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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Engine | 10,945.0 | 9,954.0 | 8,022.0 | 10,056.0 | 10,566.0 | 8,953.0 | 7,804.0 | 8,670.0 |
| Distribution | 8,929.0 | 7,772.0 | 7,136.0 | 8,071.0 | 7,828.0 | 7,058.0 | 6,181.0 | 6,229.0 |
| Components | 9,736.0 | 7,665.0 | 6,024.0 | 6,914.0 | 7,166.0 | 5,889.0 | 4,836.0 | 5,172.0 |
| Power Systems | 5,033.0 | 4,415.0 | 3,631.0 | 4,460.0 | 4,626.0 | 4,058.0 | 3,517.0 | 4,067.0 |
| Total revenues | 28,074.0 | 24,021.0 | 19,811.0 | 23,571.0 | 23,771.0 | 20,428.0 | 17,509.0 | 19,110.0 |
| Revenue growth [+] | 16.9% | 21.3% | -16.0% | -0.8% | 16.4% | 16.7% | -8.4% | -0.6% |
| Engine | 10.0% | 24.1% | -20.2% | -4.8% | 18.0% | 14.7% | -10.0% | -3.3% |
| Distribution | 14.9% | 8.9% | -11.6% | 3.1% | 10.9% | 14.2% | -0.8% | 20.4% |
| Components | 27.0% | 27.2% | -12.9% | -3.5% | 21.7% | 21.8% | -6.5% | 1.1% |
| Power Systems | 14.0% | 21.6% | -18.6% | -3.6% | 14.0% | 15.4% | -13.5% | -7.9% |
| Cost of goods sold | 21,355.0 | 18,326.0 | 14,917.0 | 17,591.0 | 18,034.0 | 15,328.0 | 13,051.0 | 14,163.0 |
| Gross profit | 6,719.0 | 5,695.0 | 4,894.0 | 5,980.0 | 5,737.0 | 5,100.0 | 4,458.0 | 4,947.0 |
| Gross margin | 23.9% | 23.7% | 24.7% | 25.4% | 24.1% | 25.0% | 25.5% | 25.9% |
| Selling, general and administrative | 2,687.0 | 2,374.0 | 2,125.0 | 2,454.0 | 2,437.0 | 2,429.0 | 2,099.0 | 2,092.0 |
| Research and development | 1,278.0 | 1,090.0 | 906.0 | 1,001.0 | 902.0 | 754.0 | 637.0 | 735.0 |
| Equity in earnings | 349.0 | 506.0 | 452.0 | 330.0 | 394.0 | 357.0 | 301.0 | 315.0 |
| Other operating expenses | -175.0 | -475.0 | -406.0 | -294.0 | -388.0 | -417.0 | -296.0 | -298.0 |
| EBITDA [+] | 4,062.0 | 3,874.0 | 3,394.0 | 3,821.0 | 3,791.0 | 3,274.0 | 2,849.0 | 3,247.0 |
| EBITDA growth | 4.9% | 14.1% | -11.2% | 0.8% | 15.8% | 14.9% | -12.3% | 32.5% |
| EBITDA margin | 14.5% | 16.1% | 17.1% | 16.2% | 15.9% | 16.0% | 16.3% | 17.0% |
| Depreciation | 561.0 | 518.0 | 508.0 | 497.0 | 458.0 | 471.0 | 438.0 | 424.0 |
| EBITA | 3,501.0 | 3,356.0 | 2,886.0 | 3,324.0 | 3,333.0 | 2,803.0 | 2,411.0 | 2,823.0 |
| EBITA margin | 12.5% | 14.0% | 14.6% | 14.1% | 14.0% | 13.7% | 13.8% | 14.8% |
| Amortization of intangibles | 223.0 | 144.0 | 165.0 | 175.0 | 153.0 | 112.0 | 92.0 | 90.0 |
| EBIT [+] | 3,278.0 | 3,212.0 | 2,721.0 | 3,149.0 | 3,180.0 | 2,691.0 | 2,319.0 | 2,733.0 |
| EBIT growth | 2.1% | 18.0% | -13.6% | -1.0% | 18.2% | 16.0% | -15.1% | 37.0% |
| EBIT margin | 11.7% | 13.4% | 13.7% | 13.4% | 13.4% | 13.2% | 13.2% | 14.3% |
| Non-recurring items [+] | | | | 119.0 | | | 138.0 | 361.0 |
| Asset impairment | | | | | | | | 211.0 |
| Interest expense, net [+] | 199.0 | 111.0 | 100.0 | 109.0 | 114.0 | 63.0 | 46.0 | 41.0 |
| Interest expense | 199.0 | 111.0 | 100.0 | 109.0 | 114.0 | 81.0 | 69.0 | 65.0 |
| Interest income | | | | | | 18.0 | 23.0 | 24.0 |
| Other income (expense), net [+] | -260.0 | -350.0 | -283.0 | -87.0 | -313.0 | -263.0 | -205.0 | -306.0 |
| Other | 89.0 | 156.0 | 169.0 | 243.0 | 81.0 | 94.0 | 96.0 | 9.0 |
| Pre-tax income | 2,819.0 | 2,751.0 | 2,338.0 | 2,834.0 | 2,753.0 | 2,365.0 | 1,930.0 | 2,025.0 |
| Income taxes | 636.0 | 587.0 | 527.0 | 566.0 | 566.0 | 1,371.0 | 474.0 | 555.0 |
| Tax rate | 22.6% | 21.3% | 22.5% | 20.0% | 20.6% | 58.0% | 24.6% | 27.4% |
| Minority interest | 32.0 | 33.0 | 22.0 | 8.0 | 46.0 | -5.0 | 62.0 | 71.0 |
| Net income | 2,151.0 | 2,131.0 | 1,789.0 | 2,260.0 | 2,141.0 | 999.0 | 1,394.0 | 1,399.0 |
| Net margin | 7.7% | 8.9% | 9.0% | 9.6% | 9.0% | 4.9% | 8.0% | 7.3% |
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| Basic EPS [+] | $15.20 | $14.74 | $12.07 | $14.54 | $13.20 | $5.99 | $8.25 | $7.86 |
| Growth | 3.1% | 22.1% | -17.0% | 10.2% | 120.3% | -27.3% | 4.9% | -13.1% |
| Diluted EPS [+] | $15.12 | $14.61 | $12.01 | $14.48 | $13.15 | $5.97 | $8.23 | $7.84 |
| Growth | 3.5% | 21.6% | -17.1% | 10.1% | 120.2% | -27.5% | 5.0% | -13.0% |
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| Dividends per share [+] | $6.04 | $5.59 | $5.28 | $4.90 | $4.43 | $4.21 | $4.00 | $3.49 |
| Growth | 8.0% | 6.0% | 7.8% | 10.6% | 5.3% | 5.2% | 14.5% | 24.6% |
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| Shares outstanding (basic) [+] | 141.5 | 144.6 | 148.2 | 155.4 | 162.2 | 166.7 | 169.0 | 178.0 |
| Growth | -2.1% | -2.4% | -4.6% | -4.2% | -2.7% | -1.4% | -5.1% | -2.5% |
| Shares outstanding (diluted) [+] | 142.3 | 145.9 | 149.0 | 156.1 | 162.8 | 167.3 | 169.3 | 178.4 |
| Growth | -2.5% | -2.1% | -4.5% | -4.1% | -2.7% | -1.2% | -5.1% | -2.6% |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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