Financing Arrangements and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Financing Arrangements and Derivative Financial Instruments [Abstract]

Notes payable and overdrafts, long term debt and capital leases due with in one year and short term financing arrangements

The following table presents amounts due within one year:

	December 31,			December 31,
(In millions)	2014			2013
Notes payable and overdrafts:	$	30		$	14
Weighted average interest rate	10.63		%	3.40		%
Long term debt and capital leases due within one year:
Other domestic and foreign debt (including capital leases)	$	148		$	73
Weighted average interest rate	7.75		%	6.91		%
Total obligations due within one year	$	178		$	87

Long term debt and capital leases, net of unamortized discounts and interest rates

The following table presents long term debt and capital leases, net of unamortized discounts, and interest rates:

	December 31, 2014					December 31, 2013
				Interest					Interest
(In millions)	Amount			Rate		Amount			Rate
Notes:
6.75% Euro Notes due 2019	$	303				$	344
8.25% due 2020	996					995
8.75% due 2020	269					267
6.5% due 2021	900					900
7% due 2022	700					700
7% due 2028	150					150
Credit Facilities:
$2.0 billion first lien revolving credit facility due 2017	—			—		—			—
$1.2 billion second lien term loan facility due 2019	1,196			4.75	%	1,195			4.75	%
€400 million revolving credit facility due 2016	—			—		—			—
Pan-European accounts receivable facility	343			1.54	%	207			3.19	%
Chinese credit facilities	535			5.65	%	537			5.86	%
Other foreign and domestic debt(1)	913			8.70	%	878			8.97	%
	6,305					6,173
Capital lease obligations	59					62
	6,364					6,235
Less portion due within one year	(148		)			(73		)
	$	6,216				$	6,162

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(1) Interest rates are weighted average interest rates related to various foreign credit facilities with customary terms and conditions and domestic debt related to our Global and North America Headquarters.

Schedule of Maturities of Long-term Debt

The annual aggregate maturities of our debt and capital leases for the five years subsequent to December 31, 2014 are presented below. Maturities of debt credit agreements have been reported on the basis that the commitments to lend under these agreements will be terminated effective at the end of their current terms.

(In millions)	2015		2016		2017		2018		2019
U.S.	$	6	$	6	$	5	$	3	$	1,196
Foreign	172		448		402		185		729
	$	178	$	454	$	407	$	188	$	1,925

Schedule of foreign exchange contracts not designated as hedging instruments statement of financial position

The following table presents fair values for foreign currency contracts not designated as hedging instruments:

	December 31,			December 31,
(In millions)	2014			2013
Fair Values — asset (liability):
Accounts receivable	$	20		$	3
Other current liabilities	(4		)	(17		)

Schedule of foreign exchange contracts designated as cash flow hedging Instruments statement of financial position

The following table presents fair values for foreign currency contracts designated as cash flow hedging instruments:

	December 31,		December 31,
(In millions)	2014		2013
Fair Values — asset (liability):
Accounts receivable	$	10	$	3
Other current liabilities	—		(3		)

Schedule of Derivative Instruments, (Gain) Loss in Statement of Financial Performance

The following table presents the classification of changes in fair values of foreign currency contracts designated as cash flow hedging instruments (before tax and minority):

	Year Ended
	December 31,
(In millions) (Income) Expense	2014			2013
Amounts deferred to AOCL	$	(17	)	$	(2	)
Amount of deferred loss (gain) reclassified from AOCL into CGS	—			2
Amounts excluded from effectiveness testing	1			—