Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swap Derivatives

The Company fixes the LIBOR portion of its US dollar denominated variable rate borrowings (Note 8) with interest rate swap derivative arrangements as follows:

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, 2015	As of December 31, 2014
	(In $ millions)
Total	1,441	1,336

Schedule of Changes in Fair Value of Derivatives

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 March 31,							Statement of Operations Classification
	2015		2014	2015		2014		Statement of Operations Classification
	(In $ millions)
Designated as Cash Flow Hedges
Cross-currency swaps	—		—	46		—		Other income (expense), net; Interest expense
Total	—		—	46		—

Designated as Net Investment Hedges
3.250% Notes	41		—	—		—		Foreign currency translation
Term C-2 and Term C-3 loans	8	⁽¹⁾	—	—		—		Foreign currency translation
Total	49		—	—		—

Not Designated as Hedges
Foreign currency forwards and swaps	—		—	(68	)	(2	)	Foreign exchange gain (loss), net; Other income (expense), net
Total	—		—	(68	)	(2	)

______________________________

⁽¹⁾

During the three months ended March 31, 2015, the Company designated the €28 million principal amount of its Term C-2 loan and €149 million of its Term C-3 loan as a net investment hedge of its investment in a wholly-owned international subsidiary whose functional currency is the Euro to mitigate the volatility caused by the changes in foreign currency exchange rates of the Euro with respect to the US dollar.

Offsetting Assets



	As of March 31, 2015	As of December 31, 2014
	(In $ millions)
Derivative Assets
Gross amount recognized	17	55
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	17	55
Gross amount not offset in the consolidated balance sheets	1	4
Net amount	16	51

Offsetting Liabilities



	As of March 31, 2015	As of December 31, 2014
	(In $ millions)
Derivative Liabilities
Gross amount recognized	5	23
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	5	23
Gross amount not offset in the consolidated balance sheets	1	4
Net amount	4	19

As of March 31, 2015

Notional Value

Effective Date

Expiration Date

Fixed Rate

(In $ millions)

(In percentages)

January 2, 2014

January 2, 2016