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DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Effect of Fair Value Hedges in Interest Expense, Net
The effect of the Company's fair value hedges in Interest expense – net on the Condensed Consolidated Statement of Earnings for the three and six months ended June 30, 2022 and 2021, respectively, is as follows (in millions of dollars):

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Gains (losses)
Interest rate swaps:
      Hedged item$5 $(1)$24 $9 
      Derivatives designated as hedging instrument$(5)$1 $(24)$(9)
Schedule of Fair Value and Carrying Amounts of Outstanding Derivative Instruments
The fair value and carrying amounts of outstanding derivative instruments in the Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021, respectively, were as follows (in millions of dollars):
As of
June 30, 2022December 31, 2021
Balance Sheet ClassificationFair Value and Carrying Amounts
Cross-currency swapAccrued expenses$2 $— 
Other non-current liabilities$— $2 
Interest rate swapsOther assets$— $1 
Other non-current liabilities$23 $—