Derivative Financial Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

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
	2026	2025	2026	2025
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	(3)	6	4	1	Cost of sales
Interest rate swaps	—	—	(2)	(1)	Interest expense
Total	(3)	6	2	—
Designated as Fair Value Hedges
Cross-currency swaps(1)	44	(24)	48	(54)	Foreign exchange gain (loss), net
Designated as Net Investment Hedges
Foreign currency denominated debt	25	(88)	—	—	N/A
Cross-currency swaps	15	(80)	—	—	N/A
Total	40	(168)	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	(12)	—	Foreign exchange gain (loss), net; Other income (expense), net

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(1)In March 2025, in conjunction with the March 2025 Offering (Note 7), the Company entered into cross-currency swaps to effectively convert $400 million of certain senior unsecured notes due April 15, 2030 into Japanese yen-denominated borrowings at prevailing yen interest rates, maturing on April 15, 2030. 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 Japanese
yen-denominated subsidiary.

See Note 13 for additional information regarding the fair value of the Company's derivative instruments.

Certain of the Company's commodity swaps, interest rate swaps, cross-currency swaps and foreign currency forwards and swaps permit the Company to net settle all contracts with the counterparty through a single payment in an agreed upon currency in the event of default or early termination of the contract, similar to a master netting arrangement.

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, 2026	As of December 31, 2025
	(In $ millions)
Derivative Assets
Gross amount recognized	279	291
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	279	291
Gross amount not offset in the consolidated balance sheets	29	28
Net amount	250	263

	As of March 31, 2026	As of December 31, 2025
	(In $ millions)
Derivative Liabilities
Gross amount recognized	668	706
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	668	706
Gross amount not offset in the consolidated balance sheets	29	28
Net amount	639	678