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NOTES PAYABLE AND DEBT (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments | The Company had short-term and long-term debt outstanding as follows:
| December 31,
(in millions) | 2021 |  | 2020
Short-term debt |  |  |
Short-term borrowings | $ | 62 |  |  | $ | 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 10/01/25 ($800 million par value)1 | 889 |  |  | 912 |
2.650% Senior notes due 07/01/27 ($1,100 million par value) | 1,092 |  |  | 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) | 1,117 |  |  | — |
4.375% Senior notes due 03/15/45 ($500 million par value) | 494 |  |  | 494 |
Term loan facilities, finance leases and other | 56 |  |  | 22 |
Total long-term debt | 4,265 |  |  | 3,742 |
Less: current portion | 4 |  |  | 4 |
Long-term debt, net of current portion | $ | 4,261 |  |  | $ | 3,738 |
_____________________________ 1 These notes are reflected at their fair value as of the date of the acquisition. The fair value step-up was calculated 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.
Schedule of consolidated statements of operations | The following table provides details on Interest expense, net included in the Consolidated Statements of Operations:
| Year Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Interest expense | $ | 105 |  |  | $ | 73 |  |  | $ | 55 |
Interest income | (12) |  |  | (12) |  |  | (12) |
Interest expense, net | $ | 93 |  |  | $ | 61 |  |  | $ | 43 |
Summary of annual principal payments | Annual principal payments required as of December 31, 2021 are as follows:
(in millions) |
2022 | $ | 66 |
2023 | 41 |
2024 | 3 |
2025 | 1,302 |
2026 | 2 |
After 2026 | 2,863 |
Total payments | $ | 4,277 |
Add: unamortized premiums, net of discount | 50 |
Total | $ | 4,327 |

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