Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

NOTE 12 – COMMITMENTS AND CONTINGENT LIABILITIES:

Outstanding standby and commercial letters of credit and bank guarantees as of December 31, 2024 approximated $15,800, of which approximately half serves as collateral for the IRB debt. Outstanding surety bonds as of December 31, 2024 approximated $3,100 (SEK 33,900), which guarantee certain obligations under a credit insurance arrangement for certain of the Corporation’s foreign pension commitments.

At December 31, 2024, commitments for future capital expenditures approximated $4,400.

Approximately 31% of the Corporation’s employees are covered by collective bargaining agreements or agreements with works councils that have expiration dates ranging from March 2025 to September 2026. Collective bargaining agreements and agreements with works councils expiring in 2025 (representing approximately 80% of the covered employees) will be negotiated with the intent to secure mutually beneficial arrangements.

See Note 15 regarding derivative instruments, Note 19 regarding litigation and Note 21 for environmental matters.