In 2023, dividends represented about 9% of net earnings from continuing operations ($1,198m dividends vs $2,152m earnings). The payout ratio appears low because of large one-time gains from divestitures; excluding these, dividends were roughly 25-30% of adjusted earnings. This conservative payout ratio provides flexibility for reinvestment and M&A.
Dividends were \$1,198 (\$2.08 per share) in 2023... Net earnings from continuing operations attributable to common stockholders in 2023 were \$2,152