Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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.

	2021								2020
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	29	$	—	$	29	$	—	$	118	$	—	$	118
Investment securities	1,033		—		8		1,041		1,502		—		30		1,532
Total assets	1,033		29		8		1,070		1,502		118		30		1,650
Liabilities
Derivatives	—		(49)		—		(49)		—		(52)		—		(52)
Total liabilities	$	—	$	(49)	$	—	$	(49)	$	—	$	(52)	$	—	$	(52)

Schedule of Reconciliation of Recurring Level 3 Fair Value Measurements

The following table provides a reconciliation of recurring Level 3 fair value measurements for investment securities:

	2021		2020
Balance at beginning of year	$	30	$	259
Purchases	—		12
Proceeds at maturity	(22)		(239)
Unrealized gains (losses) recognized in other comprehensive loss	—		(2)
Balance at end of year	$	8	$	30

Schedule of Investment Securities Classified as Available for Sale

	2021								2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investment securities
Non-U.S. debt securities (1)	$	8	$	—	$	—	$	8	$	30	$	—	$	—	$	30
Equity securities (2)	579		455		(1)		1,033		76		1,431		(5)		1,502
Total	$	587	$	455	$	(1)	$	1,041	$	106	$	1,431	$	(5)	$	1,532

(1)All of our investment securities are classified as available for sale instruments. Non-U.S. debt securities mature within one year.

(2)Gains (losses) recorded to earnings related to these securities were $(843) million, $1.4 billion and $2 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Schedule of Derivatives

The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.

	2021				2020
	Assets		(Liabilities)		Assets		(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts	$	—	$	(3)	$	5	$	—
Interest rate swap contracts	—		(10)		—		—
Derivatives not accounted for as hedges
Currency exchange contracts and other	29		(36)		113		(52)
Total derivatives	$	29	$	(49)	$	118	$	(52)

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 consolidated statements of income (loss):

Derivatives not designated as hedging instruments	Consolidated statement of income caption	2021		2020		2019
Currency exchange contracts (1)	Cost of goods sold	$	(9)	$	59	$	(13)
Currency exchange contracts	Cost of services sold	5		62		(15)
Commodity derivatives	Cost of goods sold	1		2		2
Other derivatives	Other non-operating income (loss), net	—		8		2
Total (2)		$	(3)	$	131	$	(24)

(1)Excludes gains of $7 million and losses of $14 million and $7 million on embedded derivatives for the years ended December 31, 2021, 2020 and 2019, 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.