XML 62 R48.htm IDEA: XBRL DOCUMENT
v3.22.4

Financing Arrangements and Derivative Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Financing Arrangements And Derivative Financial Instruments [Abstract] |
Long Term Debt and Finance Leases Due Within One Year | The following table presents amounts due within one year:
|  | December 31, |  |  | December 31, |
(In millions) |  | 2022 |  |  | 2021 |
Chinese credit facilities |  | $ | 26 |  |  | $ | 37 |
Other foreign and domestic debt |  |  | 369 |  |  |  | 369 |
Notes Payable and Overdrafts |  | $ | 395 |  |  | $ | 406 |
Weighted average interest rate |  |  | 5.75 | % |  |  | 2.78 | %
Chinese credit facilities |  | $ | 136 |  |  | $ | 124 |
Other foreign and domestic debt (including finance leases) |  |  | 92 |  |  |  | 219 |
Long Term Debt and Finance Leases due Within One Year |  | $ | 228 |  |  | $ | 343 |
Weighted average interest rate |  |  | 3.88 | % |  |  | 5.25 | %
Total obligations due within one year |  | $ | 623 |  |  | $ | 749 |
Schedule of Debt | The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates:
|  | December 31, 2022 |  |  | December 31, 2021 |
(In millions) |  | Amount |  |  | Interest Rate |  |  | Amount |  |  | Interest Rate |
Notes: |  |  |  |  |  |  |  |  |  |  |  |
9.5% due 2025 |  | $ | 802 |  |  |  |  |  | $ | 802 |  |  |  |
5% due 2026 |  |  | 900 |  |  |  |  |  |  | 900 |  |  |  |
4.875% due 2027 |  |  | 700 |  |  |  |  |  |  | 700 |  |  |  |
7.625% due 2027 |  |  | 131 |  |  |  |  |  |  | 135 |  |  |  |
7% due 2028 |  |  | 150 |  |  |  |  |  |  | 150 |  |  |  |
2.75% Euro Notes due 2028 |  |  | 427 |  |  |  |  |  |  | 454 |  |  |  |
5% due 2029 |  |  | 850 |  |  |  |  |  |  | 850 |  |  |  |
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 2026 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
European revolving credit facility due 2028 |  |  | 374 |  |  |  | 3.39 | % |  |  | — |  |  |  | — |
Pan-European accounts receivable facility |  |  | 267 |  |  |  | 3.77 | % |  |  | 279 |  |  |  | 1.08 | %
Mexican credit facility |  |  | 200 |  |  |  | 6.29 | % |  |  | 158 |  |  |  | 1.85 | %
Chinese credit facilities |  |  | 235 |  |  |  | 4.23 | % |  |  | 333 |  |  |  | 4.34 | %
Other foreign and domestic debt(1) |  |  | 650 |  |  |  | 6.58 | % |  |  | 430 |  |  |  | 6.05 | %
|  |  | 7,286 |  |  |  |  |  |  | 6,791 |  |  |  |
Unamortized deferred financing fees |  |  | (46 | ) |  |  |  |  |  | (55 | ) |  |  |
|  |  | 7,240 |  |  |  |  |  |  | 6,736 |  |  |  |
Finance lease obligations(2) |  |  | 255 |  |  |  |  |  |  | 255 |  |  |  |
|  |  | 7,495 |  |  |  |  |  |  | 6,991 |  |  |  |
Less portion due within one year |  |  | (228 | ) |  |  |  |  |  | (343 | ) |  |  |
|  | $ | 7,267 |  |  |  |  |  | $ | 6,648 |  |  |  |
(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 $20 million and $14 million during the twelve month period ended December 31, 2022 and 2021, respectively.
Summary off-balance sheet utilization | The following table presents the total amounts available and utilized under the Chinese financing arrangements:
|  | December 31, |  |  | December 31, |
(In millions) |  | 2022 |  |  | 2021 |
Total available |  | $ | 852 |  |  | $ | 1,033 |
Amounts utilized: |  |  |  |  |  |
Notes Payable and Overdrafts |  | $ | 26 |  |  | $ | 37 |
Long Term Debt due Within One Year |  |  | 136 |  |  |  | 124 |
Long Term Debt |  |  | 99 |  |  |  | 209 |
Letters of credit, bank acceptances and other utilization |  |  | 75 |  |  |  | 41 |
Total utilized |  | $ | 336 |  |  | $ | 411 |
Maturities |  | 1/23-8/25 |  |  | 1/22-6/24 |
Maturities of Long-term Debt and Capital Leases | The annual aggregate maturities of our debt (excluding the impact of deferred financing fees, unamortized discounts and the fair value step-up related to the Cooper Tire acquisition), finance leases and notes payable and overdrafts for the five years subsequent to December 31, 2022 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) |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |
U.S. |  | $ | 4 |  |  | $ | 205 |  |  | $ | 801 |  |  | $ | 899 |  |  | $ | 816 |
Foreign |  |  | 617 |  |  |  | 378 |  |  |  | 173 |  |  |  | 13 |  |  |  | 280 |
|  | $ | 621 |  |  | $ | 583 |  |  | $ | 974 |  |  | $ | 912 |  |  | $ | 1,096 |
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) |  | 2022 |  |  | 2021 |
Fair Values — Current asset (liability): |  |  |  |  |  |
Accounts receivable |  | $ | 4 |  |  | $ | 9 |
Other current liabilities |  |  | (10 | ) |  |  | (4 | )
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) |  | 2022 |  |  | 2021 |
Fair Values — Current asset (liability): |  |  |  |  |  |
Accounts receivable |  | $ | 1 |  |  | $ | 1 |
Other current liabilities |  |  | (3 | ) |  |  | (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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Amount of gains deferred to AOCL |  | $ | — |  |  | $ | 1 |  |  | $ | 15 |
Reclassification adjustment for amounts recognized in CGS |  |  | (2 | ) |  |  | (2 | ) |  |  | (13 | )

X
- Definition Financing arrangements and derivative financial instruments. + References No definition available. + Details
Name: | gt_FinancingArrangementsAndDerivativeFinancialInstrumentsAbstract
Namespace Prefix: | gt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Notes payable and overdrafts long term debt and finance leases due with in one year and short term financing arrangements. + References No definition available. + Details
Name: | gt_NotesPayableAndOverdraftsLongTermDebtAndFinanceLeasesDueWithInOneYearAndShortTermFinancingArrangementsTableTextBlock
Namespace Prefix: | gt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined) which are not recognized in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13433-108611 + Details
Name: | us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration