Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits

NOTE 11 – PENSION AND OTHER POSTRETIREMENT BENEFITS:

U.S. Pension Benefits

The Corporation had two qualified domestic defined benefit pension plans that were merged as of December 31, 2022. The benefits for participants under either plan were not affected by the merger. The plan covers substantially all of the Corporation's U.S. employees. For all locations except one, benefit accruals and participation in the plan have been curtailed and replaced with a defined contribution pension plan. The defined benefit pension plan is covered by the Employee Retirement Income Security Act of 1974 (“ERISA”); accordingly, the Corporation’s policy is to fund at least the minimum actuarially-computed annual contribution required under ERISA. Minimum contributions for 2022 were $444 and are expected to approximate $339 in 2023. No minimum contributions were due for 2021 due to relief provided by the American Rescue Plan Act. The fair value of the plan assets as of December 31, 2022 and 2021, approximated $161,374 and $214,937, respectively, in comparison to accumulated benefit obligations of $185,210 and $249,180 for the same periods. Employer contributions to the defined contribution plan totaled $3,064 and $2,893 for 2022 and 2021, respectively, and are expected to approximate $3,400 in 2023.

The Corporation also maintained nonqualified defined benefit pension plans for selected executive officers in addition to the benefits provided under the Corporation’s qualified defined benefit pension plan. Benefit accruals and participation in the plans have been curtailed. The objectives of the nonqualified plans were to provide supplemental retirement benefits or restore benefits lost due to limitations set by the Internal Revenue Service. The assets of the nonqualified plans are held in a grantor tax trust known as a “Rabbi” trust and are subject to claims of the Corporation’s creditors, but otherwise must be used only for purposes of providing benefits under the plans. The fair market value of the trust at December 31, 2022 and 2021, which is included in other noncurrent assets on the consolidated balance sheets, was $3,353 and $4,860, respectively. The plans are treated as non-funded pension plans for financial reporting purposes. Accordingly, benefit payments would represent employer contributions. Accumulated benefit obligations approximated $8,460 and $11,121 at December 31, 2022 and 2021, respectively.

Employees at one location participate in a multi-employer plan, I.A.M. National Pension Fund (employer identification number 51-6031295, plan number 002), in lieu of the Corporation’s defined benefit pension plan. A multi-employer plan generally receives contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements. The assets contributed by one employer may be used to fund the benefits provided to employees of other employers in the plan because the plan assets, once contributed, are not restricted to individual employers. The latest report of summary plan information (for the 2021 plan year) provided by I.A.M. National Pension Fund indicates:

•Approximately 1,700 employer locations contribute to the plan;

•Approximately 100,000 active employees participate in the plan; and

•Assets of approximately $13.4 billion and a funded status of approximately 83.7%.

Less than 100 of the Corporation’s employees participate in the plan and contributions are based on a rate per hour. The Corporation’s contributions to the plan were less than $300 for 2022 and 2021 and represent less than five percent of total contributions to the plan by all contributing employers. Contributions are expected to be less than $300 in 2023.

Foreign Pension Benefits

Employees of UES-UK participated in a defined benefit pension plan that was curtailed effective December 31, 2004, and replaced with a defined contribution pension plan. The plans are non-U.S. plans and, therefore, are not covered by ERISA. Employer contributions to the defined benefit pension plan, when necessary, are agreed to by the Trustees and UES-UK, based on U.K. regulations, with the objective of maintaining the self-sufficiency of the plan. Accordingly, estimated contributions are subject to change based on the future investment performance of the plan’s assets. Currently, the plan is fully funded and no contributions were required in 2022 or 2021, and none are expected in 2023. The fair value of the plan’s assets as of December 31, 2022 and 2021, approximated $41,679 (£34,475) and $71,614 (£53,008), respectively, in comparison to accumulated benefit obligations of $34,438

(£28,485) and $59,651 (£44,153) for the same periods. Contributions to the defined contribution pension plan approximated $253 and $322 in 2022 and 2021, respectively, and are expected to approximate $250 in 2023.

The Corporation has two additional foreign defined benefit pension plans, which are not funded. Accordingly, benefit payments would represent employer contributions. Projected and accumulated benefit obligations approximated $4,881 and $7,356 at December 31, 2022 and 2021, respectively.

Other Postretirement Benefits

The Corporation provides a monthly reimbursement of postretirement health care benefits for up to a 6-year period principally to the bargaining groups of two subsidiaries. The plans cover participants and their spouses who retire under an existing pension plan on other than a deferred vested basis and at the time of retirement also have rendered 10 or more years of continuous service irrespective of age. Retiree life insurance is provided to substantially all retirees. The Corporation’s postretirement health care and life insurance plans are not funded or subject to any minimum regulatory funding requirements. Instead, benefit payments are made from the general assets of the Corporation at the time they are due.

Significant Activity

Actuarial (gains) losses were comprised of the following components:

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2022			2021			2022			2021			2022			2021
Changes in assumptions	$	(57,439	)	$	(6,234	)	$	(19,804	)	$	(164	)	$	(2,225	)	$	(365	)
Other		202			2,027			(190	)		167			(536	)		(442	)
Total actuarial (gains) losses	$	(57,237	)	$	(4,207	)	$	(19,994	)	$	3		$	(2,761	)	$	(807	)

Changes in actuarial assumptions principally include the effect of changes in discount rates which are used to estimate plan liabilities. A 1/4 percentage point decrease in the discount rate would increase projected and accumulated benefit obligations by approximately $5,800. Conversely, a 1/4 percentage point increase in the discount rate would decrease projected and accumulated benefit obligations by approximately $5,800.

Reconciliations

The following tables provide a reconciliation of projected benefit obligations (“PBO”), plan assets and the funded status of the plans for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years.

	U.S. Pension Benefits(a)						Foreign Pension Benefits(b)						Other Postretirement Benefits
	2022			2021			2022			2021			2022			2021
Change in projected benefit obligations:
PBO at January 1	$	260,301		$	273,776		$	67,007		$	69,923		$	10,430		$	11,410
Service cost		51			243			286			375			234			245
Interest cost		6,185			5,349			1,079			829			220			182
Foreign currency exchange rate changes		—			—			(6,690	)		(1,354	)		—			—
Actuarial (gains) losses		(57,237	)		(4,207	)		(19,994	)		3			(2,761	)		(807	)
Participant contributions		—			—			—			—			30			161
Benefits paid from plan assets		(14,860	)		(14,457	)		(1,863	)		(2,114	)		—			—
Benefits paid by the Corporation		(770	)		(403	)		(506	)		(655	)		(509	)		(761	)
PBO at December 31	$	193,670		$	260,301		$	39,319		$	67,007		$	7,644		$	10,430
Change in plan assets:
Fair value of plan assets at January 1	$	214,937		$	210,880		$	71,614		$	66,957		$	—		$	—
Actual return on plan assets		(39,147	)		18,514			(21,069	)		7,550			—			—
Foreign currency exchange rate changes		—			—			(7,003	)		(779	)		—			—
Corporate contributions		1,214			403			506			655			479			600
Participant contributions		—			—			—			—			30			161
Gross benefits paid		(15,630	)		(14,860	)		(2,369	)		(2,769	)		(509	)		(761	)
Fair value of plan assets at December 31	$	161,374		$	214,937		$	41,679		$	71,614		$	—		$	—
Funded status of the plans:
Fair value of plan assets	$	161,374		$	214,937		$	41,679		$	71,614		$	—		$	—
Less benefit obligations		193,670			260,301			39,319			67,007			7,644			10,430
Funded status at December 31	$	(32,296	)	$	(45,364	)	$	2,360		$	4,607		$	(7,644	)	$	(10,430	)

(a)Includes the nonqualified defined benefit pension plan.

(b)Includes the over-funded U.K. defined benefit pension plan and two smaller unfunded defined benefit pension plans.

The following tables provide a summary of amounts recognized in the consolidated balance sheets at December 31, 2022 and 2021.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2022			2021			2022			2021			2022			2021
Employee benefit obligations:
Prepaid pensions(a)	$	—		$	—		$	7,242		$	11,963		$	—		$	—
Accrued payrolls and employee benefits(b)		(726	)		(740	)		—			—			(833	)		(932	)
Employee benefit obligations(c)		(31,570	)		(44,624	)		(4,882	)		(7,356	)		(6,811	)		(9,498	)
Total employee benefit obligations	$	(32,296	)	$	(45,364	)	$	2,360		$	4,607		$	(7,644	)	$	(10,430	)
Accumulated other comprehensive loss:(d)
Net actuarial loss (gain)	$	44,361		$	51,476		$	16,963		$	16,046		$	(3,031	)	$	(405	)
Prior service cost (credit)		8			15			(5,952	)		(6,952	)		(4,767	)		(5,803	)
Total accumulated other comprehensive loss	$	44,369		$	51,491		$	11,011		$	9,094		$	(7,798	)	$	(6,208	)

(a)Represents the over-funded U.K. defined benefit pension plan which is recorded as a noncurrent asset in the consolidated balance sheets.

(b)Recorded as a current liability in the consolidated balance sheets.

(c)Recorded as a noncurrent liability in the consolidated balance sheets.

(d)Amounts are pre-tax.

As of December 31, 2022, estimated benefit payments for subsequent years are as follows:

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
2023	$	16,017	$	2,141	$	856
2024		15,942		2,293		865
2025		15,782		2,275		846
2026		15,557		2,369		656
2027		15,320		2,322		618
2028-2032		72,418		12,808		2,610
Total benefit payments	$	151,036	$	24,208	$	6,451

Investment Policies and Strategies

The investment policies and strategies are determined by the Ampco-Pittsburgh Corporation Retirement Committee (the “Retirement Committee”) and monitored by the Finance and Investment Committee of the Board of Directors of the Corporation for the U.S. pension plan and by the Trustees (as appointed by UES-UK and the employees of UES-UK) for the UES-UK pension plan, each of whom employ their own investment managers to manage the plan’s assets in accordance with the policy guidelines. The U.S. defined benefit pension plan follows a glide-path strategy whereby target asset allocations are rebalanced based on projected payment obligations and the funded status of the plan. The U.K. defined benefit pension plan employs a liability-matching portfolio whereby a higher percentage of plan assets are invested in fixed-income securities. Pension assets of the UES-UK plan are invested with the objective of the plan maintaining self-sufficiency.

Attempts to minimize risk include allowing temporary changes to the allocation mix in response to market conditions, diversifying investments among asset categories (e.g., equity securities, fixed-income securities, alternative investments, cash and cash equivalents) and within these asset categories (e.g., economic sector, industry, geographic distribution, size) and consulting with independent financial and legal counsels to assure that the investments and their expected returns and risks are consistent with the goals of the Retirement and Finance and Investment Committees or Trustees.

Investments in equity securities are primarily in common stocks of publicly-traded U.S. and international companies across a broad spectrum of industry sectors. Investments in fixed-income securities are principally A-rated or better bonds with maturities of less than ten years, preferred stocks and convertible bonds. Investments in equity and fixed-income securities are either direct or through designated mutual funds. The Corporation believes there are no significant concentrations of risk associated with the plans’ assets. With respect to the U.S. pension plan, the following investments are prohibited unless otherwise approved by the Board of Directors: stock of the Corporation, futures and options except for hedging purposes, unregistered or restricted stock, warrants, margin trading, short-selling, real estate excluding public or real estate partnerships, and commodities including art, jewelry and gold. The UES-UK pension plan invests in specific funds. Any investments other than those specifically identified would be considered prohibited.

The following table summarizes target asset allocations for 2022 (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. The Corporation intends to continue to liquidate the alternative investments of the U.S. pension plan to provide additional flexibility with investment allocation.

	U.S. Pension Benefits									Foreign Pension Benefits
	Target Allocation			Percentage of Plan Assets						Target Allocation			Percentage of Plan Assets
	Dec. 31, 2022			2022			2021			Dec. 31, 2022			2022			2021
Equity securities		54	%		45	%		50	%		0	%		0	%		15	%
Fixed-income securities		43	%		49	%		43	%		89	%		89	%		44	%
Alternative investments		0	%		4	%		4	%		2	%		2	%		29	%
Other (primarily cash and cash equivalents)		3	%		2	%		3	%		9	%		9	%		12	%

Fair Value Measurement of Plan Assets

Equity securities, exchange-traded funds (“ETFs”), mutual funds and treasury bonds are actively traded on exchanges or broker networks and price quotes for these investments are readily available. While not quoted on active exchanges, price quotes for corporate and agency bonds are readily available. Similarly, certain commingled funds are not traded publicly, but the underlying assets (such as stocks and bonds) held in the funds are traded on active markets and the prices for the underlying assets are readily observable. For securities not actively traded, the fair value may be based on third-party appraisals, discounted cash flow analysis, benchmark yields, and inputs that are currently observable in markets for similar securities.

Investment Strategies

The significant investment strategies of the various funds are summarized below.

Fund	Investment Strategy	Primary Investment Objective
Temporary Investment Funds	Invests primarily in a diversified portfolio of investment grade money market instruments.	Achieve a market level of current income while maintaining stability of principal and liquidity.
Various Equity Funds	Each fund maintains a diversified holding in common stock of applicable companies (e.g., common stock of small capitalization companies if a small-cap fund, common stock of medium capitalization companies if a mid-cap fund, common stock of foreign corporations if an international fund, etc.).	Outperform the fund’s related index.
Various Fixed- Income Funds	Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities.	Achieve a rate of return that matches or exceeds the expected growth in plan liabilities.
Alternative Investments – Managed Funds	Invests in equities and equity-like asset classes and strategies (such as public equities, venture capital, private equity, real estate, natural resources, and hedged strategies) and fixed-income securities approved by the Retirement Committee.	Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio.
Alternative Investments –Absolute Return Funds	Invests in a diversified portfolio of alternative investment styles and strategies approved by the Trustees of the UES-UK defined benefit pension plan.	Generate long-term capital appreciation while maintaining a low correlation with the traditional global financial markets.

Categories of Plan Assets

Asset categories based on the nature and risks of the U.S. pension benefit plan's assets as of December 31, 2022 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Consumer discretionary	$	2,697	$	—	$	—	$	2,697
Consumer staples		2,454		—		—		2,454
Energy		1,112		—		—		1,112
Financial		3,165		—		—		3,165
Healthcare		5,967		—		—		5,967
Industrials		4,222		—		—		4,222
Information technology		5,631		—		—		5,631
Materials		369		—		—		369
Mutual funds and ETFs		43,408		—		—		43,408
Real estate		279		—		—		279
Telecommunications		1,183		—		—		1,183
Utilities		324		—		—		324
International
Consumer discretionary		66		—		—		66
Financial		450		—		—		450
Healthcare		123		—		—		123
Industrials		463		—		—		463
Information technology		438		—		—		438
Materials		646		—		—		646
Total Equity Securities		72,997		—		—		72,997
Fixed-Income Securities:
U.S.
Corporate bonds		—		39,047		—		39,047
Treasury bonds		26,247		—		—		26,247
Agency bonds		—		231		—		231
Mutual funds and ETFs		6,162		—		—		6,162
International
Corporate bonds		—		5,983		—		5,983
Total Fixed-Income Securities		32,409		45,261		—		77,670
Alternative Investments:
Managed funds(a)		—		—		6,569		6,569
Total Alternative Investments		—		—		6,569		6,569
Other:
Cash and cash equivalents(b)		4,138		—		—		4,138
Total Other		4,138		—		—		4,138
Total assets	$	109,544	$	45,261	$	6,569	$	161,374

(a)Includes approximately 98.5% in alternative investments (real assets, commodities and resources, absolute return funds) and 1.5% in cash and cash equivalents.

(b)Includes investments in temporary funds.

Asset categories based on the nature and risks of the U.S. pension benefit plans' assets as of December 31, 2021 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Consumer discretionary	$	6,442	$	—	$	—	$	6,442
Consumer staples		3,050		—		—		3,050
Energy		1,167		—		—		1,167
Financial		4,617		—		—		4,617
Healthcare		10,526		—		—		10,526
Industrials		8,089		—		—		8,089
Information technology		11,819		—		—		11,819
Materials		938		—		—		938
Mutual funds and ETFs		58,440		—		—		58,440
Real estate		824		—		—		824
Telecommunications		2,388		—		—		2,388
Utilities		146		—		—		146
International
Consumer discretionary		426		—		—		426
Financial		751		—		—		751
Healthcare		880		—		—		880
Industrials		1,410		—		—		1,410
Information technology		2,065		—		—		2,065
Materials		1,330		—		—		1,330
Total Equity Securities		115,308		—		—		115,308
Fixed-Income Securities:
U.S.
Corporate bonds		—		41,991		—		41,991
Treasury bonds		28,694		—		—		28,694
Agency bonds		—		257		—		257
Mutual funds and ETFs		7,334		—		—		7,334
International
Corporate bonds		—		3,711		—		3,711
Total Fixed-Income Securities		36,028		45,959		—		81,987
Alternative Investments:
Managed funds(a)		—		—		8,167		8,167
Total Alternative Investments		—		—		8,167		8,167
Other:
Cash and cash equivalents(b)		9,349		—		—		9,349
Other(c)		76		—		50		126
Total Other		9,425		—		50		9,475
Total assets	$	160,761	$	45,959	$	8,217	$	214,937

(a)Includes approximately 89.6% in alternative investments (real assets, commodities and resources, absolute return funds) and 10.4% in cash and cash equivalents.

(b)Includes investments in temporary funds.

(c)Includes accrued receivables and pending broker settlements.

Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2022 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed-Income Securities:
Commingled funds (U.K.)	$	—	$	24,144	$	—	$	24,144
Commingled funds (International)		—		13,355		831		14,186
Total Fixed-Income Securities		—		37,499		831		38,330
Alternative Investments:
Absolute Return Funds		—		—		—		—
Cash and cash equivalents		647		2,702		—		3,349
Total assets	$	647	$	40,201	$	831	$	41,679

Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2021 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled funds (U.K.)	$	—	$	—	$	1,079	$	1,079
Commingled funds (International)		—		1,663		8,205		9,868
Total Equity Securities		—		1,663		9,284		10,947
Fixed-Income Securities:
Commingled funds (U.K.)	$	—		16,320		—		16,320
Commingled funds (International)		—		15,281		10,197		25,478
Total Fixed-Income Securities		—		31,601		10,197		41,798
Multi-Asset Commingled Funds (International)		—		9,077		—		9,077
Alternative Investments:
Absolute Return Funds		—		—		1,347		1,347
Cash and cash equivalents		—		8,445		—		8,445
Total assets	$	—	$	50,786	$	20,828	$	71,614

The following table sets forth a summary of changes in the fair value of the Level 3 plan assets for the U.S. and foreign pension benefit plans for the years ended December 31, 2022 and 2021.

	U.S. Pension Benefits						Foreign Pension Benefits
	2022			2021			2022			2021
Fair value as of January 1	$	8,167		$	7,557		$	20,828		$	23,765
Transfers from other plan assets		—			—			—			10,214
Transfers to other plan assets		(1,677	)		(1,600	)		(16,557	)		(16,957	)
Realized gains		526			273			1,763			5,989
Change in net unrealized (losses) gains		(447	)		1,937			(3,109	)		(2,085	)
Other, primarily impact from changes in foreign currency    exchange rates		—			—			(2,094	)		(98	)
Fair value as of December 31	$	6,569		$	8,167		$	831		$	20,828

Net Periodic Pension and Other Postretirement Benefit Costs

The actual return on the fair value of the plan assets is included in determining the funded status of the plans. In determining net periodic pension benefit costs, the expected long-term rate of return on the market-related value of the plan assets is used. Differences between the actual return on the fair value of the plan assets and the expected long-term rate of return on the market-related value of the plan assets are classified as part of unrecognized actuarial gains or losses and are recorded as a component of accumulated other comprehensive loss on the consolidated balance sheet. When these gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement benefit costs over the average remaining service period or life expectancy of the employees expected to receive benefits under the plans. When the gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement benefit costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation.

Net periodic pension and other postretirement benefit costs include the following components for each of the years.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2022			2021			2022			2021			2022			2021
Service cost	$	51		$	243		$	286		$	375		$	234		$	245
Interest cost		6,185			5,349			1,079			829			220			182
Expected return on plan assets		(13,207	)		(12,995	)		(1,945	)		(1,935	)		—			—
Amortization of:
Prior service cost (credit)		8			23			(275	)		(306	)		(1,035	)		(1,030	)
Actuarial loss (gain)		2,231			2,632			322			635			(135	)		(78	)
Total net periodic pension and other postretirement benefit costs	$	(4,732	)	$	(4,748	)	$	(533	)	$	(402	)	$	(716	)	$	(681	)

Assumptions

Assumptions are reviewed on an annual basis. The expected long-term rate of return on plan assets is an estimate of average rates of earnings expected to be earned on funds invested, or to be invested, to provide for the benefits included in the projected benefit obligation. Since these benefits will be paid over many years, the expected long-term rate of return is reflective of current investment returns and investment returns over a longer period. Consideration is also given to target and actual asset allocations, inflation and real risk-free return. A percentage point decrease in the expected long-term rate of return would increase annual pension expense by approximately $2,600. Conversely, a percentage point increase in the expected long-term rate of return would decrease annual pension expense by approximately $2,600. The discount rates used in determining future pension obligations and other postretirement benefits for each of the plans are based on rates of return on high-quality fixed-income investments currently available, and expected to be available, during the period to maturity of the pension and other postretirement benefits. High-quality fixed-income investments are defined as those investments which have received one of the two highest ratings given by a recognized rating agency with maturities of 10+ years. With the increase in interest rates during 2022 and the resulting impact on bond yields, the discount rate rose significantly at December 31, 2022 when compared to December 31, 2021. Assumptions about wage increases are not relevant since substantially all the benefits available under the defined benefit pension plans are either frozen or based on a multiplier, versus wages.

The discount rates used to determine the benefit obligations as of December 31, 2022 and 2021 are summarized below.

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
	2022	2021	2022	2021	2022	2021
Discount rate	5.48-5.49%	2.79-2.91%	4.85%	1.95%	5.49%	2.91%

In addition, the assumed health care cost trend rate at December 31, 2022 for other postretirement benefits, is 6.50% for 2023 gradually decreasing to 4.75% in 2028. In selecting rates for current and long-term health care assumptions, the Corporation considers known health care cost increases, the design of the benefit programs, the demographics of its active and retiree populations, and expectations of inflation rates in the future.

The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the years ended December 31, 2022 and 2021.

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
	2022	2021	2022	2021	2022	2021
Discount rate	2.79-2.91%	2.50-2.63%	1.95%	1.45%	2.91%	2.61%
Expected long-term rate of return	6.94%	6.50-7.00%	3.00%	2.90%	n/a	n/a