v3.23.3
NOTES PAYABLE AND DEBT (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
As of September 30, 2023 and December 31, 2022, the Company had debt outstanding as follows:
September 30,December 31,
(in millions)
20232022
Short-term borrowings$60 $58 
Long-term debt
3.375% Senior notes due 03/15/25 ($500 million par value)
384 499 
5.000% Senior notes due 10/01/25 ($800 million par value)*
481 840 
2.650% Senior notes due 07/01/27 ($1,100 million par value)
1,093 1,092 
7.125% Senior notes due 02/15/29 ($121 million par value)
120 120 
1.000% Senior Notes due 05/19/31 (€1,000 million par value)
1,041 1,051 
4.375% Senior notes due 03/15/45 ($500 million par value)
495 495 
Term loan facilities, finance leases and other54 45 
Total long-term debt3,668 4,142 
Less: current portion3 2 
Long-term debt, net of current portion$3,665 $4,140 
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*These notes include the fair value step-up from the Delphi Technologies acquisition. The fair value step-up was calculated based on observable market data and is amortized as a reduction to interest expense over the remaining life of the instrument using the effective interest method.
Schedule of Consolidated Statements of Operations
The following table provides details on Interest expense, net included in the Condensed Consolidated Statements of Operations:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2023202220232022
Interest expense$21 $16 $57 $53 
Gain on debt extinguishment(28)— (28)— 
Interest income(12)(4)(26)(12)
Interest expense, net$(19)$12 $3 $41