Net Debt to adjusted EBITDA ratios are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt of $156.2 billion (Total Debt of $177.4 billion at December 31, 2021 less Cash and Cash Equivalents of $21.2 billion) by the sum of the most recent four quarters of Pro Forma Adjusted EBITDA of $48.5 billion ($12.5 billion for March 31, 2021; $12.2 billion for June 30, 2021; $12.5 billion for September 30, 2021; and $11.3 billion for December 31, 2021).
Net Debt of $132.2 billion at December 31, 2022 is calculated as Total Debt of $135.9 billion less Cash and Cash Equivalents of $3.7 billion.
3Q2022 Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt of $131.1 billion (Total Debt of $133.5 billion at September 30, 2022, less Cash and Cash Equivalents of $2.4 billion) by the sum of the most recent four quarters of Adjusted EBITDA from continuing operations of $40.7 billion ($9.5 billion for December 31, 2021; $10.2 billion for March 31, 2022; $10.3 billion for June 30, 2022 and $10.7 billion for September 30, 2022).