Ford Motor Co. said late Wednesday it expects to take a fourth-quarter pretax charge of $2.2 billion related to pension obligations that will cut down on its net income.

After taxes, the $2.2 billion loss is expected to slash Ford’s net income by about $1.7 billion, Ford F, -0.54%  said in a filing. As it is a special item, the loss will not affect adjusted profit or adjusted per-share profit, the car maker said.

It also did not have an impact on the company’s cash in 2019, and does not change its expectations for pension contributions this year, Ford said.

The loss includes a $2.6 billion loss related to overseas pensions offset by a $400 million gain related to pension plans in the U.S., Ford said. The car maker pinned the loss on lower discount rates compared with year-end 2018, in part offset by better-than-expected asset returns.

Shares of Ford were 0.3% higher in the after-hours session after ending the regular trading day down 0.5%.

Ford is expected to report fourth-quarter results after the bell on Feb. 4. Analysts polled by FactSet expect Ford to report adjusted profit of 17 cents a share on sales of $39.3 billion, which would compare with adjusted earnings of 30 cents a share on sales of $41.8 billion in the year-ago quarter.

Ford stock has gained 8% in the past 12 months, compared with advances of 26% and 20% for the S&P 500 index SPX, +0.03%  and the Dow Jones Industrial Average DJIA, -0.03%  in the same period.

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