Derivative Financial Instruments

6 Months Ended

Jun. 30, 2021

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, 2021	As of December 31, 2020
	(In € millions)
Total	1,358	1,358

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, 2021	As of December 31, 2020
	(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, 2021	As of December 31, 2020
	(In $ millions)
Total	654	546

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
	2021	2020	2021	2020
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	12	3	—	—	Cost of sales
Interest rate swaps	(16)	(2)	—	—	Interest expense
Total	(4)	1	—	—
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 8)	(15)	(22)	—	—	N/A
Cross-currency swaps	17	(8)	—	—	N/A
Total	2	(30)	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	(7)	(1)	Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—	(7)	(1)

	Gain (Loss) Recognized in Other Comprehensive Income (Loss)		Gain (Loss) Recognized in Earnings (Loss)
	Six Months Ended June 30,				Statement of Operations Classification
	2021	2020	2021	2020
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	23	3	—	—	Cost of sales
Interest rate swaps	17	(53)	—	—	Interest expense
Total	40	(50)	—	—
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 8)	35	15	—	—	N/A
Cross-currency swaps	11	22	—	—	N/A
Total	46	37	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	(4)	18	Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—	(4)	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, 2021	As of December 31, 2020
	(In $ millions)
Derivative Assets
Gross amount recognized	46	26
Gross amount offset in the consolidated balance sheets	—	2
Net amount presented in the consolidated balance sheets	46	24
Gross amount not offset in the consolidated balance sheets	11	11
Net amount	35	13

	As of June 30, 2021	As of December 31, 2020
	(In $ millions)
Derivative Liabilities
Gross amount recognized	92	123
Gross amount offset in the consolidated balance sheets	—	2
Net amount presented in the consolidated balance sheets	92	121
Gross amount not offset in the consolidated balance sheets	11	11
Net amount	81	110