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Financing Arrangements and Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Financing Arrangements And Derivative Financial Instruments [Abstract] |
Schedule of Long Term Debt and Finance Leases Due Within One Year | The following table presents amounts due within one year:
(In millions) | June 30, 2025 |  | December 31, 2024 |
Chinese credit facilities | $ | 60 |  |  | $ | 66 |  |
Other foreign and domestic debt | 439 |  |  | 492 |  |
Notes Payable and Overdrafts | $ | 499 |  |  | $ | 558 |  |
Weighted average interest rate | 7.73 | % |  | 8.00 | % |
Chinese credit facilities | $ | 56 |  |  | $ | 81 |  |
9.5% Notes due 2025 | — |  |  | 500 |  |
5% Notes due 2026 | 500 |  |  | — |  |
Other foreign and domestic debt (including finance leases) | 222 |  |  | 251 |  |
Long Term Debt and Finance Leases due Within One Year | $ | 778 |  |  | $ | 832 |  |
Weighted average interest rate | 5.57 | % |  | 8.46 | % |
Total obligations due within one year | $ | 1,277 |  |  | $ | 1,390 |  |
Schedule of Debt | The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates:
| June 30, 2025 |  | December 31, 2024
(In millions) | Amount |  | Interest Rate |  | Amount |  | Interest Rate
Notes: |  |  |  |  |  |  |
9.5% due 2025 | $ | — |  |  |  |  | $ | 500 |  |  |
5% due 2026 | 500 |  |  |  |  | 900 |  |  |
4.875% due 2027 | 700 |  |  |  |  | 700 |  |  |
7.625% due 2027 | 123 |  |  |  |  | 124 |  |  |
7% due 2028 | 150 |  |  |  |  | 150 |  |  |
2.75% Euro Notes due 2028 | 469 |  |  |  |  | 416 |  |  |
5% due 2029 | 850 |  |  |  |  | 850 |  |  |
6.625% due 2030 | 500 |  |  |  |  | — |  |  |
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 2030 | 1,210 |  |  | 5.61 | % |  | 700 |  |  | 5.86 | %
European revolving credit facility due 2028 | 140 |  |  | 3.43 | % |  | — |  |  | — |
Pan-European accounts receivable facility | 200 |  |  | 3.91 | % |  | 227 |  |  | 4.83 | %
Mexican credit facility | — |  |  | 6.37 | % |  | 200 |  |  | 7.36 | %
Chinese credit facilities | 171 |  |  | 2.46 | % |  | 147 |  |  | 2.50 | %
Other foreign and domestic debt(1) | 490 |  |  | 8.18 | % |  | 480 |  |  | 7.39 | %
| 7,103 |  |  |  |  | 6,994 |  |  |
Unamortized deferred financing fees | (31) |  |  |  |  | (31) |  |  |
| 7,072 |  |  |  |  | 6,963 |  |  |
Finance lease obligations(2) | 265 |  |  |  |  | 261 |  |  |
| 7,337 |  |  |  |  | 7,224 |  |  |
Less portion due within one year | (778) |  |  |  |  | (832) |  |  |
| $ | 6,559 |  |  |  |  | $ | 6,392 |  |  |
(1)Interest rates are weighted average interest rates primarily related to various foreign credit facilities with customary terms and conditions. (2)Includes $1 million of non-cash financing additions during the six months ended June 30, 2025, and $2 million of non-cash financing additions during the twelve months ended December 31, 2024.
The following table presents the total amounts available and utilized under the Chinese financing arrangements:
(In millions) | June 30, 2025 |  | December 31, 2024
Total available | $ | 888 |  |  | $ | 817 |
Amounts utilized: |  |  |
Notes Payable and Overdrafts | $ | 60 |  |  | $ | 66 |
Long Term Debt due Within One Year | 56 |  |  | 81 |
Long Term Debt | 115 |  |  | 66 |
Letters of credit, bank acceptances and other utilization | 150 |  |  | 104 |
Total utilized | $ | 381 |  |  | $ | 317 |
Maturities | 7/25-8/28 |  | 1/25-8/28
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:
(In millions) | June 30, 2025 |  | December 31, 2024
Fair Values — Current asset (liability): |  |  |
Accounts receivable | $ | 5 |  |  | $ | 28 |
Other current liabilities | (55) |  |  | (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 June 30, |  | Six Months Ended June 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL") | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reclassification adjustment for amounts recognized in CGS | — |  |  | — |  |  | — |  |  | 1 |

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