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Note 11 - Financial Instruments - Summary of Notional Amounts and Respective Fair Values of Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Notional amount [1] $ 8,406 $ 7,271
Asset derivatives, fair value [1],[2] 625 631
Liability derivatives, fair value [1],[2] (184) (97)
Current, Asset derivatives, fair value [2] 521 501
Current, Liability derivatives, fair value [2] (122) (66)
Non-current, Asset derivatives, fair value [2] 104 130
Non-current, Liability derivatives, fair value [2] (62) (31)
Total asset derivatives [2] 625 631
Total liability derivatives [2] (184) (97)
Not Designated as Hedging Instrument [Member]    
Notional amount 5,390 5,042
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]    
Notional amount [3] 236 241
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]    
Asset derivatives, fair value [2],[3] 245 287
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]    
Notional amount 2,780 1,988
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]    
Asset derivatives, fair value [2] 20 20
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]    
Liability derivatives, fair value [2] (34) (17)
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member]    
Notional amount 5,390 5,042
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]    
Asset derivatives, fair value [2] 360 324
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]    
Liability derivatives, fair value [2] $ (150) $ (80)
[1] The amounts above do not include €850 million of euro-denominated debt ($911 million equivalent as of March 31, 2024), which is a non-derivative financial instrument designated as a net investment hedge.
[2] All of the Company’s derivative contracts are measured at fair value and are classified as Level 2 within the fair value hierarchy. Derivative assets are presented in Other current assets or Other assets. Derivative liabilities are presented in Other current liabilities or Other liabilities.
[3] As of March 31, 2024 and December 31, 2023, derivatives designated as hedging instruments include foreign exchange cash flow hedges with total notional amounts of $236 million and $241 million, respectively, and fair value hedges of leased precious metals with total notional amounts of 16,862 troy ounces and 20,160 troy ounces, respectively. Fair value assets include designated derivatives pertaining to precious metals lease contracts in the amounts of $184 million and $229 million as of March 31, 2024 and December 31, 2023, respectively.