Meritor Acquisition and 2022 Financial Results
Table of Contents
Components Segment Results
Financial data for the Components segment was as follows:
Years ended December 31,
2022 vs. 2021
Favorable/(Unfavorable)
2021 vs. 2020
In millions
External sales
2022
2021
2020
7,847
$
5,932
$
Amount
4,650 $ 1.915
Percent
Amount
Percent
32% $ 1,282
28 %
Intersegment sales
1,889
1,733
1,374
156
9%
359
26%
Total sales
9,736
7,665
6,024
2,071
27%
1,641
27%
Research, development and engineering expenses
309
307
264
(2)
(1)%
(43)
(16)%
Equity, royalty and interest income from investees
71
50
61
21
42%
(11)
(18)%
Interest income
Russian suspension costs (¹)
Segment EBITDA
12
5
4
7
NM
25%
5
5
NM
-%
1,346 (2)
1,180
961
166
14%
219
23%
Percentage Points
Percentage Points
Segment EBITDA as a percentage of total sales
"NM" not meaningful information
13.8
%
15.4 %
16.0
%
(1.6)
(0.6)
(1) See NOTE 23, "RUSSIAN OPERATIONS," to our Consolidated Financial Statements for additional information.
(2) Includes $83 million of costs related to the acquisition and integration of Meritor and $28 million of costs associated with the planned separation of our filtration business.
Sales for our Components segment by business were as follows:
In millions
Emission solutions
Axles and brakes
Filtration
Turbo technologies
Electronics and fuel systems
Automated transmissions
Total sales
"NM" not meaningful information
Favorable/(Unfavorable)
2022
Years ended December 31,
2021
2022 vs. 2021
2021 vs. 2020
2020
Amount
Percent
Amount
Percent
$
3,494
1,879
$
3,499 $
2,632
$
(5)
% $
867
33 %
1,879
NM
1,557
1,438
1,232
119
8 %
206
17 %
1,421 (1)
1,351
1,098
70
5 %
253
23 %
792
899
754
(107)
(12)%
145
19 %
593
478
308
115
24 %
170
55 %
$
9,736
$
7,665 $
6,024 $
2,071
27% $
1,641
27 %
(1) Includes sales of $118 million related to the newly acquired Jacobs Vehicle Systems business. See NOTE 2, "ACQUISITIONS," to our Consolidated Financial Statements for additional
information.
2022 vs. 2021
Sales
Components segment sales increased $2.1 billion across most businesses. The following were the primary drivers by business:
•
Axles and brakes sales added $1.9 billion in sales since the completion of the Meritor acquisition.
Filtration sales increased $119 million mainly due to stronger aftermarket demand in North America.
Automated transmissions sales increased $115 million largely due to higher demand in North America.
These increases were partially offset by the following:
Electronics and fuel systems sales decreased $107 million principally due to weaker demand in China, partially offset by higher demand in North America.
43View entire presentation