Slide 1: Investors Day
Waa MINERALS W TECHNOLOGIES Investors Day May 24, 2023
Slide 2: Lydia Kopylova
Lydia Kopylova Vice President, Investor Relations
Slide 3: Forward Looking Statements and Non-GAAP Measures
Forward Looking Statements and Non-GAAP Measures This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations and forecasts of future events such as new products, revenue
Slide 4: Douglas T. Dietrich
Douglas T. Dietrich Chairman & CEO
Slide 5: Agenda
Today’s MTI Douglas Dietrich, Chairman & CEO Core Technologies Jon Hastings, Senior Vice President, Strategy and M&A Consumer & Specialties Segment DJ Monagle, Group President, Consumer & Specialties Engineered Solutions Segment Brett Argirakis, Group President, Engineered Solutions Break Jerry Darl
Slide 6: Why We Are Here Today
WELCOME Why We Are Here Today Today’s MTI Core Technologies Business Profiles • Part of your everyday life • Four platforms of differentiation • Product line deep-dives • Unique, efficient management model • Application knowledge and tailored • Leadership positions and customer solutions value • Set
Slide 7: Systematic Portfolio Transformation
Systematic Portfolio Transformation Diversifying minerals Organic, inorganic and Legacy products + and expanding into new markets + technology investments in high-growth markets Consumer Industrial Industrial 7
Slide 8: Organized by Legacy Businesses
Organized by Legacy Businesses Specialty Minerals Refractories Performance Materials END MARKET END MARKET END MARKET Consumer and industrial Industrial Consumer and industrial CORE TECHNOLOGIES SEGMENT SIZE CORE TECHNOLOGIES SEGMENT SIZE CORE TECHNOLOGIES SEGMENT SIZE Crystal Engineering Engineered
Slide 9: A Well-Balanced and Well-Positioned Growth Portfolio
MTI OF TODAY A Well-Balanced and Well-Positioned Growth Portfolio CONSUMER & SPECIALTIES ENGINEERED SOLUTIONS Functional components in a variety of Designed to improve our customers’ consumer and industrial goods 53%* manufacturing processes and projects 47%* Household & Personal Care High-Temperatu
Slide 10: Benefits of New Organization
Benefits of New Organization • Simpler, aligned organization • Shorter lines of communication within business • Faster decision making • Drives higher levels of performance • Tighter collaboration • Supports growth • Increased speed of innovation • End-market focused and greater visibility to trends
Slide 11: Our Strong Foundation
What makes us unique? OUR STRONG FOUNDATION MTI People Operational Core Business Sustainability & Safety Excellence Technologies System MTI Values Winning with Integrity People | Honesty | Customer Focus | Accountability | Excellence 11
Slide 12: MTI Business System
MTI Business People Operational Core & Safety Excellence Sustainability Technologies MTI Business System System CEO Lead Teams Operating Segments Corporate Drives business Drive culture Resource Units accountability Functional expertise Environmental, Health & Safety and strategies Lean and Consumer
Slide 13: Safety Above All Else
MTI Business People Operational Core & Safety Excellence Sustainability Technologies Safety Above All Else System Improved performance • Safety is 5 TRIR everyone’s job LWDR 4 • Every injury is Culture WC TRIR 3 WC L WDR avoidable 2 1 0 2006 2009 2012 2015 2018 2021 2023 Safety YTD Above All Else •
Slide 14: Continuous Improvement Through Operational Excellence
Continuous Improvement Through MTI Business People Operational Sustainability Core & Safety Excellence Technologies Operational Excellence System Operational Excellence tools Kaizen • 5S • Kaizen Act Plan Check Do • Standard Work Standard Work • Daily Management Control Act Plan T Check Do MEN • Hos
Slide 15: Sustainability Is Part of Our Culture
MTI Business People Operational Core & Safety Excellence Sustainability Technologies Sustainability Is Part of Our Culture System 15 years of Recognized top sustainability reports tier performance Governance 2 2022 coming soon! 10th percentile in Specialty Chemicals industry In our values | In our s
Slide 16: Technology Is at the Heart of What We Do
Technology Is at the MTI Business People Operational Sustainability Core & Safety Excellence Technologies Heart of What We Do System Crystal Functional Engineering Additives Unique Mineral Application Reserves Expertise Engineered Particle Blends Surface Modification Differentiated solutions | Trust
Slide 17: Jon Hastings
CORE TECHNOLOGIES Jon Hastings Senior Vice President, Strategy and M&A Head of Technology & Innovation Lead Team
Slide 18: Competitive Differentiation, Valued by Customers
Competitive Differentiation, Valued by Customers Voice of Customer Core Technologies Part of Our Strategies #1 Crystal Functional Leadership positions in Engineering Additives majority of our markets >270 New products commercialized contributed >$320M in sales in 2022 >200 Additional new products un
Slide 19: Core Technologies
Core Technologies Crystal Engineered Particle Functional Engineering Blends Surface Additives Modification Sharad David Michael Jerry Mathur Helmick Donovan Darlington 19
Slide 20: Crystal Engineering
Crystal Engineering Proprietary process to synthesize crystal type, Scalenohedral Acicular size, and morphology Natural limestone to achieve particles specific functionality Rhombohedral Spherical Market and application knowledge to determine best fit 20
Slide 21: Crystal Engineering: Consumer and Healthcare
Crystal Engineering Consumer and Healthcare Synthesize PCC specifically to control • Particle size • Particle size distribution • Purity Rhombohedral Benefits and value • Calcium fortification • Refines taste and/or mouth feel • Suspension stability 2.5-4.5 µm Nutritional and functional benefits PCC
Slide 22: Crystal Engineering: Automotive and Construction
Crystal Engineering Automotive and Construction Synthesize PCC specifically to control • Particle size • Particle size distribution • Surface charge/coating • Morphology Benefits and value Rhombohedral • Cost-effective additive in polymers: • Increase in impact strength • Increase in stiffness • Mod
Slide 23: Crystal Engineering: Paper and Packaging
Crystal Engineering Paper and Packaging Tailor-made PCC crystals Benefits and value • Particle size Reduce total cost of ownership • Particle size distribution • Fiber substitution • Surface area • Lower coating formulation cost • Morphology • Energy savings • Surface chemistry • CO2 sequestration F
Slide 24: Crystal Engineering Technology Growth Platform
Crystal Engineering Technology Growth Platform Applications Customer Benefits Unique integrated • Printing and writing paper • Sustainability/circular economy process converting • Packaging • Fiber cost savings papermill byproduct • Linerboard • Productivity increase stream to a qualified • Medium •
Slide 25: Core Technologies
Core Technologies Crystal Engineered Particle Functional Engineering Blends Surface Additives Modification 25
Slide 26: Engineered Blends
Engineered Blends Development of tailored blends of specific minerals and additives to enhance customer processes and product performance Mineral blends designed to undergo chemical reactions and physical transformations under operating conditions Understanding the interaction between our formula co
Slide 27: Engineered Blends: Foundry
Engineered Blends Foundry Sodium bentonite High thermal durability 300+ formulas & flowability Calcium bentonite High compression strength, quick shake out Creates reducing atmosphere, carbon producer, provides surface finish Enhances bond flowability, provides moisture retention, reduces emissions
Slide 28: Engineered Blends: Steel and Other Industrial
Engineered Blends Steel and Other Industrial Benefits and value • Insulation protection in the very harsh environments • Reduction of corrosion and erosion inside furnaces Solutions enhanced with automated application equipment • Impact resistance • Specifically designed to be Chemical reactions app
Slide 29: Technical and Application Support
Engineered Blends Technical and Application Support Foundry Steel and Other Industrial Intimate knowledge Onsite support and maintenance of foundry processes of customers’ vessels • Dedicated R&D staff for analytical testing of • Dedicated R&D staff for material, equipment, customer samples applicat
Slide 30: Engineered Blends Technology Growth Platform
Engineered Blends Technology Growth Platform Applications Customer Key benefits Benefits Scantrol™ • Automated laser measurement • “No person on the floor” system • Allows for data driven • Automated refractory decisions application system • Improved application of • Applied to refractory maintenanc
Slide 31: Core Technologies
Core Technologies Crystal Engineered Particle Functional Engineering Blends Surface Additives Modification 31
Slide 32: Particle Surface Modification
Particle Surface Modification + + Mineral Modification of the particle outer layer of our + + minerals through chemistry Drilling and waterproofing + + Chemical modifications occur with reactions including cations, monomers, polymers and surfactants + + Water purification and Common properties remed
Slide 33: Customized Solutions for Complex Problems
Particle Surface Modification Customized Solutions for Complex Problems Innovative water treatment and filtration technologies + + Removal of oil, hydrocarbons, heavy metals, solids, toxic materials and other contaminants Comprehensive expertise and patented best-in-class technologies Flocculation T
Slide 34: Customized Solutions for Complex Problems
Particle Surface Modification Customized Solutions for Complex Problems Ability to formulate bentonite and polymer-modified bentonite geosynthetic clay liners (GCL) Provides low permeability hydraulic seal for aqueous, industrial and municipal waste containment Polymers + + Prevents the spread of to
Slide 35: Customized Solutions for Complex Problems
Particle Surface Modification Customized Solutions for Complex Problems FLUORO-SORB® strongly bonds Powder with PFAS compounds Leaching is minimized Granules Used for Surface Active • Drinking water filtration Agent • Surface water treatment Blends • Soil remediation • Sediment capping Coarse grain
Slide 36: Technology Growth Platform
Particle Surface Modification Technology Growth Platform Natural clays from our mines treated with specialized surface modifiers Selectively adsorb and remove wide range of organic contaminants In-Situ Soil Stabilization from water and sediments Permeable Reactive Barrier The sorbent interacts with
Slide 37: Core Technologies
Core Technologies Crystal Engineered Particle Functional Engineering Blends Surface Additives Modification 37
Slide 38: Functional Additives
Functional Additives Working closely with customers to deliver solutions for: Use of unique minerals Pet Care Household Care • Enhancing consumer experience and additives to • Targeting specific deliver functionality contaminants for to our products and our removal customers’ products Personal Care
Slide 39: Functional Additives: Pet Care
Functional Additives Pet Care Benefits and value Combine high quality • Provide a clean home environment clumping bentonite-based to consumers cat litter with fragrances, • Demonstrate efficacy to customers malodor, and other by providing data from: additives to enhance the • MTI or external lab tes
Slide 40: Functional Additives: Health and Beauty
Functional Additives Health and Beauty Delivery of retinoids and other actives Proprietary, natural- and synthesized- delivery agents Natural Purified Oil Provides customers ability to claim Animal Health • Reduced irritation Unique mineral reserve combined with Reductions in animal health risk due
Slide 41: Core Technologies
Core Technologies Crystal Engineered Particle Functional Engineering Blends Surface Additives Modification 41
Slide 42: Our New Product Development Process Fortifies Growing Market Applications
Our New Product Development Process Fortifies Growing Market Applications Accelerating speed of development Revenue from New Products, $M 2016 2022 16% 310 40 months 18 months CAGR 208 211 Double percent of revenue from new products 180 177 127 148 2016 2022 8% 15% of total sales of total sales 2016
Slide 43: DJ Monagle
CONSUMER & SPECIALTIES DJ Monagle Group President, Consumer & Specialties Head of Operational Excellence Lead Team
Slide 44: Consumer & Specialties and Engineered Solutions
CONSUMER & SPECIALTIES ENGINEERED SOLUTIONS $1,125M $1,001M Household & Personal Care 22% High-Temperature Technologies 33% Specialty Additives 30% Environmental & Infrastructure 14% 2022 Sales % of Total 2022 Sales 44
Slide 45: Consumer & Specialties
Consumer & Specialties Household & Personal Care $476M Mineral-to-market products Serves consumer-oriented end markets, including pet care, personal care, fabric care, edible oil, animal feed, agriculture applications and others Specialty Additives $648M Mineral additives Serves paper, packaging, fo
Slide 46: Household & Personal Care
CONSUMER & SPECIALTIES Household & Personal Care TECHNOLOGY APPLICATIONS FUNCTIONALITY Pet care • Quick bond of liquids and odors • Mineral based personal care components: oil absorption Personal care and SPF enhancements • Delayed release retinol delivery Natural purified • Filtration media for edi
Slide 47: Household & Personal Care
CONSUMER & SPECIALTIES Household & Personal Care Revenue by end market How we win with customers Pet care Consumer specialties Consumer • Speed-to-market innovation cycles • Tailored solutions to specific customer specialties 27% • Fully integrated from mineral-to-market; needs Unique global mineral
Slide 48: Pet Care Growth Drivers
CONSUMER & SPECIALTIES Household & Personal Care Pet Care Growth Drivers MTI Five-Year Market Trends MTI Growth Strategy + = Growth North America cat litter Market Market share growth through: size 5-year $3B 20% private • Continue to grow with private Private label Branded Total label 5% label mark
Slide 49: Consumer Specialties Growth Drivers
CONSUMER & SPECIALTIES Household & Personal Care Consumer Specialties Growth Drivers MTI Five-Year Market Trends MTI Growth Strategy + = Growth Global Bleaching Earth Market Expand high-growth high- margin products, including: Biodiesel 5-year • Plant-based oil purification Edible $1B biodiesel and
Slide 50: Specialty Additives
CONSUMER & SPECIALTIES Specialty Additives TECHNOLOGY APPLICATIONS FUNCTIONALITY • Enhanced performance properties • Fiber substitution Paper • CO2 sequestration • Sustainable solutions to customers • Enhanced performance properties Packaging • Cost savings to customer Sealants & • High-performance
Slide 51: Specialty Additives
CONSUMER & SPECIALTIES Specialty Additives Revenue by end market How we win with customers Construction World-class application know-how 23% Paper and packaging Automotive, construction, consumer 7% Automotive • Global technology leader for paper • US and European SPCC manufacturing Paper & 59% appl
Slide 52: Specialty Additives Growth Potential
CONSUMER & SPECIALTIES Specialty Additives Specialty Additives Growth Potential MTI Five-Year Market Trends MTI Growth Strategy + = Growth Onsite PCC Market Penetration 2022 Continue geographic expansion in paper 95% Penetration Growth in container and 62% 60% ~3 Million consumer board markets throu
Slide 53: Innovation Pipeline
CONSUMER & SPECIALTIES Innovation Pipeline New product development focusing on high margin products and sustainable solutions Revenue from new products 260 Household & Personal Care Specialty Additives $179M 15% • Expansion of sustainable solutions for CAGR paper and packaging industry • Expansion o
Slide 54: Summary
CONSUMER & SPECIALTIES Summary Revenue Multiple growth drivers 5–7% CAGR $150M $1,500M • Expansion into Asia pet care market $225M • Growth of packaging solutions to 20% of portfolio • Market share growth in high-margin markets $1,125M • Continuous innovation including sustainable solutions + Innova
Slide 55: Brett Argirakis
ENGINEERED SOLUTIONS Brett Argirakis Group President, Engineered Solutions Head of EHS Lead Team
Slide 56: Consumer & Specialties and Engineered Solutions
CONSUMER & SPECIALTIES ENGINEERED SOLUTIONS $1,125M $1,001M Household & Personal Care 22% High-Temperature Technologies 33% Specialty Additives 30% Environmental & Infrastructure 14% 2022 Sales % of Total 2022 Sales 56
Slide 57: Engineered Solutions
Engineered Solutions High-Temperature Technologies 33% $703M Specially formulated blends and technologies for high-temperature applications Serves primarily foundry and steelmaking industries Environmental & Infrastructure 14% $298M Project based products and solutions Environmental, remediation, wa
Slide 58: High-Temperature Technologies
ENGINEERED SOLUTIONS High-Temperature Technologies TECHNOLOGY APPLICATIONS FUNCTIONALITY • Low emission solution Foundry • Optimizes performance and efficiency in metalcasting process Monolithic • High performance refractory lining materials refractory • Maximizes refractory life Laser • Enhances sa
Slide 59: High-Temperature Technologies
ENGINEERED SOLUTIONS High-Temperature Technologies Revenue by end market How we win with customers Lowest Cost to Operate / High-Value Solution Foundry Steel & other industrial • The best technology in Greensand Bond • Highest value in monolithic refractory Steel & systems solutions Foundry 50% 50%
Slide 60: Foundry Growth Potential
ENGINEERED SOLUTIONS High-Temperature Technologies Foundry Growth Potential MTI Five-Year Market Trends MTI Growth Strategy + = Growth Pre-Blended Market Penetration Relative Market Size (Width) and Pre-Blended Penetration (%) Continue penetration into China Bulk 10% and India foundry markets (in 5
Slide 61: Steel and Other Industrial Market Growth Potential
ENGINEERED SOLUTIONS High-Temperature Technologies Steel and Other Industrial Market Growth Potential MTI Five-Year Market Trends MTI Growth Strategy + = Growth • Maintain market position in integrated steel plants Evolution of steel production in North America by technology • Continue expansion of
Slide 62: Environmental & Infrastructure
ENGINEERED SOLUTIONS Environmental & Infrastructure TECHNOLOGY APPLICATIONS FUNCTIONALITY Environmental • Lining systems that prevent soil contact with contaminated lining systems leachates and dangerous vapors Water and • Systems and media that remove contaminants from water remediation in various
Slide 63: Environmental & Infrastructure
ENGINEERED SOLUTIONS Environmental & Infrastructure Revenue by end market How we win with customers Infrastructure (building & drilling) • Design customized solutions to address specific and complex contamination issue: water, vapor and leachate 42% • Best-in-class technical support 58% • World-clas
Slide 64: Environmental & Infrastructure Growth Potential
ENGINEERED SOLUTIONS Environmental & Infrastructure Environmental & Infrastructure Growth Potential MTI Five-Year Market Trends MTI Growth Strategy + = Growth Evolving environmental and industry Focus on sustainable solutions regulations • PFAS remediation • Increasing awareness of “Forever • Wastew
Slide 65: Innovation Pipeline
ENGINEERED SOLUTIONS Innovation Pipeline New product development focusing on high margin products and sustainable solutions Revenue from new products High-Temperature Technologies Environmental & Infrastructure 18% $128M • Advanced Greensand Bond blends CAGR including low carbon solutions • Next gen
Slide 66: Summary
ENGINEERED SOLUTIONS Summary Revenue Multiple growth drivers 3–6% CAGR $50M $1,200M • Continue driving expansion into China $150M and India foundry markets $1,001M • Deploying our ScantrolTM system across NA and EU markets • Innovation in sustainable solutions 2022 High-Temperature Environmental & 2
Slide 67: Jerry Darlington
SUSTAINABILITY Jerry Darlington Vice President, Research & Development Head of Sustainability Lead Team
Slide 68: Sustainability Is a Part of Our DNA
Sustainability Is a Part of Our DNA Focusing on meeting Providing our and exceeding internal customers with sustainability targets sustainable solutions Top 10th percentile in Specialty Chemicals industry Governance 2 68
Slide 69: Achieving Our Environmental Targets Ahead of Time
Achieving Our Environmental Targets Ahead of Time Trending ahead on our 2025 targets Focus on continuous improvements 2025 Progress Targets* through 2022 CO CO2 2 Direct greenhouse 25% 70% • Continue CDP disclosure journey gas emissions reduction of target Indirect greenhouse • Starting Science Base
Slide 70: People-Focused Culture Is Key to Our Success
People-Focused Culture Is Key to Our Success Advance Safety-First Culture Support Our Communities Expand Diversity We believe Increase injury free is achievable 2022 since 2018 Employees are empowered to Women in exercise Stop Work authority Management 20% 50% to prevent incidents >85% of our locati
Slide 71: Governance and Risk Management
Governance and Risk Management Corporate Governance Practices Board of Directors, Corporate Governance & ü Qualified and diverse board Nominating Committee ü Active shareholder engagement ü Commitment to sustainability Lead Teams Drive culture ü Majority voting in director elections Environmental, H
Slide 72: Erik Aldag
FINANCE Erik Aldag Senior Vice President, Finance and Treasury, and CFO
Slide 73: Multiple Organic Growth Levers Across All Product Lines
Multiple Organic Growth Levers Across All Product Lines 2022 Sales CAGR Product Line / Segment Revenue Projection* Key Growth Drivers Pet care growth Household & Personal Care $476M 7-10% Market share growth of high-margin specialty products Further geographic expansion into Asian markets Specialty
Slide 74: Delivering Sustainable Sales Growth Over Next 5 Years
Delivering Sustainable Sales Growth Over Next 5 Years Revenue, $M +5% CAGR +$575M 3,000 7% CAGR 50 2,700 150 2,600 150 4% CAGR 225 2,126 2022 Household & Specialty High- Environmental 2027 Personal Care Additives Temperature & Infrastructure Projection Technology CONSUMER & SPECIALTIES ENGINEERED SO
Slide 75: Clear Pathway to Achieving Target Margins by 2025
Clear Pathway to Achieving Target Margins by 2025 Operating Margin* +300 bps 50 bps 15% 100 bps 150 bps 12% 2022 2022 Price/Cost Recovery Further Price/cost Furthersynergies and Innovation synergies and growth Innovation and 2025 Margin 2025 fixed cost base of the high margin recovery and fixed cost
Slide 76: Translating Sales Growth Into Significant Value Creation
Translating Sales Growth Into Significant Value Creation 2022 2027 Projected Financial Metrics Revenue growth $2.1B 5% CAGR ~$2.7B Operating Margin1 12% of sales 15% of sales ~$400M Op Income >$500M EBITDA Operating Income1 $253M 10% CAGR Cash Flow 77%4 78% Conversion2 ~$190M FCF Free Cash Flow 7% o
Slide 77: Maintaining Our Balanced Approach to Capital Allocation
Maintaining Our Balanced Approach to Capital Allocation Free Cash Flow At target net leverage 2X EBITDA ~50% Depending on M&A opportunity set ~50% shareholder returns balance sheet strength Dividends and share repurchases M&A flexibility 77
Slide 78: Inorganic Growth Opportunities Across Both Segments
Inorganic Growth Opportunities Across Both Segments Investment strategy Flexibility to invest in growth • Accelerates our organic strategy geographically and/or deeper into our markets Q1 2023 Net Debt: $802M $559M Net Leverage Ratio: 2.3X • Deploy core technologies further into attractive Debt Matu
Slide 79: Potential for Multiple Expansion by Outperforming Peers
Potential for Multiple Expansion by Outperforming Peers 9% 10% Operating Income growth1 EV/EBITDA Proxy Peer Median MTI Projected 1-2x Increase 8.9x 7.5x 15.0% Operating 10.4% Margin2 Proxy Peer Median MTI Projected 78% 71% MTI Proxy Peer Median MTI Potential Cash Flow Current Conversion3 Proxy Peer
Slide 80: Key Investment Takeaways
Key Investment Takeaways 1 Organic sales growing at 5% CAGR through 2027 2 Margin improvement of +300 bps by 2025 3 Operating Income growing at 10% CAGR through 2027 4 Continued strong FCF generation 5 Strong balance sheet with flexibility for inorganic growth 80
Slide 81: Douglas T. Dietrich
Douglas T. Dietrich Chairman & CEO
Slide 82: MTI is uniquely positioned & well set for sustainable growth
MTI values and culture MTI is uniquely Applied technologies positioned & Unique MTI global Business well set for minerals System sustainable reserves Continuous agility growth innovation Financial stability
Slide 83: Innovative technologies. Essential solutions.
Innovative technologies. Essential solutions.”
Slide 84: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Information presented by Minerals Technologies Inc. during Investor Day on May 24, 2023 included non-GAAP financials measures, as defined by Securites and Exchange Commission Regulation G. Non-GAAP financial measures should be considered in addition to, not as a s
Slide 85: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures “Adjusted EBITDA” is a non-GAAP financial measure and refers to earnings before interest, taxes, depreciation and amortization (EBITDA), excluding special items. The following is a presentation of the Company's non-GAAP EBITDA and Adjusted EBITDA for the annual pe
Slide 86: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Total Sales $ 2,125.5 $ 1,858.3 $ 1,594.8 $ 1,791.0 $ 1,807.6 $ 1,835.4 Free cash flow is defined as cash flow from operations, less capital expenditures. The following is a presentation of the Company's non-GAAP free cash flow for the annual periods ended Decembe
Slide 87: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Return on Invested Capital (ROIC) is defined as net operating profit after tax (NOPAT) divided the average of current year and prior year equity plus net debt. The following is a presentation of the Company's non-GAAP ROIC for the annual periods ended December 31,
Slide 88: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Total Debt $ 1,062.3 $ 1,017.0 $ 934.2 $ 927.6 $ 1,016.3 $ 969.9 Cash and cash equivalents 247.2 299.5 367.7 241.6 208.8 212.2 Net Debt 815.1 717.5 566.5 686.0 807.5 757.7 Shareholders Equity 1,613.1 1,579.5 1,498.7 1,434.6 1,385.3 1,279.1 Net Debt + Equity $ 2,42