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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The effect of the Company's fair value and cash flow hedges on the Company's Condensed Consolidated Statement of Earnings for the three months ended March 31, 2020 is as follows (in millions of dollars):
 
Interest expense, net
 
Other, net
Gain or (loss) recognized in earnings


 


Fair value hedge:
 
 
 
Hedged item
$
(18
)
 
$
—

Interest rate swap designated as hedging instrument
$
18

 
$
—

 
 
 
 
Cash flow hedge:
 
 
 
Hedged item
$
—

 
$
(2
)
Cross-currency swap designated as hedging instrument
$
—

 
$
2
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value and carrying amounts of outstanding derivative instruments in the Condensed Consolidated Balance Sheets as of March 31, 2020 was as follows (in millions of dollars):
 
Balance Sheet Classification
 
Fair Value and Carrying Amounts
Cross-currency swap
Prepaid expenses and other current assets
 
$
2

Interest rate swap
Other assets
 
$
18