Core business investment to realize growth
Product development (1) $ in millions
R&D
NGDV engineering
$324
$301
~$1.2 billion cumulative investment since 2019 Total R&D ~2% of sales on average NGDV investment substantially complete ~$1.5 billion cumulative CapEx since 2019 Growth CapEx represented ~73% of total since 2019 Maintenance CapEx ~1% of sales on average
$239
•
Average
$134
$104
$99
•
•
2019
2020
2021
2022
2023
2024
CapEx (2) $ in millions
Maintenance
Growth
Growth: NGDV
•
$409
$402
$338
•
$148
$112
$106
•
2019
2020
2021
2022
2023
2024
(1) NGDV includes total engineering, design and testing capitalized as contract asset. (2) NGDV total includes supplier tooling capitalized as contract asset.
Significant recent investment fuels growth and margin expansion
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