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Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Derivatives Designated As Hedges
Net Investment Hedges
The total notional amount of foreign currency denominated debt and cross-currency swaps designated as net investment hedges are as follows:
 
As of
June 30,
2019
 
As of
December 31,
2018
 
(In € millions)
Total
1,378

 
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
June 30,
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
June 30,
2019
 
As of
December 31,
2018
 
(In $ millions)
Total
711

 
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 June 30,
 
Statement of Operations Classification
 
2019
 
2018
 
2019
 
2018
 
 
(In $ millions)
 
 
Designated as Cash Flow Hedges
 
 
 
 
 
 
 
 
 
Commodity swaps
(2
)
 
6

 
2

 
1

 
Cost of sales
Interest rate swaps
(15
)
 
—

 
—

 
—

 
Interest expense
Foreign currency forwards
—

 
1

 
—

 
—

 
Cost of sales
Total
(17
)
 
7

 
2

 
1

 
 
 
 
 
 
 
 
 
 
 
 
Designated as Net Investment Hedges
 
 
 
 
 
 
 
 
 
Foreign currency denominated debt (Note 10)
(13
)
 
70

 
—

 
—

 
N/A
Cross-currency swaps (Note 10)
(6
)
 
—

 
—

 
—

 
N/A
Total
(19
)
 
70

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedges
 
 
 
 
 
 
 
 
 
Foreign currency forwards and swaps
—

 
—

 
3

 
21

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

 
—

 
3

 
21

 
 
 
Gain (Loss) Recognized in Other Comprehensive Income (Loss)
 
Gain (Loss) Recognized in Earnings (Loss)
 
 
 
Six Months Ended June 30,
 
Statement of Operations Classification
 
2019
 
2018
 
2019
 
2018
 
 
(In $ millions)
 
 
Designated as Cash Flow Hedges
 
 
 
 
 
 
 
 
 
Commodity swaps
8

 
4

 
4

 
1

 
Cost of sales
Interest rate swaps
(26
)
 
—

 
—

 
—

 
Interest expense
Foreign currency forwards
—

 
1

 
—

 
—

 
Cost of sales
Total
(18
)
 
5

 
4

 
1

 
 
 
 
 
 
 
 
 
 
 
 
Designated as Net Investment Hedges
 
 
 
 
 
 
 
 
 
Foreign currency denominated debt (Note 10)
26

 
35

 
—

 
—

 
N/A
Cross-currency swaps (Note 10)
(6
)
 
—

 
—

 
—

 
N/A
Total
20

 
35

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedges
 
 
 
 
 
 
 
 
 
Foreign currency forwards and swaps
—

 
—

 
—

 
17

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

 
—

 
—

 
17

 
 

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, cross-currency 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
June 30,
2019
 
As of
December 31,
2018
 
(In $ millions)
Derivative Assets
 
 
 
Gross amount recognized
11

 
11

Gross amount offset in the consolidated balance sheets
3

 
2

Net amount presented in the consolidated balance sheets
8

 
9

Gross amount not offset in the consolidated balance sheets
1

 
3

Net amount
7

 
6

 
As of
June 30,
2019
 
As of
December 31,
2018
 
(In $ millions)
Derivative Liabilities
 
 
 
Gross amount recognized
48

 
20

Gross amount offset in the consolidated balance sheets
3

 
2

Net amount presented in the consolidated balance sheets
45

 
18

Gross amount not offset in the consolidated balance sheets
1

 
3

Net amount
44

 
15