Ford grew its revenue in the fourth quarter but took a $526 million loss it said was due to a “remeasurement” of pension and other retiree benefits.

The Dearborn, Mich.-based automaker agreed to benefits increases in new contracts brokered with the United Auto Worker Union last fall.

Its adjusted earnings before interest and taxes totaled $1.1 billion.

Ford’s full-year revenue rose 11% to $176 billion. Its net income rose year-over-year to $4.3 billion, while adjusted EBIT was flat at $10.4 billion and “at the high end” of the guidance it gave after UAW contracts were ratified in the U.S. and Canada.

The automaker said it anticipates a 2024 adjusted EBIT of $10 billion to $12 billion.

Ford CFO John Lawler said in a press release that its "objective is to improve total adjusted return on invested capital from about 14% in 2023 to 20% over the next couple of years. Simply ‘good’ isn’t good enough and investments are going to projects that have credible plans to deliver their targeted returns.”

He cited electric models as an example. “… with mainstream customer adoption of EVs happening at a slower rate than the industry expected, Ford said months ago that it’s deferring certain capital investments in EVs until they’re justified by demand and prospects for acceptable returns.”