Financing Arrangements and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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:

	December 31,			December 31,
(In millions)	2022			2021
Chinese credit facilities	$	26		$	37
Other foreign and domestic debt		369			369
Notes Payable and Overdrafts	$	395		$	406
Weighted average interest rate		5.75	%		2.78	%
Chinese credit facilities	$	136		$	124
Other foreign and domestic debt (including finance leases)		92			219
Long Term Debt and Finance Leases due Within One Year	$	228		$	343
Weighted average interest rate		3.88	%		5.25	%
Total obligations due within one year	$	623		$	749

Schedule of Debt

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

	December 31, 2022						December 31, 2021
(In millions)	Amount			Interest Rate			Amount			Interest Rate
Notes:
9.5% due 2025	$	802					$	802
5% due 2026		900						900
4.875% due 2027		700						700
7.625% due 2027		131						135
7% due 2028		150						150
2.75% Euro Notes due 2028		427						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		—			—			—			—
European revolving credit facility due 2028		374			3.39	%		—			—
Pan-European accounts receivable facility		267			3.77	%		279			1.08	%
Mexican credit facility		200			6.29	%		158			1.85	%
Chinese credit facilities		235			4.23	%		333			4.34	%
Other foreign and domestic debt(1)		650			6.58	%		430			6.05	%
		7,286						6,791
Unamortized deferred financing fees		(46	)					(55	)
		7,240						6,736
Finance lease obligations(2)		255						255
		7,495						6,991
Less portion due within one year		(228	)					(343	)
	$	7,267					$	6,648

(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 $20 million and $14 million during the twelve month period ended December 31, 2022 and 2021, respectively.

Summary off-balance sheet utilization

The following table presents the total amounts available and utilized under the Chinese financing arrangements:

	December 31,		December 31,
(In millions)	2022		2021
Total available	$	852	$	1,033
Amounts utilized:
Notes Payable and Overdrafts	$	26	$	37
Long Term Debt due Within One Year		136		124
Long Term Debt		99		209
Letters of credit, bank acceptances and other utilization		75		41
Total utilized	$	336	$	411
Maturities	1/23-8/25		1/22-6/24

Maturities of Long-term Debt and Capital Leases

The annual aggregate maturities of our debt (excluding the impact of deferred financing fees, unamortized discounts and the fair value step-up related to the Cooper Tire acquisition), finance leases and notes payable and overdrafts for the five years subsequent to December 31, 2022 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)	2023		2024		2025		2026		2027
U.S.	$	4	$	205	$	801	$	899	$	816
Foreign		617		378		173		13		280
	$	621	$	583	$	974	$	912	$	1,096

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)	2022			2021
Fair Values — Current asset (liability):
Accounts receivable	$	4		$	9
Other current liabilities		(10	)		(4	)

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)	2022			2021
Fair Values — Current asset (liability):
Accounts receivable	$	1		$	1
Other current liabilities		(3	)		(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)	2022			2021			2020
Amount of gains deferred to AOCL	$	—		$	1		$	15
Reclassification adjustment for amounts recognized in CGS		(2	)		(2	)		(13	)