Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016	As of December 31, 2015
	(In $ millions)
Total	536	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 June 30,						Statement of Operations Classification
	2016	2015		2016	2015		Statement of Operations Classification
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	1	—		—	—		Cost of sales
Cross-currency swaps	—	—		—	—		Other income (expense), net; Interest expense
Total	1	—		—	—

Designated as Net Investment Hedges
3.250% Notes⁽¹⁾	7	(13	)	—	—		Foreign currency translation
Term C-2 and Term C-3 loans⁽²⁾	—	(8	)	—	—		Foreign currency translation
Total	7	(21	)	—	—

Not Designated as Hedges
Interest rate swaps	—	—		—	(1	)	Interest expense
Foreign currency forwards and swaps	—	—		6	—		Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—		6	(1	)

______________________________


⁽¹⁾	During the three months ended June 30, 2016, the Company redesignated €200 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.



	Gain (Loss) Recognized in Other Comprehensive Income (Loss)			Gain (Loss) Recognized in Earnings (Loss)
	Six Months Ended June 30,						Statement of Operations Classification
	2016		2015	2016	2015		Statement of Operations Classification
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	1		—	—	—		Cost of sales
Cross-currency swaps	—		—	—	46		Other income (expense), net; Interest expense
Total	1		—	—	46

Designated as Net Investment Hedges
3.250% Notes⁽¹⁾	2		28	—	—		Foreign currency translation
Term C-2 and Term C-3 loans	(1	)	—	—	—		Foreign currency translation
Total	1		28	—	—

Not Designated as Hedges
Interest rate swaps	—		—	—	(1	)	Interest expense
Foreign currency forwards and swaps	—		—	13	(68	)	Foreign exchange gain (loss), net; Other income (expense), net
Total	—		—	13	(69	)

______________________________


⁽¹⁾	During the three months ended March 31, 2016, the Company dedesignated €260 million of its 3.250% Notes 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 June 30, 2016	As of December 31, 2015
	(In $ millions)
Derivative Assets
Gross amount recognized	10	2
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	10	2
Gross amount not offset in the consolidated balance sheets	2	—
Net amount	8	2

Offsetting Liabilities



	As of June 30, 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