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Guarantees (Tables) | 3 Months Ended
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Mar. 31, 2024
Guarantees [Abstract] |
Schedule of Guarantees | As of March 31, 2024 and December 31, 2023, the following financial guarantees were outstanding:
| March 31, 2024 |  | December 31, 2023
(dollars in millions) | Maximum Potential Payment |  | Carrying Amount of Liability |  | Maximum Potential Payment |  | Carrying Amount of Liability
Commercial aerospace financing arrangements | $ | 286 |  |  | $ | — |  |  | $ | 288 |  |  | $ | — |
Third party guarantees | 365 |  |  | 1 |  |  | 386 |  |  | 1 |
Product Warranty Disclosure | The changes in the carrying amount of service and product warranties and product performance guarantees for the quarters ended March 31, 2024 and 2023 were as follows:
(dollars in millions) |  | 2024 |  | 2023
Balance as of January 1 |  | $ | 1,091 |  |  | $ | 1,109 |
Warranties and performance guarantees issued |  | 65 |  |  | 69 |
Settlements |  | (71) |  |  | (84) |
Other |  | (1) |  |  | (1) |
Balance as of March 31 |  | $ | 1,084 |  |  | $ | 1,093 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-4 + Details
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- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-8 + Details
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