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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2019
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
 
June 30, 2019
 
December 31, 2018
Derivative assets designated as hedging instruments:
 
 
 
 
 
Net investment hedges:
 
 
 
 
 
       Cross-currency swaps
Other current assets
 
$
11

 
$
9

Derivative liabilities designated as hedging instruments:
 
 
 
 
 
Net investment hedges:
 
 
 
 
 
       Cross-currency swaps
Other liabilities
 
$
18

 
$
17

Cash flow hedges:
 
 
 
 
 
Natural gas forward swaps
Current liabilities
 
$
3

 
$
1

Derivative assets not designated as hedging instruments:
 
 
 
 
 
Foreign exchange forward contracts
Other current assets
 
$
12

 
$
1

Derivative liabilities not designated as hedging instruments:
 
 
 
 
 
Foreign exchange forward contracts
Current liabilities
 
$
3

 
$
8
Schedule of Fair Value Derivative Instruments Statements of Earnings Location
The following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings (in millions):
  
  
Three Months Ended
June 30,
Six Months Ended
June 30,
  
Location
2019
2018
2019
2018
Derivative activity designated as hedging instruments:
 
 
 
 
 
Cross-currency swap net investment hedges:
 
 
 
 
 
Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testing
Interest expense, net
$
(3
)
$
(3
)
$
(6
)
$
(6
)
Derivative activity not designated as hedging instruments:
 
 
 
 
 
Natural gas:
 
 
 
 
 
Amount of loss recognized in earnings
Other expenses, net
$
1

$
—

$
1

$
—

Foreign currency:
 
 
 
 
 
Amount of loss/(gain) recognized in earnings (a)
Other expenses, net
$
5

$
(40
)
$
(14
)
$
(44
)

(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. Please refer to the "Other Derivatives" section below for additional detail.

The following table presents the impact of derivative activities on the Consolidated Statements of Comprehensive Earnings (in millions):
 
 
Amount of Loss (Gain) Recognized in Comprehensive Earnings
 
 
Three Months Ended 
 June 30,
Six Months Ended June 30,
Hedging Type
Derivative Financial Instrument
2019
2018
2019
2018
Net investment hedge
Cross-currency swaps
$
10

$
(26
)
$
(3
)
$
(1
)
Cash flow hedge
Natural gas forward swaps
$
—

$
(1
)
$
2

$
(2
)