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Financing Arrangements and Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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:

 

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2021

 

 

2020

 

Chinese credit facilities

 

$

37

 

 

$

163

 

Other foreign and domestic debt

 

 

369

 

 

 

243

 

Notes Payable and Overdrafts

 

$

406

 

 

$

406

 

Weighted average interest rate

 

 

2.78

%

 

 

4.52

%

 

 

 

 

 

 

 

Chinese credit facilities

 

$

124

 

 

$

13

 

Other foreign and domestic debt (including finance leases)

 

 

219

 

 

 

139

 

Long Term Debt and Finance Leases due Within One Year

 

$

343

 

 

$

152

 

Weighted average interest rate

 

 

5.25

%

 

 

4.43

%

Total obligations due within one year

 

$

749

 

 

$

558

 
Schedule of Debt

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

 

 

 

December 31, 2021

 

 

December 31, 2020

 

(In millions)

 

Amount

 

 

Interest Rate

 

 

Amount

 

 

Interest Rate

 

Notes:

 

 

 

 

 

 

 

 

 

 

 

 

5.125% due 2023

 

$

—

 

 

 

 

 

$

1,000

 

 

 

 

3.75% Euro Notes due 2023

 

 

—

 

 

 

 

 

 

307

 

 

 

 

9.5% due 2025

 

 

802

 

 

 

 

 

 

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

 

 

454

 

 

 

 

 

 

—

 

 

 

 

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

 

 

 

2.15

%

European revolving credit facility due 2024

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pan-European accounts receivable facility

 

 

279

 

 

 

1.08

%

 

 

291

 

 

 

1.18

%

Mexican credit facility

 

 

158

 

 

 

1.85

%

 

 

152

 

 

 

1.87

%

Chinese credit facilities

 

 

333

 

 

 

4.34

%

 

 

212

 

 

 

4.49

%

Other foreign and domestic debt(1)

 

 

430

 

 

 

6.05

%

 

 

451

 

 

 

3.22

%

 

 

 

6,791

 

 

 

 

 

 

5,366

 

 

 

 

Unamortized deferred financing fees

 

 

(55

)

 

 

 

 

 

(32

)

 

 

 

 

 

 

6,736

 

 

 

 

 

 

5,334

 

 

 

 

Finance lease obligations(2)

 

 

255

 

 

 

 

 

 

250

 

 

 

 

 

 

 

6,991

 

 

 

 

 

 

5,584

 

 

 

 

Less portion due within one year

 

 

(343

)

 

 

 

 

 

(152

)

 

 

 

 

 

$

6,648

 

 

 

 

 

$

5,432

 

 

 

 

 

(1)
Interest rates are weighted average interest rates related to various foreign credit facilities with customary terms and conditions.
(2)
Includes non-cash financing additions of $14 million and $3 million during the twelve month period ended December 31, 2021 and 2020, respectively.
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, 2021 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)

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

2026

 

U.S.

 

$

3

 

 

$

2

 

 

$

160

 

 

$

800

 

 

$

899

 

Foreign

 

 

744

 

 

 

234

 

 

 

172

 

 

 

26

 

 

 

6

 

 

 

$

747

 

 

$

236

 

 

$

332

 

 

$

826

 

 

$

905

 
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)

 

2021

 

 

2020

 

Fair Values — Current asset (liability):

 

 

 

 

 

 

Accounts receivable

 

$

9

 

 

$

1

 

Other current liabilities

 

 

(4

)

 

 

(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:

 

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2021

 

 

2020

 

Fair Values — Current asset (liability):

 

 

 

 

 

 

Accounts receivable

 

$

1

 

 

$

—

 

Other current liabilities

 

 

(1

)

 

 

(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):

 

 

 

Year Ended December 31,

 

(In millions)

 

2021

 

 

2020

 

 

2019

 

Amount of gains (losses) deferred to AOCL

 

$

1

 

 

$

15

 

 

$

10

 

Reclassification adjustment for amounts recognized in CGS

 

 

(2

)

 

 

(13

)

 

 

(14

)