Financing Arrangements and Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Schedule Of Long Term Debt and Finance Leases Due Within One Year

The following table presents amounts due within one year:


	June 30,			December 31,
(In millions)	2024			2023
Chinese credit facilities	$	84		$	15
Other foreign and domestic debt		378			329
Notes Payable and Overdrafts	$	462		$	344
Weighted average interest rate		7.69	%		10.52	%

Chinese credit facilities	$	127		$	54
9.50% Notes due 2025		800			—
Other foreign and domestic debt (including finance leases)		255			395
Long Term Debt and Finance Leases due Within One Year	$	1,182		$	449
Weighted average interest rate		8.70	%		7.27	%
Total obligations due within one year	$	1,644		$	793

Schedule of Debt

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


	June 30, 2024						December 31, 2023
				Interest						Interest
(In millions)	Amount			Rate			Amount			Rate
Notes:
9.5% due 2025	$	801					$	801
5% due 2026		900						900
4.875% due 2027		700						700
7.625% due 2027		126						128
7% due 2028		150						150
2.75% Euro Notes due 2028		428						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		815			6.58	%		385			6.71	%
European revolving credit facility due 2028		241			5.12	%		—			—
Pan-European accounts receivable facility		204			5.67	%		244			6.11	%
Mexican credit facility		200			7.37	%		84			7.57	%
Chinese credit facilities		181			2.50	%		174			3.94	%
Other foreign and domestic debt(1)		587			7.15	%		591			7.44	%
		7,783						7,049
Unamortized deferred financing fees		(32	)					(37	)
		7,751						7,012
Finance lease obligations(2)		263						268
		8,014						7,280
Less portion due within one year		(1,182	)					(449	)
	$	6,832					$	6,831

(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, 2024, and $17 million of non-cash financing additions during the twelve months ended December 31, 2023.

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:


	June 30,			December 31,
(In millions)	2024			2023
Fair Values — Current asset (liability):
Accounts receivable	$	21		$	2
Other current liabilities		(9	)		(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:


	June 30,		December 31,
(In millions)	2024		2023
Fair Values — Current asset (liability):
Accounts receivable	$	—	$	—
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):


	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In millions)	2024		2023			2024		2023
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")	$	—	$	(2	)	$	—	$	(4	)
Reclassification adjustment for amounts recognized in Cost of Goods Sold ("CGS")		—		—			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:


	June 30,		December 31,
(In millions)	2024		2023
Total available	$	964	$	937
Amounts utilized:
Notes Payable and Overdrafts	$	84	$	15
Long Term Debt due Within One Year		127		54
Long Term Debt		54		120
Letters of credit, bank acceptances and other utilization		224		91
Total utilized	$	489	$	280

Maturities	7/24-8/28		2/24-8/28

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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