“In addition, our proven access to capital markets, along with the anticipated onetime dividend from the spin of Health Care at 3 to 3.5x EBITDA and 19.9% retained stake, will provide additional financial flexibility.”

In context

“on-year improvement was driven by our ongoing focus on working capital management, especially inventory and the timing impact related to restructuring charges. Inventory was flat sequentially versus a typical historical build from Q1 to Q2. We continue to adjust production output to end markets and leverage the power of daily management and data and data analytics to increase the velocity of inventory turns. Adjusted capital expenditures were $328 million in the quarter or similar year-on-year as we continue to invest in growth, productivity and sustainability. During the quarter, we returned $828 million to shareholders via dividend. Net debt at the end of Q2 stood at $11.7 billion or down 12% year-on-year. Our business segments continue their long history of robust cash flow generation. In addition, our proven access to capital markets, along with the anticipated onetime dividend from the spin of Health Care at 3 to 3.5x EBITDA and 19.9% retained stake, will provide additional financial flexibility. This, combined with our existing strong capital structure, provides us the flexibility to continue to invest in the business, return capital to shareholders and meet the cash flow needs related to ongoing legal matters. Now, please turn to Slide 9 for our business group performance. Starting with our Safety and Industrial business which posted sales of $2.8 billion or down 4.6% organically; this result included a year-on-year headwind of approximately $140 million or 4.8 percentage points due to last year's COVID-related disposable respirator decline. Excluding disposable respirators, Safety and Industrial sales grew 0.2% organically in Q2. Organic growth was led by mid-single-digit increases in roofing granules and automotive aftermarket, while personal safety declined due to last year's”