Meritor Acquisition and 2022 Financial Results
Table of Contents
Summarized financial information regarding our reportable operating segments at December 31, is shown in the table below:
In millions
2022
Engine
Components
Distribution
Power Systems
New Power
Total Segments
External sales
$
8,199
7,847
$
8,901
$
2,951
$
176 $
28,074
Intersegment sales
2,746
1,889
28
2,082
22
6,767
Total sales
10,945
9,736
8,929
5,033
198
34,841
Research, development and engineering expenses
506
309
52
240
171
1,278
Equity, royalty and interest income (loss) from investees
(1)
166
Interest income
14
72
71
77
43
(8)
349
12
16
7
49
Russian suspension costs (2)
(3)
33
5
54
19
111
Segment EBITDA
(4)
1,541
1,346
888
596
(340)
4,031
Net assets
Depreciation and amortization (5)
Investments and advances to equity investees
205
304
114
120
38
781
1,451
7,306
2,698
2,382
1,158
14,995
590
617
352
138
60
1,757
Capital expenditures
368
264
114
96
74
916
2021
External sales
Intersegment sales
Total sales
Research, development and engineering expenses
Equity, royalty and interest income (loss) from investees
$
7,589
S
5,932
$
7,742
$
2,650
$
108
$
24,021
2,365
1,733
30
1,765
8
5,901
9,954
7,665
7,772
4,415
116
29,922
399
307
48
234
102
1,090
340
50
63
56
(3)
506
Interest income
Segment EBITDA
Depreciation and amortization (5)
8
5
7
5
25
1,411
1,180
731
496
(223)
3,595
205
183
116
131
24
659
Net assets
Investments and advances to equity investees
1,554
2,938
2,294
2,251
602
9,639
742
254
329
164
49
1,538
Capital expenditures
341
184
92
80
37
734
2020
External sales
$
5,925
$
4,650
$
7,110
$
2,055
$
71
$
19,811
Total sales
Intersegment sales
Research, development and engineering expenses
2,097
1,374
26
1,576
1
5,074
8,022
6,024
7,136
3,631
72
24,885
290
264
31
212
109
906
Equity, royalty and interest income (loss) from investees
Interest income
312
61
62
21
(4)
452
9
4
4
4
21
Segment EBITDA
1,235
961
665
343
(172)
3,032
Depreciation and amortization (5)
208
Capital expenditures
202
192
140
122
130
18
670
89
79
18
528
(1) Includes a $28 million impairment of our joint venture with KAMAZ and $ 3 million of royalty charges as part of our costs associated with the suspension of our Russian operations. See NOTE 23,
"RUSSIAN OPERATIONS," to our Consolidated Financial Statements for additional information.
(2) See NOTE 23, "RUSSIAN OPERATIONS," to our Consolidated Financial Statements for additional information.
(3) Includes $31 million of Russian suspension costs reflected in the equity, royalty and interest income (loss) from investees line above.
(4) 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.
(5) Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in the Consolidated Statements of Net Income as interest expense. The
amortization of debt discount and deferred costs were $3 million, $3 million and $3 million for the years ended 2022, 2021 and 2020, respectively. A portion of depreciation expense is included in
research, development and engineering expense.
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