Financing Arrangements and Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

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:



	June 30,			December 31,
(In millions)	2019			2018
Chinese credit facilities	$	151		$	122
Other domestic and foreign debt	329			288
Notes Payable and Overdrafts	$	480		$	410
Weighted average interest rate	8.26		%	8.03		%

Chinese credit facilities	$	78		$	32
Mexican credit facilities	90			—
Other foreign and domestic debt (including finance leases)	323			211
Long Term Debt and Finance Leases due Within One Year	$	491		$	243
Weighted average interest rate	4.09		%	4.57		%
Total obligations due within one year	$	971		$	653

Long Term Debt and Capital Leases, Net

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



	June 30, 2019					December 31, 2018
				Interest					Interest
(In millions)	Amount			Rate		Amount			Rate
Notes:
8.75% due 2020	$	279				$	278
5.125% due 2023	1,000					1,000
3.75% Euro Notes due 2023	285					286
5% due 2026	900					900
4.875% due 2027	700					700
7% due 2028	150					150
Credit Facilities:
First lien revolving credit facility due 2021	430			3.63	%	—			—
Second lien term loan facility due 2025	400			4.40	%	400			4.46	%
European revolving credit facility due 2024	220			3.90	%	—			—
Pan-European accounts receivable facility	266			1.05	%	335			1.01	%
Mexican credit facilities	290			4.06	%	200			4.30	%
Chinese credit facilities	210			4.88	%	219			5.03	%
Other foreign and domestic debt⁽¹⁾	910			4.30	%	884			5.35	%
	6,040					5,352
Unamortized deferred financing fees	(31		)			(36		)
	6,009					5,316
Finance lease obligations⁽²⁾	248					37
	6,257					5,353
Less portion due within one year	(491		)			(243		)
	$	5,766				$	5,110


(1)	Interest rates are weighted average interest rates related to various foreign credit facilities with customary terms and conditions.

(2)

Includes finance lease obligations related to our Global and Americas Headquarters at June 30, 2019.

Fair Values for Foreign Currency Contracts Not Designated as Hedging Instruments

The following table presents the fair values for foreign currency hedge contracts that do not meet the criteria to be accounted for as cash flow hedging instruments:



	June 30,			December 31,
(In millions)	2019			2018
Fair Values — Current asset (liability):
Accounts receivable	$	5		$	7
Other current liabilities	(15		)	(6		)

Fair Values for Foreign Currency Contracts Designated as Cash Flow Hedging Instruments

The following table presents the fair values for foreign currency hedge contracts that meet the criteria to be accounted for as cash flow hedging instruments:



	June 30,			December 31,
(In millions)	2019			2018
Fair Values — Current asset (liability):
Accounts receivable	$	9		$	9
Other current liabilities	(1		)	(1		)
Fair Values — Long term asset (liability):
Other assets	$	1		$	2
Other long term liabilities	—			—

The following table presents the classification of changes in fair values of foreign currency hedge contracts that meet the criteria to be accounted for as cash flow hedging instruments (before tax and minority):



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In millions) (Income) Expense	2019			2018			2019			2018
Amounts deferred to AOCL⁽¹⁾	$	1		$	(14	)	$	(4	)	$	(8	)
Amount of deferred (gain) loss reclassified from AOCL into Cost of Goods Sold ("CGS")⁽¹⁾	(3		)	3			(6		)	7

(1)

Excluded components deferred to AOCL and excluded components reclassified from AOCL to CGS for the three and six months ended June 30, 2019 were not material.