v3.23.3

FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 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.

			September 30, 2023												December 31, 2022
			Level 1			Level 2			Level 3			Net Balance			Level 1			Level 2			Level 3			Net Balance
Assets
Derivatives			$	—		$	30		$	—		$	30		$	—		$	18		$	—		$	18
Investment securities			1,100			—			2			1,102			748			—			—			748
Total assets			1,100			30			2			1,132			748			18			—			766
Liabilities
Derivatives			—			(95)			—			(95)			—			(86)			—			(86)
Total liabilities			$	—		$	(95)		$	—		$	(95)		$	—		$	(86)		$	—		$	(86)

Schedule of Investment Securities Classified as Available for Sale

			September 30, 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)			$	48		$	2		$	—		$	50		$	—		$	—		$	—		$	—
Equity securities			519			533			—			1,052			557			191			—			748
Total			$	567		$	535		$	—		$	1,102		$	557		$	191		$	—		$	748

(1)Gains (losses) recorded to earnings related to these securities were $99 million and $(52) million for the three months ended September 30, 2023 and 2022, respectively, and $489 million and $(170) million for the nine months ended September 30, 2023 and 2022.

(2)As of September 30, 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.

			September 30, 2023						December 31, 2022
			Assets			Liabilities			Assets			Liabilities
Derivatives accounted for as hedges
Currency exchange contracts			$	—		$	(16)		$	1		$	—
Interest rate swap contracts			9			(70)			—			(69)
Derivatives not accounted for as hedges
Currency exchange contracts and other			22			(9)			17			(17)
Total derivatives			$	30		$	(95)		$	18		$	(86)

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