Financing Arrangements and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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)	December 31, 2025			December 31, 2024
Chinese credit facilities	$	42		$	66
Other foreign and domestic debt	464			492
Notes Payable and Overdrafts	$	506		$	558
Weighted average interest rate	7.62		%	8.00		%

Chinese credit facilities	$	48		$	81
Mexican credit facility	200			—
9.5% Notes due 2025	—			500
Other foreign and domestic debt (including finance leases)	116			251
Long Term Debt and Finance Leases due Within One Year	$	364		$	832
Weighted average interest rate	5.07		%	8.46		%
Total obligations due within one year	$	870		$	1,390

Schedule of Debt

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


	December 31, 2025				December 31, 2024
(In millions)	Amount		Interest Rate		Amount		Interest Rate
Notes:
9.5% due 2025	$	—			$	500
5% due 2026	—				900
4.875% due 2027	700				700
7.625% due 2027	121				124
7% due 2028	150				150
2.75% Euro Notes due 2028	470				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	—		—	%	700		5.86	%
European revolving credit facility due 2028	—		—		—		—
Pan-European accounts receivable facility	292		3.86	%	227		4.83	%
Mexican credit facility	200		5.99	%	200		7.36	%
Chinese credit facilities	150		1.69	%	147		2.50	%
Other foreign and domestic debt(1)	424		8.32	%	480		7.39	%
	5,457				6,994
Unamortized deferred financing fees	(26)				(31)
	5,431				6,963
Finance lease obligations(2)	261				261
	5,692				7,224
Less portion due within one year	(364)				(832)
	$	5,328			$	6,392

(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 during the twelve month period ended December 31, 2025 and 2024.

The following table presents the total amounts available and utilized under the Chinese financing arrangements:


(In millions)	December 31, 2025		December 31, 2024
Total available	$	854	$	817
Amounts utilized:
Notes Payable and Overdrafts	$	42	$	66
Long Term Debt due Within One Year	48		81
Long Term Debt	102		66
Letters of credit, bank acceptances and other utilization	131		104
Total utilized	$	323	$	317

Maturities	1/26-7/27		1/25-8/28

Schedule of 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)	2025
Balance at January 1	$	604
Amounts added to the program	1,778
Amounts settled	(1,849)
Translation	18
Balance at December 31	$	551

Schedule of 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, 2025 are presented below. Maturities of 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)	2026		2027		2028		2029		2030
U.S.	$	3	$	821	$	150	$	850	$	500
Foreign	1,180		214		652		14		6
	$	1,183	$	1,035	$	802	$	864	$	506

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)	December 31, 2025		December 31, 2024
Fair Values — Current asset (liability):
Accounts receivable	$	6	$	28
Other current liabilities	(30)		(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):


	Year Ended December 31,
(In millions)	2025		2024		2023
Amount of gains (losses) deferred to AOCL	$	—	$	—	$	(5)
Reclassification adjustment for amounts recognized in CGS	—		(1)		4