NOTES PAYABLE AND DEBT (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022		2021
Short-term debt
Short-term borrowings	$	58	$	62
Long-term debt
3.375% Senior notes due 03/15/25 ($500 million par value)	499		498
5.000% Senior notes due 10/01/25 ($800 million par value)1	866		889
2.650% Senior notes due 07/01/27 ($1,100 million par value)	1,092		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)	1,051		1,117
4.375% Senior notes due 03/15/45 ($500 million par value)	495		494
Term loan facilities, finance leases and other	47		56
Total long-term debt	4,170		4,265
Less: current portion	4		4
Long-term debt, net of current portion	$	4,166	$	4,261

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1 These notes include the fair value step-up from the Delphi Technologies acquisition. The fair value step-up was calculated based on observable market data and is 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)	2022		2021		2020
Interest expense	$	78	$	105	$	73
Interest income	(26)		(12)		(12)
Interest expense, net	$	52	$	93	$	61

Schedule of Annual Principal Payments

Annual principal payments required as of December 31, 2022 are as follows:

(in millions)
2023	$	62
2024	7
2025	1,307
2026	7
2027	1,106
After 2027	1,707
Total payments	$	4,196
Add: unamortized premiums, net of discount	32
Total	$	4,228