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HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes our foreign currency denominated debt and foreign exchange forwards/options designated as net investment hedges at December 31, 2022 and 2021:
Notional (local)Notional (USD)Current Maturity
Instrument2022202120222021
Foreign exchange forwards/optionsMXN— MXN7,200 $— $352 N/A
The following table summarizes our outstanding derivative contracts and their effects on our Consolidated Balance Sheets at December 31, 2022 and 2021. Hedge assets and liabilities of our European major domestic appliance business have been classified as held for sale and are excluded from the table below.
  Fair Value ofType of
Hedge		 
Notional AmountHedge AssetsHedge LiabilitiesMaximum Term (Months)
Millions of dollars20222021202220212022202120222021
Derivatives accounted for as hedges(1)
Commodity swaps/options$170 $297 $7 $40 $17 $13 (CF)2421
Foreign exchange forwards/options(2)
998 2,872 24 91 20 64 (CF/NI)15122
Cross-currency swaps618 1,275 5 31 42 7 (CF)7486
Interest rate derivatives— 300 — — — 14 (CF)041
Total derivatives accounted for as hedges$36 $162 $79 $98 
Derivatives not accounted for as hedges
Commodity swaps/options$1 $2 $— $— $— $— N/A014
Foreign exchange forwards/options(2)
439 2,240 5 20 6 18 N/A512
Total derivatives not accounted for as hedges$5 $20 $6 $18 
Total derivatives$41 $182 $85 $116 
Current$40 $170 $41 $93 
Noncurrent1 12 44 23 
Total derivatives$41 $182 $85 $116 
(1)Derivatives accounted for as hedges are considered either cash flow (CF) or net investment (NI) hedges.
(2)Foreign exchange forwards/options have decreased due to repayment of intercompany loans, exclusion of derivatives held for sale, and liquidation of net investment hedges
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income
The following tables summarize the effects of derivative instruments on our Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2022 and 2021:
Gain (Loss)
Recognized in OCI
(Effective Portion) (3)
 Millions of dollars20222021
Cash flow hedges
     Commodity swaps/options$(3)$66 
     Foreign exchange forwards/options113 92 
     Cross-currency swaps(47)110 
     Interest rate derivatives56 14 
Net investment hedges
     Foreign currency(26)1 
$93 $283 
Location of Gain (Loss) Reclassified from
OCI into Earnings
(Effective Portion)
Gain (Loss) Reclassified from
OCI into Earnings
(Effective Portion)(3),(4),(5)
Cash Flow Hedges - Millions of dollars20222021
Commodity swaps/options (3)
Cost of products sold$39 $68 
Foreign exchange forwards/optionsNet sales— 2 
Foreign exchange forwards/optionsCost of products sold(26)(3)
Foreign exchange forwards/optionsInterest and sundry (income) expense130 71 
Cross-currency swaps(5)
Interest and sundry (income) expense(50)117 
$93 $255 
Location of Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges
Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges (3)
Derivatives not Accounted for as Hedges - Millions of dollars20222021
Foreign exchange forwards/optionsInterest and sundry (income) expense$(24)$74 
(3)Change in gain (loss) recognized in OCI (effective portion) is primarily driven by increases in commodity prices and fluctuations in currency and interest rates. The tax impact of the cash flow hedges was $(2) million and $(14) million in 2022 and 2021, respectively. The tax impact of the net investment hedges was $6 million and $(1) million in 2022 and 2021, respectively.
(4)Change in gain (loss) reclassified from OCI into earnings (effective portion) was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year.
(5)Change in cross-currency swaps is primarily driven by the currency change in the Euro year-over-year.