NOTES PAYABLE AND DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

As of June 30, 2023 and December 31, 2022, the Company had debt outstanding as follows:

	June 30,		December 31,
(in millions)	2023		2022
Short-term borrowings	$	62	$	58
Long-term debt
3.375% Senior notes due 03/15/25 ($500 million par value)	499		499
5.000% Senior notes due 10/01/25 ($800 million par value)*	854		866
2.650% Senior notes due 07/01/27 ($1,100 million par value)	1,093		1,092
7.125% Senior notes due 02/15/29 ($121 million par value)	120		120
1.000% Senior Notes due 05/19/31 (€1,000 million par value)	1,073		1,051
4.375% Senior notes due 03/15/45 ($500 million par value)	495		495
Term loan facilities, finance leases and other	60		47
Total long-term debt	4,194		4,170
Less: current portion	3		4
Long-term debt, net of current portion	$	4,191	$	4,166

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*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 Condensed Consolidated Statements of Operations:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022			2023		2022
Interest expense	$	21	$	21		$	41	$	40
Interest income	(9)		(6)			(19)		(10)
Interest expense, net	$	12	$	15		$	22	$	30