Note 9 - Pension and Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 9. Pension and Postretirement Benefit Plans

We have a number of defined contribution and defined benefit, qualified and nonqualified, pension plans covering eligible employees. Other postretirement benefits (OPEB), including medical and life insurance, are provided for certain employees upon retirement.

Components of net periodic benefit cost (credit) — 

	Pension												OPEB
	2023						2022						2023			2022
Three Months Ended September 30,	U.S.			Non-U.S.			U.S.			Non-U.S.			Non-U.S.			Non-U.S.
Interest cost	$	7		$	4		$	4		$	2		$	1		$	—
Expected return on plan assets		(8	)					(7	)		(1	)
Service cost					1						2
Amortization of net actuarial (gain) loss		1						2			1			(1	)		(1	)
Net periodic benefit cost (credit)	$	—		$	5		$	(1	)	$	4		$	—		$	(1	)
Nine Months Ended September 30,
Interest cost	$	21		$	10		$	12		$	5		$	2		$	1
Expected return on plan assets		(23	)		(2	)		(21	)		(2	)
Service cost					4						6
Amortization of net actuarial (gain) loss		5						6			4			(3	)		(2	)
Net periodic benefit cost (credit)	$	3		$	12		$	(3	)	$	13		$	(1	)	$	(1	)

The service cost components of net periodic pension and OPEB costs are included in cost of sales and selling, general and administrative expenses as part of compensation cost and are eligible for capitalization in inventory and other assets. The non-service components are reported in other income (expense), net and are not eligible for capitalization.