Financing Arrangements and Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Financing Arrangements And Derivative Financial Instruments [Abstract]

Schedule of Long Term Debt and Finance Leases Due Within One Year

The following table presents amounts due within one year:

(In millions)	September 30, 2025			December 31, 2024
Chinese credit facilities	$	89		$	66
Other foreign and domestic debt	484			492
Notes Payable and Overdrafts	$	573		$	558
Weighted average interest rate	7.72		%	8.00		%
Chinese credit facilities	$	85		$	81
9.5% Notes due 2025	—			500
Other foreign and domestic debt (including finance leases)	134			251
Long Term Debt and Finance Leases due Within One Year	$	219		$	832
Weighted average interest rate	4.75		%	8.46		%
Total obligations due within one year	$	792		$	1,390

Schedule of Debt

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

	September 30, 2025				December 31, 2024
(In millions)	Amount		Interest Rate		Amount		Interest Rate
Notes:
9.5% due 2025	$	—			$	500
5% due 2026	—				900
4.875% due 2027	700				700
7.625% due 2027	122				124
7% due 2028	150				150
2.75% Euro Notes due 2028	470				416
5% due 2029	850				850
6.625% due 2030	500				—
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 2030	1,325		5.43	%	700		5.86	%
European revolving credit facility due 2028	446		3.42	%	—		—
Pan-European accounts receivable facility	242		3.91	%	227		4.83	%
Mexican credit facility	200		5.99	%	200		7.36	%
Chinese credit facilities	186		2.32	%	147		2.50	%
Other foreign and domestic debt(1)	458		8.49	%	480		7.39	%
	7,249				6,994
Unamortized deferred financing fees	(28)				(31)
	7,221				6,963
Finance lease obligations(2)	262				261
	7,483				7,224
Less portion due within one year	(219)				(832)
	$	7,264			$	6,392
(1)Interest rates are weighted average interest rates primarily related to various foreign credit facilities with customary terms and conditions. (2)Includes $1 million of non-cash financing additions during the nine months ended September 30, 2025, and $2 million of non-cash financing additions during the twelve months ended December 31, 2024.

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

(In millions)	September 30, 2025		December 31, 2024
Total available	$	917	$	817
Amounts utilized:
Notes Payable and Overdrafts	$	89	$	66
Long Term Debt due Within One Year	85		81
Long Term Debt	101		66
Letters of credit, bank acceptances and other utilization	168		104
Total utilized	$	443	$	317
Maturities	10/25-8/28		1/25-8/28

Schedule of 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:

(In millions)	September 30, 2025		December 31, 2024
Fair Values — Current asset (liability):
Accounts receivable	$	5	$	28
Other current liabilities	(27)		(3)

Schedule of 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 September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")	$	—	$	—	$	—	$	—
Reclassification adjustment for amounts recognized in CGS	—		—		—		1