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Financing Arrangements and Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
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:
 
March 31,
 
December 31,
(In millions)
2017
 
2016
Notes payable and overdrafts
$
217

 
$
245

Weighted average interest rate
4.57
%
 
6.18
%
Long term debt and capital leases due within one year
 
 
 
Other domestic and foreign debt (including capital leases)
$
459

 
$
436

Weighted average interest rate
8.93
%
 
9.39
%
Total obligations due within one year
$
676

 
$
681
Long Term Debt and Capital Leases
The following table presents long term debt and capital leases, net of unamortized discounts, and interest rates:
 
March 31, 2017
 
December 31, 2016
 
 
 
Interest
 
 
 
Interest
(In millions)
Amount
 
Rate
 
Amount
 
Rate
Notes:
 
 
 
 
 
 
 
8.75% due 2020
$
274

 
 
 
$
273

 
 
7% due 2022
700

 
 
 
700

 
 
5.125% due 2023
1,000

 
 
 
1,000

 
 
3.75% Euro Notes due 2023
267

 
 
 
264

 
 
5% due 2026
900

 
 
 
900

 
 
4.875% due 2027
700

 
 
 
—

 
 
7% due 2028
150

 
 
 
150

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

 
—

 
85

 
1.98
%
Second lien term loan facility due 2019
399

 
2.86
%
 
399

 
3.75
%
€550 million revolving credit facility due 2020
—

 
—

 
—

 
—

Pan-European accounts receivable facility
185

 
0.93
%
 
198

 
0.98
%
Chinese credit facilities
308

 
4.74
%
 
315

 
4.68
%
Other foreign and domestic debt(1)
845

 
9.58
%
 
951

 
9.14
%
 
5,728

 
 
 
5,235

 
 
Unamortized deferred financing fees
(51
)
 
 
 
(42
)
 
 
 
5,677

 
 
 
5,193

 
 
Capital lease obligations
39

 
 
 
41

 
 
 
5,716

 
 
 
5,234

 
 
Less portion due within one year
(459
)
 
 
 
(436
)
 
 
 
$
5,257

 
 
 
$
4,798

 
 

(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:
 
March 31,
 
December 31,
(In millions)
2017
 
2016
Fair Values — Current asset (liability):
 
 
 
Accounts receivable
$
9

 
$
30

Other current liabilities
(13
)
 
(18
)
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:
 
March 31,
 
December 31,
(In millions)
2017
 
2016
Fair Values — Current asset (liability):
 
 
 
Accounts receivable
$
3

 
$
9

Other current liabilities
(2
)
 
—

Fair Values — Long Term asset (liability):
 
 
 
Other assets
$
1

 
$
2
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
 
March 31,
(In millions) (Income) Expense
2017
 
2016
Amounts deferred to Accumulated Other Comprehensive Loss ("AOCL")
$
8

 
$
7

Amount of deferred (gain) loss reclassified from AOCL into CGS
(2
)
 
(4
)
Amounts excluded from effectiveness testing
(1
)
 
—