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Financing Arrangements and Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Financing Arrangements and Derivative Financial Instruments [Abstract]  
Long Term Debt and Capital Leases Due Within One Year
The following table presents amounts due within one year:
 
December 31,
 
December 31,
(In millions)
2019
 
2018
Chinese credit facilities
$
118

 
$
122

Other domestic and foreign debt
230

 
288

Notes Payable and Overdrafts
$
348

 
$
410

Weighted average interest rate
4.92
%
 
8.03
%
 
 
 
 
Chinese credit facilities
$
95

 
$
32

8.75% note due 2020
280

 
—

Other domestic and foreign debt (including finance leases)
187

 
211

Long Term Debt and Finance Leases due Within One Year
$
562

 
$
243

Weighted average interest rate
6.58
%
 
4.57
%
Total obligations due within one year
$
910

 
$
653
Schedule of Debt
The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates:
 
December 31, 2019
 
December 31, 2018
 
 
 
 
 
 
 
 
(In millions)
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Notes:
 
 
 
 
 
 
 
8.75% due 2020
$
280

 
 
 
$
278

 
 
5.125% due 2023
1,000

 
 
 
1,000

 
 
3.75% Euro Notes due 2023
281

 
 
 
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
—

 
—

 
—

 
—

Second lien term loan facility due 2025
400

 
3.97
%
 
400

 
4.46
%
European revolving credit facility due 2024
—

 
—

 
—

 
—

Pan-European accounts receivable facility
327

 
0.98
%
 
335

 
1.01
%
Mexican credit facilities
200

 
3.44
%
 
200

 
4.30
%
Chinese credit facilities
195

 
4.87
%
 
219

 
5.03
%
Other foreign and domestic debt(1)
661

 
4.02
%
 
884

 
5.35
%
 
5,094

 
 
 
5,352

 
 
Unamortized deferred financing fees
(28
)
 
 
 
(36
)
 
 
 
5,066

 
 
 
5,316

 
 
Finance lease obligations(2)
249

 
 
 
37

 
 
 
5,315

 
 
 
5,353

 
 
Less portion due within one year
(562
)
 
 
 
(243
)
 
 
 
$
4,753

 
 
 
$
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 December 31, 2019.
Maturities of Long-term Debt and Capital Leases
The annual aggregate maturities of our debt (excluding the impact of deferred financing fees and unamortized discounts) and finance leases for the five years subsequent to December 31, 2019 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)
2020
 
2021
 
2022
 
2023
 
2024
U.S.
$
283

 
$
1

 
$
166

 
$
998

 
$
—

Foreign
628

 
264

 
227

 
651

 
87

 
$
911

 
$
265

 
$
393

 
$
1,649

 
$
87
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:
 
December 31,
 
December 31,
(In millions)
2019
 
2018
Fair Values — Current asset (liability):
 
 
 
Accounts Receivable
$
1

 
$
7

Other Current Liabilities
(15
)
 
(6
)
Fair Values for Foreign Currency Contracts Designated as Cash Flow Hedges
The following table presents fair values for foreign currency hedge contracts that meet the criteria to be accounted for as cash flow hedging instruments:
 
December 31,
 
December 31,
(In millions)
2019
 
2018
Fair Values — Current asset (liability):
 
 
 
Accounts Receivable
$
9

 
$
9

Other Current Liabilities
(3
)
 
(1
)
 
 
 
 
Fair Values — Long term asset (liability):
 
 
 
Other Assets
$
1

 
$
2

Other Long Term Liabilities
(1
)
 
—
Classification of Changes in Fair Values of Foreign Currency Contracts Designated as Cash Flow Hedging Instruments
The following table presents the classification of changes in fair values of foreign currency contracts that meet the criteria to be accounted for as cash flow hedging instruments (before tax and minority):
 
Year Ended
 
December 31,
(In millions)
2019
 
2018
Amount of gains (losses) deferred to AOCL(1)
$
10

 
$
12

Reclassification adjustment for amounts recognized in CGS(1)
(14
)
 
7


(1)
Excluded components deferred to AOCL and excluded components reclassified from AOCL to CGS for the twelve months ended December 31, 2019 and 2018 were not material.