Financing Arrangements and Derivative Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Debt Instrument [Line Items] |
|
| Long Term Debt and Finance Leases Due Within One Year |
The following table presents amounts due within one year:
|
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|
December 31, |
|
|
December 31, |
|
(In millions) |
|
2023 |
|
|
2022 |
|
Chinese credit facilities |
|
$ |
15 |
|
|
$ |
26 |
|
Other foreign and domestic debt |
|
|
329 |
|
|
|
369 |
|
Notes Payable and Overdrafts |
|
$ |
344 |
|
|
$ |
395 |
|
Weighted average interest rate |
|
|
10.52 |
% |
|
|
5.75 |
% |
|
|
|
|
|
|
|
Chinese credit facilities |
|
$ |
54 |
|
|
$ |
136 |
|
Other foreign and domestic debt (including finance leases) |
|
|
395 |
|
|
|
92 |
|
Long Term Debt and Finance Leases due Within One Year |
|
$ |
449 |
|
|
$ |
228 |
|
Weighted average interest rate |
|
|
7.27 |
% |
|
|
3.88 |
% |
Total obligations due within one year |
|
$ |
793 |
|
|
$ |
623 |
|
|
| Schedule of Debt |
The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates:
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|
December 31, 2023 |
|
|
December 31, 2022 |
|
(In millions) |
|
Amount |
|
|
Interest Rate |
|
|
Amount |
|
|
Interest Rate |
|
Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
9.5% due 2025 |
|
$ |
801 |
|
|
|
|
|
$ |
802 |
|
|
|
|
5% due 2026 |
|
|
900 |
|
|
|
|
|
|
900 |
|
|
|
|
4.875% due 2027 |
|
|
700 |
|
|
|
|
|
|
700 |
|
|
|
|
7.625% due 2027 |
|
|
128 |
|
|
|
|
|
|
131 |
|
|
|
|
7% due 2028 |
|
|
150 |
|
|
|
|
|
|
150 |
|
|
|
|
2.75% Euro Notes due 2028 |
|
|
442 |
|
|
|
|
|
|
427 |
|
|
|
|
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 |
|
|
385 |
|
|
|
6.71 |
% |
|
|
— |
|
|
|
— |
|
European revolving credit facility due 2028 |
|
|
— |
|
|
|
— |
|
|
|
374 |
|
|
|
3.39 |
% |
Pan-European accounts receivable facility |
|
|
244 |
|
|
|
6.11 |
% |
|
|
267 |
|
|
|
3.77 |
% |
Mexican credit facility |
|
|
84 |
|
|
|
7.57 |
% |
|
|
200 |
|
|
|
6.29 |
% |
Chinese credit facilities |
|
|
174 |
|
|
|
3.94 |
% |
|
|
235 |
|
|
|
4.23 |
% |
Other foreign and domestic debt(1) |
|
|
591 |
|
|
|
7.44 |
% |
|
|
650 |
|
|
|
6.58 |
% |
|
|
|
7,049 |
|
|
|
|
|
|
7,286 |
|
|
|
|
Unamortized deferred financing fees |
|
|
(37 |
) |
|
|
|
|
|
(46 |
) |
|
|
|
|
|
|
7,012 |
|
|
|
|
|
|
7,240 |
|
|
|
|
Finance lease obligations(2) |
|
|
268 |
|
|
|
|
|
|
255 |
|
|
|
|
|
|
|
7,280 |
|
|
|
|
|
|
7,495 |
|
|
|
|
Less portion due within one year |
|
|
(449 |
) |
|
|
|
|
|
(228 |
) |
|
|
|
|
|
$ |
6,831 |
|
|
|
|
|
$ |
7,267 |
|
|
|
|
(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 $17 million and $20 million during the twelve month period ended December 31, 2023 and 2022, respectively.
|
| 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, 2023 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.
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|
(In millions) |
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
U.S. |
|
$ |
93 |
|
|
$ |
805 |
|
|
$ |
1,288 |
|
|
$ |
820 |
|
|
$ |
150 |
|
Foreign |
|
|
699 |
|
|
|
284 |
|
|
|
16 |
|
|
|
258 |
|
|
|
551 |
|
|
|
$ |
792 |
|
|
$ |
1,089 |
|
|
$ |
1,304 |
|
|
$ |
1,078 |
|
|
$ |
701 |
|
|
| 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:
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|
December 31, |
|
|
December 31, |
|
(In millions) |
|
2023 |
|
|
2022 |
|
Fair Values — Current asset (liability): |
|
|
|
|
|
|
Accounts receivable |
|
$ |
2 |
|
|
$ |
4 |
|
Other current liabilities |
|
|
(27 |
) |
|
|
(10 |
) |
|
| 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:
|
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|
|
|
|
|
|
|
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|
December 31, |
|
|
December 31, |
|
(In millions) |
|
2023 |
|
|
2022 |
|
Fair Values — Current asset (liability): |
|
|
|
|
|
|
Accounts receivable |
|
$ |
— |
|
|
$ |
1 |
|
Other current liabilities |
|
|
(2 |
) |
|
|
(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):
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|
Year Ended December 31, |
|
(In millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Amount of gains (losses) deferred to AOCL |
|
$ |
(5 |
) |
|
$ |
— |
|
|
$ |
1 |
|
Reclassification adjustment for amounts recognized in CGS |
|
|
4 |
|
|
|
(2 |
) |
|
|
(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:
|
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|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
(In millions) |
|
2023 |
|
|
2022 |
|
Total available |
|
$ |
937 |
|
|
$ |
852 |
|
Amounts utilized: |
|
|
|
|
|
|
Notes Payable and Overdrafts |
|
$ |
15 |
|
|
$ |
26 |
|
Long Term Debt due Within One Year |
|
|
54 |
|
|
|
136 |
|
Long Term Debt |
|
|
120 |
|
|
|
99 |
|
Letters of credit, bank acceptances and other utilization |
|
|
91 |
|
|
|
75 |
|
Total utilized |
|
$ |
280 |
|
|
$ |
336 |
|
|
|
|
|
|
|
|
Maturities |
|
2/24-8/28 |
|
|
1/23-8/25 |
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|