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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 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 on the Condensed Consolidated Statements of Earnings in Interest expense – net for the three and nine months ended September 30, 2022 and 2021, respectively, is as follows (in millions of dollars):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Gain or (loss):
Interest rate swaps:
      Hedged item$11 $3 $36 $12 
      Derivatives designated as hedging instrument$(11)$(3)$(36)$(12)
Schedule of Fair Value and Carrying Amounts of Outstanding Derivative Instruments
The fair value and carrying amounts of outstanding derivative instruments on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, respectively, were as follows (in millions of dollars):
As of
September 30, 2022December 31, 2021
Balance Sheet ClassificationFair Value and Carrying Amounts
Cross-currency swapPrepaid expenses and other current assets$1 $— 
Other non-current liabilities$— $2 
Interest rate swapsOther assets$— $1 
Other non-current liabilities$35 $—