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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The effect of the Company's fair value hedges in Interest expense – net on the Condensed Consolidated Statement of Earnings for the three months ended March 31, 2022 and 2021 is as follows (in millions of dollars):
Three Months Ended March 31,
20222021
Gains (losses)
Interest rate swaps:
      Hedged item$19 $10 
      Derivatives designated as hedging instrument$(19)$(10)
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, 2022 and December 31, 2021 were as follows (in millions of dollars):
As of
March 31, 2022December 31, 2021
Balance Sheet ClassificationFair Value and Carrying Amounts
Cross-currency swapAccrued expenses$3 $— 
Other non-current liabilities$— $2 
Interest rate swapsOther assets$— $1 
Other non-current liabilities$18 $—