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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, Statement of Operations Classification
2024202320242023
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps(11)5 — 1 Cost of sales
Interest rate swaps— — (2)(2)Interest expense
Foreign currency forwards(1)— — 4 Cost of sales
Total(12)5 (2)3 
Designated as Fair Value Hedges
Cross-currency swaps(1)
(61)18 (93)40 Foreign exchange gain (loss), net
Designated as Net Investment Hedges
Foreign currency denominated debt(104)61 — — N/A
Cross-currency swaps(2)
(112)77 — — N/A
Total(216)138 — — 
Not Designated as Hedges
Foreign currency forwards and swaps— — (9)(23)Foreign exchange gain (loss), net; Other income (expense), net
______________________________
(1)In conjunction with the offering of certain senior unsecured notes 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 offering of certain senior unsecured notes 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)On April 11, 2024, the Company entered into cross-currency swaps to effectively convert its $1.0 billion senior unsecured notes due 2033 (Note 7) into Chinese yuan-denominated borrowings at prevailing yuan interest rates, maturing on November 15, 2033. The swaps qualify and have been designated as net investment hedges of the Company's foreign currency exchange rate exposure on the net investment of certain of its Chinese yuan-denominated subsidiaries.
Gain (Loss) Recognized in Other Comprehensive Income (Loss)Gain (Loss) Recognized in Earnings (Loss)
Nine Months Ended September 30, Statement of Operations Classification
2024202320242023
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps(2)(2)(1)2 Cost of sales
Interest rate swaps— — (6)(6)Interest expense
Foreign currency forwards(1)4 — 2 Cost of sales
Total(3)2 (7)(2)
Designated as Fair Value Hedges
Cross-currency swaps(1)
49 18 17 40 Foreign exchange gain (loss), net
Designated as Net Investment Hedges
Foreign currency denominated debt(17)— — — N/A
Cross-currency swaps(2)
(8)(16)— — N/A
Total(25)(16)— — 
Not Designated as Hedges
Foreign currency forwards and swaps— — (10)(22)Foreign exchange gain (loss), net; Other income (expense), net
______________________________
(1)In conjunction with the offering of certain senior unsecured notes 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 offering of certain senior unsecured notes 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)On April 11, 2024, the Company entered into cross-currency swaps to effectively convert its $1.0 billion senior unsecured notes due 2033 (Note 7) into Chinese yuan-denominated borrowings at prevailing yuan interest rates, maturing on November 15, 2033. The swaps qualify and have been designated as net investment hedges of the Company's foreign currency exchange rate exposure on the net investment of certain of its Chinese yuan-denominated subsidiaries.
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
September 30,
2024		As of
December 31,
2023
(In $ millions)
Derivative Assets
Gross amount recognized187 183 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets187 183 
Gross amount not offset in the consolidated balance sheets44 40 
Net amount143 143 
Offsetting Liabilities
As of
September 30,
2024		As of
December 31,
2023
(In $ millions)
Derivative Liabilities
Gross amount recognized446 440 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets446 440 
Gross amount not offset in the consolidated balance sheets44 40 
Net amount402 400