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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Short-term and Long-term Debt | The Company had short-term and long-term debt outstanding as follows:
| December 31,
(in millions) | 2024 |  | 2023
Short-term debt |  |  |
Short-term borrowings | $ | 61 |  |  | $ | 70 |
Long-term debt |  |  |
3.375% Senior notes due 03/15/25 ($334 million par value) | 334 |  |  | 384 |
5.000% Senior notes due 10/01/25 | — |  |  | 477 |
2.650% Senior notes due 07/01/27 ($1,100 million par value) | 1,095 |  |  | 1,093 |
7.125% Senior notes due 02/15/29 ($121 million par value) | 120 |  |  | 120 |
4.950% Senior notes due 08/15/29 ($500 million par value) | 495 |  |  | — |
1.000% Senior notes due 05/19/31 (€1,000 million par value) | 1,022 |  |  | 1,088 |
5.400% Senior notes due 08/15/34 ($500 million par value) | 493 |  |  | — |
4.375% Senior notes due 03/15/45 ($500 million par value) | 495 |  |  | 495 |
Term loan facilities, finance leases and other | 46 |  |  | 53 |
Total long-term debt | 4,100 |  |  | 3,710 |
Less: current portion | 337 |  |  | 3 |
Long-term debt, net of current portion | $ | 3,763 |  |  | $ | 3,707 |
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) | 2024 |  | 2023 |  | 2022
Interest expense | $ | 84 |  |  | $ | 73 |  |  | $ | 71 |
Interest income | (54) |  |  | (35) |  |  | (20) |
Gain on debt extinguishment | (10) |  |  | (28) |  |  | — |
Interest expense, net | $ | 20 |  |  | $ | 10 |  |  | $ | 51 |
Schedule of Annual Principal Payments | Annual principal payments required as of December 31, 2024 are as follows:
(in millions) |
2025 | $ | 398 |
2026 | 27 |
2027 | 1,103 |
2028 | 2 |
2029 | 623 |
After 2029 | 2,044 |
Total payments | $ | 4,197 |
Less: unamortized premiums, net of discount | (36) |
Total short and long-term debt | $ | 4,161 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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