Derivative Financial Instruments

9 Months Ended

Sep. 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 September 30, 2020	As of December 31, 2019
	(In € millions)
Total	1,298	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 September 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 September 30, 2020	As of December 31, 2019
	(In $ millions)
Total	699	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 September 30,				Statement of Operations Classification
	2020	2019	2020	2019
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	1	(13)	(5)	1	Cost of sales
Interest rate swaps	3	(19)	—	—	Interest expense
Total	4	(32)	(5)	1
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 8)	(54)	48	—	—	N/A
Cross-currency swaps	(25)	22	—	—	N/A
Total	(79)	70	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	(11)	9	Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—	(11)	9

	Gain (Loss) Recognized in Other Comprehensive Income (Loss)		Gain (Loss) Recognized in Earnings (Loss)
	Nine Months Ended September 30,				Statement of Operations Classification
	2020	2019	2020	2019
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	4	(5)	(5)	5	Cost of sales
Interest rate swaps	(50)	(45)	—	—	Interest expense
Total	(46)	(50)	(5)	5
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 8)	(39)	74	—	—	N/A
Cross-currency swaps	(3)	16	—	—	N/A
Total	(42)	90	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	7	9	Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—	7	9

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 September 30, 2020	As of December 31, 2019
	(In $ millions)
Derivative Assets
Gross amount recognized	23	16
Gross amount offset in the consolidated balance sheets	2	1
Net amount presented in the consolidated balance sheets	21	15
Gross amount not offset in the consolidated balance sheets	9	8
Net amount	12	7

	As of September 30, 2020	As of December 31, 2019
	(In $ millions)
Derivative Liabilities
Gross amount recognized	111	59
Gross amount offset in the consolidated balance sheets	2	1
Net amount presented in the consolidated balance sheets	109	58
Gross amount not offset in the consolidated balance sheets	9	8
Net amount	100	50