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COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Reserves

The following table summarizes the changes in total product warranty liability reserves for the periods presented:

						Product Warranty
Millions of dollars						2022						2021
Balance at January 1						$	286					$	273
Issuances/accruals during the period						71						114
Settlements made during the period/other						(79)						(86)
Balance at March 31						$	278					$	301
Current portion						$	187					$	207
Non-current portion						91						94
Total						$	278					$	301

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- References

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- Definition

Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123368208&loc=d3e12565-110249

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