NOTES PAYABLE AND DEBT (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Short-term debt
Short-term borrowings	$	70	$	58
Long-term debt
3.375% Senior notes due 03/15/25 ($384 million par value)	384		499
5.000% Senior notes due 10/01/25 ($453 million par value)1	477		840
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)	1,088		1,051
4.375% Senior notes due 03/15/45 ($500 million par value)	495		495
Term loan facilities, finance leases and other	53		45
Total long-term debt	3,710		4,142
Less: current portion	3		2
Long-term debt, net of current portion	$	3,707	$	4,140

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1 These notes include the fair value step up of $24 million and $65 million as of December 31, 2023 and 2022, respectively, related to the Delphi Technologies acquisition in 2020. 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. Interest expense primarily relates to interest on the Company’s fixed rate

Senior notes, net of any amortization of premium or discount. Interest income primarily relates to interest received on cash and investments and interest received on the Company’s net investment hedges. Interest income has been favorably impacted by rising interest rates.

	Year Ended December 31,
(in millions)	2023		2022		2021
Interest expense	$	73	$	71	$	82
(Gain) loss on debt extinguishment	(28)		—		20
Interest income	(35)		(20)		(11)
Interest expense, net	$	10	$	51	$	91

Schedule of Annual Principal Payments

Annual principal payments required as of December 31, 2023 are as follows:

(in millions)
2024	$	73
2025	846
2026	8
2027	1,107
2028	8
After 2028	1,743
Total payments	$	3,785
Less: unamortized premiums, net of discount	(5)
Total short and long-term debt	$	3,780