Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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 consist of derivative instruments and investment securities.

	2022								2021
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	18	$	—	$	18	$	—	$	29	$	—	$	29
Investment securities	748		—		—		748		1,033		—		8		1,041
Total assets	748		18		—		766		1,033		29		8		1,070
Liabilities
Derivatives	—		(86)		—		(86)		—		(49)		—		(49)
Total liabilities	$	—	$	(86)	$	—	$	(86)	$	—	$	(49)	$	—	$	(49)

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:

	2022		2021
Balance at beginning of year	$	8	$	30
Proceeds at maturity	(8)		(22)
Balance at end of year	$	—	$	8

Schedule of Investment Securities Classified as Available for Sale

	2022								2021
	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	$	—	$	—	$	—	$	—	$	8	$	—	$	—	$	8
Equity securities	557		191		—		748		579		455		(1)		1,033
Total	$	557	$	191	$	—	$	748	$	587	$	455	$	(1)	$	1,041

(1)Gains (losses) recorded to earnings related to these securities were $(271) million, $(843) million and $1.4 billion for the years ended December 31, 2022, 2021, and 2020, respectively.

Schedule of Derivatives

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

	2022				2021
	Assets		(Liabilities)		Assets		(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts	$	1	$	—	$	—	$	(3)
Interest rate swap contracts	—		(69)		—		(10)
Derivatives not accounted for as hedges
Currency exchange contracts and other	17		(17)		29		(36)
Total derivatives	$	18	$	(86)	$	29	$	(49)

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 statements of income (loss) caption	2022		2021		2020
Currency exchange contracts (1)	Cost of goods sold	$	24	$	(9)	$	59
Currency exchange contracts	Cost of services sold	18		5		62
Commodity derivatives	Cost of goods sold	(6)		1		2
Other derivatives	Other non-operating income (loss), net	2		—		8
Total (2)		$	38	$	(3)	$	131

(1)Excludes a loss of nil, gains of $7 million and losses of $14 million on embedded derivatives for the years ended December 31, 2022, 2021 and 2020, 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.