Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024
Derivatives Designated as Cash Flow Hedges
Commodity swaps	$	52	4	34	1	—
Foreign currency forwards and swaps	$	28	—	—	—	—
Derivatives Designated as Fair Value Hedges
Cross-currency swaps	$	1,500	53	—	23	39
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	€	4,569	50	—	28	292
Cross-currency swaps	¥	7,268	39	—	25	20
Derivatives Not Designated as Hedges
Foreign currency forwards and swaps	$	2,265	7	—	12	6
Total			153	34	89	357
As of December 31, 2023
Derivatives Designated as Cash Flow Hedges
Commodity swaps	$	67	5	36	2	—

Derivatives Designated as Fair Value Hedges
Cross-currency swaps	$	1,500	40	—	11	61
Derivatives Designated as Net Investment Hedges
Cross-currency swaps	€	5,712	93	—	61	281
Derivatives Not Designated as Hedges
Foreign currency forwards and swaps	$	1,954	9	—	16	8
Total			147	36	90	350

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, 2024
Equity investments without readily determinable fair values	170	—	—	—
Insurance contracts in nonqualified trusts	19	19	—	19
Long-term debt, including current installments of long-term debt	12,759	12,976	159	13,135
As of December 31, 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	13,400	13,514	148	13,662