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v3.24.2

Note 12 - Fair Value Measurements and Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 |  |  | December 31, 2023 |
Currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | Accounts receivable - Other |  | 2 |  |  | $ | 5 |  |  | $ | 43 |
Cash flow hedges |  | Other accrued liabilities |  | 2 |  |  |  | 12 |  |  |  | 7 |
Undesignated |  | Accounts receivable - Other |  | 2 |  |  |  | 2 |  |  |  | 3 |
Undesignated |  | Other accrued liabilities |  | 2 |  |  |  | 3 |  |  |  | 5 |
Currency swaps |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | Other noncurrent assets |  | 2 |  |  |  | 6 |  |  |  |  |
Cash flow hedges |  | Other noncurrent liabilities |  | 2 |  |  |  |  |  |  |  | 11 |
Undesignated |  | Other noncurrent liabilities |  | 2 |  |  |  | 7 |  |  |  | 9 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] |
|  |  |  |  |  | June 30, 2024 |  |  | December 31, 2023 |
|  | Fair Value Level |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Long-term debt |  |  | 2 |  |  | $ | 2,536 |  |  | $ | 2,441 |  |  | $ | 2,582 |  |  | $ | 2,495 |
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 |
April 2025 Notes |  | Payable |  | $ | 200 |  |  |  | 5.75 | % |  | $ | 200 |  |  | € | 185 |  |  |  | 5.75 | % |  |  | 3.85 | %
Luxembourg Intercompany Notes |  | Receivable |  | € | 93 |  |  |  | 3.85 | % |  | $ | 100 |  |  | € | 93 |  |  |  | 5.75 | % |  |  | 3.85 | %
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 |  | Chinese renminbi, Indian rupee, Mexican peso, Thai baht, South African rand |  | $ | 426 |  |  | $ | 21 |  |  | $ | 447 |  |  | Sep-2025
Euro |  | U.S. dollar, Australian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Mexican peso, Norwegian krone, Swedish krona, South African rand |  |  | 293 |  |  |  | 32 |  |  |  | 325 |  |  | Sep-2027
Indian rupee |  | U.S. dollar, euro, British pound |  |  |  |  |  |  | 97 |  |  |  | 97 |  |  | Jun-2025
Brazilian real |  | U.S. dollar, euro |  |  | 56 |  |  |  | 6 |  |  |  | 62 |  |  | Mar-2025
South African rand |  | U.S. dollar, euro, Thai baht |  |  |  |  |  |  | 21 |  |  |  | 21 |  |  | Aug-2024
Canadian dollar |  | U.S. dollar |  |  | 1 |  |  |  | 17 |  |  |  | 18 |  |  | Oct-2024
Thai baht |  | U.S. dollar |  |  | 6 |  |  |  | 10 |  |  |  | 16 |  |  | Nov-2024
British pound |  | U.S. dollar, euro |  |  | 6 |  |  |  | 7 |  |  |  | 13 |  |  | Mar-2025
Chinese renminbi |  | U.S. dollar, euro, Canadian dollar |  |  |  |  |  |  | 9 |  |  |  | 9 |  |  | Jul-2024
Mexican peso |  | U.S. dollar |  |  |  |  |  |  | 3 |  |  |  | 3 |  |  | Jul-2024
Swedish krona |  | euro |  |  |  |  |  |  | 2 |  |  |  | 2 |  |  | Jul-2024
Australian dollar |  | U.S. dollar, euro |  |  |  |  |  |  | 1 |  |  |  | 1 |  |  | Jul-2024
Total forward contracts |  |  |  |  | 788 |  |  |  | 226 |  |  |  | 1,014 |  |  |
U.S. dollar |  | euro |  |  | 298 |  |  |  | 181 |  |  |  | 479 |  |  | Nov-2027
Euro |  | U.S. dollar |  |  | 300 |  |  |  | 188 |  |  |  | 488 |  |  | Jun-2026
Total currency swaps |  |  |  |  | 598 |  |  |  | 369 |  |  |  | 967 |  |  |
Total currency derivatives |  |  |  | $ | 1,386 |  |  | $ | 595 |  |  | $ | 1,981 |  |  |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
|  | Deferred Gain (Loss) in AOCI |
|  | June 30, 2024 |  |  | December 31, 2023 |  |  | Gain (loss) expected to be reclassified into income in one year or less |
Forward Contracts |  | $ | 12 |  |  | $ | 20 |  |  | $ | 12 |
Cross-Currency Swaps |  |  |  |  |  |  | 1 |  |  |  |  |
Total |  | $ | 12 |  |  | $ | 21 |  |  | $ | 12 |
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 |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
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 |  | $ | 2,738 |  |  | $ | 2,748 |  |  | $ | 5,473 |  |  | $ | 5,392 |
Cost of sales |  |  | 2,483 |  |  |  | 2,477 |  |  |  | 4,974 |  |  |  | 4,892 |
Other income (expense), net |  |  | (2 | ) |  |  | 4 |  |  |  | — |  |  |  | 9 |
(Gain) or loss on cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of (gain) loss reclassified from AOCI into income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | (7 | ) |  |  | (8 | ) |  |  | (16 | ) |  |  | (13 | )
Other income (expense), net |  |  | 4 |  |  |  | (3 | ) |  |  | 15 |  |  |  | (5 | )
Cross-currency swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of (gain) loss reclassified from AOCI into income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense), net |  |  | (4 | ) |  |  | 5 |  |  |  | (18 | ) |  |  | 12 |
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 |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Gain (loss) recognized in income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  | $ | 2 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |
Other income (expense), net |  |  | (1 | ) |  |  | (10 | ) |  |  | 1 |  |  |  | (7 | )

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