Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

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,
	2021	2020
	(In $ millions)
Total	—	400

The Company settled the forward-starting interest rate swap on August 2, 2021, resulting in a payment to the counterparty of $72 million, which payment is included as part of financing activities in the consolidated statements of cash flows.

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,
	2021	2020
	(In € millions)
Total	1,653	1,358

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 U.S. dollar equivalents of net foreign exchange exposure related to (short) long foreign exchange forward contracts outstanding by currency are as follows:

	2022 Maturity
	(In $ millions)
Currency
Brazilian real	(24)
British pound sterling	(31)
Canadian dollar	21
Chinese yuan	(13)
Euro	120
Hungarian forint	13
Indonesian rupiah	(5)
Japanese yen	(11)
Korean won	15
Mexican peso	(43)
Singapore dollar	49
Swedish krona	(10)
Swiss franc	10
Total	91

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

	As of December 31,
	2021	2020
	(In $ millions)
Total	663	546

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

	Year Ended December 31,			Statement of Operations Classification
	2021	2020	2019
	(In $ millions)
Hedging activities	—	(5)	2	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,
	2021	2020	2019	2021	2020	2019
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	25	13	(5)	3	(4)	2	Cost of sales
Interest rate swaps	10	(41)	(30)	(3)	—	—	Interest expense
Foreign currency forwards	(1)	(1)	—	—	(1)	—	Cost of sales
Total	34	(29)	(35)	—	(5)	2
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 11)	107	(81)	37	—	—	—	N/A
Cross-currency swaps (Note 11)	27	(26)	3	—	—	—	N/A
Total	134	(107)	40	—	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	—	(13)	(8)	(3)	Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—	—	(13)	(8)	(3)

See Note 19 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,
	2021	2020
	(In $ millions)
Derivative Assets
Gross amount recognized	40	26
Gross amount offset in the consolidated balance sheets	—	2
Net amount presented in the consolidated balance sheets	40	24
Gross amount not offset in the consolidated balance sheets	2	11
Net amount	38	13

	As of December 31,
	2021	2020
	(In $ millions)
Derivative Liabilities
Gross amount recognized	5	123
Gross amount offset in the consolidated balance sheets	—	2
Net amount presented in the consolidated balance sheets	5	121
Gross amount not offset in the consolidated balance sheets	2	11
Net amount	3	110