| Dollars in millions, except per share amounts; years ended December 31 |
2023 | % CHANGE | 2022 | % CHANGE | 2021 |
|---|---|---|---|---|---|
| Reported Income Statement Data | |||||
| Net sales | $8,160 | 3% | $7,946 | 15% | $6,894 |
| Operating income | 957 | 26% | 762 | 146% | 310 |
| Diluted earnings per share | 9.60 | 31% | 7.34 | 324% | 1.73 |
| Balance Sheet and Other Data | |||||
| Cash and cash equivalents | 401 | 236 | 328 | ||
| Total assets | 7,642 | 7,561 | 6,999 | ||
| Total debt | 2,188 | 2,483 | 2,046 | ||
| Total equity (including redeemable equity) | 3,650 | 3,262 | 3,225 | ||
| Annual dividends declared per common share | 2.98 | 2.72 | 2.58 | ||
| Net debt to adjusted EBITDA ratio1 | 1.5 | 2.2 | 1.9 | ||
| Cash provided by operations | 1,057 | 152 | 392 | ||
| Mechanical stores expense | 62 | 55 | 55 | ||
| Depreciation and amortization | 219 | 215 | 220 | ||
| Capital expenditures and mechanical stores purchases | 316 | 300 | 300 |
Sales
Based on 2023 Net Sales
Adjusted Return on Invested Capital
+25% over the 3-year period
1 See Financial Performance Metrics beginning on page 61 of the Annual Report for a reconciliation of these metrics, which are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), to the most comparable GAAP measures