Meritor Acquisition and 2022 Financial Results
Table of Contents
completely voluntary. As a result, all amounts owed to the financial intermediaries are presented as accounts payable in our Consolidated Balance Sheets. Amounts due to the
financial intermediaries reflected in accounts payable at December 31, 2022, were $331 million.
Uses of Cash
Acquisitions
Acquisitions for the year ended December 31, 2022, were as follows.
Entity Acquired (Dollars in millions)
Date of
Acquisition
Additional
Percent Interest
Acquired
Payments to
Former Owners
Acquisition
Related Debt
Retirements
Total Purchase
Consideration (¹)
Siemens Commercial Vehicles Propulsion
(Siemens CVP)
11/30/22
100%
$
Meritor, Inc.
08/03/22
100%
Jacobs Vehicle Systems
Westport JV
04/08/22
02/07/22
100%
187
2,613
345
$
$
187
248
2,861
345
50%
42
42
See NOTE 2, "ACQUISITIONS," to our Consolidated Financial Statements for additional information.
Dividends
Total dividends paid to common shareholders in 2022, 2021 and 2020 were $855 million, $809 million and $782 million, respectively. Declaration and payment of dividends in
the future depends upon our income and liquidity position, among other factors, and is subject to declaration by the Board, who meets quarterly to consider our dividend
payment. We expect to fund dividend payments with cash from operations.
In July 2022, the Board authorized an increase to our quarterly dividend of approximately 8 percent from $1.45 per share to $1.57 per share. Cash dividends per share paid to
common shareholders and the Board authorized increases for the last three years were as follows:
Quarterly Dividends
2022
2021
2020
First quarter
$
1.45 $
1.35 $
1.311
Second quarter
1.45
1.35
1.311
Third quarter
1.57
1.45
1.311
Fourth quarter
1.57
1.45
1.35
Total
$
6.04 $
5.60
$
5.28
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