Note 6 - Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

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 2022. 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.

Share repurchase program — On February 16, 2021 our Board of Directors approved an extension of our existing common stock share repurchase program through December 31, 2023. Under the program, we spent $25 to repurchase 1,483,742 shares of our common stock during the first quarter of 2022 through open market transactions. Approximately $102 remained available for future share repurchases as of June 30, 2022.

Changes in equity —

2022	Common Stock		Additional Paid-In Capital		Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Loss			Non-controlling Interests			Total Equity
Balance, December 31, 2021	$	2	$	2,427	$	662		$	(184	)	$	(985	)	$	53		$	1,975
Net income						17									4			21
Other comprehensive income												36						36
Common stock dividends and dividend equivalents						(14	)											(14	)
Common stock share repurchases									(25	)								(25	)
Distributions to noncontrolling interests															(1	)		(1	)
Purchase of noncontrolling interests															(1	)		(1	)
Redeemable noncontrolling interests adjustment to redemption value						(1	)											(1	)
Stock compensation				4														4
Stock withheld for employees taxes									(7	)								(7	)
Balance, March 31, 2022		2		2,431		664			(216	)		(949	)		55			1,987
Net income						8									3			11
Other comprehensive loss												(79	)		(2	)		(81	)
Common stock dividends and dividend equivalents						(15	)											(15	)
Distributions to noncontrolling interests															(1	)		(1	)
Purchase of noncontrolling interests															(1	)		(1	)
Redeemable noncontrolling interests adjustment to redemption value						(1	)											(1	)
Stock compensation				4														4
Balance, June 30, 2022	$	2	$	2,435	$	656		$	(216	)	$	(1,028	)	$	54		$	1,903

2021	Common Stock		Additional Paid-In Capital		Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Loss			Non-controlling Interests			Total Equity
Balance, December 31, 2020	$	2	$	2,408	$	530		$	(156	)	$	(1,026	)	$	76		$	1,834
Net income						71									1			72
Other comprehensive loss												(18	)		(2	)		(20	)
Common stock dividends and dividend equivalents						(14	)											(14	)
Redeemable noncontrolling interests adjustment to redemption value						(4	)											(4	)
Stock compensation				7														7
Stock withheld for employees taxes									(5	)								(5	)
Balance, March 31, 2021		2		2,415		583			(161	)		(1,044	)		75			1,870
Net income						53									4			57
Other comprehensive income (loss)												37			(9	)		28
Common stock dividends and dividend equivalents						(15	)											(15	)
Distributions to noncontrolling interests															(2	)		(2	)
Sale of noncontrolling interests															(1	)		(1	)
Redeemable noncontrolling interests adjustment to redemption value						(4	)											(4	)
Other															1			1
Stock compensation				5														5
Balance, June 30, 2021	$	2	$	2,420	$	617		$	(161	)	$	(1,007	)	$	68		$	1,939

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

	Parent Company Stockholders
2022	Foreign Currency Translation			Hedging			Defined Benefit Plans			Accumulated Other Comprehensive Loss
Balance, December 31, 2021	$	(809	)	$	4		$	(180	)	$	(985	)
Currency translation adjustments		39									39
Holding gains and losses					19						19
Reclassification of amount to net income (a)					(22	)					(22	)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								2			2
Tax expense					(1	)		(1	)		(2	)
Other comprehensive income (loss)		39			(4	)		1			36
Balance, March 31, 2022		(770	)		—			(179	)		(949	)
Currency translation adjustments		(83	)								(83	)
Holding gains and losses					42						42
Reclassification of amount to net income (a)					(39	)					(39	)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								4			4
Tax expense					(2	)		(1	)		(3	)
Other comprehensive income (loss)		(83	)		1			3			(79	)
Balance, June 30, 2022	$	(853	)	$	1		$	(176	)	$	(1,028	)

	Parent Company Stockholders
2021	Foreign Currency Translation			Hedging			Defined Benefit Plans			Accumulated Other Comprehensive Loss
Balance, December 31, 2020	$	(802	)	$	9		$	(233	)	$	(1,026	)
Currency translation adjustments		(4	)								(4	)
Holding gains and losses					32						32
Reclassification of amount to net income (a)					(50	)					(50	)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								4			4
Tax (expense) benefit					1			(1	)		—
Other comprehensive income (loss)		(4	)		(17	)		3			(18	)
Balance, March 31, 2021		(806	)		(8	)		(230	)		(1,044	)
Currency translation adjustments		17									17
Holding gains and losses					(4	)					(4	)
Reclassification of amount to net income (a)					23						23
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								5			5
Tax expense					(3	)		(1	)		(4	)
Other comprehensive income		17			16			4			37
Balance, June 30, 2021	$	(789	)	$	8		$	(226	)	$	(1,007	)

(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 13 for additional details.

(b) See Note 10 for additional details.