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NOTES PAYABLE AND DEBT (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
As of March 31, 2021 and December 31, 2020, the Company had debt outstanding as follows:
March 31,December 31,
(in millions)
20212020
Short-term borrowings$47 $45 
Long-term debt
1.800% Senior notes due 11/07/22 (€500 million par value)
585 609 
3.375% Senior notes due 03/15/25 ($500 million par value)
498 498 
5.000% Senior notes due 03/15/25 ($800 million par value)*
906 912 
2.650% Senior notes due 07/01/27 ($1,100 million par value)
1,089 1,088 
7.125% Senior notes due 02/15/29 ($121 million par value)
119 119 
4.375% Senior notes due 03/15/45 ($500 million par value)
494 494 
Term loan facilities, finance leases and other21 22 
Total long-term debt3,712 3,742 
Less: current portion4 4 
Long-term debt, net of current portion$3,708 $3,738 
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*Includes the fair value step-up from the Delphi Technologies acquisition, which was based on observable market data and will be amortized as a reduction to interest expense over the remaining life of the instrument using the effective interest method.