Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 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 14) with interest rate swap derivative arrangements as follows:

Schedule of Notional Amounts of Net Foreign Exchange Exposure by Currency

The total US dollar equivalents of net foreign exchange exposure related to (short) long foreign exchange forward contracts outstanding by currency are as follows:



	2016 Maturity
	(In $ millions)
Currency
Brazilian real	(10	)
British pound sterling	(88	)
Canadian dollar	25
Euro	127
Hungarian forint	8
Korean won	9
Mexican peso	(31	)
Singapore dollar	22
Swedish krona	8
Total	70

Schedule of Notional Amounts of Foreign Currency Derivatives

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



	As of December 31,
	2015	2014
	(In $ millions)
Total	502	1,336

Schedule of Derivatives Instruments Activity

Hedging activity for interest rate swaps and cross-currency swaps is as follows:



	Year Ended December 31,					Statement of Operations Classification
	2015	2014		2013		Statement of Operations Classification
	(In $ millions)
Hedging activities	2	(4	)	(11	)	Interest income (expense)
Ineffective portion of hedging activities	—	—		—		Other income (expense), net

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)							Statement of Operations Classification
	Year Ended December 31,					Year Ended December 31,
	2015	2014		2013		2015		2014			2013
	(In $ millions)
Designated as Cash Flow Hedges
Interest rate swaps	—	(1	)	(2	)	—		(4	)		(11	)	Interest expense
Cross-currency swaps	—	(8	)	—		46		46			—		Other income (expense), net or Interest expense
Total	—	(9	)	(2	)	46		42			(11	)

Designated as a Net Investment Hedge
3.250% Notes	38	23		—		—		—			—		Foreign currency translation
Term C-2 and Term C-3 loans⁽²⁾	10	—		—		—		—			—		Foreign currency translation
Total	48	23		—		—		—			—

Not Designated as Hedges
Interest rate swaps	—	—		—		(1	)	(3	)	⁽¹⁾	—		Interest expense
Foreign currency forwards and swaps	—	—		—		(82	)	(15	)		(23	)	Foreign exchange gain (loss), net or Other income (expense), net
Total	—	—		—		(83	)	(18	)		(23	)

______________________________


⁽¹⁾	In December 2014, the Company dedesignated as cash flow hedges a notional value of $500 million US dollar interest rate swap agreements expiring January 2, 2016.

⁽²⁾

During the three months ended March 31, 2015, the Company designated the Euro-based principal amount of its Term C-2 loan and 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. During the three months ended December 31, 2015, the Company dedesignated the Euro-based principal amount of its Term C-3 loan as a net investment hedge.

Offsetting Assets

Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the consolidated balance sheets is as follows:



	As of December 31,
	2015	2014
	(In $ millions)
Derivative Assets
Gross amount recognized	2	55
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	2	55
Gross amount not offset in the consolidated balance sheets	—	4
Net amount	2	51

Offsetting Liabilities



	As of December 31,
	2015	2014
	(In $ millions)
Derivative Liabilities
Gross amount recognized	2	23
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	2	23
Gross amount not offset in the consolidated balance sheets	—	4
Net amount	2	19

As of December 31, 2015

Notional Value

Effective Date

Expiration Date

Fixed Rate

(In $ millions)

(In percentages)

January 2, 2014

January 2, 2016