Financial
Highlights

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

Net
Sales

(in billions)

Operating
Income

(in millions)

Reported Diluted Earnings Per Share

(in dollars)

Adjusted Diluted Earnings Per Share1

(in dollars)

Market Capitalization

as of 12/31
(in billions)

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