FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

Short-term debt was as follows:

	Year Ended December 31,
	2022				2021
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate
Corporate commercial paper facility	$	95	5.1	%	$	170	0.3	%
Other short-term borrowings	22		4.6	%	11		4.8	%
Add: Current portion of long-term debt	1				1
Total short-term debt	$	118			$	182
Maximum month-end short-term debt outstanding during the year	$	395			$	380
Average amount of short-term debt outstanding during the year	289				265
Weighted-average interest rate on short-term debt at year-end			5.0	%			0.6	%

Schedule of Long-term Debt

Long-term debt was as follows:

	Year Ended December 31,
	2022				2021
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate
Private placement notes 70 million euros due October 2024	$	75	1.0	%	$	79	1.0	%
Private placement notes 25 million Swiss franc due December 2025	27		0.9	%	27		0.9	%
Private placement notes 97 million euros due December 2025	104		2.1	%	110		2.1	%
Private placement notes 26 million euros due February 2026	28		2.1	%	30		2.1	%
Private placement notes 58 million Swiss franc due August 2026	63		1.0	%	64		1.0	%
Private placement notes 106 million euros due August 2026	114		2.3	%	121		2.3	%
Private placement notes 70 million euros due October 2027	75		1.3	%	80		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	16		2.2	%	17		2.2	%
Private placement notes 140 million Swiss franc due August 2028	151		1.2	%	153		1.2	%
Private placement notes 70 million euros due October 2029	75		1.5	%	79		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	75		1.6	%	80		1.6	%
Private placement notes 45 million euros due February 2031	48		2.5	%	51		2.5	%
Private placement notes 65 million Swiss franc due August 2031	70		1.3	%	71		1.3	%
Private placement notes 12.6 billion Japanese yen due September 2031	96		1.0	%	109		1.0	%
Private placement notes 70 million euros due October 2031	75		1.7	%	80		1.7	%
Other borrowings, various currencies and rates	21				17
Hedge accounting fair value adjustment(a)	(35)				(4)
	$	1,836			$	1,922
Less: Current portion
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets)	1				1
Less: Long-term portion of deferred financing costs	9				8
Long-term portion	$	1,826			$	1,913

(a) Represents the fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes.

Schedule of Maturities of Long-term Debt

The contractual maturity dates of the Company's long-term borrowings as of December 31, 2022 were as follows:

(in millions)
2023	$	1
2024	88
2025	139
2026	204
2027	99
2028 and beyond	1,340
	$	1,871