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Financing Arrangements and Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2016
Financing Arrangements and Derivative Financial Instruments [Abstract]  
Notes Payable and Overdrafts, Long Term Debt and Capital Leases Due Within One Year
The following table presents amounts due within one year:
 
September 30,
 
December 31,
(In millions)
2016
 
2015
Notes payable and overdrafts
$
179

 
$
49

Weighted average interest rate
10.92
%
 
9.42
%
Long term debt and capital leases due within one year
 
 
 
Other domestic and foreign debt (including capital leases) (1)
$
403

 
$
587

  Unamortized deferred financing fees
$
—

 
(2
)
Total long term debt and capital leases due within one year
$
403

 
$
585

Weighted average interest rate
9.17
%
 
6.68
%
Total obligations due within one year
$
582

 
$
634


(1)
The decrease in long term debt and capital leases due within one year was due primarily to the redemption of the €250 million 6.75% senior notes due 2019 in January 2016. The notes were classified as current at December 31, 2015 in connection with the irrevocable call for their redemption issued in December 2015.
Schedule of Long Term Debt and Capital Leases
The following table presents long term debt and capital leases, net of unamortized discounts, and interest rates:
 
September 30, 2016
 
December 31, 2015
 
 
 
Interest
 
 
 
Interest
(In millions)
Amount
 
Rate
 
Amount
 
Rate
Notes:
 
 
 
 
 
 
 
6.75% Euro Notes due 2019
$
—

 
 
 
$
272

 
 
8.75% due 2020
273

 
 
 
271

 
 
6.5% due 2021
—

 
 
 
900

 
 
7% due 2022
700

 
 
 
700

 
 
5.125% due 2023
1,000

 
 
 
1,000

 
 
3.75% Euro Notes due 2023
280

 
 
 
272

 
 
5% due 2026
900

 
 
 
—

 
 
7% due 2028
150

 
 
 
150

 
 
Credit Facilities:
 
 
 
 
 
 
 
$2.0 billion first lien revolving credit facility due 2021
310

 
1.72
%
 
—

 
—

Second lien term loan facility due 2019
598

 
3.86
%
 
598

 
3.75
%
€550 million revolving credit facility due 2020
140

 
1.75
%
 
—

 
—

Pan-European accounts receivable facility
266

 
1.02
%
 
125

 
1.35
%
Chinese credit facilities
361

 
4.65
%
 
465

 
5.22
%
Other foreign and domestic debt(1)
872

 
9.79
%
 
906

 
9.42
%
Unamortized deferred financing fees
(45
)
 
 
 
(48
)
 
 
 
5,805

 
 
 
5,611

 
 
Capital lease obligations
44

 
 
 
48

 
 
 
5,849

 
 
 
5,659

 
 
Less portion due within one year
(403
)
 
 
 
(585
)
 
 
 
$
5,446

 
 
 
$
5,074

 
 


(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 Americas Headquarters.
Fair Values for Foreign Currency Contracts not Designated as Hedging Instruments
The following table presents the fair values for foreign currency contracts not designated as hedging instruments:
 
September 30,
 
December 31,
(In millions)
2016
 
2015
Fair Values — asset (liability):
 
 
 
Accounts receivable
$
7

 
$
10

Other current liabilities
(14
)
 
(10
)
Fair Values for Foreign Currency Contracts Designated as Cash Flow Hedging Instruments
The following table presents fair values for foreign currency contracts designated as cash flow hedging instruments:
 
September 30,
 
December 31,
(In millions)
2016
 
2015
Fair Values — asset (liability):
 
 
 
Accounts receivable
$
3

 
$
5

Other current liabilities
(2
)
 
(1
)
Information Related to Foreign Currency Contracts Designated as Cash Flow Hedging Instruments
The following table presents information related to foreign currency contracts designated as cash flow hedging instruments (before tax and minority):
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions) (Income) Expense
2016
 
2015
 
2016
 
2015
Amounts deferred to Accumulated Other Comprehensive Loss ("AOCL")
$
—

 
$
(7
)
 
$
1

 
$
(19
)
Amount of deferred (gain) loss reclassified from AOCL into CGS
—

 
(7
)
 
(6
)
 
(23
)
Amounts excluded from effectiveness testing
(1
)
 
—

 
(1
)
 
1