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      "text": "Note: WAC = Weighted Average Coupon. WAM = Weighted Average Maturity. 1. 2014-2024, as of end of Q1 2024. 2. As of March 31, 2024. 3. 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. 4. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of March 31, 2024.",
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      "text": "Well-laddered maturities; attractive long-end rates provide opportunity to optimize WAC and WAM\nStrong liquidity with $2.5B in cash and short-term investments, and an undrawn $1.25B revolving credit facility\nLeverage below maximum 4.0x total debt / EBITDA covenant",
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      "text": "Maintaining Financial Flexibility; Thoughtful Capital Structure",
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