| Dollars in millions, except per share amounts; years ended December 31 |
2024 | % CHANGE | 2023 | % CHANGE | 2022 |
|---|---|---|---|---|---|
| Reported Income Statement Data | |||||
| Net sales | $7,430 | -9% | $8,160 | 3% | $7,946 |
| Operating income | 883 | -8% | 957 | 26% | 762 |
| Diluted earnings per share | 9.71 | 1% | 9.60 | 31% | 7.34 |
| Balance Sheet and Other Data | |||||
| Cash and cash equivalents | 997 | 401 | 236 | ||
| Total assets | 7,444 | 7,642 | 7,561 | ||
| Total debt | 1,831 | 2,188 | 2,483 | ||
| Total equity (including redeemable equity) | 3,890 | 3,650 | 3,262 | ||
| Annual dividends declared per common share | 3.16 | 2.98 | 2.72 | ||
| Net debt to adjusted EBITDA ratio1 | 0.7 | 1.5 | 2.2 | ||
| Cash provided by operations | 1,436 | 1,057 | 152 | ||
| Mechanical stores expense | 62 | 62 | 55 | ||
| Depreciation and amortization | 214 | 219 | 215 | ||
| Capital expenditures and mechanical stores purchases | 301 | 316 | 300 |
Sales
Based on 2024 Net Sales
Adjusted Return on Invested Capital1
+34.5% Since 2022
1 See Financial Performance Metrics on page 20 of the Annual Report for a reconciliation of this metric, which is not calculated in accordance with Generally Accepted Accounting Principles (GAAP), to the most comparable GAAP measures
2 See Financial Performance Metrics on page 60 of the Annual Report for a reconciliation of this metric, which is not calculated in accordance with Generally Accepted Accounting Principles (GAAP), to the most comparable GAAP measures