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Financing Arrangements and Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 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:
|  | September 30, |  |  | December 31, |
(In millions) |  | 2020 |  |  | 2019 |
Chinese credit facilities |  | $ | 211 |  |  | $ | 118 |
Other domestic and foreign debt |  |  | 318 |  |  |  | 230 |
Notes Payable and Overdrafts |  | $ | 529 |  |  | $ | 348 |
Weighted average interest rate |  |  | 4.41 | % |  |  | 4.92 | %
Chinese credit facilities |  | $ | 16 |  |  | $ | 95 |
8.75% due 2020 |  |  | — |  |  |  | 280 |
Other domestic and foreign debt (including finance leases) |  |  | 395 |  |  |  | 187 |
Long Term Debt and Finance Leases due Within One Year |  | $ | 411 |  |  | $ | 562 |
Weighted average interest rate |  |  | 2.56 | % |  |  | 6.58 | %
Total obligations due within one year |  | $ | 940 |  |  | $ | 910 |
Schedule of Debt | The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates:
|  | September 30, 2020 |  |  | December 31, 2019 |
|  |  |  |  |  | Interest |  |  |  |  |  |  | Interest |
(In millions) |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
8.75% due 2020 |  | $ | — |  |  |  |  |  |  | $ | 280 |  |  |  |  |
5.125% due 2023 |  |  | 1,000 |  |  |  |  |  |  |  | 1,000 |  |  |  |  |
3.75% Euro Notes due 2023 |  |  | 293 |  |  |  |  |  |  |  | 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 |  |  |  | 2.16 | % |  |  | 400 |  |  |  | 3.97 | %
European revolving credit facility due 2024 |  |  | 100 |  |  |  | 1.65 | % |  |  | — |  |  |  | — |
Pan-European accounts receivable facility |  |  | 270 |  |  |  | 1.00 | % |  |  | 327 |  |  |  | 0.98 | %
Mexican credit facility |  |  | 200 |  |  |  | 2.43 | % |  |  | 200 |  |  |  | 3.44 | %
Chinese credit facilities |  |  | 208 |  |  |  | 4.50 | % |  |  | 195 |  |  |  | 4.87 | %
Other foreign and domestic debt(1) |  |  | 881 |  |  |  | 2.56 | % |  |  | 661 |  |  |  | 4.02 | %
|  |  | 5,905 |  |  |  |  |  |  |  | 5,094 |  |  |  |  |
Unamortized deferred financing fees |  |  | (34 | ) |  |  |  |  |  |  | (28 | ) |  |  |  |
|  |  | 5,871 |  |  |  |  |  |  |  | 5,066 |  |  |  |  |
Finance lease obligations(2) |  |  | 248 |  |  |  |  |  |  |  | 249 |  |  |  |  |
|  |  | 6,119 |  |  |  |  |  |  |  | 5,315 |  |  |  |  |
Less portion due within one year |  |  | (411 | ) |  |  |  |  |  |  | (562 | ) |  |  |  |
|  | $ | 5,708 |  |  |  |  |  |  | $ | 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 $2 million during the nine month period ended September 30, 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:
|  | September 30, |  |  | December 31, |
(In millions) |  | 2020 |  |  | 2019 |
Fair Values — Current asset (liability): |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 21 |  |  | $ | 1 |
Other current liabilities |  |  | (11 | ) |  |  | (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:
|  | September 30, |  |  | December 31, |
(In millions) |  | 2020 |  |  | 2019 |
Fair Values — Current asset (liability): |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  |  | $ | 9 |
Other current liabilities |  |  | (4 | ) |  |  | (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 hedge contracts that meet the criteria to be accounted for as cash flow hedging instruments (before tax and minority):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")(1) |  | $ | (1 | ) |  | $ | 14 |  |  | $ | 19 |  |  | $ | 18 |
Reclassification adjustment for amounts recognized in Cost of Goods Sold ("CGS")(1) |  |  | (3 | ) |  |  | (3 | ) |  |  | (11 | ) |  |  | (9 | )
(1) | Excluded components deferred to AOCL and excluded components reclassified from AOCL to CGS for the three and nine months ended September 30, 2020 and 2019 were not material.

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