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We continue to utilize our strong and healthy balance sheet to implement a disciplined and balanced approach to capital allocation.
As we stated at our investor day, acquisitions have been and will continue to remain our highest priority for capital allocation under our Pivot to Growth strategy, supplemented by continued steady distributions to our shareholders, most often through share repurchases, as well as steady reinvestment in our business.
We have a strong track record of successful acquisitions, supplementing our existing portfolio with critical adjacent technologies to enhance our customer offering, with five of our last six transactions primarily serving our A&D markets. We utilize a stringent process whereby each property must be the right strategic and financial fit to help grow our top- and bottom-line faster - while not allowing for long-term deterioration of our financial metrics.
In 2021, we firmly delivered on our commitment to drive returns to our shareholders by completing record annual share repurchases of $350 million, including opportunistically deploying our capital to buybacks, and remain committed to ongoing share repurchases while also steadily increasing our dividend in alignment with our long-term sales growth.
With our continued focus on working capital and strong free cash flow generation, we concluded last year with approximately $1. 7 billion of borrowing capacity, providing the financial flexibility that will enable us to pursue our long-term growth strategies.
Looking ahead, we have line of sight to achieve our 3-year financial targets for 2023, and through our Pivot to Growth strategy, we will deliver exceptional, long-term value to all of our stakeholders.
//player.vimeo.com/video/990038435 1966 Broadhollow Rd Bldg E11735, Farmingdale, New York | |
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