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LEASES AND COMMITMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of operating lease assets and lease liabilities
The following table presents the lease assets and lease liabilities as of December 31, 2021 and 2020:
December 31,
(in millions)20212020
AssetsBalance Sheet Location
Operating leasesOther non-current assets$185 $211 
Finance leasesProperty, plant and equipment, net11 12 
Total lease assets$196 $223 
Liabilities
Current
Operating leases Other current liabilities$43 $47 
Finance leasesNotes payable and other short-term debt2 2 
Non-current
Operating leasesOther non-current liabilities152 172 
Finance leasesLong-term debt11 12 
Total lease liabilities$208 $233 
Lease, Cost
The following table presents lease obligations arising from obtaining leased assets for the years ended December 31, 2021 and 2020. For the years ended December 31, 2021 and 2020, approximately $6 million and $159 million of these lease obligations were assumed in the acquisition of AKASOL on June 4, 2021 and Delphi Technologies on October 1, 2020, respectively.
December 31,
(in millions)20212020
Operating leases$27 $152 
Finance leases1 14 
Total lease obligations$28 $166 
The following table presents the terms and discount rates:
December 31,
20212020
Weighted-average remaining lease term (years)
Operating leases78
Finance leases78
Weighted-average discount rate
Operating leases2.0 %2.0 %
Finance leases3.0 %3.1 %
Summary of maturity of operating lease liabilities
The following table presents the maturity of lease liabilities as of December 31, 2021:
(in millions)Operating leasesFinance leases
2022$47 $3 
202333 2 
202429 2 
202526 2 
202623 2 
After 202654 4 
Total (undiscounted) lease payments$212 $15 
Less: Imputed interest17 2 
Present value of lease liabilities$195 $13 
Summary of maturity of finance lease liabilities
The following table presents the maturity of lease liabilities as of December 31, 2021:
(in millions)Operating leasesFinance leases
2022$47 $3 
202333 2 
202429 2 
202526 2 
202623 2 
After 202654 4 
Total (undiscounted) lease payments$212 $15 
Less: Imputed interest17 2 
Present value of lease liabilities$195 $13