Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 31,				Statement of Operations Classification
	2024	2023	2024	2023
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	3	—	(1)	1	Cost of sales
Interest rate swaps	—	—	(2)	(2)	Interest expense
Foreign currency forwards	—	2	—	(1)	Cost of sales
Total	3	2	(3)	(2)
Designated as Fair Value Hedges
Cross-currency swaps(1)	19	—	24	—	Foreign exchange gain (loss), net
Designated as Net Investment Hedges
Foreign currency denominated debt	67	(56)	—	—	N/A
Cross-currency swaps	70	(19)	—	—	N/A
Total	137	(75)	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	16	2	Foreign exchange gain (loss), net; Other income (expense), net

______________________________

(1)In conjunction with the 2023 Offering (Note 7) 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 7) 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.

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 March 31, 2024	As of December 31, 2023
	(In $ millions)
Derivative Assets
Gross amount recognized	201	183
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	201	183
Gross amount not offset in the consolidated balance sheets	32	40
Net amount	169	143

Offsetting Liabilities

	As of March 31, 2024	As of December 31, 2023
	(In $ millions)
Derivative Liabilities
Gross amount recognized	316	440
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	316	440
Gross amount not offset in the consolidated balance sheets	32	40
Net amount	284	400