Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 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)			Statement of Operations Classification
	Year Ended December 31,			Year Ended December 31,
	2024	2023	2022	2024	2023	2022
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	—	(5)	39	(2)	2	23	Cost of sales
Interest rate swaps	—	—	—	(7)	(7)	(7)	Interest expense
Foreign currency forwards	—	5	2	—	5	1	Cost of sales
Total	—	—	41	(9)	—	17
Designated as Fair Value Hedges
Cross-currency swaps(1)	142	(1)	—	146	9	—	Foreign exchange gain (loss), net
Designated as Net Investment Hedges(2)
Foreign currency denominated debt (Note 11)	153	(106)	(22)	—	—	—	N/A
Cross-currency swaps (Note 11)	147	(174)	(92)	—	—	—	N/A
Total	300	(280)	(114)	—	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	—	(26)	(19)	(2)	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 the offering of certain unsecured notes in July 2022 (Note 11), the Company entered into cross-currency swaps to effectively convert $2.0 billion and $500 million of the issued 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 certain unsecured euro notes offered in July 2022 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.

Additionally, on April 11, 2024, the Company entered into cross-currency swaps to effectively convert its $1.0 billion senior unsecured notes due 2033 (Note 11) 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 consolidated balance sheets is as follows:

	As of December 31,
	2024	2023
	(In $ millions)
Derivative Assets
Gross amount recognized	250	183
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	250	183
Gross amount not offset in the consolidated balance sheets	38	40
Net amount	212	143

Offsetting Liabilities

	As of December 31,
	2024	2023
	(In $ millions)
Derivative Liabilities
Gross amount recognized	273	440
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	273	440
Gross amount not offset in the consolidated balance sheets	38	40
Net amount	235	400

Schedule of Notional Amounts of Net Foreign Exchange Exposure by Currency

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:

	2025 Maturity
	(In $ millions)
Currency
Brazilian real	(36)
British pound sterling	86
Canadian dollar	13
Chinese yuan	438
Euro	229
Hungarian forint	14
Indian rupee	(25)
Indonesian rupiah	(11)
Japanese yen	22
Korean won	216
Mexican peso	107
Singapore dollar	34
Swedish krona	(9)
Swiss franc	(313)
Thai baht	(8)
Other	(6)
Total	751