v3.22.4

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our assets and liabilities measured at fair value on a recurring basis consist of derivative instruments and investment securities.

			2022												2021
			Level 1			Level 2			Level 3			Net Balance			Level 1			Level 2			Level 3			Net Balance
Assets
Derivatives			$	—		$	18		$	—		$	18		$	—		$	29		$	—		$	29
Investment securities			748			—			—			748			1,033			—			8			1,041
Total assets			748			18			—			766			1,033			29			8			1,070
Liabilities
Derivatives			—			(86)			—			(86)			—			(49)			—			(49)
Total liabilities			$	—		$	(86)		$	—		$	(86)		$	—		$	(49)		$	—		$	(49)

Schedule of Reconciliation of Recurring Level 3 Fair Value Measurements

The following table provides a reconciliation of recurring Level 3 fair value measurements for investment securities:

			2022			2021
Balance at beginning of year			$	8		$	30
Proceeds at maturity			(8)			(22)
Balance at end of year			$	—		$	8

Schedule of Investment Securities Classified as Available for Sale

			2022												2021
			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
Investment securities (1)
Non-U.S. debt securities			$	—		$	—		$	—		$	—		$	8		$	—		$	—		$	8
Equity securities			557			191			—			748			579			455			(1)			1,033
Total			$	557		$	191		$	—		$	748		$	587		$	455		$	(1)		$	1,041

(1)Gains (losses) recorded to earnings related to these securities were $(271) million, $(843) million and $1.4 billion for the years ended December 31, 2022, 2021, and 2020, respectively.

Schedule of Derivatives

The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.

			2022						2021
			Assets			(Liabilities)			Assets			(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts			$	1		$	—		$	—		$	(3)
Interest rate swap contracts			—			(69)			—			(10)
Derivatives not accounted for as hedges
Currency exchange contracts and other			17			(17)			29			(36)
Total derivatives			$	18		$	(86)		$	29		$	(49)

Schedule of Gains (Losses) From Derivatives not Designated as Hedges

The following table summarizes the gains (losses) from derivatives not designated as hedges in the consolidated statements of income (loss):

Derivatives not designated as hedging instruments			Consolidated statements of income (loss) caption			2022			2021			2020
Currency exchange contracts (1)			Cost of goods sold			$	24		$	(9)		$	59
Currency exchange contracts			Cost of services sold			18			5			62
Commodity derivatives			Cost of goods sold			(6)			1			2
Other derivatives			Other non-operating income (loss), net			2			—			8
Total (2)						$	38		$	(3)		$	131

(1)Excludes a loss of nil, gains of $7 million and losses of $14 million on embedded derivatives for the years ended December 31, 2022, 2021 and 2020, respectively, as embedded derivatives are not considered to be hedging instruments in our economic hedges.

(2)The effect on earnings of derivatives not designated as hedges is substantially offset by the change in fair value of the economically hedged items in the current and future periods.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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