The company said net sales for 2023 were about $18.2 billion, up 3% from the prior year, and cited higher selling prices from its selling price initiatives as the driver. Income before income taxes was $1,748 million, up $367 million from the prior year.

1. 01

   The company said net sales for 2023 were about $18.2 billion, up 3% from the prior year, and cited higher selling prices from its selling price initiatives as the driver. Income before income taxes was $1,748 million, up $367 million from the prior year.

2. 02

   The company said its diluted earnings per share from continuing operations for 2023 were $5.35 (compared with $4.33 in the prior year), and its adjusted diluted earnings per share were $7.67, up 27% from $6.05 in the prior year. It said aggregate segment margins were 310 basis points higher than the prior year.

3. 03

   The company said that, in its annual impairment test in Q4 2023, it recognized Impairment and other related charges, net of $158 million tied to goodwill impairment for the traffic solutions reporting unit. In March 2023, it also recognized a pension settlement charge of $190 million related to the transfer of pension obligations for retirees.

4. 04

   The company said it used $109 million for acquisitions, $549 million for capital expenditures, $598 million for dividends and $86 million for share repurchases in 2023. It said it ended the year with about $1.6 billion in cash and short-term investments, and about $1 billion remaining under its share repurchase authorization.

Key figures

Fiscal year ended December 31, 2023

Revenue

$18.2B

Operating income

$2.7B

Net income

$1.3B

EPS

$5.35

Operating cash flow

$2.4B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.