The world of opportunity that Mohawk is pursuing is made possible by our strong balance sheet. Even with record internal investments and four acquisitions, our net debt-to-adjusted EBITDA multiple improved. Strong credit ratings allow us to continue to borrow at favorable rates. Combined, our balance sheet, liquidity position and strong management team position us well for future growth. They provide us with the capacity to deliver significant acquisitions when the right opportunities arise and provide the resources for internal investments that drive new product innovation, process improvements and automation.
1 Approximately $7 million in capital leases not shown. Commercial paper is backstopped by our Senior Credit Facility and is shown as due when the facility expires in 2022.
2 After Letters of Credit issuance of $56 million.
3 2015 Q3-Q4 EBITDA proforma. See non-GAAP reconciliation tables.
4 Post IVC and KAI acquisitions.
