Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Note 9 – Commitments and Contingent Liabilities

Outstanding standby and commercial letters of credit and bank guarantees as of June 30, 2023 equaled $20,333, of which approximately one-half serves as collateral for the IRB debt. Outstanding surety bonds as of June 30, 2023 approximated $3,130 (SEK 33,900), which guarantee certain obligations under a credit insurance arrangement for certain of the Corporation’s foreign pension commitments.

The Corporation has undertaken a $27,000 capital program to upgrade existing equipment at certain of its FCEP locations. The capital program is anticipated to be substantially complete by December 31, 2023. At June 30, 2023, commitments for future capital expenditures, including those associated with the FCEP capital program, approximated $13,600.

See Note 12 for derivative instruments, Note 16 for litigation and Note 17 for environmental matters.