v3.23.1

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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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