XML 61 R46.htm IDEA: XBRL DOCUMENT v3.20.4
Financing Arrangements and Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 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:

 

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2020

 

 

2019

 

Chinese credit facilities

 

$

163

 

 

$

118

 

Other domestic and foreign debt

 

 

243

 

 

 

230

 

Notes Payable and Overdrafts

 

$

406

 

 

$

348

 

Weighted average interest rate

 

 

4.52

%

 

 

4.92

%

 

 

 

 

 

 

 

 

 

Chinese credit facilities

 

$

13

 

 

$

95

 

8.75% due 2020

 

 

—

 

 

 

280

 

Other domestic and foreign debt (including finance leases)

 

 

139

 

 

 

187

 

Long Term Debt and Finance Leases due Within One Year

 

$

152

 

 

$

562

 

Weighted average interest rate

 

 

3.87

%

 

 

6.58

%

Total obligations due within one year

 

$

558

 

 

$

910

 
Schedule of Debt

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

 

 

 

December 31, 2020

 

 

December 31, 2019

 

(In millions)

 

Amount

 

 

Interest Rate

 

 

Amount

 

 

Interest Rate

 

Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.75% due 2020

 

$

—

 

 

 

 

 

 

$

280

 

 

 

 

 

5.125% due 2023

 

 

1,000

 

 

 

 

 

 

 

1,000

 

 

 

 

 

3.75% Euro Notes due 2023

 

 

307

 

 

 

 

 

 

 

281

 

 

 

 

 

9.5% due 2025

 

 

803

 

 

 

 

 

 

 

—

 

 

 

 

 

5% due 2026

 

 

900

 

 

 

 

 

 

 

900

 

 

 

 

 

4.875% due 2027

 

 

700

 

 

 

 

 

 

 

700

 

 

 

 

 

7% due 2028

 

 

150

 

 

 

 

 

 

 

150

 

 

 

 

 

Credit Facilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First lien revolving credit facility due 2025

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Second lien term loan facility due 2025

 

 

400

 

 

 

2.15

%

 

 

400

 

 

 

3.97

%

European revolving credit facility due 2024

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pan-European accounts receivable facility

 

 

291

 

 

 

1.18

%

 

 

327

 

 

 

0.98

%

Mexican credit facilities

 

 

152

 

 

 

1.87

%

 

 

200

 

 

 

3.44

%

Chinese credit facilities

 

 

212

 

 

 

4.49

%

 

 

195

 

 

 

4.87

%

Other foreign and domestic debt(1)

 

 

451

 

 

 

3.22

%

 

 

661

 

 

 

4.02

%

 

 

 

5,366

 

 

 

 

 

 

 

5,094

 

 

 

 

 

Unamortized deferred financing fees

 

 

(32

)

 

 

 

 

 

 

(28

)

 

 

 

 

 

 

 

5,334

 

 

 

 

 

 

 

5,066

 

 

 

 

 

Finance lease obligations(2)

 

 

250

 

 

 

 

 

 

 

249

 

 

 

 

 

 

 

 

5,584

 

 

 

 

 

 

 

5,315

 

 

 

 

 

Less portion due within one year

 

 

(152

)

 

 

 

 

 

 

(562

)

 

 

 

 

 

 

$

5,432

 

 

 

 

 

 

$

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 $3 million during the twelve month period ended December 31, 2020.
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, 2020 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)

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

U.S.

 

$

1

 

 

$

151

 

 

$

999

 

 

$

—

 

 

$

1,199

 

Foreign

 

 

555

 

 

 

324

 

 

 

699

 

 

 

88

 

 

 

19

 

 

 

$

556

 

 

$

475

 

 

$

1,698

 

 

$

88

 

 

$

1,218

 
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)

 

2020

 

 

2019

 

Fair Values — Current asset (liability):

 

 

 

 

 

 

 

 

Accounts receivable

 

$

1

 

 

$

1

 

Other current liabilities

 

 

(27

)

 

 

(15

)
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)

 

2020

 

 

2019

 

Fair Values — Current asset (liability):

 

 

 

 

 

 

 

 

Accounts receivable

 

$

—

 

 

$

9

 

Other current liabilities

 

 

(7

)

 

 

(3

)

Fair Values — Long term asset (liability):

 

 

 

 

 

 

 

 

Other assets

 

$

—

 

 

$

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 contracts that meet the criteria to be accounted for as cash flow hedging instruments (before tax and minority):

 

 

 

Year Ended December 31,

 

(In millions)

 

2020

 

 

2019

 

 

2018

 

Amount of gains (losses) deferred to AOCL(1)

 

$

15

 

 

$

10

 

 

$

9

 

Reclassification adjustment for amounts recognized in CGS(1)

 

 

(13

)

 

 

(14

)

 

 

7

 

 

(1)

Excluded components deferred to AOCL and excluded components reclassified from AOCL to CGS for the twelve months ended December 31, 2020, 2019 and 2018 were not material.