Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swap Derivatives

US-dollar interest rate swap derivative arrangements are as follows:

As of March 31, 2014
Notional Value	Effective Date	Expiration Date	Fixed Rate (1)
(In $ millions)
500	January 2, 2014	January 2, 2016	1.02	%

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⁽¹⁾  Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 10).

As of December 31, 2013
Notional Value	Effective Date	Expiration Date	Fixed Rate (1)
(In $ millions)
1,100	January 2, 2012	January 2, 2014	1.71	%
500	January 2, 2014	January 2, 2016	1.02	%

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⁽¹⁾  Fixes the LIBOR portion of the Company's US-dollar denominated variable rate borrowings (Note 10).

Schedule of Notional Amounts of Foreign Currency Derivatives

Gross notional values of the foreign currency forwards and swaps are as follows:

	As of March 31, 2014	As of December 31, 2013
	(In $ millions)
Total	893	869

Schedule of Changes in Fair Value of Derivatives

Information regarding changes in the fair value of the Company’s derivative arrangements is as follows:

	Three Months Ended March 31,
	2014					2013
	Gain (Loss) Recognized in Other Comprehensive Income (Loss)		Gain (Loss) Recognized in Earnings (Loss)			Gain (Loss) Recognized in Other Comprehensive Income (Loss)		Gain (Loss) Recognized in Earnings (Loss)
	(In $ millions)
Designated as Cash Flow Hedges
Interest rate swaps	—	(1)	—			—	(2)	(2	)	(3)
Not Designated as Hedges
Interest rate swaps	—		—			—		—
Foreign currency forwards and swaps	—		(2	)	(4)	—		3		(4)
Total	—		(2	)		—		1

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⁽¹⁾ Amount excludes $3 million of tax expense recognized in Other comprehensive income (loss).

⁽²⁾  Amount excludes $1 million of tax expense recognized in Other comprehensive income (loss).

⁽³⁾  Amount represents reclassification from Accumulated other comprehensive income (loss), net and is included in Interest expense in the unaudited interim consolidated statements of operations.

⁽⁴⁾  Included in Foreign exchange gain (loss), net for operating activity or Other income (expense), net for non-operating activity in the unaudited interim consolidated statements of operations.

Offsetting Assets

	As of March 31, 2014	As of December 31, 2013
	(In $ millions)
Derivative Assets
Gross amount recognized	4	1
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	4	1
Gross amount not offset in the consolidated balance sheets	4	1
Net amount	—	—

Offsetting Liabilities

	As of March 31, 2014	As of December 31, 2013
	(In $ millions)
Derivative Liabilities
Gross amount recognized	10	16
Gross amount offset in the consolidated balance sheets	—	1
Net amount presented in the consolidated balance sheets	10	15
Gross amount not offset in the consolidated balance sheets	4	1
Net amount	6	14