v3.25.1
Financing Arrangements and Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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:

 

 

March 31,

 

 

December 31,

 

(In millions)

 

2025

 

 

2024

 

Chinese credit facilities

 

$

64

 

 

$

66

 

Other foreign and domestic debt

 

 

372

 

 

 

492

 

Notes Payable and Overdrafts

 

$

436

 

 

$

558

 

Weighted average interest rate

 

 

8.66

%

 

 

8.00

%

 

 

 

 

 

 

Chinese credit facilities

 

$

66

 

 

$

81

 

9.5% Notes due 2025

 

 

—

 

 

 

500

 

Other foreign and domestic debt (including finance leases)

 

 

234

 

 

 

251

 

Long Term Debt and Finance Leases due Within One Year

 

$

300

 

 

$

832

 

Weighted average interest rate

 

 

6.91

%

 

 

8.46

%

Total obligations due within one year

 

$

736

 

 

$

1,390

 
Schedule of Debt

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

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

 

 

 

Interest

 

 

 

 

 

Interest

 

(In millions)

 

Amount

 

 

Rate

 

 

Amount

 

 

Rate

 

Notes:

 

 

 

 

 

 

 

 

 

 

 

 

9.5% due 2025

 

$

—

 

 

 

 

 

$

500

 

 

 

 

5% due 2026

 

 

900

 

 

 

 

 

 

900

 

 

 

 

4.875% due 2027

 

 

700

 

 

 

 

 

 

700

 

 

 

 

7.625% due 2027

 

 

124

 

 

 

 

 

 

124

 

 

 

 

7% due 2028

 

 

150

 

 

 

 

 

 

150

 

 

 

 

2.75% Euro Notes due 2028

 

 

432

 

 

 

 

 

 

416

 

 

 

 

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

 

 

1,430

 

 

 

5.60

%

 

 

700

 

 

 

5.86

%

European revolving credit facility due 2028

 

 

194

 

 

 

4.03

%

 

 

—

 

 

 

—

 

Pan-European accounts receivable facility

 

 

130

 

 

 

4.48

%

 

 

227

 

 

 

4.83

%

Mexican credit facility

 

 

200

 

 

 

6.82

%

 

 

200

 

 

 

7.36

%

Chinese credit facilities

 

 

165

 

 

 

2.87

%

 

 

147

 

 

 

2.50

%

Other foreign and domestic debt(1)

 

 

491

 

 

 

8.19

%

 

 

480

 

 

 

7.39

%

 

 

7,366

 

 

 

 

 

 

6,994

 

 

 

 

Unamortized deferred financing fees

 

 

(26

)

 

 

 

 

 

(31

)

 

 

 

 

 

7,340

 

 

 

 

 

 

6,963

 

 

 

 

Finance lease obligations(2)

 

 

262

 

 

 

 

 

 

261

 

 

 

 

 

 

7,602

 

 

 

 

 

 

7,224

 

 

 

 

Less portion due within one year

 

 

(300

)

 

 

 

 

 

(832

)

 

 

 

 

$

7,302

 

 

 

 

 

$

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 non-cash financing additions during the three months ended March 31, 2025, and $2 million of non-cash financing additions during the twelve months ended December 31, 2024.
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:

 

 

March 31,

 

 

December 31,

 

(In millions)

 

2025

 

 

2024

 

Fair Values — Current asset (liability):

 

 

 

 

 

 

Accounts receivable

 

$

12

 

 

$

28

 

Other current liabilities

 

 

(22

)

 

 

(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

 

 

 

March 31,

 

(In millions)

 

2025

 

 

2024

 

Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")

 

$

—

 

 

$

—

 

Reclassification adjustment for amounts recognized in 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:

 

 

 

March 31,

 

 

December 31,

 

(In millions)

 

2025

 

 

2024

 

Total available

 

$

849

 

 

$

817

 

Amounts utilized:

 

 

 

 

 

 

Notes Payable and Overdrafts

 

$

64

 

 

$

66

 

Long Term Debt due Within One Year

 

 

66

 

 

 

81

 

Long Term Debt

 

 

99

 

 

 

66

 

Letters of credit, bank acceptances and other utilization

 

 

102

 

 

 

104

 

Total utilized

 

$

331

 

 

$

317

 

 

 

 

 

 

 

Maturities

 

4/25-8/28

 

 

1/25-8/28

 
C