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FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

Short-term debt was as follows:

						Year Ended December 31,
						2021												2020
						Principal						Interest						Principal						Interest
(in millions except percentages)						Balance						Rate						Balance						Rate
Corporate commercial paper facility						$	170					0.3		%				$	—					—		%
Other short-term borrowings						11						4.8		%				3						1.9		%
Add: Current portion of long-term debt						1												296
Total short-term debt						$	182											$	299
Maximum month-end short-term debt outstanding during the year						$	380											$	299
Average amount of short-term debt outstanding during the year						$	265											$	95
Weighted-average interest rate on short-term debt at year-end												0.6		%										1.9		%

Schedule of Long-term Debt

Long-term debt was as follows:

						Year Ended December 31,
						2021												2020
						Principal						Interest						Principal						Interest
(in millions except percentages)						Balance						Rate						Balance						Rate
Fixed rate senior notes $450 million due August 2021						$	—					—		%				$	296					4.1		%
Private placement notes 70 million euros due October 2024						79						1.0		%				85						1.0		%
Private placement notes 25 million Swiss franc due December 2025						27						0.9		%				28						0.9		%
Private placement notes 97 million euros due December 2025						110						2.1		%				118						2.1		%
Private placement notes 26 million euros due February 2026						30						2.1		%				32						2.1		%
Private placement notes 58 million Swiss franc due August 2026						64						1.0		%				65						1.0		%
Private placement notes 106 million euros due August 2026						121						2.3		%				129						2.3		%
Private placement notes 70 million euros due October 2027						80						1.3		%				85						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						17						2.2		%				18						2.2		%
Private placement notes 140 million Swiss franc due August 2028						153						1.2		%				158						1.2		%
Private placement notes 70 million euros due October 2029						79						1.5		%				85						1.5		%
Fixed rate senior notes 750 million due June 2030						750						3.3		%				750						3.3		%
Private placement notes 70 million euros due October 2030						80						1.6		%				85						1.6		%
Private placement notes 45 million euros due February 2031						51						2.5		%				55						2.5		%
Private placement notes 65 million Swiss franc due August 2031						71						1.3		%				73						1.3		%
Private placement notes 12.6 billion Japanese yen due September 2031						109						1.0		%				122						1.0		%
Private placement notes 70 million euros due October 2031						80						1.7		%				85						1.7		%
Other borrowings, various currencies and rates						13												7
						$	1,922											$	2,284
Less: Current portion
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets)						1												296
Less: Long-term portion of deferred financing costs						8												10
Long-term portion						$	1,913											$	1,978

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, 2021
2022						$	3
2023						11
2024						84
2025						138
2026						213
2027 and beyond						1,473
						$	1,922

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