Financial Performance - Total net sales for the three months ended June 30, 2024, were $110,988,000, an increase of 3.3% compared to $107,211,000 for the same period in 2023[9]. - Net income attributable to Ampco-Pittsburgh for the three months ended June 30, 2024, was $2,012,000, compared to $423,000 for the same period in 2023, representing a significant increase[9]. - For the three months ended June 30, 2024, the net income was $2,552,000, compared to $996,000 for the same period in 2023, representing a significant increase of 156%[14]. - The total comprehensive income for the six months ended June 30, 2024, was $1,957,000, compared to $2,102,000 for the same period in 2023, indicating a decrease of 7%[14]. - The Corporation's total income before income taxes for the three months ended June 30, 2024, was $3.4 million, compared to $1.1 million in the same period of 2023, indicating a significant improvement[78]. Assets and Liabilities - Total current assets increased to $247,384,000 as of June 30, 2024, from $236,653,000 as of December 31, 2023, reflecting a growth of 4.6%[6]. - Total liabilities decreased to $491,347,000 as of June 30, 2024, from $494,083,000 as of December 31, 2023, indicating a reduction of 0.7%[6]. - The company’s total assets decreased to $560,806,000 as of June 30, 2024, from $565,654,000 as of December 31, 2023, a decline of 0.8%[6]. - Total shareholders' equity decreased to $69,459,000 as of June 30, 2024, from $71,571,000 as of December 31, 2023, a decline of 2.9%[6]. - The company reported an increase in trade receivables to $83,974,000 as of June 30, 2024, from $78,939,000 as of December 31, 2023, representing a growth of 6.4%[6]. Cash Flow and Investments - Cash and cash equivalents increased to $7,892,000 as of June 30, 2024, from $7,286,000 as of December 31, 2023, a rise of 8.3%[6]. - Cash flows used in operating activities for the six months ended June 30, 2024, were $(780,000), a notable improvement from $(7,105,000) in the same period of 2023[16]. - The company reported net cash flows used in investing activities of $(4,370,000) for the six months ended June 30, 2024, compared to $(9,560,000) in the prior year, reflecting a reduction of 54%[16]. - The balance of cash and cash equivalents at the end of the period on June 30, 2024, was $7,892,000, down from $9,475,000 at the end of June 30, 2023[16]. - The company reported a net increase in cash and cash equivalents of $606,000 for the six months ended June 30, 2024, compared to an increase of $740,000 in the same period of 2023[16]. Operating Costs - The company reported operating costs of $105,945,000 for the three months ended June 30, 2024, compared to $103,923,000 for the same period in 2023, an increase of 2.0%[9]. - Stock-based compensation for the three months ended June 30, 2024, was $388,000, a decrease from $483,000 in the same period in 2023, showing a decline of 20%[14]. - The Corporation's amortization of intangible assets for the three months ended June 30, 2024, was $85, compared to $86 for the same period in 2023, showing a slight decrease[26]. Segment Performance - Net sales for the Forged and Cast Engineered Products segment were $75.7 million for the three months ended June 30, 2024, compared to $77.6 million in 2023, reflecting a decrease of 2.4%[78]. - The Air and Liquid Processing segment reported net sales of $35.3 million for the three months ended June 30, 2024, an increase of 19% from $29.6 million in 2023[78]. - Total reportable segments generated net sales of $111 million for the three months ended June 30, 2024, compared to $107.2 million in 2023, representing a growth of 3.3%[78]. - Income before income taxes for the Forged and Cast Engineered Products segment increased to $5.4 million in Q2 2024 from $3.9 million in Q2 2023, a growth of 37.4%[78]. Asbestos Liability - Total claims pending for Asbestos Liability at the end of June 30, 2024, were 6,248, a decrease from 6,489 claims at the end of June 30, 2023[61]. - Gross settlement and defense costs paid for Asbestos Liability in the six months ended June 30, 2024, amounted to $11.843 million, compared to $10.789 million in the same period of 2023[61]. - Asbestos liability at the end of June 30, 2024, was $226.836 million, an increase from $142.786 million at the end of June 30, 2023[66]. - Insurance receivable related to Asbestos Liability at the end of June 30, 2024, was $151.050 million, up from $99.223 million at the end of June 30, 2023[67]. Debt and Financing - Outstanding borrowings rose to $135,241 as of June 30, 2024, from $128,653 as of December 31, 2023, representing an increase of approximately 5.5%[31]. - The Corporation's current portion of debt increased to $15,886 as of June 30, 2024, from $12,271 as of December 31, 2023, indicating a rise of about 29.5%[31]. - The Corporation has a revolving credit facility of $100,000, which can be increased to $130,000, with outstanding borrowings of $61,896 as of June 30, 2024[32]. - The average interest rate for the revolving credit facility was approximately 8.22% for the three and six months ended June 30, 2024, compared to 7.87% and 7.78% for the same periods in 2023[32]. Other Financial Metrics - The total accumulated other comprehensive loss was $(66,532), with a net change of $(3,067) for the six months ended June 30, 2024[43]. - Approximately 41% of anticipated copper purchases ($2,495) and 56% of anticipated aluminum purchases ($621) are hedged as of June 30, 2024[48]. - The estimated amount to be reclassified from accumulated other comprehensive loss to earnings for foreign currency purchase contracts in the next 12 months is $28[51]. - The Corporation's financial assets and liabilities reported at fair value as of June 30, 2024, are detailed in the condensed consolidated balance sheets[52].

Group 1 - Ampco-Pittsburgh's stock surged after announcing new contracts and sales order backlog growth [1] - Union Electric Steel, a subsidiary, secured contracts worth $6.7 million and $5 million for mill projects starting in the first half of 2025 [1] - The company reported a 50% growth in Air and Liquid Processing orders compared to the previous quarter, marking a new record in orders [1] Group 2 - Investor interest in Ampco-Pittsburgh increased significantly, with over 6.6 million shares traded, far exceeding the daily average of approximately 121,000 shares [2] - As of Wednesday morning, Ampco-Pittsburgh's stock price increased by 49%, although it was down 72% year-to-date as of the previous market close [2]

Core Viewpoint - The article expresses skepticism about Allied Properties' performance, particularly due to declining occupancy rates and high debt levels, suggesting that the company is not positioned well for recovery in the current market environment [2][20]. Occupancy Trends - Allied Properties is experiencing a significant decline in occupancy rates, with Toronto's occupancy at 85.99% compared to the market occupancy of 82.7% [3][4]. - The occupancy rate has decreased from 2021, with market occupancy dropping nearly 1 percentage point over multiple quarters [4][7]. - Kitchener has the lowest occupancy rate at 75.9%, significantly down from 96.7% in Q1-2021 [4][6]. Financial Performance - Allied's financials indicate a net debt to adjusted EBITDA ratio of 9.4x and a total indebtedness ratio of 35.9%, with an interest coverage ratio of 2.6x [12][14]. - The company maintains a weighted average capitalization rate below 5% on office properties, despite a 6% drop in overall occupancy [14][15]. Debt Management - The company has a good debt maturity profile but faces substantial refinancing needs in the next two years [18]. - There is a concern that the debt to EBITDA ratio may approach 10.0x in Q2-2024, which is above the target range of 8x [19][20]. Strategic Focus - The article suggests that Allied Properties needs to prioritize increasing occupancy and reducing leverage to improve its market position [20]. - The current 11% yield is attracting the wrong type of investors, and the company must address its occupancy and debt issues before a potential market panic [20][21].

Core Insights - The CARPO trial met its primary objective, demonstrating a statistically significant dose response with a 43.6% relative reduction in median time to solid food tolerance in hyper-inflamed patients compared to placebo [1][4] - Auxora showed a 61.7% reduction in severe organ failure across all patients versus placebo [1][5] - The trial also indicated a 100% reduction in hospital stays longer than 21 days for high dose patients [1] Company Overview - CalciMedica Inc. is a clinical-stage biopharmaceutical company focused on developing CRAC channel inhibition therapies for inflammatory and immunologic diseases [12][15] - The lead compound, Auxora, is being evaluated for acute pancreatitis (AP) and acute kidney injury (AKI) among other conditions [12][15] Trial Details - The Phase 2b CARPO trial was a randomized, double-blind, placebo-controlled study with 216 patients, assessing Auxora's efficacy in treating AP with systemic inflammatory response syndrome (SIRS) [3][4] - Patients were divided into four groups receiving different doses of Auxora or placebo, with treatment lasting for 30 days [3] Efficacy Data - In hyper-inflammatory acute pancreatitis patients, the median time to solid food tolerance improved by 1.9 days (high dose), 2.1 days (medium dose), and 1.5 days (low dose) compared to placebo [4][5] - Severe organ failure rates were significantly lower in high and medium dose groups, with a 59.6% and 61.7% relative risk reduction respectively compared to placebo [5][6] Safety Data - Auxora was well-tolerated, with fewer treatment-emergent serious adverse events (TESAEs) reported in the high and medium dose groups compared to placebo [7] - No drug-related TESAEs were reported in the high dose group, and only one in the low dose group [7] Future Plans - The company plans to engage with the FDA for an End-of-Phase 2 meeting and is preparing for a pivotal trial [1][2] - Additional data from the CARPO trial will be presented at a medical meeting later this year [9]

Ampco-Pittsburgh Corporation (NYSE:AP) Q1 2024 Results Conference Call May 14, 2024 10:30 AM ET Company Participants Kim Knox - Corporate Secretary Brett McBrayer - Chief Executive Officer Mike McAuley - Senior Vice President, Chief Financial Officer and Treasurer Sam Lyon - President, Union Electric Steel Corporation David Anderson - President, Air & Liquid Systems Corporation Conference Call Participants Justin Bergner - Gabelli Funds John Bair - Assante Wealth Advisors Operator Welcome to the Ampco-Pitts ...

Financial Performance - Ampco-Pittsburgh Corporation reported net sales of $110.2 million for Q1 2024, an increase of 4.0% from $104.8 million in Q1 2023[2] - The company experienced a net loss of $(2.7) million, or $(0.14) per share, compared to net income of $0.7 million, or $0.03 per diluted share, in the same quarter last year[4] - Income from operations decreased to $0.1 million in Q1 2024 from $2.0 million in Q1 2023, primarily due to higher repair expenses and plant downtime from fire damage[2] - Interest expense rose to $2.8 million in Q1 2024, an increase of $0.7 million from the previous year, driven by higher average borrowings and interest rates[3] - Other income decreased to $0.9 million in Q1 2024 from $1.4 million in Q1 2023, primarily due to foreign exchange transaction losses[3] Segment Performance - The Air and Liquid Processing segment reported net sales of $33.0 million in Q1 2024, up 17.9% from $28.0 million in Q1 2023[12] - The company anticipates that the sales mix issue affecting Air and Liquid margins will be resolved in Q2 2024, with better absorption of expansion costs as prior order book growth converts to sales[3] Operational Challenges - Corporate costs increased to $(3.5) million in Q1 2024 from $(3.2) million in Q1 2023, impacting overall profitability[11] - The company noted that a low order book in Europe continues to negatively affect cast plant utilization, but customer orders are improving as the destocking cycle appears complete[3] Company Overview - Ampco-Pittsburgh operates manufacturing facilities in the U.S., England, Sweden, and Slovenia, and has sales offices in North America, Asia, Europe, and the Middle East[6]

Financial Performance - Total net sales for Q1 2024 reached $110,215 thousand, an increase of 5.3% compared to $104,803 thousand in Q1 2023[9] - The company reported a net loss of $2,206 thousand for Q1 2024, compared to a net income of $985 thousand in Q1 2023[11] - Basic and diluted net loss per share attributable to Ampco-Pittsburgh was $(0.14) in Q1 2024, down from $0.03 in Q1 2023[9] - The company experienced a comprehensive loss of $4,985 thousand in Q1 2024, compared to a comprehensive income of $2,269 thousand in Q1 2023[11] - For the three months ended March 31, 2024, the net loss was $2,206 thousand compared to a net income of $985 thousand for the same period in 2023, representing a significant decline[14] - The Corporation reported a total loss before income taxes of $1.752 million in 2024, a decrease from a profit of $1.298 million in 2023[79] Assets and Liabilities - Total assets as of March 31, 2024, were $565,808 thousand, slightly up from $565,654 thousand as of December 31, 2023[5] - Total liabilities increased to $498,569 thousand as of March 31, 2024, compared to $494,083 thousand at the end of 2023[5] - Shareholders' equity decreased to $67,239 thousand as of March 31, 2024, down from $71,571 thousand as of December 31, 2023[5] - The company’s total liabilities decreased slightly to $67,239 thousand as of March 31, 2024, from $71,571 thousand at January 1, 2024, suggesting improved financial stability[14] Cash Flow and Liquidity - Cash and cash equivalents increased to $10,829 thousand as of March 31, 2024, from $7,286 thousand as of December 31, 2023[5] - Total cash and cash equivalents at the end of the period increased to $10,829 thousand from $6,074 thousand year-over-year, indicating improved liquidity[17] - Operating cash flows for the three months ended March 31, 2024, were $4,535 thousand, compared to cash used in operations of $4,391 thousand in the same period of 2023, showing a positive trend[17] Inventory and Assets Management - Inventories decreased slightly to $123,079 thousand as of March 31, 2024, from $124,694 thousand at December 31, 2023, reflecting efficient inventory management[23] - Property, plant, and equipment net value decreased to $155,382 thousand as of March 31, 2024, from $158,732 thousand at December 31, 2023, indicating ongoing depreciation[24] - Intangible assets net value decreased to $4,652 thousand as of March 31, 2024, from $4,947 thousand at December 31, 2023, reflecting amortization of intangible assets[26] Segment Performance - Net sales for the three months ended March 31, 2024, were $110.215 million, an increase from $104.803 million in the same period of 2023, representing a growth of approximately 5.3%[55] - The net sales in the United States for the three months ended March 31, 2024, were $69.764 million, compared to $55.377 million for the same period in 2023, indicating a significant increase of approximately 25.9%[55] - The net sales from foreign markets for the same period were $40.451 million, down from $49.426 million in 2023, reflecting a decline of about 18.1%[55] - Net sales for the Forged and Cast Engineered Products segment increased to $77.189 million in 2024 from $76.798 million in 2023[79] - Air and Liquid Processing segment net sales rose to $33.026 million in 2024, compared to $28.005 million in 2023[79] Asbestos Liability - The total asbestos liability at the end of the period was $231.772 million, an increase from $149.257 million at the end of March 31, 2023, representing a rise of approximately 55%[66] - The gross settlement and defense costs paid in the period for asbestos claims were $6.907 million, compared to $4.318 million in the same period of 2023, showing an increase of approximately 60%[66] - The insurance receivable related to asbestos at the end of the period was $156.960 million, up from $102.833 million at the end of March 31, 2023, reflecting an increase of approximately 52.5%[67] - The Corporation intends to regularly evaluate its Asbestos Liability and related insurance receivable to determine if adjustments are necessary, but future adjustments remain uncertain[70] Other Financial Metrics - Contributions to U.S. defined contribution plans increased to $929 in Q1 2024 from $646 in Q1 2023, reflecting a growth of approximately 43.8%[40] - The Corporation's net periodic pension and other postretirement benefit costs for U.S. defined benefit pension plans resulted in a net benefit income of $(1,017) for Q1 2024, compared to $(1,071) for Q1 2023[41] - The loss on foreign exchange transactions for Q1 2024 was $(492), compared to a gain of $85 in Q1 2023[48] - Stock-based compensation expense for the three months ended March 31, 2024, was $346,000, down from $627,000 in the same period of 2023, indicating a decrease of approximately 44.8%[58]

Core Viewpoint - Allied Properties REIT is positioned as a low-risk investment in the Canadian office recovery, supported by a strong balance sheet, high-quality assets, and effective management [1]. Company Overview - Founded in 2002 by Michael Emory, Allied Properties REIT went public on the Toronto Stock Exchange in 2003 [2]. - Initially focused on Class I workspace, the company has expanded its asset types to include mixed-use developments and previously owned urban data centers [3][4]. Asset Composition - Allied owns 201 properties across six major Canadian markets, totaling nearly 15 million square feet, with a valuation of $8.5 billion [4]. - Over 40% of its space is located in Montreal, with Toronto being the second-largest market [5]. Historical Performance - The company experienced significant growth, with total assets increasing from $128 million at IPO to $9.4 billion by the end of 2020, reflecting a compound annual growth rate of over 20% [6]. - Despite a decline of more than 70% from early 2020 highs, Allied has consistently outperformed the S&P TSX Total Returns Index since its IPO [6]. Recent Developments - Allied has been active in M&A, acquiring six office towers for $794 million in 2021 and consolidating ownership in various projects with Westbank [8]. - The company sold its data center portfolio for $1.35 billion, significantly improving its balance sheet and reducing its debt-to-assets ratio to 34.7% by the end of 2023 [9]. Current Market Position - As of the end of 2023, Allied's occupancy rate was 87.3%, down from the 90% range in 2021 and 2022 [11]. - The company faces upcoming lease renewals, with 7.1% of its space due in 2024 and 9.9% in 2025, which could impact rental spreads [11]. Financial Outlook - Analysts project flat earnings over the next couple of years, with a consensus estimate for funds from operations (FFO) of $2.26 per share in 2024, slightly increasing to $2.27 in 2025 [15]. - The current distribution yield is 10.5%, with a payout ratio of approximately 80%, indicating that while the distribution is currently sustainable, there are risks associated with future leasing and debt obligations [16][17]. Valuation and Investment Thesis - Allied is trading at a low valuation of 7.5 times the expected FFO for 2024, providing a margin of safety for investors [18]. - The company's strong balance sheet and focus on Class I office space in downtown areas are seen as positive factors for long-term recovery in the office sector [19].

Financial Data and Key Metrics Changes - Ampco-Pittsburgh reported Q4 2023 net sales of $108.1 million, a 16% increase compared to Q4 2022, with full-year sales of $422.3 million rising approximately 8% [17] - The company experienced a loss from operations of $41.6 million in Q4 2023, significantly impacted by a $40.9 million non-cash asbestos-related charge [18] - The full-year 2023 adjusted income from operations improved to $4.2 million, an increase of $4.5 million over 2022 [19] Business Line Data and Key Metrics Changes - The Air and Liquid Processing segment saw sales increase by 35% in Q4 and 31% for the full year, reaching a record high of $119 million [13][17] - The Forged and Cast Engineered Products segment reported Q4 revenues of $75.8 million, up from $69.6 million in Q4 2022, with full-year revenue of $303.8 million compared to $299.5 million in 2022 [8][17] - Forged roll revenues increased by 20% year-over-year, while cast roll revenues decreased due to lower steel production levels in Europe [9] Market Data and Key Metrics Changes - Total backlog at December 31, 2023, was $378.9 million, a 3% increase from the previous year, with the Air and Liquid segment backlog up by 12% [23] - The company noted that the intermediate to long-term demand for flat rolled steel and aluminum remains strong, with North American customers optimistic about future investments [11] Company Strategy and Development Direction - The company is focused on modernizing equipment and expanding capacity in its U.S. forged roll business and Air and Liquid Processing segment to capture market opportunities [6] - A strategic growth plan initiated in 2022 for the Air and Liquid segment has resulted in substantial backlog growth and increased manufacturing capacity [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about operational performance despite challenges in the European cast roll business and highlighted opportunities for stronger financial performance moving forward [74] - The company anticipates that the issues related to older backlog will dissipate in 2024, potentially allowing for margin expansion [32] Other Important Information - The company expects asbestos-related payments to approximate $9 million in 2024, with settlements in 2023 totaling $10.6 million [24] - Capital expenditures for Q4 2023 were $6.3 million, with full-year CapEx of $20.4 million compared to $16.7 million in 2022 [24] Q&A Session Summary Question: CapEx expectations for 2024 - Management indicated that CapEx for 2024 is expected to be in the $10 million to $11 million range, reflecting a step down from 2023 [27][29] Question: Impact of older backlog on margins - Management noted that older orders negatively impacted margins in 2023, but this issue is expected to diminish in 2024 [30][32] Question: Outlook for Forged and Cast Engineered Products - Management expects margin improvements in the second half of 2024 as the modernization program concludes and operational efficiencies are realized [60] Question: Order environment in Q1 2024 - Management reported solid bookings for Buffalo Pumps and Aerofin, while Buffalo Air experienced lower bookings due to capacity constraints [46][62] Question: Asbestos-related charge and future expectations - Management explained that the increase in asbestos-related charges is due to unfavorable trends in claims experience and higher average settlement values [72]

Financial Performance - Net sales for 2023 reached $422,340, an increase of $32,151 compared to $390,189 in 2022, with the majority of the increase attributed to the Air and Liquid Processing segment [82]. - The Forged and Cast Engineered Products segment reported net sales of $303,761, representing 72% of total sales, while the Air and Liquid Processing segment accounted for $118,579, or 28% [82]. - The consolidated loss from operations was $34,574 in 2023, compared to an income of $2,778 in 2022, with the Air and Liquid Processing segment experiencing a significant loss of $29,084 [82]. - Net loss attributable to Ampco-Pittsburgh was $(39,928) or $(2.04) per share for 2023, compared to a net income of $3,416 or $0.18 per share in 2022 [93]. - Total net sales for 2023 reached $422,340 thousand, an increase of 8.2% compared to $390,189 thousand in 2022 [120]. - Operating costs and expenses totaled $456,914 thousand in 2023, up from $387,411 thousand in 2022, reflecting a significant increase of 17.9% [120]. - The net loss for the year ended December 31, 2023, was $38,119 thousand, compared to a net income of $3,980 thousand for the year ended December 31, 2022 [128]. Backlog and Orders - The backlog of orders as of December 31, 2023, was approximately $378.9 million, an increase from $369.0 million at year-end 2022, with a 13% expectation of backlog release after 2024 [24]. - The ALP segment's backlog increased by approximately $14.5 million due to improved order intake across product lines [24]. - The backlog for the Forged and Cast Engineered Products segment was $247,603, while the Air and Liquid Processing segment had a backlog of $131,309, totaling $378,912 for the Corporation [82]. - Backlog increased to $378,912 as of December 31, 2023, from $369,018 in 2022, with approximately 13% expected to be released after 2024 [86]. Employee and Labor Relations - Approximately 58% of the Corporation's 1,697 active employees are based in the United States, with 31% covered by collective bargaining agreements [26]. - The company faces potential disruptions to operations due to industrial actions or work stoppages related to collective bargaining agreements with unions [51]. Financial Position and Liquidity - The company has a $100 million senior secured asset-based revolving credit facility, which is subject to various covenants; failure to meet these could materially affect financial position and liquidity [35]. - Liquidity is dependent on cash on-hand, operational cash flows, and access to capital markets; failure to maintain adequate liquidity could hinder financial obligations [36]. - Cash and cash equivalents decreased by $1,449 during 2023, ending the period at $7,286 compared to $8,735 at the end of 2022 [105]. - The Corporation's total assets increased to $565,654,000 in 2023 from $502,774,000 in 2022, reflecting a growth of approximately 12.5% [117]. - The Corporation's total shareholders' equity decreased to $71,571,000 in 2023 from $113,396,000 in 2022, a decline of approximately 37% [118]. Costs and Expenses - Selling and administrative expenses rose to $50,884 (12.0% of net sales) in 2023 from $43,527 (11.2% of net sales) in 2022, mainly due to increased employee-related costs [88]. - Interest expense increased to $9,347 in 2023 from $5,434 in 2022, attributed to higher average interest rates and increased borrowings [89]. - The charge for asbestos-related costs in 2023 was $40,696, compared to a credit of $(2,226) in 2022, reflecting increased estimated settlement costs [88]. - Operating costs and expenses totaled $456,914 thousand in 2023, up from $387,411 thousand in 2022, reflecting a significant increase of 17.9% [120]. Market and Economic Factors - The FCEP segment's sales are significantly influenced by the global steel and aluminum industry, which may experience cyclical downturns affecting demand and profitability [32]. - Excess global capacity in the steel industry may lead to lower prices, adversely affecting sales, margins, and profitability [33]. - Increases in energy and commodity prices, along with geopolitical factors, have raised costs and may disrupt production, impacting profitability [38]. - The company is subject to tariffs of 25% on primary steel imports and 10% on primary aluminum imports, which could reduce margins and market share [46]. Cybersecurity and Risk Management - Cybersecurity risks pose a significant threat to the company's financial condition and operations, necessitating robust risk management and incident response strategies [60]. - The company has established a Cybersecurity Materiality Assessment Team to evaluate the potential impact of cyber incidents on operations and financial position [66]. - The Audit Committee oversees the Corporation's cybersecurity program, with regular updates provided to senior management regarding cyber risks and incidents [70]. - The Corporation has not experienced any known material breaches related to cyber-attacks, but recognizes cybersecurity as a top risk management priority [68]. Environmental and Regulatory Factors - The Corporation's management anticipates that expenditures for environmental control matters will not be material in 2024 [25]. - The company is subject to increased costs and operational impacts due to environmental regulations and climate change-related risks, which may affect manufacturing processes and material availability [50]. Pension and Employee Benefits - The Corporation's long-term rate of return on domestic pension plan assets is estimated at 7.70%, while actual returns approximated 12.41% for 2023 [111]. - The fair value of the defined benefit pension plan assets was $163,929 million as of December 31, 2023, compared to accumulated benefit obligations of $185,839 million [197]. - The total employee benefit obligations decreased to $30,436 million in 2023 from $32,296 million in 2022, representing a reduction of approximately 5.76% [205].