v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
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
2026202520262025
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps(3)1 — — Cost of sales
Interest rate swaps— — (1)(2)Interest expense
Total(3)1 (1)(2)
Designated as Fair Value Hedges
Cross-currency swaps(1)
22 (123)36 (105)Foreign exchange gain (loss), net
Designated as Net Investment Hedges
Foreign currency denominated debt(2)(195)— — N/A
Cross-currency swaps(2)
(21)(307)— — N/A
Total(23)(502)— — 
Not Designated as Hedges
Foreign currency forwards and swaps— — 18 45 Foreign exchange gain (loss), net; Other income (expense), net
______________________________
(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.
(2)On June 10, 2026, the Company entered into a cross-currency swap to effectively convert $250 million of U.S. dollar-denominated borrowings into Chinese yuan-denominated borrowings at prevailing interest rates, maturing on May 15, 2027. The swap qualifies and has been designated as a net investment hedge 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
2026202520262025
(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps(6)7 4 1 Cost of sales
Interest rate swaps— — (3)(3)Interest expense
Total(6)7 1 (2)
Designated as Fair Value Hedges
Cross-currency swaps(1)
66 (147)84 (159)Foreign exchange gain (loss), net
Designated as Net Investment Hedges
Foreign currency denominated debt23 (283)— — N/A
Cross-currency swaps(2)
(6)(387)— — N/A
Total17 (670)— — 
Not Designated as Hedges
Foreign currency forwards and swaps— — 6 45 Foreign exchange gain (loss), net; Other income (expense), net
______________________________
(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.
(2)On June 10, 2026, the Company entered into a cross-currency swap to effectively convert $250 million of U.S. dollar-denominated borrowings into Chinese yuan-denominated borrowings at prevailing interest rates, maturing on May 15, 2027. The swap qualifies and has been designated as a net investment hedge 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,
2026		As of
December 31,
2025
(In $ millions)
Derivative Assets
Gross amount recognized298 291 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets298 291 
Gross amount not offset in the consolidated balance sheets29 28 
Net amount269 263 
Offsetting Liabilities
As of
June 30,
2026		As of
December 31,
2025
(In $ millions)
Derivative Liabilities
Gross amount recognized682 706 
Gross amount offset in the consolidated balance sheets— — 
Net amount presented in the consolidated balance sheets682 706 
Gross amount not offset in the consolidated balance sheets29 28 
Net amount653 678