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Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Derivative Financial Instruments
Derivatives Designated As Hedges
Net Investment Hedges
The Company uses derivative instruments, such as foreign currency forwards, and non-derivative financial instruments, such as foreign currency denominated debt, that may give rise to foreign currency transaction gains or losses to hedge the foreign currency exposure of net investments in foreign operations. Accordingly, the effective portion of gains and losses from remeasurement of derivative and non-derivative financial instruments is included in foreign currency translation within Accumulated other comprehensive income (loss), net in the unaudited consolidated balance sheets. Gains and losses are reclassified to earnings in the period the hedged investment is sold or liquidated.
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
March 31,
2019
 
As of
December 31,
2018
 
(In € millions)
Total
1,130

 
1,550



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
March 31,
2019
 
As of
December 31,
2018
 
(In $ millions)
Total
400

 
400


Derivatives Not Designated As Hedges
Foreign Currency Forwards and Swaps
Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows:
 
As of
March 31,
2019
 
As of
December 31,
2018
 
(In $ millions)
Total
737

 
1,071


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
 
2019
 
2018
 
2019
 
2018
 
 
(In $ millions)
 
 
Designated as Cash Flow Hedges
 
 
 
 
 
 
 
 
 
Commodity swaps
10

 
(2
)
 
2

 
—

 
Cost of sales
Interest rate swaps
(11
)
 
—

 
—

 
—

 
Interest expense
Total
(1
)
 
(2
)
 
2

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Designated as Net Investment Hedges
 
 
 
 
 
 
 
 
 
Foreign currency denominated debt (Note 10)
39

 
(35
)
 
—

 
—

 
N/A
Total
39

 
(35
)
 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedges
 
 
 
 
 
 
 
 
 
Foreign currency forwards and swaps
—

 
—

 
(3
)
 
(4
)
 
Foreign exchange gain (loss), net; Other income (expense), net
Total
—

 
—

 
(3
)
 
(4
)
 
 

See Note 18 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 unaudited consolidated balance sheets is as follows:
 
As of
March 31,
2019
 
As of
December 31,
2018
 
(In $ millions)
Derivative Assets
 
 
 
Gross amount recognized
19

 
11

Gross amount offset in the consolidated balance sheets
6

 
2

Net amount presented in the consolidated balance sheets
13

 
9

Gross amount not offset in the consolidated balance sheets
1

 
3

Net amount
12

 
6

 
As of
March 31,
2019
 
As of
December 31,
2018
 
(In $ millions)
Derivative Liabilities
 
 
 
Gross amount recognized
31

 
20

Gross amount offset in the consolidated balance sheets
6

 
2

Net amount presented in the consolidated balance sheets
25

 
18

Gross amount not offset in the consolidated balance sheets
1

 
3

Net amount
24

 
15