As part of managing the liquidity in our business, we focus on controlling managed working capital, which is defined as gross accounts receivable and gross inventories, less accounts payable. 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. With the adoption of the new revenue recognition accounting guidance in 2018, we now include short-term contract assets and liabilities in the calculation of managed working capital. In 2017 and prior periods, portions of contract assets and liabilities were included in managed working capital. Prior managed working capital calculations were not revised for this accounting change.

Allegheny Technologies Incorporated and Subsidiaries
Other Financial Information
Debt to Capital
(Unaudited, dollars in millions)
			June 30					December 31
			2018					2017
Total debt (a)			$	1,563.6				$	1,553.8
Less: Cash				(122.4	)				(141.6	)
Net debt			$	1,441.2				$	1,412.2
Net debt			$	1,441.2				$	1,412.2
Total ATI stockholders' equity				1,925.0					1,739.4
Net ATI capital			$	3,366.2				$	3,151.6
Net debt to ATI capital				42.8	%				44.8	%
Total debt (a)			$	1,563.6				$	1,553.8
Total ATI stockholders' equity				1,925.0					1,739.4
Total ATI capital			$	3,488.6				$	3,293.2
Total debt to total ATI capital				44.8	%				47.2	%

(a)		Excludes 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.

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