v3.25.2
Note 13 - Fair Value Measurements and Derivatives (Tables)
6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
       

Fair Value

 

Category

 

Balance Sheet Location

 

Fair Value Level

  June 30, 2025  December 31, 2024 

Currency forward contracts

             

Cash flow hedges

 

Accounts receivable - Other

 2  $20  $9 

Cash flow hedges

 

Other accrued liabilities

 2   10   27 

Undesignated

 

Accounts receivable - Other

 2   7   8 

Undesignated

 

Other accrued liabilities

 2   18   13 

Currency swaps

             

Cash flow hedges

 

Other noncurrent assets

 2      23 

Cash flow hedges

 

Other noncurrent liabilities

 2   28    

Undesignated

 

Other noncurrent liabilities

 2   4   5 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
      

June 30, 2025

  

December 31, 2024

 
  

Fair Value Level

 

Carrying Value

  

Fair Value

  

Carrying Value

  

Fair Value

 

Long-term debt

  2  $2,420  $2,471  $2,510  $2,492 
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

Underlying Financial Instrument

  

Derivative Financial Instrument

 

Description

 

Type

 

Face Amount

  

Rate

  Notional Amount  

Traded Amount

  

Inflow Rate

  

Outflow Rate

 

Luxembourg Intercompany Notes

 

Receivable

 278   3.70% 278  $300   5.38%  3.70%

Undesignated 2026 Swap

           $188  169   6.50%  5.14%

Undesignated Offset 2026 Swap

           169  $188   3.13%  6.50%
Schedule of Derivative Instruments [Table Text Block]
    

Notional Amount (U.S. Dollar Equivalent)

   

Functional Currency

 

Traded Currency

 

Designated

  

Undesignated

  

Total

  

Maturity

U.S. dollar

 

euro, Canadian dollar, Mexican peso

 $323  $38  $361  

Mar-2026

Euro

 

U.S. dollar, Australian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Mexican peso, Swedish krona

  562   9   571  

Sep-2027

Indian rupee

 

U.S. dollar, euro, British pound

      51   51  

Mar-2026

Brazilian real

 

U.S. dollar, euro

  33   19   52  

Mar-2026

South African rand

 

U.S. dollar, euro, Thai baht

      38   38  

Nov-2025

Canadian dollar

 

U.S. dollar

  26   3   29  

Mar-2026

Thai baht

 

U.S. dollar

  5   16   21  

Dec-2025

British pound

 

U.S. dollar, euro

  16   12   28  

Dec-2025

Mexican peso

 

U.S. dollar

      3   3  

Jul-2025

Swedish krona

 

euro

      1   1  

Jul-2025

Australian dollar

 

U.S. dollar, euro

      1   1  

Jul-2025

Total forward contracts

    965   191   1,156   
                 

U.S. dollar

 

euro

  328   199   527  

Nov-2027

Euro

 

U.S. dollar

     188   188  

Jun-2026

Total currency swaps

    328   387   715   

Total currency derivatives

   $1,293  $578  $1,871   
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

Deferred Gain (Loss) in AOCI

 
  

June 30, 2025

  

December 31, 2024

  Gain (loss) expected to be reclassified into income in one year or less 

Forward Contracts

 $16  $(35) $16 

Cross-Currency Swaps

  (1)  (3)    

Total

 $15  $(38) $16 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

Derivatives Designated as Cash Flow Hedges

 

2025

  

2024

  

2025

  

2024

 

Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded

                

Net sales

 $1,935  $2,047  $3,716  $4,062 

Cost of sales

  1,797   1,930   3,460   3,833 

Other income (expense), net

  (10)  (8)  (11)  (8)

(Gain) or loss on cash flow hedging relationships

                

Foreign currency forwards

                

Amount of (gain) loss reclassified from AOCI into income

                

Cost of sales

  5   (7)  12   (16)

Other income (expense), net

  (1)  4      15 

Cross-currency swaps

                

Amount of (gain) loss reclassified from AOCI into income

                

Other income (expense), net

  26   (4)  52   (18)
Derivatives Not Designated as Hedging Instruments [Table Text Block]
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

Derivatives Not Designated as Hedging Instruments

 

2025

  

2024

  

2025

  

2024

 

Gain (loss) recognized in income

                

Foreign currency forward contracts

                

Cost of sales

 $1  $2  $  $2 

Other income (expense), net

  (11)  (3)  (17)  (1)