v3.25.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, Statement of Operations Classification
2025202420252024
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps1 6 — — Cost of sales
Interest rate swaps— — (2)(2)Interest expense
Total1 6 (2)(2)
Designated as Fair Value Hedges
Cross-currency swaps(1)
(123)91 (105)86 Foreign exchange gain (loss), net
Designated as Net Investment Hedges
Foreign currency denominated debt(195)20 — — N/A
Cross-currency swaps(2)
(307)34 — — N/A
Total(502)54 — — 
Not Designated as Hedges
Foreign currency forwards and swaps— — 45 (17)Foreign exchange gain (loss), net; Other income (expense), net
______________________________
(1)In conjunction with the 2025 Offering (Note 7), on March 17, 2025, the Company entered into a cross-currency swap to effectively convert $400 million of the issued senior unsecured notes due 2030 into a Japanese yen-denominated borrowing at prevailing yen interest rates, maturing on April 15, 2030. 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.
(2)In April 2024, the Company entered into cross-currency swaps to effectively convert its $1.0 billion senior unsecured notes due 2033 (Note 7) 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.
Gain (Loss) Recognized in Other Comprehensive Income (Loss)Gain (Loss) Recognized in Earnings (Loss)
Six Months Ended June 30, Statement of Operations Classification
2025202420252024
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps7 9 1 (1)Cost of sales
Interest rate swaps— — (3)(4)Interest expense
Total7 9 (2)(5)
Designated as Fair Value Hedges
Cross-currency swaps(1)
(147)110 (159)110 Foreign exchange gain (loss), net
Designated as Net Investment Hedges
Foreign currency denominated debt(283)87 — — N/A
Cross-currency swaps(2)
(387)104 — — N/A
Total(670)191 — — 
Not Designated as Hedges
Foreign currency forwards and swaps— — 45 (1)Foreign exchange gain (loss), net; Other income (expense), net
______________________________
(1)In conjunction with the 2025 Offering (Note 7), on March 17, 2025, the Company entered into a cross-currency swap to effectively convert $400 million of the issued senior unsecured notes due 2030 into a Japanese yen-denominated borrowing at prevailing yen interest rates, maturing on April 15, 2030. 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.
(2)In April 2024, the Company entered into cross-currency swaps to effectively convert its $1.0 billion senior unsecured notes due 2033 (Note 7) 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 unaudited consolidated balance sheets is as follows:
As of
June 30,
2025		As of
December 31,
2024
(In $ millions)
Derivative Assets
Gross amount recognized211 250 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets211 250 
Gross amount not offset in the consolidated balance sheets36 38 
Net amount175 212 
Offsetting Liabilities
As of
June 30,
2025		As of
December 31,
2024
(In $ millions)
Derivative Liabilities
Gross amount recognized769 273 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets769 273 
Gross amount not offset in the consolidated balance sheets36 38 
Net amount733 235