Fourth Quarter
|
Full Year
|
|||||||||||||||
Amounts in millions, except per unit data
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Total revenues
|
$
|
1,732
|
$
|
1,606
|
$
|
7,315
|
$
|
5,552
|
||||||||
Gross profit
|
$
|
350
|
$
|
352
|
$
|
1,558
|
$
|
1,373
|
||||||||
Selling, Administrative and General (SAG)
|
$
|
126
|
$
|
125
|
$
|
515
|
$
|
418
|
||||||||
As % of Total revenues
|
7.3
|
%
|
7.8
|
%
|
7.0
|
%
|
7.5
|
%
|
||||||||
Net earnings attributable to Vulcan
|
$
|
119
|
$
|
138
|
$
|
576
|
$
|
671
|
||||||||
Adjusted EBITDA
|
$
|
375
|
$
|
383
|
$
|
1,626
|
$
|
1,451
|
||||||||
Earnings attributable to Vulcan from continuing operations per diluted share
|
$
|
0.91
|
$
|
1.04
|
$
|
4.45
|
$
|
5.05
|
||||||||
Adjusted earnings attributable to Vulcan from continuing operations per diluted share
|
$
|
1.08
|
$
|
1.25
|
$
|
5.11
|
$
|
5.04
|
||||||||
Aggregates segment
|
||||||||||||||||
Shipments (tons)
|
54.2
|
57.7
|
236.3
|
222.9
|
||||||||||||
Freight-adjusted sales price per ton
|
$
|
16.96
|
$
|
14.91
|
$
|
16.40
|
$
|
14.87
|
||||||||
Gross profit
|
$
|
327
|
$
|
326
|
$
|
1,408
|
$
|
1,296
|
||||||||
Gross profit per ton
|
$
|
6.04
|
$
|
5.64
|
$
|
5.96
|
$
|
5.81
|
||||||||
Cash gross profit
|
$
|
444
|
$
|
428
|
$
|
1,850
|
$
|
1,656
|
||||||||
Cash gross profit per ton
|
$
|
8.19
|
$
|
7.41
|
$
|
7.83
|
$
|
7.43
|
• |
Continued acceleration in Aggregates segment cash gross profit per ton improvement ($7.83 in 2022)
|
o |
Total shipments down 2 to 6 percent (236.3 million tons in 2022)
|
o |
Freight-adjusted price growth of 11 to 13 percent ($16.40 in 2022)
|
o |
High single-digit increase in freight-adjusted cash cost (freight-adjusted price less segment cash gross profit per ton; $8.57 in 2022)
|
• |
Total Asphalt, Concrete and Calcium segment cash gross profit collectively in line with 2022 ($268 million in 2022)
|
o |
Asphalt improvement driven by low single-digit growth in volume and price. The price and cost inflection achieved in the second half of 2022 should lead to continued margin improvement.
Expected to contribute approximately 40 to 50 percent of non-aggregates cash gross profit.
|
o |
Concrete same-store volumes (divested approximately 2 million cubic yards in 2022) expected to decline mid-single-digit due to slowing residential construction activity. Price growth should
offset higher cost for raw materials. Expected to contribute approximately 50 to 60 percent of non-aggregates cash gross profit.
|
• |
Selling, Administrative and General expenses of $515 to $530 million
|
• |
Interest expense of approximately $195 million
|
• |
Depreciation, depletion, accretion, and amortization expense of approximately $610 million
|
• |
An effective tax rate of approximately 22 percent
|
• |
Net earnings attributable to Vulcan of between $715 and $835 million
|
• |
Adjusted EBITDA of between $1.725 and $1.875 billion
|
(in millions, except per share data)
|
||||||||||||||||
Three Months Ended
December 31
|
Twelve Months Ended
December 31
|
|||||||||||||||
Consolidated Statements of Earnings
|
||||||||||||||||
(Condensed and unaudited)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Total revenues
|
$
|
1,731.9
|
$
|
1,606.3
|
$
|
7,315.2
|
$
|
5,552.2
|
||||||||
Cost of revenues
|
1,382.0
|
1,254.6
|
5,757.5
|
4,178.8
|
||||||||||||
Gross profit
|
349.9
|
351.7
|
1,557.7
|
1,373.4
|
||||||||||||
Selling, administrative and general expenses
|
126.4
|
124.6
|
515.1
|
417.6
|
||||||||||||
Gain (loss) on sale of property, plant & equipment and businesses
|
(17.7
|
)
|
(0.2
|
)
|
10.7
|
120.1
|
||||||||||
Loss on impairments
|
(0.1
|
)
|
0.0
|
(67.9
|
)
|
(4.6
|
)
|
|||||||||
Other operating expense, net
|
(14.2
|
)
|
(15.6
|
)
|
(34.0
|
)
|
(60.5
|
)
|
||||||||
Operating earnings
|
191.5
|
211.3
|
951.4
|
1,010.8
|
||||||||||||
Other nonoperating income (expense), net
|
6.9
|
(6.5
|
)
|
5.1
|
10.7
|
|||||||||||
Interest expense, net
|
47.6
|
36.1
|
168.4
|
147.7
|
||||||||||||
Earnings from continuing operations
|
||||||||||||||||
before income taxes
|
150.8
|
168.7
|
788.1
|
873.8
|
||||||||||||
Income tax expense
|
28.5
|
30.4
|
193.0
|
200.1
|
||||||||||||
Earnings from continuing operations
|
122.3
|
138.3
|
595.1
|
673.7
|
||||||||||||
Loss on discontinued operations, net of tax
|
(2.5
|
)
|
(0.7
|
)
|
(18.6
|
)
|
(3.3
|
)
|
||||||||
Net earnings
|
119.8
|
137.6
|
576.5
|
670.4
|
||||||||||||
(Earnings) loss attributable to noncontrolling interest
|
(0.4
|
)
|
0.4
|
(0.9
|
)
|
0.4
|
||||||||||
Net earnings attributable to Vulcan
|
$
|
119.4
|
$
|
138.0
|
$
|
575.6
|
$
|
670.8
|
||||||||
Basic earnings (loss) per share attributable to Vulcan
|
||||||||||||||||
Continuing operations
|
$
|
0.92
|
$
|
1.04
|
$
|
4.47
|
$
|
5.08
|
||||||||
Discontinued operations
|
$
|
(0.02
|
)
|
$
|
0.00
|
$
|
(0.14
|
)
|
$
|
(0.03
|
)
|
|||||
Net earnings
|
$
|
0.90
|
$
|
1.04
|
$
|
4.33
|
$
|
5.05
|
||||||||
Diluted earnings (loss) per share attributable to Vulcan
|
||||||||||||||||
Continuing operations
|
$
|
0.91
|
$
|
1.04
|
$
|
4.45
|
$
|
5.05
|
||||||||
Discontinued operations
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.14
|
)
|
$
|
(0.03
|
)
|
||||
Net earnings
|
$
|
0.89
|
$
|
1.03
|
$
|
4.31
|
$
|
5.02
|
||||||||
|
||||||||||||||||
Weighted-average common shares outstanding
|
||||||||||||||||
Basic
|
133.0
|
132.8
|
133.0
|
132.8
|
||||||||||||
Assuming dilution
|
133.7
|
133.6
|
133.6
|
133.5
|
||||||||||||
Effective tax rate from continuing operations
|
18.9
|
%
|
18.0
|
%
|
24.5
|
%
|
22.9
|
%
|
(in millions)
|
||||||||
Consolidated Balance Sheets
|
December 31
|
December 31
|
||||||
(Condensed and unaudited)
|
2022
|
2021
|
||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
161.4
|
$
|
235.0
|
||||
Restricted cash
|
0.1
|
6.5
|
||||||
Accounts and notes receivable
|
||||||||
Accounts and notes receivable, gross
|
1,056.1
|
849.0
|
||||||
Allowance for credit losses
|
(10.8
|
)
|
(10.3
|
)
|
||||
Accounts and notes receivable, net
|
1,045.3
|
838.7
|
||||||
Inventories
|
||||||||
Finished products
|
439.3
|
418.0
|
||||||
Raw materials
|
63.4
|
59.9
|
||||||
Products in process
|
6.0
|
4.2
|
||||||
Operating supplies and other
|
70.6
|
39.2
|
||||||
Inventories
|
579.3
|
521.3
|
||||||
Other current assets
|
115.9
|
95.1
|
||||||
Total current assets
|
1,902.0
|
1,696.6
|
||||||
Investments and long-term receivables
|
31.8
|
34.1
|
||||||
Property, plant & equipment
|
||||||||
Property, plant & equipment, cost
|
11,306.4
|
10,444.4
|
||||||
Allowances for depreciation, depletion & amortization
|
(5,255.1
|
)
|
(4,897.6
|
)
|
||||
Property, plant & equipment, net
|
6,051.3
|
5,546.8
|
||||||
Operating lease right-of-use assets, net
|
572.6
|
691.4
|
||||||
Goodwill
|
3,689.6
|
3,696.7
|
||||||
Other intangible assets, net
|
1,702.1
|
1,749.0
|
||||||
Other noncurrent assets
|
285.2
|
268.0
|
||||||
Total assets
|
$
|
14,234.6
|
$
|
13,682.6
|
||||
Liabilities
|
||||||||
Current maturities of long-term debt
|
0.5
|
5.2
|
||||||
Short-term debt
|
100.0
|
0.0
|
||||||
Trade payables and accruals
|
454.5
|
365.5
|
||||||
Other current liabilities
|
401.6
|
398.6
|
||||||
Total current liabilities
|
956.6
|
769.3
|
||||||
Long-term debt
|
3,875.2
|
3,874.8
|
||||||
Deferred income taxes, net
|
1,072.8
|
1,005.9
|
||||||
Deferred revenue
|
159.8
|
167.1
|
||||||
Noncurrent operating lease liabilities
|
548.4
|
642.5
|
||||||
Other noncurrent liabilities
|
669.6
|
655.3
|
||||||
Total liabilities
|
$
|
7,282.4
|
$
|
7,114.9
|
||||
Equity
|
||||||||
Common stock, $1 par value
|
132.9
|
132.7
|
||||||
Capital in excess of par value
|
2,839.0
|
2,816.5
|
||||||
Retained earnings
|
4,111.4
|
3,748.5
|
||||||
Accumulated other comprehensive loss
|
(154.7
|
)
|
(152.7
|
)
|
||||
Total shareholder's equity
|
6,928.6
|
6,545.0
|
||||||
Noncontrolling interest
|
23.6
|
22.7
|
||||||
Total equity
|
$
|
6,952.2
|
$
|
6,567.7
|
||||
Total liabilities and equity
|
$
|
14,234.6
|
$
|
13,682.6
|
(in millions)
|
||||||||
Twelve Months Ended
|
||||||||
Consolidated Statements of Cash Flows
|
December 31
|
|||||||
(Condensed and unaudited)
|
2022
|
2021
|
||||||
Operating Activities
|
||||||||
Net earnings
|
$
|
576.5
|
$
|
670.4
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities
|
||||||||
Depreciation, depletion, accretion and amortization
|
587.5
|
463.0
|
||||||
Noncash operating lease expense
|
60.3
|
49.0
|
||||||
Net gain on sale of property, plant & equipment and businesses
|
(10.7
|
)
|
(120.1
|
)
|
||||
Loss on impairments
|
67.9
|
4.6
|
||||||
Contributions to pension plans
|
(7.8
|
)
|
(8.0
|
)
|
||||
Share-based compensation expense
|
41.1
|
34.7
|
||||||
Deferred tax expense
|
57.7
|
66.8
|
||||||
Changes in assets and liabilities before initial effects of business acquisitions and dispositions
|
(248.5
|
)
|
(180.3
|
)
|
||||
Other, net
|
24.2
|
31.8
|
||||||
Net cash provided by operating activities
|
$
|
1,148.2
|
$
|
1,011.9
|
||||
Investing Activities
|
||||||||
Purchases of property, plant & equipment
|
(612.6
|
)
|
(451.3
|
)
|
||||
Proceeds from sale of property, plant & equipment
|
38.7
|
216.5
|
||||||
Proceeds from sale of businesses
|
50.0
|
0.0
|
||||||
Payment for businesses acquired, net of acquired cash
|
(529.2
|
)
|
(1,639.4
|
)
|
||||
Other, net
|
0.1
|
0.1
|
||||||
Net cash used for investing activities
|
$
|
(1,053.0
|
)
|
$
|
(1,874.1
|
)
|
||
Financing Activities
|
||||||||
Proceeds from short-term debt
|
1,361.0
|
0.0
|
||||||
Payment of short-term debt
|
(1,261.0
|
)
|
0.0
|
|||||
Payment of current maturities and long-term debt
|
(557.7
|
)
|
(1,451.7
|
)
|
||||
Proceeds from issuance of long-term debt
|
550.0
|
1,600.0
|
||||||
Debt issuance and exchange costs
|
(2.8
|
)
|
(13.3
|
)
|
||||
Payment of finance leases
|
(33.8
|
)
|
(13.5
|
)
|
||||
Dividends paid
|
(212.6
|
)
|
(196.4
|
)
|
||||
Share-based compensation, shares withheld for taxes
|
(18.5
|
)
|
(19.1
|
)
|
||||
Other, net
|
0.2
|
(0.3
|
)
|
|||||
Net cash used for financing activities
|
$
|
(175.2
|
)
|
$
|
(94.3
|
)
|
||
Net decrease in cash and cash equivalents and restricted cash
|
(80.0
|
)
|
(956.5
|
)
|
||||
Cash and cash equivalents and restricted cash at beginning of year
|
241.5
|
1,198.0
|
||||||
Cash and cash equivalents and restricted cash at end of year
|
$
|
161.5
|
$
|
241.5
|
|
(in millions, except unit and per unit data)
|
|||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31
|
December 31
|
|||||||||||||||
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Total Revenues
|
||||||||||||||||
Aggregates 1
|
$
|
1,259.3
|
$
|
1,152.3
|
$
|
5,272.8
|
$
|
4,345.0
|
||||||||
Asphalt 2
|
238.1
|
197.4
|
990.2
|
777.8
|
||||||||||||
Concrete
|
360.5
|
370.0
|
1,593.9
|
766.8
|
||||||||||||
Calcium
|
2.4
|
1.4
|
7.8
|
6.9
|
||||||||||||
Segment sales
|
$
|
1,860.3
|
$
|
1,721.1
|
$
|
7,864.7
|
$
|
5,896.5
|
||||||||
Aggregates intersegment sales
|
(128.4
|
)
|
(114.8
|
)
|
(549.5
|
)
|
(344.3
|
)
|
||||||||
Total revenues
|
$
|
1,731.9
|
$
|
1,606.3
|
$
|
7,315.2
|
$
|
5,552.2
|
||||||||
Gross Profit
|
||||||||||||||||
Aggregates
|
$
|
327.1
|
$
|
325.9
|
$
|
1,408.5
|
$
|
1,295.7
|
||||||||
Asphalt
|
17.1
|
3.6
|
57.3
|
21.2
|
||||||||||||
Concrete
|
4.6
|
21.9
|
89.3
|
54.3
|
||||||||||||
Calcium
|
1.1
|
0.3
|
2.6
|
2.2
|
||||||||||||
Total
|
$
|
349.9
|
$
|
351.7
|
$
|
1,557.7
|
$
|
1,373.4
|
||||||||
Depreciation, Depletion, Accretion and Amortization
|
||||||||||||||||
Aggregates
|
$
|
116.7
|
$
|
101.9
|
$
|
441.1
|
$
|
360.4
|
||||||||
Asphalt
|
9.1
|
8.9
|
35.1
|
36.0
|
||||||||||||
Concrete
|
19.6
|
24.9
|
83.1
|
41.5
|
||||||||||||
Calcium
|
0.1
|
0.1
|
0.2
|
0.2
|
||||||||||||
Other
|
7.0
|
6.2
|
28.0
|
24.9
|
||||||||||||
Total
|
$
|
152.5
|
$
|
142.0
|
$
|
587.5
|
$
|
463.0
|
||||||||
Average Unit Sales Price and Unit Shipments
|
||||||||||||||||
Aggregates
|
||||||||||||||||
Freight-adjusted revenues 3
|
$
|
918.7
|
$
|
860.9
|
$
|
3,875.2
|
$
|
3,313.9
|
||||||||
Aggregates - tons (thousands)
|
54,165
|
57,735
|
236,345
|
222,863
|
||||||||||||
Freight-adjusted sales price 4
|
$
|
16.96
|
$
|
14.91
|
$
|
16.40
|
$
|
14.87
|
||||||||
Other Products
|
||||||||||||||||
Asphalt Mix - tons (thousands)
|
2,782
|
2,839
|
12,156
|
11,392
|
||||||||||||
Asphalt Mix - sales price
|
$
|
75.06
|
$
|
60.50
|
$
|
71.29
|
$
|
58.83
|
||||||||
Ready-mixed concrete - cubic yards (thousands)
|
2,280
|
2,676
|
10,534
|
5,616
|
||||||||||||
Ready-mixed concrete - sales price
|
$
|
157.58
|
$
|
137.88
|
$
|
150.82
|
$
|
135.79
|
||||||||
Calcium - tons (thousands)
|
68
|
49
|
228
|
246
|
||||||||||||
Calcium - sales price
|
$
|
36.23
|
$
|
29.56
|
$
|
34.27
|
$
|
28.16
|
1
|
Includes product sales (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery costs that we pass along to our
customers, and service revenues related to aggregates.
|
2
|
Includes product sales, as well as service revenues from our asphalt construction paving business.
|
3
|
Freight-adjusted revenues are Aggregates segment sales excluding freight & delivery revenues and other revenues related to services, such as landfill
tipping fees, that are derived from our aggregates business.
|
4
|
Freight-adjusted sales price is calculated as freight-adjusted revenues divided by aggregates unit shipments.
|
(in millions, except per ton data)
|
|||||||||||||||||
Three Months Ended
December 31
|
Twelve Months Ended
December 31
|
||||||||||||||||
2022
|
2021
|
2022
|
2021
|
||||||||||||||
Aggregates segment
|
|||||||||||||||||
Segment sales
|
$
|
1,259.3
|
$
|
1,152.3
|
$
|
5,272.8
|
$
|
4,345.0
|
|||||||||
Less:
|
Freight & delivery revenues 1 |
318.4
|
266.8
|
1,291.3
|
952.1
|
||||||||||||
Other revenues |
22.2
|
24.6
|
106.3
|
79.0
|
|||||||||||||
Freight-adjusted revenues
|
$
|
918.7
|
$
|
860.9
|
$
|
3,875.2
|
$
|
3,313.9
|
|||||||||
Unit shipments - tons
|
54.2
|
57.7
|
236.3
|
222.9
|
|||||||||||||
Freight-adjusted sales price
|
$
|
16.96
|
$
|
14.91
|
$
|
16.40
|
$
|
14.87
|
(in millions, except per ton data)
|
||||||||||||||||
Three Months Ended
December 31
|
Twelve Months Ended
December 31
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Aggregates segment
|
||||||||||||||||
Gross profit
|
$
|
327.1
|
$
|
325.9
|
$
|
1,408.5
|
$
|
1,295.7
|
||||||||
Depreciation, depletion, accretion and amortization
|
116.7
|
101.9
|
441.1
|
360.4
|
||||||||||||
Aggregates segment cash gross profit
|
$
|
443.8
|
$
|
427.8
|
$
|
1,849.6
|
$
|
1,656.1
|
||||||||
Unit shipments - tons
|
54.2
|
57.7
|
236.3
|
222.9
|
||||||||||||
Aggregates segment gross profit per ton
|
$
|
6.04
|
$
|
5.64
|
$
|
5.96
|
$
|
5.81
|
||||||||
Aggregates segment cash gross profit per ton
|
$
|
8.19
|
$
|
7.41
|
$
|
7.83
|
$
|
7.43
|
||||||||
Asphalt segment
|
||||||||||||||||
Gross profit
|
$
|
17.1
|
$
|
3.6
|
$
|
57.3
|
$
|
21.2
|
||||||||
Depreciation, depletion, accretion and amortization
|
9.1
|
8.9
|
35.1
|
36.0
|
||||||||||||
Asphalt segment cash gross profit
|
$
|
26.2
|
$
|
12.5
|
$
|
92.4
|
$
|
57.2
|
||||||||
Concrete segment
|
||||||||||||||||
Gross profit
|
$
|
4.6
|
$
|
21.9
|
$
|
89.3
|
$
|
54.3
|
||||||||
Depreciation, depletion, accretion and amortization
|
19.6
|
24.9
|
83.1
|
41.5
|
||||||||||||
Concrete segment cash gross profit
|
$
|
24.2
|
$
|
46.8
|
$
|
172.4
|
$
|
95.8
|
(in millions)
|
||||||||||||||||
Three Months Ended
December 31
|
Twelve Months Ended
December 31
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net earnings attributable to Vulcan
|
$
|
119.4
|
$
|
138.0
|
$
|
575.6
|
$
|
670.8
|
||||||||
Income tax expense
|
28.5
|
30.4
|
193.0
|
200.1
|
||||||||||||
Interest expense, net
|
47.6
|
36.1
|
168.4
|
147.7
|
||||||||||||
Loss on discontinued operations, net of tax
|
2.5
|
0.7
|
18.6
|
3.3
|
||||||||||||
Depreciation, depletion, accretion and amortization
|
152.5
|
142.0
|
587.5
|
463.0
|
||||||||||||
EBITDA
|
$
|
350.4
|
$
|
347.2
|
$
|
1,543.1
|
$
|
1,484.9
|
||||||||
(Gain) loss on sale of real estate and businesses, net
|
$
|
17.4
|
$
|
0.0
|
$
|
(6.1
|
)
|
$
|
(114.7
|
)
|
||||||
Charges associated with divested operations
|
2.1
|
0.5
|
3.1
|
1.5
|
||||||||||||
Business development 1
|
2.4
|
8.4
|
10.6
|
34.4
|
||||||||||||
COVID-19 direct incremental costs
|
0.0
|
3.7
|
0.0
|
13.4
|
||||||||||||
Pension settlement charge
|
0.0
|
12.1
|
0.0
|
12.1
|
||||||||||||
Loss on impairments
|
0.0
|
0.0
|
67.8
|
4.6
|
||||||||||||
Restructuring charges
|
2.3
|
11.5
|
7.2
|
15.0
|
||||||||||||
Adjusted EBITDA
|
$
|
374.7
|
$
|
383.4
|
$
|
1,625.6
|
$
|
1,451.3
|
Three Months Ended
December 31
|
Twelve Months Ended
December 31
|
||||||||||||||||
2022
|
2021
|
2022
|
2021
|
||||||||||||||
Net earnings attributable to Vulcan
|
$
|
0.89
|
$
|
1.03
|
$
|
4.31
|
$
|
5.02
|
|||||||||
Less:
|
Discontinued operations
|
(0.02
|
)
|
(0.01
|
)
|
(0.14
|
)
|
(0.03
|
)
|
||||||||
Diluted EPS attributable to Vulcan from continuing operations
|
$
|
0.91
|
$
|
1.04
|
$
|
4.45
|
$
|
5.05
|
|||||||||
Items included in Adjusted EBITDA above, net of tax
|
0.13
|
0.21
|
0.55
|
(0.16
|
)
|
||||||||||||
NOL carryforward valuation allowance
|
0.04
|
0.00
|
0.11
|
0.10
|
|||||||||||||
Acquisition financing interest costs
|
0.00
|
0.00
|
0.00
|
0.05
|
|||||||||||||
Adjusted diluted EPS attributable to Vulcan from continuing operations
|
$
|
1.08
|
$
|
1.25
|
$
|
5.11
|
$
|
5.04
|
(in millions)
|
||||
Mid-point
|
||||
Net earnings attributable to Vulcan
|
$
|
775
|
||
Income tax expense
|
220
|
|||
Interest expense, net of interest income
|
195
|
|||
Discontinued operations, net of tax
|
0
|
|||
Depreciation, depletion, accretion and amortization
|
610
|
|||
Projected EBITDA
|
$
|
1,800
|
(in millions)
|
||||||||
December 31
|
||||||||
2022
|
2021
|
|||||||
Debt
|
||||||||
Current maturities of long-term debt
|
$
|
0.5
|
$
|
5.2
|
||||
Short-term debt
|
100.0
|
0.0
|
||||||
Long-term debt
|
3,875.2
|
3,874.8
|
||||||
Total debt
|
$
|
3,975.7
|
$
|
3,880.0
|
||||
Less: Cash and cash equivalents and restricted cash
|
161.5
|
241.5
|
||||||
Net debt
|
$
|
3,814.2
|
$
|
3,638.5
|
||||
Trailing-Twelve Months (TTM) Adjusted EBITDA
|
$
|
1,625.6
|
$
|
1,451.3
|
||||
Total debt to TTM Adjusted EBITDA
|
2.4
|
x
|
2.7
|
x
|
||||
Net debt to TTM Adjusted EBITDA
|
2.3
|
x
|
2.5
|
x
|
(dollars in millions)
|
||||||||
Twelve Months Ended
December 31
|
||||||||
2022
|
2021
|
|||||||
Adjusted EBITDA
|
$
|
1,625.6
|
$
|
1,451.3
|
||||
Average invested capital
|
||||||||
Property, plant & equipment, net
|
$
|
5,810.4
|
$
|
4,849.7
|
||||
Goodwill
|
3,708.5
|
3,377.6
|
||||||
Other intangible assets
|
1,737.5
|
1,382.0
|
||||||
Fixed and intangible assets
|
$
|
11,256.4
|
$
|
9,609.3
|
||||
Current assets
|
$
|
1,898.8
|
$
|
1,977.1
|
||||
Less: Cash and cash equivalents
|
161.3
|
687.1
|
||||||
Less: Current tax
|
47.2
|
32.9
|
||||||
Adjusted current assets
|
1,690.3
|
1,257.1
|
||||||
Current liabilities
|
1,002.1
|
771.8
|
||||||
Less: Current maturities of long-term debt
|
2.1
|
112.8
|
||||||
Less: Short-term debt
|
137.6
|
0.0
|
||||||
Adjusted current liabilities
|
862.4
|
659.0
|
||||||
Adjusted net working capital
|
$
|
827.9
|
$
|
598.1
|
||||
Average invested capital
|
$
|
12,084.3
|
$
|
10,207.4
|
||||
Return on invested capital
|
13.5
|
%
|
14.2
|
%
|