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Financing Arrangements and Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
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)

 

2024

 

 

2023

 

Chinese credit facilities

 

$

66

 

 

$

15

 

Other foreign and domestic debt

 

 

492

 

 

 

329

 

Notes Payable and Overdrafts

 

$

558

 

 

$

344

 

Weighted average interest rate

 

 

8.00

%

 

 

10.52

%

 

 

 

 

 

 

Chinese credit facilities

 

$

81

 

 

$

54

 

9.5% Notes due 2025

 

 

500

 

 

 

—

 

Other foreign and domestic debt (including finance leases)

 

 

251

 

 

 

395

 

Long Term Debt and Finance Leases due Within One Year

 

$

832

 

 

$

449

 

Weighted average interest rate

 

 

8.46

%

 

 

7.27

%

Total obligations due within one year

 

$

1,390

 

 

$

793

 
Schedule of Debt

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

 

 

 

December 31, 2024

 

 

December 31, 2023

 

(In millions)

 

Amount

 

 

Interest Rate

 

 

Amount

 

 

Interest Rate

 

Notes:

 

 

 

 

 

 

 

 

 

 

 

 

9.5% due 2025

 

$

500

 

 

 

 

 

$

801

 

 

 

 

5% due 2026

 

 

900

 

 

 

 

 

 

900

 

 

 

 

4.875% due 2027

 

 

700

 

 

 

 

 

 

700

 

 

 

 

7.625% due 2027

 

 

124

 

 

 

 

 

 

128

 

 

 

 

7% due 2028

 

 

150

 

 

 

 

 

 

150

 

 

 

 

2.75% Euro Notes due 2028

 

 

416

 

 

 

 

 

 

442

 

 

 

 

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

 

 

700

 

 

 

5.86

%

 

 

385

 

 

 

6.71

%

European revolving credit facility due 2028

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pan-European accounts receivable facility

 

 

227

 

 

 

4.83

%

 

 

244

 

 

 

6.11

%

Mexican credit facility

 

 

200

 

 

 

7.36

%

 

 

84

 

 

 

7.57

%

Chinese credit facilities

 

 

147

 

 

 

2.50

%

 

 

174

 

 

 

3.94

%

Other foreign and domestic debt(1)

 

 

480

 

 

 

7.39

%

 

 

591

 

 

 

7.44

%

 

 

6,994

 

 

 

 

 

 

7,049

 

 

 

 

Unamortized deferred financing fees

 

 

(31

)

 

 

 

 

 

(37

)

 

 

 

 

 

6,963

 

 

 

 

 

 

7,012

 

 

 

 

Finance lease obligations(2)

 

 

261

 

 

 

 

 

 

268

 

 

 

 

 

 

7,224

 

 

 

 

 

 

7,280

 

 

 

 

Less portion due within one year

 

 

(832

)

 

 

 

 

 

(449

)

 

 

 

 

$

6,392

 

 

 

 

 

$

6,831

 

 

 

 

 

(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 and $17 million during the twelve month period ended December 31, 2024 and 2023, respectively.
Supplier Financing Arrangements

The following table represents the change in the balance of the supplier financing arrangements during the year ended December 31:

(In millions)

 

2024

 

Balance at January 1

 

$

580

 

Amounts added to the program(1)

 

 

1,869

 

Amounts settled(1)

 

 

(1,845

)

Balance at December 31

 

$

604

 

(1) Includes impact of foreign currency translation.
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, 2024 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)

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

U.S.

 

$

505

 

 

$

1,803

 

 

$

820

 

 

$

150

 

 

$

850

 

Foreign

 

 

898

 

 

 

110

 

 

 

317

 

 

 

519

 

 

 

11

 

 

$

1,403

 

 

$

1,913

 

 

$

1,137

 

 

$

669

 

 

$

861

 
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:

 

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2024

 

 

2023

 

Fair Values — Current asset (liability):

 

 

 

 

 

 

Accounts receivable

 

$

28

 

 

$

2

 

Other current liabilities

 

 

(3

)

 

 

(27

)
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:

 

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2024

 

 

2023

 

Fair Values — Current asset (liability):

 

 

 

 

 

 

Other current liabilities

 

$

—

 

 

$

(2

)
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):

 

 

Year Ended December 31,

 

(In millions)

 

2024

 

 

2023

 

 

2022

 

Amount of gains (losses) deferred to AOCL

 

$

—

 

 

$

(5

)

 

$

—

 

Reclassification adjustment for amounts recognized in CGS

 

 

(1

)

 

 

4

 

 

 

(2

)
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:

 

 

 

December 31,

 

 

December 31,

 

(In millions)

 

2024

 

 

2023

 

Total available

 

$

817

 

 

$

937

 

Amounts utilized:

 

 

 

 

 

 

Notes Payable and Overdrafts

 

$

66

 

 

$

15

 

Long Term Debt due Within One Year

 

 

81

 

 

 

54

 

Long Term Debt

 

 

66

 

 

 

120

 

Letters of credit, bank acceptances and other utilization

 

 

104

 

 

 

91

 

Total utilized

 

$

317

 

 

$

280

 

 

 

 

 

 

 

Maturities

 

1/25-8/28

 

 

2/24-8/28