FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

Short-term debt was as follows:

	Year Ended December 31,
	2023				2022
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate
Corporate commercial paper facility	$	225	5.8	%	$	95	5.1	%
Other short-term borrowings	20		4.9	%	22		4.6	%
Add: Current portion of long-term debt	77				1
Total short-term debt	$	322			$	118
Maximum month-end short-term debt outstanding during the year	$	399			$	395
Average amount of short-term debt outstanding during the year	284				289
Weighted-average interest rate on short-term debt at year-end			5.7	%			5.0	%

Schedule of Long-term Debt

Long-term debt was as follows:

	Year Ended December 31,
	2023				2022
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate
Private placement notes 70 million euros due October 2024	$	77	1.0	%	$	75	1.0	%
Private placement notes 25 million Swiss franc due December 2025	30		0.9	%	27		0.9	%
Private placement notes 97 million euros due December 2025	107		2.1	%	104		2.1	%
Private placement notes 26 million euros due February 2026	29		2.1	%	28		2.1	%
Private placement notes 58 million Swiss franc due August 2026	69		1.0	%	63		1.0	%
Private placement notes 106 million euros due August 2026	117		2.3	%	114		2.3	%
Private placement notes 70 million euros due October 2027	77		1.3	%	75		1.3	%
Private placement notes 8 million Swiss franc due December 2027	9		1.0	%	8		1.0	%
Private placement notes 15 million euros due December 2027	17		2.2	%	16		2.2	%
Private placement notes 140 million Swiss franc due August 2028	166		1.2	%	151		1.2	%
Private placement notes 70 million euros due October 2029	77		1.5	%	75		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	77		1.6	%	75		1.6	%
Private placement notes 45 million euros due February 2031	50		2.5	%	48		2.5	%
Private placement notes 65 million Swiss franc due August 2031	77		1.3	%	70		1.3	%
Private placement notes 12.6 billion Japanese yen due September 2031	89		1.0	%	96		1.0	%
Private placement notes 70 million euros due October 2031	77		1.7	%	75		1.7	%
Other borrowings, various currencies and rates	14				21
Hedge accounting fair value adjustment(a)	(28)				(35)
	$	1,881			$	1,836
Less: Current portion
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets)	77				1
Less: Long-term portion of deferred financing costs	8				9
Long-term portion	$	1,796			$	1,826

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

Schedule of Contractual Maturity Dates of Long-term Debt

The contractual maturity dates of the Company’s long-term borrowings as of December 31, 2023 were as follows:

(in millions)
2024	$	77
2025	148
2026	218
2027	103
2028	166
2029 and beyond	1,197
	$	1,909