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DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term and Long-term Debt
The Company had short-term and long-term debt outstanding as follows:
December 31,
(in millions)20242023
Short-term debt
Short-term borrowings$61 $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
— 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)
1,022 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 other46 53 
Total long-term debt4,100 3,710 
Less: current portion337 3 
Long-term debt, net of current portion$3,763 $3,707 
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)202420232022
Interest expense$84 $73 $71 
Interest income(54)(35)(20)
Gain on debt extinguishment(10)(28)— 
Interest expense, net$20 $10 $51 
Schedule of Annual Principal Payments
Annual principal payments required as of December 31, 2024 are as follows:
(in millions)
2025$398 
202627 
20271,103 
20282 
2029623 
After 20292,044 
Total payments$4,197 
Less: unamortized premiums, net of discount(36)
Total short and long-term debt$4,161