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v3.23.3

Financing Arrangements and Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Instrument [Line Items] |
Schedule Of Long Term Debt and Finance Leases Due Within One Year | The following table presents amounts due within one year:
|  | September 30, |  |  | December 31, |
(In millions) |  | 2023 |  |  | 2022 |
Chinese credit facilities |  | $ | 15 |  |  | $ | 26 |
Other foreign and domestic debt |  |  | 307 |  |  |  | 369 |
Notes Payable and Overdrafts |  | $ | 322 |  |  | $ | 395 |
Weighted average interest rate |  |  | 9.06 | % |  |  | 5.75 | %
Chinese credit facilities |  | $ | 88 |  |  | $ | 136 |
Other foreign and domestic debt (including finance leases) |  |  | 189 |  |  |  | 92 |
Long Term Debt and Finance Leases due Within One Year |  | $ | 277 |  |  | $ | 228 |
Weighted average interest rate |  |  | 6.69 | % |  |  | 3.88 | %
Total obligations due within one year |  | $ | 599 |  |  | $ | 623 |
Schedule of Debt | The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  |  |  |  | Interest |  |  |  |  |  | Interest |
(In millions) |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Notes: |  |  |  |  |  |  |  |  |  |  |  |
9.5% due 2025 |  | $ | 801 |  |  |  |  |  | $ | 802 |  |  |  |
5% due 2026 |  |  | 900 |  |  |  |  |  |  | 900 |  |  |  |
4.875% due 2027 |  |  | 700 |  |  |  |  |  |  | 700 |  |  |  |
7.625% due 2027 |  |  | 129 |  |  |  |  |  |  | 131 |  |  |  |
7% due 2028 |  |  | 150 |  |  |  |  |  |  | 150 |  |  |  |
2.75% Euro Notes due 2028 |  |  | 424 |  |  |  |  |  |  | 427 |  |  |  |
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 |  |  | 790 |  |  |  | 6.65 | % |  |  | — |  |  |  | — |
European revolving credit facility due 2028 |  |  | 530 |  |  |  | 5.23 | % |  |  | 374 |  |  |  | 3.39 | %
Pan-European accounts receivable facility |  |  | 260 |  |  |  | 5.69 | % |  |  | 267 |  |  |  | 3.77 | %
Mexican credit facility |  |  | 200 |  |  |  | 7.27 | % |  |  | 200 |  |  |  | 6.29 | %
Chinese credit facilities |  |  | 216 |  |  |  | 3.95 | % |  |  | 235 |  |  |  | 4.23 | %
Other foreign and domestic debt(1) |  |  | 581 |  |  |  | 7.62 | % |  |  | 650 |  |  |  | 6.58 | %
|  |  | 8,131 |  |  |  |  |  |  | 7,286 |  |  |  |
Unamortized deferred financing fees |  |  | (39 | ) |  |  |  |  |  | (46 | ) |  |  |
|  |  | 8,092 |  |  |  |  |  |  | 7,240 |  |  |  |
Finance lease obligations(2) |  |  | 252 |  |  |  |  |  |  | 255 |  |  |  |
|  |  | 8,344 |  |  |  |  |  |  | 7,495 |  |  |  |
Less portion due within one year |  |  | (277 | ) |  |  |  |  |  | (228 | ) |  |  |
|  | $ | 8,067 |  |  |  |  |  | $ | 7,267 |  |  |  |
(1) Interest rates are weighted average interest rates primarily related to various foreign credit facilities with customary terms and conditions. (2) Includes $2 million of non-cash financing additions during the nine months ended September 30, 2023, and $20 million of non-cash financing additions during the twelve months ended December 31, 2022.
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:
|  | September 30, |  |  | December 31, |
(In millions) |  | 2023 |  |  | 2022 |
Fair Values — Current asset (liability): |  |  |  |  |  |
Accounts receivable |  | $ | 32 |  |  | $ | 4 |
Other current liabilities |  |  | (14 | ) |  |  | (10 | )
Schedule Of 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:
|  | September 30, |  |  | December 31, |
(In millions) |  | 2023 |  |  | 2022 |
Fair Values — Current asset (liability): |  |  |  |  |  |
Accounts receivable |  | $ | 1 |  |  | $ | 1 |
Other current liabilities |  |  | (3 | ) |  |  | (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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL") |  | $ | — |  |  | $ | 2 |  |  | $ | (4 | ) |  | $ | 3 |
Reclassification adjustment for amounts recognized in Cost of Goods Sold ("CGS") |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | (1 | )
Chinese Credit Facilities [Member] |
Debt Instrument [Line Items] |
Schedule of Debt | The following table presents the total amounts available and utilized under the Chinese financing arrangements:
|  | September 30, |  |  | December 31, |
(In millions) |  | 2023 |  |  | 2022 |
Total available |  | $ | 900 |  |  | $ | 852 |
Amounts utilized: |  |  |  |  |  |
Notes Payable and Overdrafts |  | $ | 15 |  |  | $ | 26 |
Long Term Debt due Within One Year |  |  | 88 |  |  |  | 136 |
Long Term Debt |  |  | 128 |  |  |  | 99 |
Letters of credit, bank acceptances and other utilization |  |  | 81 |  |  |  | 75 |
Total utilized |  | $ | 312 |  |  | $ | 336 |
Maturities |  | 11/23-8/28 |  |  | 1/23-8/25 |

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