3Q 2021 Investor Presentation
Proactive Capital and Liquidity Management
Bond portfolio WAC¹
Balanced maturity schedule5
$ in millions
4.7%
4.3%
4.3%
3.9%
3.5%
3.3%
4.2%
3.9% 4.0%
3.3%
3.2%
300
869
300
3.4%
3.4%
250
2.4%
330
579
600
600
2.1%
500
500
300
500
2.3%
400
400
300
300
250
170
100
H
T
#
2014
2015
2016
2017
2018
2019
2020
2021
WAC With Hedges
WAC Excluding Hedges
2022 2023 2024 2025
2027 2028 2029 2030 2031
2041 2044
2048 2050
2060
■USD Fixed ■USD Floating
EUR Fixed
■EUR Floating
» Strong liquidity with $2.3B in cash and short-term investments,
and a $1.0B revolving credit facility²
1.7x net debt to adjusted operating income³
» Leverage well below maximum 4.0x total debt / EBITDA
covenant4
Annualized Dividend Per Share
$2.48
$2.24
$2.00
$1.76
$1.48
$1.52
$1.36
2019
2020
2021F2
3Q 2021 Investor Presentation
2015
2016
2017
2018
2.
1. WAC = Weighted Average Coupon. 2014-2020 data as of year-end. 2021 data as of September 30, 2021.
As of September 30, 2021.
4.
3. Trailing twelve months adjusted operating income. Amounts are adjusted measures, see Appendix for reconciliations from adjusted financial measures to U.S. GAAP and gross debt to net debt.
Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million.
5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of September 30, 2021.
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