Derivative Financial Instruments

3 Months Ended

Mar. 31, 2020

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 March 31, 2020	As of December 31, 2019
	(In € millions)
Total	1,578	1,578

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, 2020	As of December 31, 2019
	(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, 2020	As of December 31, 2019
	(In $ millions)
Total	575	692

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
	2020		2019		2020	2019
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	—		10		—	2		Cost of sales
Interest rate swaps	(51	)	(11	)	—	—		Interest expense
Total	(51	)	(1	)	—	2
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 8)	37		39		—	—		N/A
Cross-currency swaps	30		—		—	—		N/A
Total	67		39		—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—		—		19	(3	)	Foreign exchange gain (loss), net; Other income (expense), net
Total	—		—		19	(3	)

See Note 15 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 March 31, 2020	As of December 31, 2019
	(In $ millions)
Derivative Assets
Gross amount recognized	55	16
Gross amount offset in the consolidated balance sheets	8	1
Net amount presented in the consolidated balance sheets	47	15
Gross amount not offset in the consolidated balance sheets	2	8
Net amount	45	7

	As of March 31, 2020	As of December 31, 2019
	(In $ millions)
Derivative Liabilities
Gross amount recognized	110	59
Gross amount offset in the consolidated balance sheets	8	1
Net amount presented in the consolidated balance sheets	102	58
Gross amount not offset in the consolidated balance sheets	2	8
Net amount	100	50