NOTES PAYABLE AND DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

The Company had short-term and long-term debt outstanding as follows:

	December 31,
(in millions)	2021		2020
Short-term debt
Short-term borrowings	$	62	$	45
Long-term debt
1.800% Senior notes due 11/07/22 (€500 million par value)	—		609
3.375% Senior notes due 03/15/25 ($500 million par value)	498		498
5.000% Senior notes due 10/01/25 ($800 million par value)1	889		912
2.650% Senior notes due 07/01/27 ($1,100 million par value)	1,092		1,088
7.125% Senior notes due 02/15/29 ($121 million par value)	119		119
1.000% Senior notes due 05/19/31 (€1,000 million par value)	1,117		—
4.375% Senior notes due 03/15/45 ($500 million par value)	494		494
Term loan facilities, finance leases and other	56		22
Total long-term debt	4,265		3,742
Less: current portion	4		4
Long-term debt, net of current portion	$	4,261	$	3,738

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1 These notes are reflected at their fair value as of the date of the acquisition. The fair value step-up was calculated based on observable market data and will be amortized as a reduction to interest expense over the remaining life of the instrument using the effective interest method.

Schedule of consolidated statements of operations

The following table provides details on Interest expense, net included in the Consolidated Statements of Operations:

	Year Ended December 31,
(in millions)	2021		2020		2019
Interest expense	$	105	$	73	$	55
Interest income	(12)		(12)		(12)
Interest expense, net	$	93	$	61	$	43

Summary of annual principal payments

Annual principal payments required as of December 31, 2021 are as follows:

(in millions)
2022	$	66
2023	41
2024	3
2025	1,302
2026	2
After 2026	2,863
Total payments	$	4,277
Add: unamortized premiums, net of discount	50
Total	$	4,327