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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company's financial assets and liabilities are measured at fair value on a recurring basis (Note 2) 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 assetsOther liabilities
Notional AmountCurrentNoncurrentCurrentNoncurrent
(In millions)(In $ millions)
As of December 31, 2024
Derivatives Designated as Cash Flow Hedges
Commodity swaps$48 4 37 — — 
Derivatives Designated as Fair Value Hedges
Cross-currency swaps$1,500 46 43 11 — 
Derivatives Designated as Net Investment Hedges
Cross-currency swaps€4,564 88 — 56 134 
Cross-currency swaps¥7,268 21 — 7 26 
Derivatives Not Designated as Hedges
Foreign currency forwards and swaps$2,777 11 — 19 20 
Total170 80 93 180 
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 
Total147 36 90 350 
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
As of December 31,
20242023202420232024202320242023
(In $ millions)
Equity investments without readily determinable fair values170 170 — — — — — — 
Insurance contracts in nonqualified trusts18 21 18 21 — — 18 21 
Long-term debt, including current installments of long-term debt12,527 13,400 12,470 13,514 145 148 12,615 13,662 
In general, the equity investments included in the table above are not publicly traded and their fair values are not readily determinable. The Company believes the carrying values approximate fair value. Insurance contracts in nonqualified trusts consist of long-term fixed income securities, which are valued using independent vendor pricing models with observable inputs in the active market and therefore represent a Level 2 fair value measurement. The fair value of long-term debt is based on valuations from third-party banks and market quotations and is classified as Level 2 in the fair value measurement hierarchy. The fair value of obligations under finance leases, which are included in long-term debt in the consolidated balance sheets, is based on lease payments and discount rates, which are not observable in the market and therefore represents a Level 3 fair value measurement.
As of December 31, 2024 and 2023, the fair values of cash and cash equivalents, receivables, trade payables, short-term borrowings and the current installments of long-term debt approximate carrying values due to the short-term nature of these instruments. These items have been excluded from the table with the exception of the current installments of long-term debt.