Derivative Financial Instruments

9 Months Ended

Sep. 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 September 30, 2019	As of December 31, 2018
	(In € millions)
Total	1,478	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 September 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 September 30, 2019	As of December 31, 2018
	(In $ millions)
Total	803	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 September 30,						Statement of Operations Classification
	2019		2018	2019	2018
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	(13	)	2	1	—		Cost of sales
Interest rate swaps	(19	)	2	—	—		Interest expense
Total	(32	)	4	1	—
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 10)	48		9	—	—		N/A
Cross-currency swaps (Note 10)	22		—	—	—		N/A
Total	70		9	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—		—	9	(2	)	Foreign exchange gain (loss), net; Other income (expense), net
Total	—		—	9	(2	)

	Gain (Loss) Recognized in Other Comprehensive Income (Loss)			Gain (Loss) Recognized in Earnings (Loss)
	Nine Months Ended September 30,					Statement of Operations Classification
	2019		2018	2019	2018
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	(5	)	6	5	1	Cost of sales
Interest rate swaps	(45	)	2	—	—	Interest expense
Foreign currency forwards	—		1	—	—	Cost of sales
Total	(50	)	9	5	1
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 10)	74		44	—	—	N/A
Cross-currency swaps (Note 10)	16		—	—	—	N/A
Total	90		44	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—		—	9	15	Foreign exchange gain (loss), net; Other income (expense), net
Total	—		—	9	15

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 September 30, 2019	As of December 31, 2018
	(In $ millions)
Derivative Assets
Gross amount recognized	28	11
Gross amount offset in the consolidated balance sheets	2	2
Net amount presented in the consolidated balance sheets	26	9
Gross amount not offset in the consolidated balance sheets	1	3
Net amount	25	6

	As of September 30, 2019	As of December 31, 2018
	(In $ millions)
Derivative Liabilities
Gross amount recognized	70	20
Gross amount offset in the consolidated balance sheets	2	2
Net amount presented in the consolidated balance sheets	68	18
Gross amount not offset in the consolidated balance sheets	1	3
Net amount	67	15