content_image/276343.jpg content_image/276344.jpg
## Summary Consolidated Results of Operations (2014 versus 2013) 

## Consolidated Results of Operations 

<img src='content_image/276343.jpg'>

Sales  — The following table shows changes in our sales by geographic region. 

<img src='content_image/276344.jpg'>

Sales for 2014 declined $152 or 2% from 2013, with the primary driver being weaker international currencies. After adjusting to exclude currency effects, sales increased $61. Sales benefited by $65 from cost recovery pricing, while overall market volume and mix reduced sales by $4. Stronger sales volume in North America and Europe was more than of fset by weaker demand in our global Off-Highway business and the South America medium/heavy truck market. 

The 2014 sales increase of 6% in North America was driven primarily by stronger production levels in the light vehicle and medium/heavy vehicle markets. Light vehicle engine builds and full frame light truck production were up about 5% and combined medium/heavy truck production was higher by about 16%. Partially of fsetting these stronger volumes was lower demand in the off-highway markets. 

