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NOTES PAYABLE AND DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022
Short-term debt |  |  |
Short-term borrowings | $ | 70 |  |  | $ | 58 |
Long-term debt |  |  |
3.375% Senior notes due 03/15/25 ($384 million par value) | 384 |  |  | 499 |
5.000% Senior notes due 10/01/25 ($453 million par value)1 | 477 |  |  | 840 |
2.650% Senior notes due 07/01/27 ($1,100 million par value) | 1,093 |  |  | 1,092 |
7.125% Senior notes due 02/15/29 ($121 million par value) | 120 |  |  | 120 |
1.000% Senior notes due 05/19/31 (€1,000 million par value) | 1,088 |  |  | 1,051 |
4.375% Senior notes due 03/15/45 ($500 million par value) | 495 |  |  | 495 |
Term loan facilities, finance leases and other | 53 |  |  | 45 |
Total long-term debt | 3,710 |  |  | 4,142 |
Less: current portion | 3 |  |  | 2 |
Long-term debt, net of current portion | $ | 3,707 |  |  | $ | 4,140 |
_____________________________ 1 These notes include the fair value step up of $24 million and $65 million as of December 31, 2023 and 2022, respectively, related to the Delphi Technologies acquisition in 2020. The fair value step up was calculated based on observable market data and is 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. Interest expense primarily relates to interest on the Company’s fixed rate Senior notes, net of any amortization of premium or discount. Interest income primarily relates to interest received on cash and investments and interest received on the Company’s net investment hedges. Interest income has been favorably impacted by rising interest rates.
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Interest expense | $ | 73 |  |  | $ | 71 |  |  | $ | 82 |
(Gain) loss on debt extinguishment | (28) |  |  | — |  |  | 20 |
Interest income | (35) |  |  | (20) |  |  | (11) |
Interest expense, net | $ | 10 |  |  | $ | 51 |  |  | $ | 91 |
Schedule of Annual Principal Payments | Annual principal payments required as of December 31, 2023 are as follows:
(in millions) |
2024 | $ | 73 |
2025 | 846 |
2026 | 8 |
2027 | 1,107 |
2028 | 8 |
After 2028 | 1,743 |
Total payments | $ | 3,785 |
Less: unamortized premiums, net of discount | (5) |
Total short and long-term debt | $ | 3,780 |

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