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v3.20.4

FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Short-Term Debt | Short-term debt was as follows:
|  | Year Ended December 31,
|  | 2020 |  | 2019
|  | Principal |  | Interest |  | Principal |  | Interest
(in millions except percentages) |  | Balance |  | Rate |  | Balance |  | Rate
Other short-term loans |  | $ | 3 |  |  | 1.9 | % |  | $ | 2 |  |  | 3.7 | %
Add: Current portion of long-term debt |  | 296 |  |  |  |  | — |  |  |
Total short-term debt |  | $ | 299 |  |  |  |  | $ | 2 |  |  |
Maximum month-end short-term debt outstanding during the year |  | $ | 299 |  |  |  |  | $ | 148 |  |  |
Average amount of short-term debt outstanding during the year |  | 95 |  |  |  |  | 50 |  |  |
Weighted-average interest rate on short-term debt at year-end |  |  |  | 1.9 | % |  |  |  | 3.7 | %
Schedule of Long-term Debt | Long-term debt was as follows:
|  | Year Ended December 31,
|  | 2020 |  | 2019
|  | Principal |  | Interest |  | Principal |  | Interest
(in millions except percentages) |  | Balance |  | Rate |  | Balance |  | Rate
Fixed rate senior notes $450 million due August 2021 |  | $ | 296 |  |  | 4.1 | % |  | $ | 296 |  |  | 4.1 | %
Private placement notes 70 million euros due October 2024 |  | 85 |  |  | 1.0 | % |  | 78 |  |  | 1.0 | %
Private placement notes 25 million Swiss franc due December 2025 |  | 28 |  |  | 0.9 | % |  | 26 |  |  | 0.9 | %
Private placement notes 97 million euros due December 2025 |  | 118 |  |  | 2.1 | % |  | 109 |  |  | 2.1 | %
Private placement notes 26 million euros due February 2026 |  | 32 |  |  | 2.1 | % |  | 29 |  |  | 2.1 | %
Private placement notes 58 million Swiss franc due August 2026 |  | 65 |  |  | 1.0 | % |  | 60 |  |  | 1.0 | %
Private placement notes 106 million euros due August 2026 |  | 129 |  |  | 2.3 | % |  | 119 |  |  | 2.3 | %
Private placement notes 70 million euros due October 2027 |  | 85 |  |  | 1.3 | % |  | 78 |  |  | 1.3 | %
Private placement notes 8 million Swiss franc due December 2027 |  | 8 |  |  | 1.0 | % |  | 8 |  |  | 1.0 | %
Private placement notes 15 million euros due December 2027 |  | 18 |  |  | 2.2 | % |  | 17 |  |  | 2.2 | %
Private placement notes 140 million Swiss franc due August 2028 |  | 158 |  |  | 1.2 | % |  | 145 |  |  | 1.2 | %
Private placement notes 70 million euros due October 2029 |  | 85 |  |  | 1.5 | % |  | 78 |  |  | 1.5 | %
Fixed rate senior notes 750 million due June 2030 |  | 750 |  |  | 3.3 | % |  | — |  |  | — | %
Private placement notes 70 million euros due October 2030 |  | 85 |  |  | 1.6 | % |  | 78 |  |  | 1.6 | %
Private placement notes 45 million euros due February 2031 |  | 55 |  |  | 2.5 | % |  | 51 |  |  | 2.5 | %
Private placement notes 65 million Swiss franc due August 2031 |  | 73 |  |  | 1.3 | % |  | 67 |  |  | 1.3 | %
Private placement notes 12.6 billion Japanese yen due September 2031 |  | 122 |  |  | 1.0 | % |  | 116 |  |  | 1.0 | %
Private placement notes 70 million euros due October 2031 |  | 85 |  |  | 1.7 | % |  | 79 |  |  | 1.7 | %
Other borrowings, various currencies and rates |  | 7 |  |  |  |  | 4 |  |  |
|  | $ | 2,284 |  |  |  |  | $ | 1,438 |  |  |
Less: Current portion |  |  |  |  |  |  |  |
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets) |  | 296 |  |  |  |  | — |  |  |
Less: Long-term portion of deferred financing costs |  | 10 |  |  |  |  | 5 |  |  |
Long-term portion |  | $ | 1,978 |  |  |  |  | $ | 1,433 |  |  |
Schedule of Maturities of Long-term Debt | The table below reflects the contractual maturity dates of the various long-term borrowings as follows:
(in millions) |  | December 31, 2020
2021 |  | $ | 296 |
2022 |  | 3 |
2023 |  | — |
2024 |  | 86 |
2025 |  | 147 |
2025 and beyond |  | 1,752 |
|  | $ | 2,284 |

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