Financing Arrangements and Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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:

	March 31,			December 31,
(In millions)	2023			2022
Chinese credit facilities	$	20		$	26
Other foreign and domestic debt		497			369
Notes Payable and Overdrafts	$	517		$	395
Weighted average interest rate		6.58	%		5.75	%
Chinese credit facilities	$	130		$	136
Other foreign and domestic debt (including finance leases)		160			92
Long Term Debt and Finance Leases due Within One Year	$	290		$	228
Weighted average interest rate		4.14	%		3.88	%
Total obligations due within one year	$	807		$	623

Schedule of Debt

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

	March 31, 2023						December 31, 2022
				Interest						Interest
(In millions)	Amount			Rate			Amount			Rate
Notes:
9.5% due 2025	$	801					$	802
5% due 2026		900						900
4.875% due 2027		700						700
7.625% due 2027		130						131
7% due 2028		150						150
2.75% Euro Notes due 2028		436						427
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		805			6.09	%		—			—
European revolving credit facility due 2028		588			4.14	%		374			3.39	%
Pan-European accounts receivable facility		218			4.55	%		267			3.77	%
Mexican credit facility		200			6.76	%		200			6.29	%
Chinese credit facilities		255			4.09	%		235			4.23	%
Other foreign and domestic debt(1)		650			7.07	%		650			6.58	%
		8,283						7,286
Unamortized deferred financing fees		(44	)					(46	)
		8,239						7,240
Finance lease obligations(2)		255						255
		8,494						7,495
Less portion due within one year		(290	)					(228	)
	$	8,204					$	7,267

(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 $1 million and $20 million during the three months ended March 31, 2023 and the twelve months ended December 31, 2022, respectively.

Summary off-balance sheet utilization

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

	March 31,		December 31,
(In millions)	2023		2022
Total available	$	872	$	852
Amounts utilized:
Notes Payable and Overdrafts	$	20	$	26
Long Term Debt due Within One Year		130		136
Long Term Debt		125		99
Letters of credit, bank acceptances and other utilization		50		75
Total utilized	$	325	$	336
Maturities	4/23-8/25		1/23-8/25

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:

	March 31,			December 31,
(In millions)	2023			2022
Fair Values — Current asset (liability):
Accounts receivable	$	12		$	4
Other current liabilities		(16	)		(10	)

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:

	March 31,			December 31,
(In millions)	2023			2022
Fair Values — Current asset (liability):
Accounts receivable	$	1		$	1
Other current liabilities		(5	)		(3	)

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
	March 31,
(In millions)	2023			2022
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")	$	(2	)	$	(2	)
Reclassification adjustment for amounts recognized in Cost of Goods Sold ("CGS")		—			(1	)