Financing Arrangements and Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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:

	June 30,			December 31,
(In millions)	2022			2021
Chinese credit facilities	$	71		$	37
Other foreign and domestic debt		448			369
Notes Payable and Overdrafts	$	519		$	406
Weighted average interest rate		4.46	%		2.78	%
Chinese credit facilities	$	154		$	124
Other foreign and domestic debt (including finance leases)		162			219
Long Term Debt and Finance Leases due Within One Year	$	316		$	343
Weighted average interest rate		5.45	%		5.25	%
Total obligations due within one year	$	835		$	749

Schedule of Debt

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

	June 30, 2022						December 31, 2021
				Interest						Interest
(In millions)	Amount			Rate			Amount			Rate
Notes:
9.5% due 2025	$	802					$	802
5% due 2026		900						900
4.875% due 2027		700						700
7.625% due 2027		133						135
7% due 2028		150						150
2.75% Euro Notes due 2028		416						454
5% due 2029		850						850
5.25% due April 2031		550						550
5.25% due July 2031		600						600
5.625% due 2033		450						450
Credit Facilities:
First lien revolving credit facility due 2026		570			2.48	%		—			—
European revolving credit facility due 2024		310			3.10	%		—			—
Pan-European accounts receivable facility		246			1.31	%		279			1.08	%
Mexican credit facility		200			3.26	%		158			1.85	%
Chinese credit facilities		294			4.25	%		333			4.34	%
Other foreign and domestic debt(1)		507			6.91	%		430			6.05	%
		7,678						6,791
Unamortized deferred financing fees		(50	)					(55	)
		7,628						6,736
Finance lease obligations(2)		257						255
		7,885						6,991
Less portion due within one year		(316	)					(343	)
	$	7,569					$	6,648

(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 $22 million and $14 million during the six month period ended June 30, 2022 and the twelve months ended December 31, 2021, respectively.

Fair Values for Foreign Currency Contracts not Designated as Hedging Instruments

The following table presents 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)	2022			2021
Fair Values — Current asset (liability):
Accounts receivable	$	2		$	1
Other current liabilities		(1	)		(1	)

Fair Values for Foreign Currency Contracts Designated as Cash Flow Hedges

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)	2022			2021
Fair Values — Current asset (liability):
Accounts receivable	$	27		$	9
Other current liabilities		(2	)		(4	)

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					Six Months Ended
	June 30,					June 30,
(In millions)	2022		2021			2022			2021
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")	$	3	$	(1	)	$	1		$	—
Reclassification adjustment for amounts recognized in CGS		—		—			(1	)		(2	)