Annual report pursuant to Section 13 and 15(d)

PRODUCT WARRANTY LIABILITY (Tables)

v3.24.0.1
PRODUCT WARRANTY LIABILITY (Tables)
 12 Months Ended
Dec. 31, 2023
Product Warranties Disclosures [Abstract]  
Summary of activity in the product warranty account
A tabular reconciliation of the product warranty liability, including the deferred revenue related to our extended warranty coverage and accrued product campaigns, was as follows:
  December 31,
In millions 2023 2022 2021
Balance at beginning of year $ 2,477  $ 2,425  $ 2,307 
Provision for base warranties issued 602  515  503 
Deferred revenue on extended warranty contracts sold 350  287  288 
Provision for product campaigns issued 28  141  346 
Payments made during period (705) (596) (530)
Amortization of deferred revenue on extended warranty contracts (300) (298) (260)
Changes in estimates for pre-existing product warranties and campaigns 37  (128) (228)
Acquisitions (1)
—  147  — 
Foreign currency translation adjustments and other 8  (16) (1)
Balance at end of year $ 2,497  $ 2,477  $ 2,425 
(1) See NOTE 24, "ACQUISITIONS," for additional information.
Deferred Revenue Extended Coverage and Base Warranty Liability, Disclosure
Warranty related deferred revenues and warranty liabilities on our Consolidated Balance Sheets were as follows:
  December 31,  
In millions 2023 2022 Balance Sheet Location
Deferred revenue related to extended coverage programs      
Current portion $ 279  $ 290  Current portion of deferred revenue
Long-term portion 774  717  Deferred revenue
Total $ 1,053  $ 1,007   
Product warranty
Current portion $ 667  $ 726  Current portion of accrued product warranty
Long-term portion 777  744  Other liabilities
Total $ 1,444  $ 1,470 
Total warranty accrual $ 2,497  $ 2,477