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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 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 Consolidated Statement of Earnings for the twelve months ended December 31, 2021 and 2020 is as follows (in millions of dollars):
For the Years Ended December 31,
20212020
Total gains or (losses) recognized in earnings by line item in which the effects of fair value and cash flow hedges are recorded:
Interest expense – net
  Fair value hedge:
Interest rate contracts:
      Hedged item$20 $(21)
      Derivatives designated as hedging instrument$(20)$21 
Other – net
  Cash flow hedge:
Foreign exchange contracts:
      Hedged item$— $2 
      Amount of gains (losses) reclassified from
         AOCE into earnings:$— $(2)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value and carrying amounts of outstanding derivative instruments in the Consolidated Balance Sheets as of December 31, 2021 and 2020 was as follows (in millions of dollars):
As of December 31,
20212020
Balance Sheet ClassificationFair Value and Carrying Amounts
Cross-currency swapOther non-current liabilities$2 $2 
Interest rate swapsOther assets$1 $21