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      "text": "Adjusted net leverage, Annual net interest expense ($M), 7.0X, 4.6X, 4.0X, 4.2X, ~3.5X, 524, 440, 308, 217, ~260, YE 2018, YE 2019, YE 2020, YE 2021, YE 2022E1",
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      "text": "Primary near-term focus is deleveraging\n~70% of current debt insulated from rate increases, including hedges2\n2023 interest expense to reflect continued benefits of deleveraging, offset by rising variable rates\nM&A remains a key component of long-term playbook, but bar is high in current environment",
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      "text": "1. Assuming 100% of free cash flow used to pay down debt.\n2. Swapped the floating rate portion, exclusive of the spread, of $750M USD LIBOR debt to a EUR fixed rate of 1.091% on EUR 732.1M notional.",
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