Derivative Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Designated As Hedges

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,
	2022	2021
	(In € millions)
Total	5,639	1,653

Concurrently with the offering of the Acquisition USD Notes (Note 11), the Company entered into cross-currency swaps to effectively convert $2.0 billion and $500 million of the Acquisition USD Notes into a euro-denominated borrowing at prevailing euro interest rates, maturing on July 15, 2027 and July 15, 2032, respectively. The swaps and €1.5 billion of the Acquisition Euro Notes qualify and have been designated as net investment hedges of the Company's foreign currency exchange rate exposure on the net investments of certain of its euro-denominated subsidiaries.

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:


			2023 Maturity
			(In $ millions)
Currency
Brazilian real			(37)
British pound sterling			8
Canadian dollar			43
Chinese yuan			232
Danish krona			(4)
Euro			79
Hungarian forint			14
Indonesian rupiah			(6)
Japanese yen			(38)
Korean won			75
Mexican peso			93
Singapore dollar			(56)
Swedish krona			(7)
Swiss franc			6
Total			402

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


	As of December 31,
	2022	2021
	(In $ millions)
Total	1,314	663

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


	Year Ended December 31,			Statement of Operations Classification
	2022	2021	2020
	(In $ millions)
Hedging activities	17	—	(5)	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,
	2022	2021	2020	2022	2021	2020
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	39	25	13	23	3	(4)	Cost of sales
Interest rate swaps	—	10	(41)	(7)	(3)	—	Interest expense

Foreign currency forwards	2	(1)	(1)	1	—	(1)	Cost of sales
Total	41	34	(29)	17	—	(5)

Designated as Net Investment Hedges
Foreign currency denominated debt (Note 11)	(22)	107	(81)	—	—	—	N/A
Cross-currency swaps (Note 11)	(92)	27	(26)	—	—	—	N/A

Total	(114)	134	(107)	—	—	—

Not Designated as Hedges

Foreign currency forwards and swaps	—	—	—	(2)	(13)	(8)	Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—	—	(2)	(13)	(8)

See Note 18 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,
	2022	2021
	(In $ millions)
Derivative Assets
Gross amount recognized	169	40
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	169	40
Gross amount not offset in the consolidated balance sheets	16	2
Net amount	153	38


	As of December 31,
	2022	2021
	(In $ millions)
Derivative Liabilities
Gross amount recognized	189	5
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	189	5
Gross amount not offset in the consolidated balance sheets	16	2
Net amount	173	3