XML 57 R39.htm IDEA: XBRL DOCUMENT v3.3.1.900
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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,
2016
 
As of
December 31,
2015
 
(In $ millions)
Total
457

 
502
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
 
2016
 
2015
 
2016
 
2015
 
 
(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(1)
(5
)
 
41

 
—

 
—

 
Foreign currency translation
Term C-2 and Term C-3 loans(2)
(1
)
 
8

 
—

 
—

 
Foreign currency translation
Total
(6
)
 
49

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedges
 
 
 
 
 
 
 
 
 
Foreign currency forwards and swaps
—

 
—

 
7

 
(68
)
 
Foreign exchange gain (loss), net; Other income (expense), net
Total
—

 
—

 
7

 
(68
)
 
 
______________________________
(1) 
During the three months ended March 31, 2016, the Company dedesignated €260 million of its 3.250% Notes as a net investment hedge.
(2) 
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 unaudited consolidated balance sheets is as follows:
 
As of
March 31,
2016
 
As of
December 31,
2015
 
(In $ millions)
Derivative Assets
 
 
 
Gross amount recognized
4

 
2

Gross amount offset in the consolidated balance sheets
—

 
—

Net amount presented in the consolidated balance sheets
4

 
2

Gross amount not offset in the consolidated balance sheets
2

 
—

Net amount
2

 
2
Offsetting Liabilities
 
As of
March 31,
2016
 
As of
December 31,
2015
 
(In $ millions)
Derivative Liabilities
 
 
 
Gross amount recognized
3

 
2

Gross amount offset in the consolidated balance sheets
—

 
—

Net amount presented in the consolidated balance sheets
3

 
2

Gross amount not offset in the consolidated balance sheets
2

 
—

Net amount
1

 
2