Financing Arrangements and Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Financing Arrangements And Derivative Financial Instruments [Abstract]

Long Term Debt and Finance Leases Due Within One Year

The following table presents amounts due within one year:

	September 30,			December 31,
(In millions)	2021			2020
Chinese credit facilities	$	52		$	163
Other foreign and domestic debt		445			243
Notes Payable and Overdrafts	$	497		$	406
Weighted average interest rate		3.62	%		4.52	%
Chinese credit facilities	$	121		$	13
3.75% Euro Notes due 2023(1)		290			—
Other foreign and domestic debt (including finance leases)		240			139
Long Term Debt and Finance Leases due Within One Year	$	651		$	152
Weighted average interest rate		4.12	%		4.43	%
Total obligations due within one year	$	1,148		$	558

(1)These notes were redeemed in full on October 28, 2021.

Schedule of Debt

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

	September 30, 2021						December 31, 2020
				Interest						Interest
(In millions)	Amount			Rate			Amount			Rate
Notes:
5.125% due 2023	$	—					$	1,000
3.75% Euro Notes due 2023		290						307
9.5% due 2025		803						803
5% due 2026		900						900
4.875% due 2027		700						700
7.625% due 2027		135						—
7% due 2028		150						150
2.75% Euro Notes due 2028		464						—
5% due 2029		850						—
5.25% due April 2031		550						—
5.25% due July 2031		600						—
5.625% due 2033		450						—
Credit Facilities:
First lien revolving credit facility due 2026		—			—			—			—
Second lien term loan facility due 2025		400			2.09	%		400			2.15	%
European revolving credit facility due 2024		—			—			—			—
Pan-European accounts receivable facility		308			1.10	%		291			1.18	%
Mexican credit facility		200			1.82	%		152			1.87	%
Chinese credit facilities		338			4.33	%		212			4.49	%
Other foreign and domestic debt(1)		468			4.76	%		451			3.22	%
		7,606						5,366
Unamortized deferred financing fees		(60	)					(32	)
		7,546						5,334
Finance lease obligations(2)		258						250
		7,804						5,584
Less portion due within one year		(651	)					(152	)
	$	7,153					$	5,432

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

(2)Includes non-cash financing additions of $12 million during the nine month period ended September 30, 2021.

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:

	September 30,			December 31,
(In millions)	2021			2020
Fair Values — Current asset (liability):
Accounts receivable	$	22		$	1
Other current liabilities		(3	)		(27	)

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:

	September 30,		December 31,
(In millions)	2021		2020
Fair Values — Current asset (liability):
Accounts receivable	$	1	$	—
Other current liabilities		—		(7	)

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):

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In millions)	2021		2020			2021			2020
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")	$	2	$	(1	)	$	2		$	19
Reclassification adjustment for amounts recognized in CGS		—		(3	)		(2	)		(11	)