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Note 19 - Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2023
Notes Tables  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
  

Year Ended

  

Year Ended

 
  

December 31, 2023

  

December 31, 2022

 

(in millions)

 

U.S.

  

Non-U.S.

  

U.S.

  

Non-U.S.

 

Change in Benefit Obligation

                

Projected benefit obligation at beginning of period

 $2,482  $577  $3,132  $816 

Service cost

  13   2   13   3 

Interest cost

  117   20   80   9 

Benefit payments

  (283)  (43)  (294)  (44)

Plan Amendments

  29      28    

Actuarial loss (gain)

  28   12   (479)  (165)

Special termination benefits

        2    

Currency adjustments

     20      (42)

Projected benefit obligation at end of period

 $2,386  $588  $2,482  $577 
                 

Change in Plan Assets

                

Fair value of plan assets at beginning of period

 $3,659  $526  $4,105  $626 

Actual Return on plan assets

  170   25   (152)  (31)

Employer contributions

     6      5 

Benefit payments

  (283)  (43)  (294)  (44)

Currency adjustments

     14      (30)

Fair value of plan assets at end of period

 $3,546  $528  $3,659  $526 
                 

Over (under) funded status at end of period

 $1,160  $(60) $1,177  $(51)
                 

Accumulated benefit obligation at end of period

 $2,384  $579  $2,482  $568 
Schedule of Assumptions Used to Calculate Pension Plan Net Benefit Obligation [Table Text Block]
  

As of December 31,

 
  

2023

  

2022

  

2021

 
  

U.S.

  

Non-U.S.

  

U.S.

  

Non-U.S.

  

U.S.

  

Non-U.S.

 

Discount rate

  4.92%  3.47%  5.13%  3.93%  2.54%  1.48%

Salary increase rate

  1.50%  2.06%  1.00%  2.71%  1.00%  2.39%

Interest crediting rate for cash balance plan

  4.00% 

NA

   4.00% 

NA

   2.00% 

NA

 
Schedule of Amounts From Pension Plan Recognized in Balance Sheet [Table Text Block]
  

As of December 31,

 
  

2023

  

2022

 

(in millions)

  U.S.   Non-U.S.   U.S.   Non-U.S. 

Pension and other postretirement assets

 $1,160  $42  $1,177  $42 

Pension and other postretirement liabilities

     (102)     (93)

Net amount recognized

 $1,160  $(60) $1,177  $(51)
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
  

As of December 31,

 
  

2023

  

2022

 

(in millions)

  U.S.   Non-U.S.   U.S.   Non-U.S. 

Projected benefit obligation

 $  $406  $  $209 

Fair value of plan assets

     304      116 
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
  

As of December 31,

 
  

2023

  

2022

 

(in millions)

  U.S.   Non-U.S.   U.S.   Non-U.S. 

Accumulated benefit obligation

 $  $397  $  $201 

Fair value of plan assets

     304      116 
Schedule of Pension Plan Amounts Recognized in Accumulated Other Income (Loss) [Table Text Block]
  

As of December 31,

 
  

2023

  

2022

 

(in millions)

  U.S.   Non-U.S.   U.S.   Non-U.S. 

Prior service (cost) credit

 $(45) $2  $(25) $2 

Net actuarial gain (loss)

  449   (52)  594   (43)

Total

 $404  $(50) $569  $(41)
Schedule of Amounts From Pension Plans Recognized in Other Comprehensive Income [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 

(in millions)

  U.S.   Non-U.S.   U.S.   Non-U.S.   U.S.   Non-U.S. 

Newly established (loss) gain

 $(115) $(7) $149  $120  $635  $(4)

Newly established prior service cost

  (29)     (28)         

Amortization of:

                        

Prior service cost (credit)

  9      (3)     (7)   

Net actuarial (gain) loss

  (30)  1      10   30   9 

Total (loss) income recognized in Other comprehensive (loss) income

 $(165) $(6) $118  $130  $658  $5 
Schedule of Net Benefit Costs [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 

(in millions)

  U.S.   Non-U.S.   U.S.   Non-U.S.   U.S.   Non-U.S. 

Major defined benefit plans:

                        

Service cost

 $13  $2  $13  $3  $11  $3 

Interest cost

  117   20   80   9   47   5 

Expected return on plan assets

  (257)  (20)  (178)  (14)  (167)  (15)

Amortization of:

                        

Prior service cost (credit)

  9      (3)     (7)   

Actuarial (gain) loss

  (30)  1      10   30   9 

Pension (income) expense before special termination benefits

  (148)  3   (88)  8   (86)  2 

Special termination benefits

        2      2    

Net pension (income) expense for major defined benefit plans

  (148)  3   (86)  8   (84)  2 

Other plans including unfunded plans

     1            (2)

Net pension (income) expense

 $(148) $4  $(86) $8  $(84) $ 
Schedule of Assumptions Used to Calculate Pension Plan Net Benefit Costs [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

U.S.

  

Non-U.S.

  

U.S.

  

Non-U.S.

  

U.S.

  

Non-U.S.

 

Effective rate for service cost

  5.04%  3.44%  3.45%  1.60%  2.11%  1.17%

Effective rate for interest cost

  5.02%  3.80%  2.97%  1.20%  1.42%  0.70%

Salary increase rate

  1.00%  2.71%  1.00%  2.39%  3.50%  1.56%

Expected long-term rate of return on plan assets

  7.50%  4.16%  5.30%  2.67%  5.20%  2.56%

Interest crediting rate for cash balance plan

  3.85% 

NA

   2.58% 

NA

   1.75% 

NA

 
Schedule of Allocation of Plan Assets [Table Text Block]
  

As of December 31,

    
  

2023

  

2022

  

2023 Target

 

Asset Category

           

Debt securities

  20%  20% 

18-24%

 

Real estate

  0%  1% 

0%

 

Cash and cash equivalents

  5%  7% 

0-10%

 

Private equity

  31%  30% 

23-28%

 

Hedge funds (1)

  44%  42% 

46-58%

 

Total

  100%  100%   
  

As of December 31,

    
  

2023

  

2022

  

2023 Target

 

Asset Category

           

Equity securities

  6%  6% 

0-10%

 

Debt securities

  16%  16% 

10-20%

 

Real estate

  2%  2% 

0-5%

 

Cash and cash equivalents

  2%  4% 

0-5%

 

Hedge Funds

  6%  4% 

0-10%

 

Private equity

  8%  8% 

0-10%

 

Insurance contracts

  60%  60% 

25-75%

 

Total

  100%  100%   
Schedule of Fair Value of Plan Assets By Measurement Inputs Disclosure [Table Text Block]
  

U.S.

 
  

Quoted Prices

                 
  in Active                 
  

Markets for

  

Significant

  

Significant

         
  

Identical

  

Observable

  

Unobservable

         
  

Assets

  

Inputs

  

Inputs

  

Measured at

     

(in millions)

 

(Level 1)

  

(Level 2)

  

(Level 3)

  

NAV

  

Total

 

Cash and cash equivalents (1)

 $164  $  $  $  $164 
                     

Debt Securities: (2)

                    

Government bonds

     32         32 

Investment grade bonds

     682         682 
                     

Real estate

           18   18 
                     

Other:

                    

Hedge funds

           1,552   1,552 

Private Equity

        3   1,094   1,097 

Derivatives with unrealized gains

  1            1 
  $165  $714  $3  $2,664  $3,546 
  

U.S.

 
  

Quoted Prices

                 
  in Active                 
  

Markets for

  

Significant

  

Significant

         
  

Identical

  

Observable

  

Unobservable

         
  

Assets

  

Inputs

  

Inputs

  

Measured at

     

(in millions)

 

(Level 1)

  

(Level 2)

  

(Level 3)

  

NAV

  

Total

 

Cash and cash equivalents (1)

 $251  $  $  $  $251 
                     

Debt Securities: (2)

                    

Government bonds

     39         39 

Investment grade bonds

     717         717 
                     

Real estate

           29   29 
                     

Other:

                    

Hedge funds

           1,528   1,528 

Private Equity

        3   1,092   1,095 
  $251  $756  $3  $2,649  $3,659 
  

Non - U.S.

 
  

Quoted Prices

                 
  in Active                 
  

Markets for

  

Significant

  

Significant

         
  

Identical

  

Observable

  

Unobservable

         
  

Assets

  

Inputs

  

Inputs

  

Measured at

     

(in millions)

 

(Level 1)

  

(Level 2)

  

(Level 3)

  

NAV

  

Total

 

Cash and cash equivalents

 $13  $  $  $  $13 
                     

Equity securities

  33            33 
                     

Debt securities:

                    

Investment grade bonds

  35   45         80 

Global high yield & emerging market debt

  2            2 
                     

Real estate

           11   11 
                     

Other:

                    

Hedge Funds

           29   29 

Private equity

           42   42 

Insurance contracts

     30   287      317 

Derivatives with unrealized gains

  1            1 
  $83  $75  $287  $82  $527 
  

Non - U.S.

 
  

Quoted Prices

                 
  in Active                 
  

Markets for

  

Significant

  

Significant

         
  

Identical

  

Observable

  

Unobservable

         
  

Assets

  

Inputs

  

Inputs

  

Measured at

     

(in millions)

 

(Level 1)

  

(Level 2)

  

(Level 3)

  

NAV

  

Total

 

Cash and cash equivalents

 $21  $  $  $  $21 
                     

Equity securities

  31            31 
                     

Debt securities:

                    

Investment grade bonds

  35   45         80 

Global high yield & emerging market debt

  2            2 
                     

Real estate

           11   11 
                     

Other:

                    

Hedge Funds

           20   20 

Private equity

           43   43 

Insurance contracts

     29   289      318 
  $89  $74  $289  $74  $526 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]

Investments Valued at NAV at December 31, 2023

 
      

Unfunded

  

Redemption

  

Redemption

 

(in millions):

 

Fair Value

  

Commitments

  

Frequency

  

Notice Period

 

Real estate

 $18  $  N/A  

N/A

 

Private equity

  1,094   172  N/A  

N/A

 

Hedge Funds

  1,552     

Bi-Monthly, Monthly, Quarterly, Semi-Annual, and Annual

  

5-365 days

 

Total

 $2,664  $172       

Investments Valued at NAV at December 31, 2022

 
      

Unfunded

  

Redemption

  

Redemption

 

(in millions):

 

Fair Value

  

Commitments

  

Frequency

  

Notice Period

 

Real estate

 $29  $  N/A  

N/A

 

Private equity

  1,092   229  N/A  

N/A

 

Hedge Funds

  1,528   26  

Bi-Monthly, Monthly, Quarterly, Semi-Annual, and Annual

  

5-365 days

 

Total

 $2,649  $255       
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]
  

U.S.

 
      

Net Realized and Unrealized Gains

         
          

Relating to

        
  

Balance at

  

Relating to

  

Assets

  

Net Purchases,

  

Balance at

 
  January 1,  Assets  Sold During the  Sales and  December 31, 

(in millions)

 

2023

  

Still Held

  

Period

  

Settlements

  

2023

 

Private Equity

  3            3 

Total

 $3  $  $  $  $3 
  

U.S.

 
      

Net Realized and Unrealized Gains

         
          

Relating to

        
  

Balance at

  

Relating to

  

Assets

  

Net Purchases,

  

Balance at

 
  January 1,  Assets  Sold During the  Sales and  December 31, 

(in millions)

 

2022

  

Still Held

  

Period

  

Settlements

  

2022

 

Private Equity

           3   3 

Total

 $  $  $  $3  $3 
  

U.S.

 
      

Net Realized and Unrealized Gains

         
          

Relating to

        
  

Balance at

  

Relating to

  

Assets

  

Net Purchases,

  

Balance at

 
  January 1,  Assets  Sold During the  Sales and  December 31, 

(in millions)

 

2021

  

Still Held

  

Period

  

Settlements

  

2021

 

Private Equity

  5   (5)         

Total

 $5  $(5) $  $  $ 
  

Non - U.S.

 
      

Net Realized and Unrealized Gains

         
          

Relating to

        
  

Balance at

  

Relating to

  

Assets

  

Net Purchases,

  

Balance at

 
  

January 1,

  

Assets

  

Sold During the

  

Sales and

  

December 31,

 

(in millions)

  2023   Still Held   Period   Settlements   2023 

Insurance Contracts

  289   (2)        287 

Total

 $289  $(2) $  $  $287 
  

Non - U.S.

 
      

Net Realized and Unrealized Gains

         
          

Relating to

        
  

Balance at

  

Relating to

  

Assets

  

Net Purchases,

  

Balance at

 
  

January 1,

  

Assets

  

Sold During the

  

Sales and

  

December 31,

 

(in millions)

  2022   Still Held   Period   Settlements   2022 

Insurance Contracts

  342   (53)        289 

Total

 $342  $(53) $  $  $289 
  

Non - U.S.

 
      

Net Realized and Unrealized Gains

         
          

Relating to

        
  

Balance at

  

Relating to

  

Assets

  

Net Purchases,

  

Balance at

 
  

January 1,

  

Assets

  

Sold During the

  

Sales and

  

December 31,

 

(in millions)

  2021   Still Held   Period   Settlements   2021 

Insurance Contracts

  291   (37)     88   342 

Total

 $291  $(37) $  $88  $342 
Schedule of Expected Pension Plan Payments [Table Text Block]
(in millions)   U.S.   Non-U.S. 

2024

  $263  $45 

2025

   254   43 

2026

   242   42 

2027

   230   41 

2028

   219   40 
2029 - 2033   935   184 
Hedge Funds [Member]  
Notes Tables  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]
     

Redemption

 

Redemption

(in millions)

 

Net Asset Value

 

Frequency

 

Notice Period

Multi-strategy hedge funds

 $509 

Quarterly

 

45-90 days

Relative value hedge funds

  342 

Bi-monthly, Quarterly

 

6-120 days

Directional hedge funds

  143 

Monthly

 

5 days

Equity long/short hedge funds

  264 

Monthly, Quarterly

 

45-90 days

Sector specialist hedge funds

  120 

Quarterly, Semi-Annually

 

60-90 days

Long-biased hedge funds

  160 

Quarterly, Annually

 

60-90 days

Event driven hedge funds

  14 

Quarterly

 

90 days

  $1,552    
     

Redemption

 

Redemption

(in millions)

 

Net Asset Value

 

Frequency

 

Notice Period

Multi-strategy hedge funds

 $495 

Quarterly

 

45-90 days

Relative value hedge funds

  331 

Bi-monthly, Quarterly

 

6-120 days

Directional hedge funds

  167 

Monthly

 

5 days

Equity long/short hedge funds

  227 

Quarterly

 

45-90 days

Sector specialist hedge funds

  135 

Quarterly, Semi-Annually

 

60-90 days

Long-biased hedge funds

  159 

Quarterly, Annually

 

60-90 days

Event driven hedge funds

  14 

Quarterly

 

90 days

  $1,528