Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Designated As Hedges

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 December 31,
	2020	2019
	(In $ millions)
Total	400	400

Net Investment Hedges

The total notional amount of foreign currency denominated debt designated as a net investment hedge of net investments in foreign operations are as follows:


	As of December 31,
	2020	2019
	(In € millions)
Total	1,358	1,578

Derivatives Not Designated As Hedges

Foreign Currency Forwards and Swaps

Each of the contracts included in the table below will have approximately offsetting effects from actual underlying payables, receivables, intercompany loans or other assets or liabilities subject to foreign exchange remeasurement. The total US dollar equivalents of net foreign exchange exposure related to (short) long foreign exchange forward contracts outstanding by currency are as follows:


			2021 Maturity
			(In $ millions)
Currency
Brazilian real			(13)
British pound sterling			(91)
Canadian dollar			(8)
Chinese yuan			(117)
Euro			(19)
Hungarian forint			13
Indonesian rupiah			(7)

Korean won			13
Mexican peso			(28)
Singapore dollar			21
Swedish krona			(11)
Swiss franc			(24)
Total			(271)

Gross notional values of the foreign currency forwards and swaps are as follows:


	As of December 31,
	2020	2019
	(In $ millions)
Total	546	692

Hedging activity for foreign currency forwards, commodity swaps and interest rate swaps is as follows:


	Year Ended December 31,			Statement of Operations Classification
	2020	2019	2018
	(In $ millions)
Hedging activities	(5)	2	1	Cost of sales; Interest expense

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)			Statement of Operations Classification
	Year Ended December 31,			Year Ended December 31,
	2020	2019	2018	2020	2019	2018
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	13	(5)	(2)	(4)	2	1	Cost of sales
Interest rate swaps	(41)	(30)	(10)	—	—	—	Interest expense

Foreign currency forwards	(1)	—	1	(1)	—	—	Cost of sales
Total	(29)	(35)	(11)	(5)	2	1

Designated as Net Investment Hedges
Foreign currency denominated debt (Note 12)	(81)	37	51	—	—	—	N/A
Cross-currency swaps (Note 12)	(26)	3	—	—	—	—	N/A

Total	(107)	40	51	—	—	—

Not Designated as Hedges

Foreign currency forwards and swaps	—	—	—	(8)	(3)	13	Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—	—	(8)	(3)	13

See Note 20 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 consolidated balance sheets is as follows:


	As of December 31,
	2020	2019
	(In $ millions)
Derivative Assets
Gross amount recognized	26	16
Gross amount offset in the consolidated balance sheets	2	1
Net amount presented in the consolidated balance sheets	24	15
Gross amount not offset in the consolidated balance sheets	11	8
Net amount	13	7


	As of December 31,
	2020	2019
	(In $ millions)
Derivative Liabilities
Gross amount recognized	123	59
Gross amount offset in the consolidated balance sheets	2	1
Net amount presented in the consolidated balance sheets	121	58
Gross amount not offset in the consolidated balance sheets	11	8
Net amount	110	50