The company’s total debt fell from about 2.77 to 2.33 while cash also decreased modestly, so net debt dropped from roughly 2.37 to 1.97. EBITDA rose from roughly 460.8 to 489.0, pushing the net‑debt‑to‑EBITDA ratio from about 5.1 to 4.0. Lower net leverage combined with a modest increase in cash generation points to an improving leverage profile for 2022.

<answer>Improving</answer>