We delivered a meaningful 5% net organic sales growth in the quarter across all our markets.
We are ahead of our 100 to 200 basis point organic sales growth goal for the first half of 2021, expect to be at or above the high end of that range for the full-year.
Adjusted EBITDA in the second quarter was $248 million.
Importantly, EBITDA was positively impacted by $15 million of improved volume mix related to net organic sales growth and $36 million of favorable net performance.
The solid execution was however offset by $67 million of accelerated inflation across the broad basket of commodities.
This included Paperboard price increases across all 3 substrates as well as positive modification of other business terms.
One example is our move to shift freight recovery and contracts where we are responsible for product delivery costs to 4 openers per year.
Our foodservice business increased sales by 22% year-over-year as consumer mobility picked up well food, beverage and consumer sales improved a healthy 4% year-over-year.
The transaction brings together 2 highly innovative workforces serving diverse a complementary customer sets.
It is important to reiterate that we are fully committed to utilizing our significant cash flow generation to reduce leverage back to our targeted 2.5 to 3 times range.
We intend to be back to targeted levels within 24 months following the close of the acquisition.
Innovation and new product development continue across our 3 growth platforms as we rollout packaging solutions designed to address retailer and producer calls for fiber-based packaging alternatives.
When we pull 98% of the fiber, can be recovered and used to make other recycled products.
We continue to push forward with our sustainability journey and OptiCycle fits squarely with our ESG commitment to decrease our LDPE usage by 40% by 2025.
We remain confident in $100 million of incremental EBITDA for this investment once it's fully implemented and expect to capture the first $50 million of additional EBITDA in 2022.
Realization of our pricing initiatives will be on full display over the next 2 quarters and then into 2022.
The right hand of the slide shows pricing that has been successfully implemented and recognized and it's flowing through our contracts over the coming 6 months.
We expect approximately $120 million of pricing in the second half of 2021, which is intended to address the negative price cost spread experienced in the first half of 2021.
The recovery occurring in just 6 months clearly demonstrates more constructive pricing dynamics inherent in our model.
Implemented and recognized pricing will yield a cumulative $400 million over the 2021 and 2022 time horizon, as we actively address commodity input cost inflation.
Moving to Slide 10, focused on key financial highlights in the second quarter of 2021, net sales increased 8% from the prior year to $1.7 million driven by 5% net organic sales growth.
Importantly, we are known organic volume growth, which positively impacted EBITDA performance by $15 million and we generated, of a favorable $36 million in net performance.
AF&PA industry operating rates increased sequentially with SBS and CRB at 95% and 98% respectively at the end of the second quarter.
Our CUK operating rate was over 95%, reflective of the continued strong demand environment.
AF&PA Second quarter data also reflected continued declines and industry inventory levels with balances at multi-year logs, backlogs increased from the previous quarter and all three substrates we're an 8 plus weeks at quarter end.
On Slide 12 and 13, you will see our year-over-year revenue and EBITDA waterfalls.
Net sales increased $126 million very solid 8% in the second quarter of 2021.
Strong growth was driven by $76 million of higher volume mix resulting from 5% organic sales growth of $14 million in pricing and $36 million of favorable foreign exchange.
Adjusted EBITDA decreased $12 million to $248 million in the second quarter versus the prior year period.
Adjusted EBITDA benefited from $14 million in price $15 million in volume mix, $36 million in improved net productivity and $4 million from favorable foreign exchange.
Adjusted EBITDA was unfavorably impacted by $67 million of commodity input cost inflation and $14 million of labor benefits and other inflation.
We ended the quarter with net leverage of 3.7 times.
As we previously shared, leverage is currently above our long-term target of 2.5 to 3 times as we execute on critical investments to achieve our Vision 2025 goals.
We have clear line of sight to the cash flow generation required to drive leverage down to our targeted levels of 2.5 to 3 times within 24 months following the close of the AR Packaging transaction.
We have a substantial total liquidity with $1.9 billion available as of the end of the second quarter.
In July, we raised approximately $530 million to support our acquisition activity at very effective interest rates below 2%, $250 million was raised in a 7-year floating rate term loan from the farm credit system in a similar structure to the farm credit loan we raised earlier this year.
Turning now to guidance on slide 14 and 15.
2021 adjusted EBITDA is projected to be in a range of 1.0-8 to $1.2 billion.
Implemented price initiatives are expected to yield a material price cost recovery benefit to EBITDA in the second half of the year in a range of $80 to $120 million compared to the first half.
The Americraft acquisition closed on July 1 and is expected to provide an incremental $15 million to the second half adjusted EBITDA.
Turning back to the cash flow guidance on slide 14, we anticipate a range of $175 to $225 million for the year.
As we look through 2022, we remain committed to capital expenditures, returning to a more normalized range of $450 million and look forward to generating significant cash flow as we earn on the investments we've made to materially improve the profitability of the company.
For reference, $450 million in capital expenditures, estimated in 2022 includes both the AR Packaging and Americraft acquisitions.
Conclusion of the partnership with IP, return ownership interest of the partnership back to 100%.

Summary:
We delivered a meaningful 5% net organic sales growth in the quarter across all our markets.
Moving to Slide 10, focused on key financial highlights in the second quarter of 2021, net sales increased 8% from the prior year to $1.7 million driven by 5% net organic sales growth.
Strong growth was driven by $76 million of higher volume mix resulting from 5% organic sales growth of $14 million in pricing and $36 million of favorable foreign exchange.
We have a substantial total liquidity with $1.9 billion available as of the end of the second quarter.