Guarantees

We extend a variety of financial, market value and product performance guarantees to third parties. There have been no material changes to guarantees outstanding since December 31, 2015. The changes in the carrying amount of service and product warranties and product performance guarantees for the three months ended March 31, 2016 and 2015 are as follows:



(Dollars in millions)	2016			2015
Balance as of January 1	$	1,212		$	1,264
Warranties and performance guarantees issued	76			72
Settlements made	(62		)	(68		)
Other	10			(4		)
Balance as of March 31	$	1,236		$	1,264

The amounts above exclude service and product warranties and product performance guarantees related to Sikorsky of approximately $50 million as of March 31, 2015.