v3.23.1

FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
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 consists of derivative instruments and investment securities.
| March 31, 2023 | December 31, 2022
| Level 1 | Level 2 | Level 3 | Net Balance | Level 1 | Level 2 | Level 3 | Net Balance
Assets |  |  |  |  |  |  |  |
Derivatives | $ | — |  | $ | 27 |  | $ | — |  | $ | 27 |  | $ | — |  | $ | 18 |  | $ | — |  | $ | 18 |
Investment securities | 1,105 |  | — |  | — |  | 1,105 |  | 748 |  | — |  | — |  | 748 |
Total assets | 1,105 |  | 27 |  | — |  | 1,132 |  | 748 |  | 18 |  | — |  | 766 |
Liabilities |  |  |  |  |  |  |  |
Derivatives | — |  | (88) |  | — |  | (88) |  | — |  | (86) |  | — |  | (86) |
Total liabilities | $ | — |  | $ | (88) |  | $ | — |  | $ | (88) |  | $ | — |  | $ | (86) |  | $ | — |  | $ | (86) |
Schedule of Investment Securities Classified as Available for Sale |
| March 31, 2023 | December 31, 2022
| 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 (2) | $ | 11 |  | $ | — |  | $ | — |  | $ | 11 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Equity securities | 545 |  | 549 |  | — |  | 1,094 |  | 557 |  | 191 |  | — |  | 748 |
Total | $ | 556 |  | $ | 549 |  | $ | — |  | $ | 1,105 |  | $ | 557 |  | $ | 191 |  | $ | — |  | $ | 748 |
(1)Gains recorded to earnings related to these securities were $392 million and $12 million for the three months ended March 31, 2023 and 2022, respectively. (2)As of March 31, 2023, our non-U.S. debt securities are classified as available for sale securities and mature within one year.
Schedule of Derivatives | The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.
| March 31, 2023 | December 31, 2022
| Assets | Liabilities | Assets | Liabilities
Derivatives accounted for as hedges |  |  |  |
Currency exchange contracts | $ | — |  | $ | — |  | $ | 1 |  | $ | — |
Interest rate swap contracts | — |  | (61) |  | — |  | (69) |
Derivatives not accounted for as hedges |  |  |  |
Currency exchange contracts and other | 27 |  | (27) |  | 17 |  | (17) |
Total derivatives | $ | 27 |  | $ | (88) |  | $ | 18 |  | $ | (86) |
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 condensed consolidated statements of income (loss):
Derivatives not designated as hedging instruments | Condensed consolidated statements of income (loss) caption | Three Months Ended March 31, |
2023 | 2022 |  |
Currency exchange contracts (1) | Cost of goods sold | $ | 3 |  | $ | (2) |  |  |
Currency exchange contracts | Cost of services sold | 2 |  | 3 |  |  |
Commodity derivatives | Cost of goods sold | 1 |  | 9 |  |  |
Total (2) |  | $ | 6 |  | $ | 10 |  |  |
(1)Excludes losses of nil and gains of $1 million on embedded derivatives for the three months ended March 31, 2023 and 2022, 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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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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