Elbit Systems(ESLT) - 2023 Q4 - Annual Report

Economic Indicators - In 2023, the inflation rate in Israel was approximately 3%, while the NIS weakened against the U.S. dollar by approximately 3.1%[364] Financial Instruments - The company had forward contracts for the sale and purchase of various currencies totaling approximately $2,233 million as of December 31, 2023[367] - The company entered into derivative instruments to limit exposure to exchange rate fluctuations, with notional amounts and unrealized gains/losses detailed in the financial statements[370] - The company seeks to minimize foreign currency exposure through hedging arrangements and other financial strategies[366] Financial Performance - For the year ended December 31, 2023, the GAAP gross profit was $1,483.0 million, with a non-GAAP gross profit of $1,533.9 million, representing 25.7% of revenues[386] - The GAAP net income attributable to Elbit Systems' shareholders for the year ended December 31, 2023, was $215.1 million, while the non-GAAP net income was $298.8 million, representing 5.0% of revenues[386] - The company had a GAAP diluted net EPS of $4.82 and a non-GAAP diluted net EPS of $6.70 for the year ended December 31, 2023[386] Adjustments and Obligations - As of December 31, 2023, the company reported an unrealized net loss of approximately $51.6 million included in accumulated other comprehensive income[368] - The company had outstanding Industrial Participation obligations totaling approximately $2.50 billion that extend through 2033[375] - The company revised its non-GAAP measures to exclude "COVID-19 related expenses and write-offs" for the year ended December 31, 2023[378]