Financing Arrangements and Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Financing Arrangements And Derivative Financial Instruments [Abstract]

Long Term Debt and Capital Leases Due Within One Year

The following table presents amounts due within one year:

	March 31,			December 31,
(In millions)	2020			2019
Chinese credit facilities	$	174		$	118
Other domestic and foreign debt		517			230
Notes Payable and Overdrafts	$	691		$	348
Weighted average interest rate		5.27	%		4.92	%

Chinese credit facilities	$	93		$	95
8.75% note due 2020		281			280
Other domestic and foreign debt (including finance leases)		247			187
Long Term Debt and Finance Leases due Within One Year	$	621		$	562
Weighted average interest rate		5.98	%		6.58	%
Total obligations due within one year	$	1,312		$	910

Schedule of Debt

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

	March 31, 2020						December 31, 2019
				Interest						Interest
(In millions)	Amount			Rate			Amount			Rate
Notes:
8.75% due 2020	$	281					$	280
5.125% due 2023		1,000						1,000
3.75% Euro Notes due 2023		274						281
5% due 2026		900						900
4.875% due 2027		700						700
7% due 2028		150						150
Credit Facilities:
First lien revolving credit facility due 2021		420			1.92	%		—			—
Second lien term loan facility due 2025		400			3.20	%		400			3.97	%
European revolving credit facility due 2024		66			1.50	%		—			—
Pan-European accounts receivable facility		166			1.10	%		327			0.98	%
Mexican credit facility		200			3.41	%		200			3.44	%
Chinese credit facilities		188			4.62	%		195			4.87	%
Other foreign and domestic debt⁽¹⁾		868			2.98	%		661			4.02	%
		5,613						5,094
Unamortized deferred financing fees		(27	)					(28	)
		5,586						5,066
Finance lease obligations⁽²⁾		247						249
		5,833						5,315
Less portion due within one year		(621	)					(562	)
	$	5,212					$	4,753

(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 $1 million during the three month period ended March 31, 2020.

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)	2020			2019
Fair Values — Current asset (liability):
Accounts receivable	$	30		$	1
Other current liabilities		(8	)		(15	)

Fair Values for Foreign Currency Contracts Designated as Cash Flow Hedges

The following table presents the 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)	2020		2019
Fair Values — Current asset (liability):
Accounts receivable	$	20	$	9
Other current liabilities		—		(3	)
Fair Values — Long term asset (liability):
Other assets	$	4	$	1
Other long term liabilities		—		(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 hedge 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)	2020			2019
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")⁽¹⁾	$	23		$	5
Reclassification adjustment for amounts recognized in Cost of Goods Sold ("CGS")⁽¹⁾		(4	)		(3	)

(1)	Excluded components deferred to AOCL and excluded components reclassified from AOCL to CGS for the three months ended March 31, 2020 and 2019 were not material.