Note 6 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Year ended December 31,
	2023		2022		2021
U.S. companies	$	105	$	1,157	$	1,282
Non-U.S. companies		711		640		1,144
Income before income taxes	$	816	$	1,797	$	2,426

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year ended December 31,
	2023			2022			2021
Current:
Federal	$	(82	)	$	(191	)	$	(172	)
State and municipal		(13	)		(16	)		(13	)
Foreign		(148	)		(250	)		(290	)
Deferred:
Federal		76			52			(97	)
State and municipal		7			8			(7	)
Foreign		(8	)		(14	)		88
Provision for income taxes	$	(168	)	$	(411	)	$	(491	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year ended December 31,
	2023			2022			2021
Statutory U.S. federal income tax rate		21.0	%		21.0	%		21.0	%
State income tax (benefit) provision, net of federal effect		(0.3	)		0.7			1.0
Tax credits		(6.9	)		(3.3	)		(2.6	)
Non-Taxable Items		(4.0	)
Foreign derived intangible income		(2.3	)		(2.7	)		(1.3	)
Stock compensation		(2.1	)		(0.8	)		(1.5	)
Remeasurement of deferred tax assets and liabilities		(0.3	)		(0.1	)
Differential arising from foreign earnings (1)		0.3			2.2			2.0
Non-deductible Items		4.7						1.4
Audit settlements & change in reserve		4.8			3.7			1.6
Valuation allowance		5.7			2.1			(0.5	)
Intercompany loan adjustment					0.6
Global intangible low-taxed income								0.2
Other items, net					(0.5	)		(1.1	)
Effective tax rate	20.6		%		22.9	%		20.2	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2023			2022
Loss and tax credit carryforwards	$	275		$	281
Other assets		245			232
Research and development capitalization		362			280
Asset impairments and restructuring reserves		43			41
Postretirement medical and life benefits		103			102
Other accrued liabilities		319			311
Other employee benefits		344			346
Gross deferred tax assets		1,691			1,593
Valuation allowances		(207	)		(166	)
Total deferred tax assets		1,484			1,427
Intangible and other assets		(117	)		(108	)
Fixed assets		(223	)		(289	)
Finance leases		(209	)		(200	)
Total deferred tax liabilities		(549	)		(597	)
Net deferred tax assets	$	935		$	830

Schedule of Net Deferred Tax Assets [Table Text Block]

	December 31,
	2023			2022
Deferred tax assets	$	1,153		$	1,073
Other liabilities		(218	)		(243	)
Net deferred tax assets	$	935		$	830

Summary of Tax Credit Carryforwards [Table Text Block]

			Expiration
	Total		2024-2028		2029-2033		2034-2038		Indefinite
Net operating losses	$	274	$	63	$	38	$	33	$	140
Tax credits		1				1
Balance as of December 31, 2023	$	275	$	63	$	39	$	33	$	140

Summary of Valuation Allowance [Table Text Block]

	2023			2022			2021
Balance as of January 1	$	166		$	138		$	167
Additions		66			81			13
Reductions		(25	)		(53	)		(42	)
Balance as of December 31	$	207		$	166		$	138

Summary of Income Tax Contingencies [Table Text Block]

	2023			2022			2021
Balance as of January 1	$	206		$	178		$	131
Additions based on tax positions related to the current year		54			10			54
Additions for tax positions of prior years		127			24			17
Reductions for tax positions of prior years		(3	)		(5	)		(21	)
Settlements and lapse of statute of limitations		(11	)		(1	)		(3	)
Balance as of December 31	$	373		$	206		$	178