FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 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.

	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	27	$	—	$	27	$	—	$	18	$	—	$	18
Investment securities	1,105		—		—		1,105		748		—		—		748
Total assets	1,105		27		—		1,132		748		18		—		766
Liabilities
Derivatives	—		(88)		—		(88)		—		(86)		—		(86)
Total liabilities	$	—	$	(88)	$	—	$	(88)	$	—	$	(86)	$	—	$	(86)

Schedule of Investment Securities Classified as Available for Sale

	March 31, 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)	$	11	$	—	$	—	$	11	$	—	$	—	$	—	$	—
Equity securities	545		549		—		1,094		557		191		—		748
Total	$	556	$	549	$	—	$	1,105	$	557	$	191	$	—	$	748

(1)Gains recorded to earnings related to these securities were $392 million and $12 million for the three months ended March 31, 2023 and 2022, respectively.

(2)As of March 31, 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.

	March 31, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Derivatives accounted for as hedges
Currency exchange contracts	$	—	$	—	$	1	$	—
Interest rate swap contracts	—		(61)		—		(69)
Derivatives not accounted for as hedges
Currency exchange contracts and other	27		(27)		17		(17)
Total derivatives	$	27	$	(88)	$	18	$	(86)

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 condensed consolidated statements of income (loss):

Derivatives not designated as hedging instruments	Condensed consolidated statements of income (loss) caption	Three Months Ended March 31,
		2023		2022
Currency exchange contracts (1)	Cost of goods sold	$	3	$	(2)
Currency exchange contracts	Cost of services sold	2		3
Commodity derivatives	Cost of goods sold	1		9
Total (2)		$	6	$	10

(1)Excludes losses of nil and gains of $1 million on embedded derivatives for the three months ended March 31, 2023 and 2022, 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.