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Note 13 - Financial Instruments - Summary of Notional Amounts and Respective Fair Values of Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Notional amount [1] $ 7,271 $ 10,193
Asset derivatives, fair value [1],[2] 631 678
Liability derivatives, fair value [1],[2] (97) (191)
Not Designated as Hedging Instrument [Member]    
Notional amount 5,042 7,543
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]    
Notional amount [3] 241 419
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]    
Asset derivatives, fair value [2] 287 104
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]    
Liability derivatives, fair value [2]   (1)
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]    
Notional amount 1,988 2,231
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]    
Asset derivatives, fair value [2] 20 44
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]    
Liability derivatives, fair value [2] (17) (49)
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member]    
Notional amount 5,042 7,543
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]    
Asset derivatives, fair value [2] 324 530
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]    
Liability derivatives, fair value [2] $ (80) $ (141)
[1] The amounts above do not include €850 million of euro-denominated debt ($932 million equivalent as of December 31, 2023), 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 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. Refer to Note 9 (Other Assets and Other Liabilities) for additional information.
[3] As of December 31, 2023, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $241 million and fair value hedges of leased precious metals with a gross notional amount of 20,160 troy ounces. As of December 31, 2022, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $419 million and fair value hedges of leased precious metals with a gross notional amount of 23,152 troy ounces. Fair value assets include designated derivatives pertaining to precious metals lease contracts in the amounts of $229 million and $69 million as of December 31, 2023 and 2022, respectively.