DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities at Fair Value

The following table presents the fair value of derivatives and hedging instruments and the respective location on the Consolidated Balance Sheets (in millions):

		Fair Value at
	Location	March 31, 2018		December 31, 2017
Derivative assets designated as hedging instruments:
Net investment hedges:
Cross-currency swaps	Other current assets	$	8	$	7
Cash flow hedges:
Natural gas forward swaps	Other current assets	$	1	$	1
Foreign exchange forward contracts	Other current assets	$	1	$	—
Derivative liabilities designated as hedging instruments:
Net investment hedges:
Cross-currency swaps	Other liabilities	$	63	$	38
Cash flow hedges:
Natural gas forward swaps	Accounts payable and accrued liabilities	$	—	$	1
Derivative assets not designated as hedging instruments:
Foreign exchange forward contracts	Other current assets	$	4	$	1
Derivative liabilities not designated as hedging instruments:
Foreign exchange forward contracts	Accounts payable and accrued liabilities	$	1	$	1

Schedule of Fair Value Derivative Instruments Statements of Earnings Location

The following table presents the impact of derivative activities on the Consolidated Statements of Comprehensive Earnings (in millions):

		Three Months Ended March 31, 2018
Hedging Type	Derivative Financial Instrument	Amount of Gain (Loss) Recognized in Comprehensive Earnings
Net investment hedge	Cross-currency swaps	$	(25	)
Cash flow hedge	Natural gas forward swaps	$	1

The following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings (in millions):

		Three Months Ended   March 31,
	Location	2018			2017
Derivative activity designated as hedging instruments:
Natural gas cash flow hedges:
Amount of gain reclassified from AOCI (as defined below) into earnings	Cost of sales	$	—		$	(1	)
Cross-currency swap net investment hedges:
Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testing	Interest expense, net	$	(3	)	$	—
Derivative activity not designated as hedging instruments:
Foreign currency:
Amount of gain recognized in earnings (a)	Other expenses, net	$	(4	)	$	—

(a) Gains related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Other expenses, net.