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Financing Arrangements and Derivative Financial Instruments (Tables) | 12 Months Ended
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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.

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