DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

As of September 30, 2024 and December 31, 2023, the Company had debt outstanding as follows:

	September 30,		December 31,
(in millions)	2024		2023
Short-term borrowings	$	60	$	70
Long-term debt
3.375% Senior notes due 03/15/25 ($334 million par value)	334		384
5.000% Senior notes due 10/01/25 ($343 million par value)1	354		477
2.650% Senior notes due 07/01/27 ($1,100 million par value)	1,095		1,093
7.125% Senior notes due 02/15/29 ($121 million par value)	120		120
4.950% Senior notes due 08/15/29 ($500 million par value)	495		—
1.000% Senior notes due 05/19/31 (€1,000 million par value)	1,099		1,088
5.400% Senior notes due 08/15/34 ($500 million par value)	493		—
4.375% Senior notes due 03/15/45 ($500 million par value)	495		495
Term loan facilities, finance leases and other	48		53
Total long-term debt	4,533		3,710
Less: current portion	338		3
Long-term debt, net of current portion	$	4,195	$	3,707

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1 These notes include the fair value step up of $11 million and $24 million as of September 30, 2024 and December 31, 2023, 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 Condensed Consolidated Statements of Operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Interest expense	$	24	$	21	$	56	$	57
Gain on debt extinguishment	(3)		(28)		(3)		(28)
Interest income	(17)		(12)		(36)		(26)
Interest expense (income), net	$	4	$	(19)	$	17	$	3