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NOTES PAYABLE AND DEBT (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments | As of September 30, 2021 and December 31, 2020, the Company had debt outstanding as follows:
| September 30, |  | December 31,
(in millions) | 2021 |  | 2020
Short-term borrowings | $ | 44 |  |  | $ | 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)* | 895 |  |  | 912 |
2.650% Senior notes due 07/01/27 ($1,100 million par value) | 1,090 |  |  | 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) | 1,137 |  |  | — |
4.375% Senior notes due 03/15/45 ($500 million par value) | 494 |  |  | 494 |
Term loan facilities, finance leases and other | 65 |  |  | 22 |
Total long-term debt | 4,298 |  |  | 3,742 |
Less: current portion | 10 |  |  | 4 |
Long-term debt, net of current portion | $ | 4,288 |  |  | $ | 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.

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