2022 Annual Report

We took decisive actions through
our early execution of cost-based price increases, our value-creating
go-to-market approach, aggressive production reduction efforts,
aligning inventory levels with global demand and initiating our
strong cost takeout program.

Strong
execution of cost-based pricing actions across the globe
partially offset these challenges, as we delivered revenues
of $20 billion and ongoing EBIT margin(a) of 6.9%, above
pre-pandemic levels.