Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company's financial assets and liabilities are measured at fair value on a recurring basis as follows:

Derivative financial instruments include interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps and are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 fair value measurement inputs such as interest rates and foreign currency exchange rates. These market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation for interest rate swaps, commodity swaps, cross-currency swaps and foreign currency forwards and swaps are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy.

			Fair Value Measurement
			Significant Other Observable Inputs (Level 2)
			Other assets		Other liabilities
	Notional Amount		Current	Noncurrent	Current	Noncurrent
	(In millions)		(In $ millions)
As of September 30, 2023
Derivatives Designated as Cash Flow Hedges
Commodity swaps	$	63	6	36	—	—
Foreign currency forwards and swaps	$	27	2	—	—	—
Designated as Fair Value Hedges(1)
Cross-currency swaps	$	1,500	33	10	6	18
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	€	5,367	91	—	29	152
Derivatives Not Designated as Hedges
Foreign currency forwards and swaps	$	2,098	9	—	11	10
Total			141	46	46	180
As of December 31, 2022
Derivatives Designated as Cash Flow Hedges
Commodity swaps	$	82	9	39	2	—
Foreign currency forwards and swaps	$	49	—	—	—	—
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	€	5,639	99	13	58	126
Derivatives Not Designated as Hedges
Foreign currency forwards and swaps	$	1,265	9	—	3	—
Total			117	52	63	126

______________________________

(1)The Company has intercompany loans that are exposed to volatility in currency exchange rates. The Company utilizes cross-currency swaps to hedge these exposures (Note 12).

Schedule of Carrying Values and Fair Values of Financial Instruments

Carrying values and fair values of financial instruments that are not carried at fair value are as follows:

		Fair Value Measurement
	Carrying Amount	Significant Other Observable Inputs (Level 2)	Unobservable Inputs (Level 3)	Total
	(In $ millions)
As of September 30, 2023
Equity investments without readily determinable fair values	170	—	—	—
Insurance contracts in nonqualified trusts	21	21	—	21
Long-term debt, including current installments of long-term debt	13,431	12,894	150	13,044
As of December 31, 2022
Equity investments without readily determinable fair values	170	—	—	—
Insurance contracts in nonqualified trusts	22	23	—	23
Long-term debt, including current installments of long-term debt	13,953	13,247	172	13,419