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HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes our outstanding derivative contracts and their effects in our Consolidated Condensed Balance Sheets at March 31, 2023 and December 31, 2022. 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 of 
Notional AmountHedge AssetsHedge LiabilitiesMaximum Term (Months)
Millions of dollars20232022202320222023202220232022
Derivatives accounted for as hedges(1)
Commodity swaps/options$220 $170 $4 $7 $15 $17 (CF)2124
Foreign exchange forwards/options1,094 998 17 24 27 20 (CF/NI)1515
Cross-currency swaps618 618 5 5 46 42 (CF)7174
Total derivatives accounted for as hedges$26 $36 $88 $79 
Derivatives not accounted for as hedges
Commodity swaps/options$— $1 $— $— $— $— N/A00
Foreign exchange forwards/options331 439 — 5 1 6 N/A55
Total derivatives not accounted for as hedges— 5 1 6 
Total derivatives$26 $41 $89 $85 
Current$25 $40 $40 $41 
Noncurrent1 1 49 44 
Total derivatives$26 $41 $89 $85 
(1)Derivatives accounted for as hedges are considered cash flow (CF) hedges.
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income (Loss)
The following tables summarize the effects of derivative instruments on our Consolidated Condensed Statements of Comprehensive Income (Loss) for the periods presented:
Three Months Ended March 31,
Gain (Loss)
Recognized in OCI
(Effective Portion ) (2)
Millions of dollars20232022
Cash flow hedges
     Commodity swaps/options$— $39 
     Foreign exchange forwards/options(20)(43)
     Cross-currency swaps(1)8 
     Interest rate derivatives(1)23 
Net Investment hedges
     Foreign currency— (16)
(22)11 
Three Months Ended March 31,
Location of Gain (Loss) Reclassified from
OCI into Earnings
(Effective Portion)
Gain (Loss) Reclassified from
OCI into Earnings
(Effective Portion)(3)
Cash Flow Hedges - Millions of dollars20232022
Commodity swaps/options Cost of products sold$— $18 
Foreign exchange forwards/optionsNet sales— — 
Foreign exchange forwards/optionsCost of products sold(8)(5)
Foreign exchange forwards/optionsInterest and sundry (income) expense9 29 
Cross-currency swapsInterest and sundry (income) expense(7)41 
Interest rate derivativesInterest expense— — 
(6)83 
Three Months Ended March 31,
Location of Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges		Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges
Derivatives not Accounted for as Hedges - Millions of dollars20232022
Foreign exchange forwards/optionsInterest and sundry (income) expense$13 $(16)
(2)Change in gain (loss) recognized in OCI (effective portion) for the three months ended March 31, 2023 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. The tax impact of the cash flow hedges was $5 million and $19 million for the three months ended March 31, 2023 and 2022, respectively. The tax impact of the net investment hedges was $0 million and $3 million for the three months ended March 31, 2023 and 2022, respectively.
(3)Change in gain (loss) reclassified from OCI into earnings (effective portion) for the three months ended March 31, 2023 was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year.