I need to estimate Moody's adjusted leverage trend for 2022. Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA.

Let me calculate the key components for both years.

**EBITDA Calculation:**

EBITDA ≈ Operating Profit + Depreciation & Amortization

For 2022 (period 2022-01-01 to 2023-01-01):
- Operating Profit: 239,721,000
- D&A: 249,276,000
- EBITDA ≈ 488,997,000

For 2021 (period 2021-01-01 to 2022-01-01):
- Operating Profit: 218,863,000
- D&A: 241,940,000
- EBITDA ≈ 460,803,000

**Debt Calculation:**

Total Debt = Long-term Borrowings + Current Borrowings

As of 2023-01-01 (end of 2022):
- Long-term: 1,695,362,000
- Current: 638,944,000
- Total: 2,334,306,000

As of 2022-01-01 (end of 2021):
- Long-term: 2,390,852,000
- Current: 375,221,000
- Total: 2,766,073,000

**Moody's Adjustments:**
Moody's typically adds operating lease obligations and pension liabilities to debt, and makes corresponding EBITDA adjustments. Let me consider pensions:

Pension liabilities:
- 2023-01-01: 64,939,000
- 2022-01-01: 94,109,000

Adjusted Debt (rough):
- End 2022: 2,334,306 + 64,939 = 2,399,245
- End 2021: 2,766,073 + 94,109 = 2,860,182

**Leverage Ratios:**

End of 2022: 2,399,245 / 488,997 ≈ 4.9x
End of 2021: 2,860,182 / 460,803 ≈ 6.2x

The leverage ratio decreased significantly from approximately 6.2x to 4.9x. This is primarily driven by:
1. Reduction in total borrowings (from ~2.77B to ~2.33B)
2. Increase in EBITDA (from ~461M to ~489M)
3. Reduction in pension liabilities

This represents a meaningful improvement in leverage.

<answer>Improving</answer>