NOTES PAYABLE AND DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

As of March 31, 2022 and December 31, 2021, the Company had debt outstanding as follows:

	March 31,		December 31,
(in millions)	2022		2021
Short-term borrowings	$	60	$	62
Long-term debt
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)*	884		889
2.650% Senior notes due 07/01/27 ($1,100 million par value)	1,090		1,092
7.125% Senior notes due 02/15/29 ($121 million par value)	120		119
1.000% Senior Notes due 05/19/31 (€1,000 million par value)	1,087		1,117
4.375% Senior notes due 03/15/45 ($500 million par value)	494		494
Term loan facilities, finance leases and other	54		56
Total long-term debt	4,227		4,265
Less: current portion	4		4
Long-term debt, net of current portion	$	4,223	$	4,261

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*Includes the fair value step-up from the Delphi Technologies acquisition, which was 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 Condensed Consolidated Statements of Operations:

	Three Months Ended March 31,
(in millions)	2022		2021
Interest expense	$	19	$	21
Interest income	(4)		(3)
Interest expense, net	$	15	$	18