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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows:
| Gain (Loss) Recognized in Other Comprehensive Income (Loss) |  | Gain (Loss) Recognized in Earnings (Loss) |  |
| Three Months Ended September 30, |  | Statement of Operations Classification
| 2024 |  | 2023 |  | 2024 |  | 2023 |
| (In $ millions) |  |
Designated as Cash Flow Hedges |  |  |  |  |  |  |  |  |
Commodity swaps | (11) |  |  | 5 |  |  | — |  |  | 1 |  |  | Cost of sales
Interest rate swaps | — |  |  | — |  |  | (2) |  |  | (2) |  |  | Interest expense
Foreign currency forwards | (1) |  |  | — |  |  | — |  |  | 4 |  |  | Cost of sales
Total | (12) |  |  | 5 |  |  | (2) |  |  | 3 |  |  |
Designated as Fair Value Hedges |  |  |  |  |  |  |  |  |
Cross-currency swaps(1) | (61) |  |  | 18 |  |  | (93) |  |  | 40 |  |  | Foreign exchange gain (loss), net
Designated as Net Investment Hedges |  |  |  |  |  |  |  |
Foreign currency denominated debt | (104) |  |  | 61 |  |  | — |  |  | — |  |  | N/A
Cross-currency swaps(2) | (112) |  |  | 77 |  |  | — |  |  | — |  |  | N/A
Total | (216) |  |  | 138 |  |  | — |  |  | — |  |  |
Not Designated as Hedges |  |  |  |  |  |  |  |  |
Foreign currency forwards and swaps | — |  |  | — |  |  | (9) |  |  | (23) |  |  | Foreign exchange gain (loss), net; Other income (expense), net
______________________________ (1)In conjunction with the offering of certain senior unsecured notes in August 2023, the Company entered into a cross-currency swap to effectively convert $500 million of the issued notes into a Japanese yen-denominated borrowing at prevailing yen interest rates, maturing on July 15, 2029. The swap qualifies and has been designated as a fair value hedge of the Company's foreign currency exchange rate exposure on the long-term debt of its Japanese yen-denominated subsidiary. Additionally, in conjunction with the offering of certain senior unsecured notes in August 2023, the Company entered into cross-currency swaps to effectively convert $1.0 billion of the issued notes into 5-year and 7-year euro-denominated borrowings at prevailing euro interest rates, maturing on November 15, 2028 and November 15, 2030, respectively. The swaps qualify and have been designated as fair value hedges of the Company's foreign currency exchange rate exposure on the long-term debt of its euro-denominated subsidiary. (2)On April 11, 2024, the Company entered into cross-currency swaps to effectively convert its $1.0 billion senior unsecured notes due 2033 (Note 7) into Chinese yuan-denominated borrowings at prevailing yuan interest rates, maturing on November 15, 2033. The swaps qualify and have been designated as net investment hedges of the Company's foreign currency exchange rate exposure on the net investment of certain of its Chinese yuan-denominated subsidiaries.
| Gain (Loss) Recognized in Other Comprehensive Income (Loss) |  | Gain (Loss) Recognized in Earnings (Loss) |  |
| Nine Months Ended September 30, |  | Statement of Operations Classification
| 2024 |  | 2023 |  | 2024 |  | 2023 |
| (In $ millions) |  |
Designated as Cash Flow Hedges |  |  |  |  |  |  |  |  |
Commodity swaps | (2) |  |  | (2) |  |  | (1) |  |  | 2 |  |  | Cost of sales
Interest rate swaps | — |  |  | — |  |  | (6) |  |  | (6) |  |  | Interest expense
Foreign currency forwards | (1) |  |  | 4 |  |  | — |  |  | 2 |  |  | Cost of sales
Total | (3) |  |  | 2 |  |  | (7) |  |  | (2) |  |  |
Designated as Fair Value Hedges |  |  |  |  |  |  |  |  |
Cross-currency swaps(1) | 49 |  |  | 18 |  |  | 17 |  |  | 40 |  |  | Foreign exchange gain (loss), net
Designated as Net Investment Hedges |  |  |  |  |  |  |  |  |
Foreign currency denominated debt | (17) |  |  | — |  |  | — |  |  | — |  |  | N/A
Cross-currency swaps(2) | (8) |  |  | (16) |  |  | — |  |  | — |  |  | N/A
Total | (25) |  |  | (16) |  |  | — |  |  | — |  |  |
Not Designated as Hedges |  |  |  |  |  |  |  |  |
Foreign currency forwards and swaps | — |  |  | — |  |  | (10) |  |  | (22) |  |  | Foreign exchange gain (loss), net; Other income (expense), net
______________________________ (1)In conjunction with the offering of certain senior unsecured notes in August 2023, the Company entered into a cross-currency swap to effectively convert $500 million of the issued notes into a Japanese yen-denominated borrowing at prevailing yen interest rates, maturing on July 15, 2029. The swap qualifies and has been designated as a fair value hedge of the Company's foreign currency exchange rate exposure on the long-term debt of its Japanese yen-denominated subsidiary. Additionally, in conjunction with the offering of certain senior unsecured notes in August 2023, the Company entered into cross-currency swaps to effectively convert $1.0 billion of the issued notes into 5-year and 7-year euro-denominated borrowings at prevailing euro interest rates, maturing on November 15, 2028 and November 15, 2030, respectively. The swaps qualify and have been designated as fair value hedges of the Company's foreign currency exchange rate exposure on the long-term debt of its euro-denominated subsidiary. (2)On April 11, 2024, the Company entered into cross-currency swaps to effectively convert its $1.0 billion senior unsecured notes due 2033 (Note 7) into Chinese yuan-denominated borrowings at prevailing yuan interest rates, maturing on November 15, 2033. The swaps qualify and have been designated as net investment hedges of the Company's foreign currency exchange rate exposure on the net investment of certain of its Chinese yuan-denominated subsidiaries. See Note 13 for additional information regarding the fair value of the Company's derivative instruments. Certain of the Company's commodity swaps, interest rate swaps, cross-currency swaps and foreign currency forwards and swaps permit the Company to net settle all contracts with the counterparty through a single payment in an agreed upon currency in the event of default or early termination of the contract, similar to a master netting arrangement. Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the unaudited consolidated balance sheets is as follows:
| As of September 30, 2024 |  | As of December 31, 2023
| (In $ millions)
Derivative Assets |  |  |
Gross amount recognized | 187 |  |  | 183 |
Gross amount offset in the consolidated balance sheets | — |  |  | — |
Net amount presented in the consolidated balance sheets | 187 |  |  | 183 |
Gross amount not offset in the consolidated balance sheets | 44 |  |  | 40 |
Net amount | 143 |  |  | 143 |
| As of September 30, 2024 |  | As of December 31, 2023
| (In $ millions)
Derivative Liabilities |  |  |
Gross amount recognized | 446 |  |  | 440 |
Gross amount offset in the consolidated balance sheets | — |  |  | — |
Net amount presented in the consolidated balance sheets | 446 |  |  | 440 |
Gross amount not offset in the consolidated balance sheets | 44 |  |  | 40 |
Net amount | 402 |  |  | 400 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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