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Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Derivative [Line Items]  
Schedule of Changes in Fair Value of Derivatives
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
2022202120222021
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps42 12 11 — Cost of sales
Interest rate swaps— (16)(2)— Interest expense
Total42 (4)9 — 
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 7)
93 (15)— — N/A
Cross-currency swaps25 17 — — N/A
Total118 2 — — 
Not Designated as Hedges
Foreign currency forwards and swaps
— — (3)(7)Foreign exchange gain (loss), net; Other income (expense), net
Total— — (3)(7)
Gain (Loss) Recognized in Other Comprehensive Income (Loss)Gain (Loss) Recognized in Earnings (Loss)
Six Months Ended June 30, Statement of Operations Classification
2022202120222021
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps59 23 11 — Cost of sales
Interest rate swaps— 17 (4)— Interest expense
Total59 40 7 — 
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 7)
121 35 — — N/A
Cross-currency swaps27 11 — — N/A
Total148 46 — — 
Not Designated as Hedges
Foreign currency forwards and swaps— — (4)(4)Foreign exchange gain (loss), net; Other income (expense), net
Total— — (4)(4)
Offsetting Assets
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,
2022
As of
December 31,
2021
(In $ millions)
Derivative Assets
Gross amount recognized117 40 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets117 40 
Gross amount not offset in the consolidated balance sheets3 2 
Net amount114 38 
Offsetting Liabilities
As of
June 30,
2022
As of
December 31,
2021
(In $ millions)
Derivative Liabilities
Gross amount recognized5 5 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets5 5 
Gross amount not offset in the consolidated balance sheets3 2 
Net amount2 3 
Net Investment Hedging [Member]  
Derivative [Line Items]  
Schedule of Notional Amounts of Derivative and Nonderivative Instruments
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,
2022
As of
December 31,
2021
(In € millions)
Total1,853 1,653 
Not Designated as Hedging Instrument [Member]  
Derivative [Line Items]  
Schedule of Notional Amounts of Derivative and Nonderivative Instruments
Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows:
As of
June 30,
2022
As of
December 31,
2021
(In $ millions)
Total570 663