| Equity [Text Block] |
Note 7. 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 2025. Dividends accrue on restricted stock units (RSUs) and performance share units (PSUs) granted under our stock compensation program and will be paid in cash or additional units when the underlying units vest.
Share repurchase program — On June 8, 2025 our Board of Directors approved a stock repurchase program of up to an aggregate of $1,000 less any amount of special dividends distributed in connection with the sale of the Off-Highway business. The program expires on December 31, 2027. On June 17, 2025, pursuant to the program, we spent $251 to repurchase 14,286,505 shares of our common stock from the Icahn Group, which represented all of the shares held by the Icahn Group. Additionally, under the program, we spent $6 to repurchase 320,778 shares of our common stock during the second quarter of 2025 through open market transactions. Approximately $743 remained available under the program for future share repurchases as of June 30, 2025.
The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a non-deductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. We reflect the applicable excise tax as part of the cost basis of the stock repurchased and record a corresponding liability for the excise taxes payable in other accrued liabilities on our consolidated balance sheet. Excise taxes when paid will be reflected in financing activities in the consolidated statement of cash flows. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorization exclude such excise taxes, to the extent applicable, unless otherwise indicated.
Changes in equity —
| 2025 | | Common Stock | | | Additional Paid-In Capital | | | Retained Earnings | | | Treasury Stock | | | Accumulated Other Comprehensive Loss | | | Non-controlling Interests | | | Total Equity | |
| Balance, December 31, 2024 | | $ | 2 | | | $ | 2,282 | | | $ | 204 | | | $ | (13 | ) | | $ | (1,142 | ) | | $ | 63 | | | $ | 1,396 | |
| Net income | | | | | | | | | | | 25 | | | | | | | | | | | | 5 | | | | 30 | |
| Other comprehensive income | | | | | | | | | | | | | | | | | | | 32 | | | | | | | | 32 | |
| Common stock dividends and dividend equivalents | | | | | | | | | | | (15 | ) | | | | | | | | | | | | | | | (15 | ) |
| Distributions to noncontrolling interests | | | | | | | | | | | | | | | | | | | | | | | (1 | ) | | | (1 | ) |
| Stock compensation | | | | | | | 12 | | | | | | | | | | | | | | | | | | | | 12 | |
| Stock withheld for employee taxes | | | | | | | | | | | | | | | (8 | ) | | | | | | | | | | | (8 | ) |
| Balance, March 31, 2025 | | | 2 | | | | 2,294 | | | | 214 | | | | (21 | ) | | | (1,110 | ) | | | 67 | | | | 1,446 | |
| Net income | | | | | | | | | | | 27 | | | | | | | | | | | | 4 | | | | 31 | |
| Other comprehensive income | | | | | | | | | | | | | | | | | | | 63 | | | | 2 | | | | 65 | |
| Common stock dividends and dividend equivalents | | | | | | | | | | | (15 | ) | | | | | | | | | | | | | | | (15 | ) |
| Distributions to noncontrolling interests | | | | | | | | | | | | | | | | | | | | | | | (2 | ) | | | (2 | ) |
| Repurchase and retirement of shares | | | (1 | ) | | | (258 | ) | | | | | | | | | | | | | | | | | | | (259 | ) |
| Sale of noncontrolling interests | | | | | | | | | | | | | | | | | | | | | | | (5 | ) | | | (5 | ) |
| Stock compensation | | | | | | | 9 | | | | | | | | | | | | | | | | | | | | 9 | |
| Balance, June 30, 2025 | | $ | 1 | | | $ | 2,045 | | | $ | 226 | | | $ | (21 | ) | | $ | (1,047 | ) | | $ | 66 | | | $ | 1,270 | |
| 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 | |
Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent —
| | | Parent Company Stockholders | |
| 2025 | | Foreign Currency Translation | | | Hedging | | | Defined Benefit Plans | | | Accumulated Other Comprehensive Loss | |
| Balance, December 31, 2024 | | $ | (977 | ) | | $ | (29 | ) | | $ | (136 | ) | | $ | (1,142 | ) |
| Currency translation adjustments | | | 14 | | | | | | | | | | | | 14 | |
| Holding gains and losses | | | | | | | (11 | ) | | | | | | | (11 | ) |
| Reclassification of amount to net income (a) | | | | | | | 34 | | | | | | | | 34 | |
| Tax expense | | | | | | | (5 | ) | | | | | | | (5 | ) |
| Other comprehensive income | | | 14 | | | | 18 | | | | — | | | | 32 | |
| Balance, March 31, 2025 | | | (963 | ) | | | (11 | ) | | | (136 | ) | | | (1,110 | ) |
| Currency translation adjustments | | | 39 | | | | | | | | | | | | 39 | |
| Reclassification of amount to net income (a) | | | | | | | 30 | | | | | | | | 30 | |
| Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | | | | | | | | | | | 1 | | | | 1 | |
| Tax expense | | | | | | | (6 | ) | | | (1 | ) | | | (7 | ) |
| Other comprehensive income (loss) | | | 39 | | | | 24 | | | | — | | | | 63 | |
| Balance, June 30, 2025 | | $ | (924 | ) | | $ | 13 | | | $ | (136 | ) | | $ | (1,047 | ) |
| | | 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 | |
| Tax expense | | | | | | | | | | | | | | | — | |
| 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) benefit | | | | | | | 5 | | | | (1 | ) | | | 4 | |
| Other comprehensive income (loss) | | | (45 | ) | | | (26 | ) | | | 4 | | | | (67 | ) |
| Balance, June 30, 2024 | | $ | (929 | ) | | $ | (8 | ) | | $ | (137 | ) | | $ | (1,074 | ) |
(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 11 for additional details.
|