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Note 14 - Reportable Segments - Reconciliation of Reportable Segment Net Income (Loss) to Consolidated Net Income (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net income of reportable segments $ 164 $ 208 $ 621 $ 1,352
Gain (loss) on foreign currency hedges related to translated earnings 20 (68) 128 257
Research, development, and engineering expenses (1) (270) (278) (787) (766)
Amortization of intangibles (30) (31) (92) (92)
Interest expense, net (82) (73) (239) (216)
Provision for income taxes (Note 3) (35) (34) (178) (380)
Severance charges (2)     (86) (8)
Gain on sale of business     53
Other corporate items (33) (106) (128) (391)
Operating Segments [Member]        
Net income of reportable segments 509 561 1,499 1,771
Research, development, and engineering expenses (1) (222) (235) (640) (651)
Provision for income taxes (Note 3) 140 153 412 483
Operating Segments [Member] | Reportable Segments [Member]        
Net income of reportable segments 517 543 1,465 1,736
Operating Segments [Member] | Nonreportable Segments [Member]        
Net income of reportable segments (8) 18 34 35
Segment Reconciling Items [Member]        
Net income of reportable segments 164 208 621 1,352
Impact of constant currency reporting (1) (212) (136) (535) (319)
Gain (loss) on foreign currency hedges related to translated earnings 20 (68) 128 257
Translation gain on Japanese yen-denominated debt 35 84 162 321
Litigation, regulatory and other legal matters (32) (23) (44) (65)
Research, development, and engineering expenses (1) [1] (40) (43) (127) (115)
Amortization of intangibles (30) (31) (92) (92)
Interest expense, net (62) (59) (179) (180)
Provision for income taxes (Note 3) 105 119 234 103
Severance charges (2) [2] (13) (8) (86) (8)
Disposal of assets and other charges and credits (3) [3] (59) (130) (184) (209)
Gain on sale of business 53
Other corporate items $ (57) $ (58) $ (155) $ (165)
[1] Amount does not include research, development, and engineering expense related to restructuring, impairment and other charges and credits.
[2] For the three and nine months ended September 30, 2023, the amount recorded in cost of sales in the consolidated statements of income was $10 million and $51 million, respectively. For the three and nine months ended September 30, 2022, the amount recorded in cost of sales in the consolidated statements was not material.
[3] For the three and nine months ended September 30, 2023, the amount recorded in cost of sales in the consolidated statements of income was $53 million and $145 million, respectively. The activity primarily related to asset write-offs during the period. For the three and nine months ended September 30, 2022, the amount recorded in cost of sales in the consolidated statements of income was $124 million and $192 million, respectively. The activity primarily related to capacity optimization of an emerging growth business.