Derivative Financial Instruments

Derivatives Designated As Hedges

Cash Flow Hedges

The total notional amount of the forward-starting interest rate swap designated as a cash flow hedge is as follows:



	As of December 31,
	2018	2017
	(In $ millions)
Total	400	—

Net Investment Hedges

The total notional amount of foreign currency denominated debt designated as a net investment hedge of net investments in foreign operations are as follows:



	As of December 31,
	2018	2017
	(In € millions)
Total	1,550	1,050

Derivatives Not Designated As Hedges

Foreign Currency Forwards and Swaps

Each of the contracts included in the table below will have approximately offsetting effects from actual underlying payables, receivables, intercompany loans or other assets or liabilities subject to foreign exchange remeasurement. The total US dollar equivalents of net foreign exchange exposure related to (short) long foreign exchange forward contracts outstanding by currency are as follows:



	2019 Maturity
	(In $ millions)
Currency
Brazilian real	(14	)
British pound sterling	(84	)
Canadian dollar	33
Chinese yuan	(74	)
Euro	106
Hungarian forint	11
Indonesian rupiah	(13	)
Japanese yen	(2	)
Korean won	15
Mexican peso	(68	)
Singapore dollar	41
Swedish krona	(6	)
Total	(55	)

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



	As of December 31,
	2018	2017
	(In $ millions)
Total	1,071	740

Hedging activity for foreign currency forwards and commodity swaps is as follows:



	Year Ended December 31,			Statement of Operations Classification
	2018	2017	2016	Statement of Operations Classification
	(In $ millions)
Hedging activities	1	4	2	Cost of sales; Interest expense
Ineffective portion of hedging activities	—	—	—	Other income (expense), net

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,
	2018		2017		2016	2018	2017		2016
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	(2	)	4		7	1	5		2	Cost of sales
Interest rate swaps	(10	)	—		—	—	—		—	Interest expense
Foreign currency forwards	1		(1	)	—	—	(1	)	—	Cost of sales
Total	(11	)	3		7	1	4		2

Designated as Net Investment Hedges
Foreign currency denominated debt (Note 14)	51		(119	)	61	—	—		—	N/A
Foreign currency forwards	—		2		—	—	—		—	N/A
Total	51		(117	)	61	—	—		—

Not Designated as Hedges
Foreign currency forwards and swaps	—		—		—	13	2		14	Foreign exchange gain (loss), net; Other income (expense), net
Total	—		—		—	13	2		14

See Note 23 for additional information regarding the fair value of the Company's derivative instruments.

Certain of the Company's commodity swaps, interest rate swaps and foreign currency forwards and swaps permit the Company to net settle all contracts with the counterparty through a single payment in an agreed upon currency in the event of default or early termination of the contract, similar to a master netting arrangement.

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,
	2018	2017
	(In $ millions)
Derivative Assets
Gross amount recognized	11	13
Gross amount offset in the consolidated balance sheets	2	4
Net amount presented in the consolidated balance sheets	9	9
Gross amount not offset in the consolidated balance sheets	3	3
Net amount	6	6



	As of December 31,
	2018	2017
	(In $ millions)
Derivative Liabilities
Gross amount recognized	20	7
Gross amount offset in the consolidated balance sheets	2	4
Net amount presented in the consolidated balance sheets	18	3
Gross amount not offset in the consolidated balance sheets	3	3
Net amount	15	—