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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2021
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 and nine months ended September 30, 2021 and 2020 is as follows (in millions of dollars):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Interest expense, netOther, netInterest expense, netOther, netInterest expense, netOther, NetInterest expense, netOther, Net
Gain or (loss) recognized in earnings
Fair value hedge:
Hedged item$3 $— $— $— $12 $— $(22)$— 
Interest rate swap designated as hedging instrument$(3)$— $— $— $(12)$— $22 $— 
Cash flow hedge:
Hedged item$— $(1)$— $— $— $— $— $— 
Cross-currency swap designated as hedging instrument$— $1 $— $— $— $— $— $— 
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 September 30, 2021 and December 31, 2020 were as follows (in millions of dollars):
As of September 30, 2021As of December 31, 2020
Balance Sheet ClassificationFair Value and Carrying AmountsFair Value and Carrying Amounts
Cross-currency swapOther non-current liabilities$2 $2 
Interest rate swapOther assets$9 $21