidance adopted by the Company on January 1, 2021 eliminated this requirement of separately accounting for this component of the 2025 Convertible Notes in stockholders' equity.
(b) The December 31, 2020 balance presented excludes $49.8 million recorded in stockholders' equity for a portion of the 2025 Convertible Notes, net of debt issuance costs.

In managing the overall capital structure of the Company, some of the measures that we focus on are net debt to net capitalization, which is the percentage of debt, net of cash that may be available to reduce borrowings, to the total invested and borrowed capital of ATI (excluding noncontrolling interest), and total debt to total ATI capitalization, which excludes cash balances.

Allegheny Technologies Incorporated and Subsidiaries
Non-GAAP Financial Measures
(Unaudited, dollars in millions, except per share amounts)

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