FINANCING ARRANGEMENTS (Tables)

12 Months Ended

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