Note 6 - Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Equity [Text Block]

Note 6. Stockholders’ Equity

Common stock — Our Board of Directors declared a cash dividend of ten cents per share of common stock in the first and second quarters of 2024. Dividends accrue on restricted stock units (RSUs) granted under our stock compensation program and will be paid in cash or additional units when the underlying units vest.

Changes in equity —

2024	Common Stock		Additional Paid-In Capital		Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Loss			Non-controlling Interests			Total Equity
Balance, December 31, 2023	$	2	$	2,255	$	317		$	(9	)	$	(990	)	$	62		$	1,637
Net income						3									5			8
Other comprehensive loss												(17	)		(1	)		(18	)
Common stock dividends and dividend equivalents						(15	)											(15	)
Distributions to noncontrolling interests															(1	)		(1	)
Redeemable noncontrolling interests adjustment to redemption value						(8	)											(8	)
Stock compensation				5														5
Stock withheld for employee taxes									(4	)								(4	)
Balance, March 31, 2024	$	2	$	2,260	$	297		$	(13	)	$	(1,007	)	$	65		$	1,604
Net income						16									5			21
Other comprehensive loss												(67	)					(67	)
Common stock dividends and dividend equivalents						(15	)											(15	)
Distributions to noncontrolling interests															(1	)		(1	)
Redeemable noncontrolling interests adjustment to redemption value						(5	)											(5	)
Stock compensation				7														7
Balance, June 30, 2024	$	2	$	2,267	$	293		$	(13	)	$	(1,074	)	$	69		$	1,544

2023	Common Stock		Additional Paid-In Capital		Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Loss			Non-controlling Interests			Total Equity
Balance, December 31, 2022	$	2	$	2,229	$	321		$	—		$	(1,001	)	$	52		$	1,603
Net income						28									4			32
Other comprehensive income												40						40
Common stock dividends and dividend equivalents						(15	)											(15	)
Distributions to noncontrolling interests															(1	)		(1	)
Redeemable noncontrolling interests adjustment to redemption value						(1	)											(1	)
Stock compensation				8														8
Stock withheld for employee taxes									(8	)								(8	)
Balance, March 31, 2023	$	2	$	2,237	$	333		$	(8	)	$	(961	)	$	55		$	1,658
Net income						30									5			35
Other comprehensive loss												(3	)					(3	)
Common stock dividends and dividend equivalents						(14	)											(14	)
Distributions to noncontrolling interests															(2	)		(2	)
Stock compensation				7														7
Balance, June 30, 2023	$	2	$	2,244	$	349		$	(8	)	$	(964	)	$	58		$	1,681

Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent —

	Parent Company Stockholders
2024	Foreign Currency Translation			Hedging			Defined Benefit Plans			Accumulated Other Comprehensive Loss
Balance, December 31, 2023	$	(868	)	$	20		$	(142	)	$	(990	)
Currency translation adjustments		(16	)								(16	)
Holding gains and losses					9						9
Reclassification of amount to net income (a)					(11	)					(11	)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								1			1
Other comprehensive income (loss)		(16	)		(2	)		1			(17	)
Balance, March 31, 2024	$	(884	)	$	18		$	(141	)	$	(1,007	)
Currency translation adjustments		(45	)								(45	)
Holding gains and losses					(23	)					(23	)
Reclassification of amount to net income (a)					(8	)					(8	)
Other								3			3
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								2			2
Tax expense					5			(1	)		4
Other comprehensive income (loss)		(45	)		(26	)		4			(67	)
Balance, June 30, 2024	$	(929	)	$	(8	)	$	(137	)	$	(1,074	)

	Parent Company Stockholders
2023	Foreign Currency Translation			Hedging			Defined Benefit Plans			Accumulated Other Comprehensive Loss
Balance, December 31, 2022	$	(895	)	$	21		$	(127	)	$	(1,001	)
Currency translation adjustments		24									24
Holding gains and losses					16						16
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								1			1
Tax expense					(1	)					(1	)
Other comprehensive income		24			15			1			40
Balance, March 31, 2023	$	(871	)	$	36		$	(126	)	$	(961	)
Currency translation adjustments		(6	)								(6	)
Holding gains and losses					10						10
Reclassification of amount to net income (a)					(7	)					(7	)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								1			1
Tax expense								(1	)		(1	)
Other comprehensive income (loss)		(6	)		3			—			(3	)
Balance, June 30, 2023	$	(877	)	$	39		$	(126	)	$	(964	)

(a) Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. See Note 12 for additional details.

(b) See Note 10 for additional details.