v3.24.1.1.u2
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 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)
Three Months Ended March 31, Statement of Operations Classification
2024202320242023
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps3 — (1)1 Cost of sales
Interest rate swaps— — (2)(2)Interest expense
Foreign currency forwards— 2 — (1)Cost of sales
Total3 2 (3)(2)
Designated as Fair Value Hedges
Cross-currency swaps(1)
19 — 24 — Foreign exchange gain (loss), net
Designated as Net Investment Hedges
Foreign currency denominated debt67 (56)— — N/A
Cross-currency swaps70 (19)— — N/A
Total137 (75)— — 
Not Designated as Hedges
Foreign currency forwards and swaps— — 16 2 Foreign exchange gain (loss), net; Other income (expense), net
______________________________
(1)In conjunction with the 2023 Offering (Note 7) 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 7) 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.
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
March 31,
2024		As of
December 31,
2023
(In $ millions)
Derivative Assets
Gross amount recognized201 183 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets201 183 
Gross amount not offset in the consolidated balance sheets32 40 
Net amount169 143 
Offsetting Liabilities
As of
March 31,
2024		As of
December 31,
2023
(In $ millions)
Derivative Liabilities
Gross amount recognized316 440 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets316 440 
Gross amount not offset in the consolidated balance sheets32 40 
Net amount284 400