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NOTES PAYABLE AND DEBT (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments | As of March 31, 2022 and December 31, 2021, the Company had debt outstanding as follows:
| March 31, |  | December 31,
(in millions) | 2022 |  | 2021
Short-term borrowings | $ | 60 |  |  | $ | 62 |
Long-term debt |  |  |
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)* | 884 |  |  | 889 |
2.650% Senior notes due 07/01/27 ($1,100 million par value) | 1,090 |  |  | 1,092 |
7.125% Senior notes due 02/15/29 ($121 million par value) | 120 |  |  | 119 |
1.000% Senior Notes due 05/19/31 (€1,000 million par value) | 1,087 |  |  | 1,117 |
4.375% Senior notes due 03/15/45 ($500 million par value) | 494 |  |  | 494 |
Term loan facilities, finance leases and other | 54 |  |  | 56 |
Total long-term debt | 4,227 |  |  | 4,265 |
Less: current portion | 4 |  |  | 4 |
Long-term debt, net of current portion | $ | 4,223 |  |  | $ | 4,261 |
_____________________________ *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.
Schedule of consolidated statements of operations | The following table provides details on Interest expense, net included in the Condensed Consolidated Statements of Operations:
| Three Months Ended March 31,
(in millions) | 2022 |  | 2021
Interest expense | $ | 19 |  |  | $ | 21 |
Interest income | (4) |  |  | (3) |
Interest expense, net | $ | 15 |  |  | $ | 18 |

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