Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

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,
	2023	2022	2021	2023	2022	2021
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	(5)	39	25	2	23	3	Cost of sales
Interest rate swaps	—	—	10	(7)	(7)	(3)	Interest expense
Foreign currency forwards	5	2	(1)	5	1	—	Cost of sales
Total	—	41	34	—	17	—
Designated as Fair Value Hedges
Cross-currency swaps(1)	(1)	—	—	9	—	—	Foreign exchange gain (loss), net
Designated as Net Investment Hedges(2)
Foreign currency denominated debt (Note 11)	(106)	(22)	107	—	—	—	N/A
Cross-currency swaps (Note 11)	(174)	(92)	27	—	—	—	N/A
Total	(280)	(114)	134	—	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	—	(19)	(2)	(13)	Foreign exchange gain (loss), net; Other income (expense), net

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(1)In conjunction with the 2023 Offering (Note 11) in August 2023, the Company entered into a cross-currency swap to effectively convert $500 million of the issued notes into a Japanese yen-denominated borrowing at prevailing yen interest rates, maturing on July 15, 2029. The swap qualifies and has been designated as a fair value hedge of the Company's foreign currency exchange rate exposure on the long-term debt of its Japanese yen-denominated subsidiary.

Additionally, in conjunction with the 2023 Offering (Note 11) in August 2023, the Company entered into cross-currency swaps to effectively convert $1.0 billion of the issued notes into 5-year and 7-year euro-denominated borrowings at prevailing euro interest rates, maturing on November 15, 2028 and November 15, 2030, respectively. The swaps qualify and have been designated as fair value hedges of the Company's foreign currency exchange rate exposure on the long-term debt of its euro-denominated subsidiary.

(2)Concurrently with offering of the Acquisition USD Notes in July 2022 (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.

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.

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:

	2024 Maturity
	(In $ millions)
Currency
Brazilian real	(43)
British pound sterling	53
Canadian dollar	23
Chinese yuan	383
Euro	148
Hungarian forint	18
Indian rupee	(27)
Indonesian rupiah	(9)
Japanese yen	(38)
Korean won	197
Mexican peso	109
Singapore dollar	21
Swedish krona	(7)
Swiss franc	(156)
Total	672

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,
	2023	2022
	(In $ millions)
Derivative Assets
Gross amount recognized	183	169
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	183	169
Gross amount not offset in the consolidated balance sheets	40	16
Net amount	143	153

	As of December 31,
	2023	2022
	(In $ millions)
Derivative Liabilities
Gross amount recognized	440	189
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	440	189
Gross amount not offset in the consolidated balance sheets	40	16
Net amount	400	173