NOTES PAYABLE AND DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

The Company had short-term and long-term debt outstanding as follows:

	December 31,
(in millions)	2020		2019
Short-term debt
Short-term borrowings	$	45	$	34
Long-term debt
4.625% Senior notes due 09/15/20 ($250 million par value)	—		251
1.800% Senior notes due 11/07/22 (€500 million par value)	609		558
3.375% Senior notes due 03/15/25 ($500 million par value)	498		497
5.000% Senior notes due 10/01/25 ($800 million par value)	912		—
2.650% Senior notes due 07/01/27 ($1,100 million par value)	1,088		—
7.125% Senior notes due 02/15/29 ($121 million par value)	119		119
4.375% Senior notes due 03/15/45 ($500 million par value)	494		494
Term loan facilities, finance leases and other	22		7
Total long-term debt	3,742		1,926
Less: current portion	4		252
Long-term debt, net of current portion	$	3,738	$	1,674

Summary of annual principal payments

Annual principal payments required as of December 31, 2020 are as follows:

(in millions)
2021	$	49
2022	615
2023	3
2024	3
2025	1,302
After 2025	1,726
Total payments	$	3,698
Add: unamortized premiums, net of discount	89
Total	$	3,787