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Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2023
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,
2023		As of
December 31,
2022
(In € millions)
Total5,591 5,639 
Concurrently with the offering of the Acquisition USD Notes in July 2022 (Note 7), 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
Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows:
As of
June 30,
2023		As of
December 31,
2022
(In $ millions)
Total1,715 1,314 
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
2023202220232022
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps(7)42 — 11 Cost of sales
Interest rate swaps— — (2)(2)Interest expense
Foreign currency forwards2 — (1)— Cost of sales
Total(5)42 (3)9 
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 7)
(5)93 — — N/A
Cross-currency swaps(74)25 — — N/A
Total(79)118 — — 
Not Designated as Hedges
Foreign currency forwards and swaps
— — (1)(3)Foreign exchange gain (loss), net; Other income (expense), net
Total— — (1)(3)
Gain (Loss) Recognized in Other Comprehensive Income (Loss)Gain (Loss) Recognized in Earnings (Loss)
Six Months Ended June 30, Statement of Operations Classification
2023202220232022
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps(7)59 1 11 Cost of sales
Interest rate swaps— — (4)(4)Interest expense
Foreign currency forwards4 — (2)— Cost of sales
Total(3)59 (5)7 
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 7)
(61)121 — — N/A
Cross-currency swaps(93)27 — — N/A
Total(154)148 — — 
Not Designated as Hedges
Foreign currency forwards and swaps— — 1 (4)Foreign exchange gain (loss), net; Other income (expense), net
Total— — 1 (4)
See Note 13 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,
2023		As of
December 31,
2022
(In $ millions)
Derivative Assets
Gross amount recognized156 169 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets156 169 
Gross amount not offset in the consolidated balance sheets17 16 
Net amount139 153 
As of
June 30,
2023		As of
December 31,
2022
(In $ millions)
Derivative Liabilities
Gross amount recognized279 189 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets279 189 
Gross amount not offset in the consolidated balance sheets17 16 
Net amount262 173