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GUARANTEES | 3 Months Ended
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Mar. 31, 2020
Guarantees [Abstract] |
GUARANTEES | GUARANTEES The Company provides service and warranty coverage on its products and extends performance and operating cost guarantees beyond normal service and warranty coverage on some of its products. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Liabilities for performance and operating cost guarantees are based upon future product performance and durability, and are largely estimated based upon historical experience. Adjustments are recorded to accruals based on claims data and historical experience. The changes in the carrying amount of service and product warranties and product performance guarantees, included in Accrued liabilities on the accompanying Unaudited Condensed Combined Balance Sheet, for the quarters ended March 31, 2020 and 2019 are as follows:
| For the Quarters Ended March 31, |  |
(dollars in millions) | 2020 |  | 2019
Balance as of January 1 | $ | 488 |  |  | $ | 473 |
Warranties and performance guarantees issued | 35 |  |  | 40 |
Settlements made | (39) |  |  | (36) |
Other | (3) |  |  | — |
Balance as of March 31 | $ | 481 |  |  | $ | 477 |

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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 http://asc.fasb.org/topic&trid=2155896 + Details
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