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Guarantees (Tables) | 12 Months Ended
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Dec. 31, 2022
Guarantees [Abstract] |
Schedule of Guarantor Obligations | As of December 31, 2022 and 2021, the following financial guarantees were outstanding:
| December 31, 2022 |  | December 31, 2021
(dollars in millions) | Maximum Potential Payment |  | Carrying Amount of Liability |  | Maximum Potential Payment |  | Carrying Amount of Liability
Commercial aerospace financing arrangements | $ | 304 |  |  | $ | — |  |  | $ | 309 |  |  | $ | 3 |
Third party guarantees | 335 |  |  | 1 |  |  | 511 |  |  | 5 |
Product Warranty Disclosure | The changes in the carrying amount of service and product warranties and product performance guarantees for the years ended December 31 were as follows:
(dollars in millions) | 2022 |  | 2021 |  | 2020
Balance as of January 1 | $ | 1,157 |  |  | $ | 1,057 |  |  | $ | 1,033 |
Warranties and performance guarantees issued | 264 |  |  | 380 |  |  | 311 |
Settlements | (284) |  |  | (272) |  |  | (292) |
Other | (28) |  |  | (8) |  |  | 5 |
Balance as of December 31 | $ | 1,109 |  |  | $ | 1,157 |  |  | $ | 1,057 |

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- Definition The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI https://asc.fasb.org/topic&trid=2155896 + Details
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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12069-110248 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12265-110248 + Details
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