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NOTES PAYABLE AND DEBT (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
As of June 30, 2021 and December 31, 2020, the Company had debt outstanding as follows:
June 30,December 31,
(in millions)
20212020
Short-term borrowings$1 $45 
Long-term debt
1.800% Senior notes due 11/07/22 (€500 million par value)
— 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)*
901 912 
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 
1.000% Senior Notes due 05/19/31 (€1,000 million par value)
1,164 — 
4.375% Senior notes due 03/15/45 ($500 million par value)
494 494 
Term loan facilities, finance leases and other95 22 
Total long-term debt4,360 3,742 
Less: current portion12 4 
Long-term debt, net of current portion$4,348 $3,738 
________________
*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.