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Derivative Financial Instruments
 6 Months Ended
Jun. 30, 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
June 30,
2020
 
As of
December 31,
2019
 
(In € millions)
Total
1,478

 
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
June 30,
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
June 30,
2020
 
As of
December 31,
2019
 
(In $ millions)
Total
627

 
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 June 30,
 
Statement of Operations Classification
 
2020
 
2019
 
2020
 
2019
 
 
(In $ millions)
 
 
Designated as Cash Flow Hedges
 
 
 
 
 
 
 
 
 
Commodity swaps
3

 
(2
)
 
—

 
2

 
Cost of sales
Interest rate swaps
(2
)
 
(15
)
 
—

 
—

 
Interest expense
Total
1

 
(17
)
 
—

 
2

 
 
 
 
 
 
 
 
 
 
 
 
Designated as Net Investment Hedges
 
 
 
 
 
 
 
 
 
Foreign currency denominated debt (Note 8)
(22
)
 
(13
)
 
—

 
—

 
N/A
Cross-currency swaps
(8
)
 
(6
)
 
—

 
—

 
N/A
Total
(30
)
 
(19
)
 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedges
 
 
 
 
 
 
 
 
 
Foreign currency forwards and swaps
—

 
—

 
(1
)
 
3

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

 
—

 
(1
)
 
3

 
 
 
Gain (Loss) Recognized in Other Comprehensive Income (Loss)
 
Gain (Loss) Recognized in Earnings (Loss)
 
 
 
Six Months Ended June 30,
 
Statement of Operations Classification
 
2020
 
2019
 
2020
 
2019
 
 
(In $ millions)
 
 
Designated as Cash Flow Hedges
 
 
 
 
 
 
 
 
 
Commodity swaps
3

 
8

 
—

 
4

 
Cost of sales
Interest rate swaps
(53
)
 
(26
)
 
—

 
—

 
Interest expense
Total
(50
)
 
(18
)
 
—

 
4

 
 
 
 
 
 
 
 
 
 
 
 
Designated as Net Investment Hedges
 
 
 
 
 
 
 
 
 
Foreign currency denominated debt (Note 8)
15

 
26

 
—

 
—

 
N/A
Cross-currency swaps
22

 
(6
)
 
—

 
—

 
N/A
Total
37

 
20

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedges
 
 
 
 
 
 
 
 
 
Foreign currency forwards and swaps
—

 
—

 
18

 
—

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

 
—

 
18

 
—

 
 

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
June 30,
2020
 
As of
December 31,
2019
 
(In $ millions)
Derivative Assets
 
 
 
Gross amount recognized
39

 
16

Gross amount offset in the consolidated balance sheets
5

 
1

Net amount presented in the consolidated balance sheets
34

 
15

Gross amount not offset in the consolidated balance sheets
1

 
8

Net amount
33

 
7

 
As of
June 30,
2020
 
As of
December 31,
2019
 
(In $ millions)
Derivative Liabilities
 
 
 
Gross amount recognized
105

 
59

Gross amount offset in the consolidated balance sheets
5

 
1

Net amount presented in the consolidated balance sheets
100

 
58

Gross amount not offset in the consolidated balance sheets
1

 
8

Net amount
99

 
50