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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate And Cross Currency Derivatives By Type Table | The following tables set forth, by type of derivative, the Company’s outstanding notional under its derivatives and the weighted-average remaining term as of March 31, 2014 regardless of whether the derivative instruments are in qualifying cash flow hedging relationships:
|  | Current |  | Maximum |  |  |  |
Interest Rate and Cross Currency |  | Derivative Notional |  | Derivative Notional Translated to USD |  | Derivative Notional |  | Derivative Notional Translated to USD |  | Weighted-Average Remaining Term |  | % of Debt Currently Hedged by Index(2)
|  | (in millions) |  | (in years) |  |
Interest Rate Derivatives:(1) |  |  |  |  |  |  |  |  |  |  |  |
LIBOR (U.S. Dollar) |  | 3,621 |  |  | $ | 3,621 |  |  | 5,515 |  |  | $ | 5,515 |  |  | 10 |  | 73 | %
EURIBOR (Euro) |  | 570 |  |  | 785 |  |  | 570 |  |  | 785 |  |  | 8 |  | 86 | %
LIBOR (British Pound) |  | 67 |  |  | 112 |  |  | 67 |  |  | 112 |  |  | 12 |  | 84 | %
Cross Currency Swaps: |  |  |  |  |  |  |  |  |  |  |  |
Chilean Unidad de Fomento |  | 6 |  |  | 241 |  |  | 6 |  |  | 241 |  |  | 8 |  | 85 | %
_____________________________
(1) | The Company’s interest rate derivative instruments primarily include accreting and amortizing notionals. The maximum derivative notional represents the largest notional at any point between March 31, 2014 and the maturity of the derivative instrument, which includes forward-starting derivative instruments. The interest rate and cross currency derivatives range in maturity through 2033 and 2028, respectively.
(2) | The percentage of variable-rate debt currently hedged is based on the related index and excludes forecasted issuances of debt and variable-rate debt tied to other indices where the Company has no interest rate derivatives.
Foreign Currency Derivatives By Type Table |
|  | March 31, 2014
Foreign Currency Derivatives |  | Notional(1) |  | Notional Translated to USD |  | Weighted-Average Remaining Term (2)
|  | (in millions) |  | (in years)
Foreign Currency Options and Forwards: |  |  |  |  |  |
Chilean Unidad de Fomento |  | 13 |  |  | $ | 548 |  |  | 1
Chilean Peso |  | 102,538 |  |  | 186 |  |  | <1
Brazilian Real |  | 241 |  |  | 106 |  |  | <1
Euro |  | 126 |  |  | 174 |  |  | <1
Colombian Peso |  | 205,606 |  |  | 105 |  |  | <1
British Pound |  | 30 |  |  | 51 |  |  | <1
Philippine Peso |  | 1,376 |  |  | 31 |  |  | <1
Embedded Foreign Currency Derivatives: |  |  |  |  |  |
Argentine Peso |  | 796 |  |  | 99 |  |  | 10
Kazakhstani Tenge |  | 2,449 |  |  | 13 |  |  | 2
Brazilian Real |  | 192 |  |  | 83 |  |  | <1
_____________________________
(1) | Represents contractual notionals. The notionals for options have not been probability adjusted, which generally would decrease them.
(2) | Represents the remaining tenor of our foreign currency derivatives weighted by the corresponding notional. These options and forwards and these embedded derivatives range in maturity through 2017 and 2025, respectively.
Commodity Derivatives By Type Table |
|  | March 31, 2014
|  |  |  | Weighted-Average
Commodity Derivatives |  | Notional |  | Remaining Term(1)
|  | (in millions) |  | (in years)
Power (MWh) |  | 6 |  |  | 3
_____________________________ (1) Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2016.
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables set forth the Company’s derivative instruments as of March 31, 2014 and December 31, 2013, first by whether or not they are designated hedging instruments, then by whether they are current or noncurrent to the extent they are subject to master netting agreements or similar agreements (where the rights to set-off relate to settlement of amounts receivable and payable under those derivatives) and by balances no longer accounted for as derivatives.
|  | March 31, 2014 |  | December 31, 2013
|  | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
|  | (in millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 44 |  |  | $ | 2 |  |  | $ | 46 |  |  | $ | 96 |  |  | $ | 2 |  |  | $ | 98 |
Cross currency derivatives |  | 4 |  |  | — |  |  | 4 |  |  | 5 |  |  | — |  |  | 5 |
Foreign currency derivatives |  | 7 |  |  | 116 |  |  | 123 |  |  | 4 |  |  | 109 |  |  | 113 |
Commodity derivatives |  | 30 |  |  | 19 |  |  | 49 |  |  | 8 |  |  | 16 |  |  | 24 |
Total assets |  | $ | 85 |  |  | $ | 137 |  |  | $ | 222 |  |  | $ | 113 |  |  | $ | 127 |  |  | $ | 240 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 373 |  |  | $ | 3 |  |  | $ | 376 |  |  | $ | 318 |  |  | $ | 4 |  |  | $ | 322 |
Cross currency derivatives |  | 11 |  |  | — |  |  | 11 |  |  | 11 |  |  | — |  |  | 11 |
Foreign currency derivatives |  | 34 |  |  | 10 |  |  | 44 |  |  | 15 |  |  | 6 |  |  | 21 |
Commodity derivatives |  | 22 |  |  | 22 |  |  | 44 |  |  | 7 |  |  | 10 |  |  | 17 |
Total liabilities |  | $ | 440 |  |  | $ | 35 |  |  | $ | 475 |  |  | $ | 351 |  |  | $ | 20 |  |  | $ | 371 |
|  | March 31, 2014 |  | December 31, 2013
|  | Assets |  | Liabilities |  | Assets |  | Liabilities
|  | (in millions)
Current |  | $ | 55 |  |  | $ | 177 |  |  | $ | 32 |  |  | $ | 157 |
Noncurrent |  | 167 |  |  | 298 |  |  | 208 |  |  | 214 |
Total |  | $ | 222 |  |  | $ | 475 |  |  | $ | 240 |  |  | $ | 371 |
Derivatives subject to master netting agreement or similar agreement: |  |  |  |  |  |  |  |
Gross amounts recognized in the balance sheet |  | $ | 92 |  |  | $ | 438 |  |  | $ | 91 |  |  | $ | 314 |
Gross amounts of derivative instruments not offset |  | (18 | ) |  | (18 | ) |  | (9 | ) |  | (9 | )
Gross amounts of cash collateral received/pledged not offset |  | — |  |  | (16 | ) |  | (3 | ) |  | (6 | )
Net amount |  | $ | 74 |  |  | $ | 404 |  |  | $ | 79 |  |  | $ | 299 |
Other balances that had been, but are no longer, accounted for as derivatives that are to be amortized to earnings over the remaining term of the associated PPA |  | $ | 165 |  |  | $ | 187 |  |  | $ | 169 |  |  | $ | 190 |
Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table | The following tables set forth the pretax gains (losses) recognized in accumulated other comprehensive loss (“AOCL”) and earnings related to the effective portion of derivative instruments in qualifying cash flow hedging relationships (including amounts that were reclassified from AOCL as interest expense related to interest rate derivative instruments that previously, but no longer, qualify for cash flow hedge accounting), as defined in the accounting standards for derivatives and hedging, for the periods indicated:
|  | Gains (Losses) Recognized in AOCL |  |  |  | Gains (Losses) Reclassified from AOCL into Earnings
|  | Three Months Ended March 31, |  | Classification in Condensed Consolidated Statements of Operations |  | Three Months Ended March 31,
Type of Derivative |  | 2014 |  | 2013 |  | 2014 |  | 2013
|  | (in millions) |  |  |  | (in millions)
Interest rate derivatives |  | $ | (150 | ) |  | $ | (13 | ) |  | Interest expense |  | $ | (31 | ) |  | $ | (32 | )
|  |  |  |  |  | Non-regulated cost of sales |  | (1 | ) |  | (1 | )
|  |  |  |  |  | Net equity in earnings of affiliates |  | (1 | ) |  | (2 | )
Cross currency derivatives |  | (3 | ) |  | 1 |  |  | Interest expense |  | (1 | ) |  | (3 | )
|  |  |  |  |  | Foreign currency transaction gains (losses) |  | (10 | ) |  | 5 |
Foreign currency derivatives |  | (15 | ) |  | 1 |  |  | Foreign currency transaction gains (losses) |  | 7 |  |  | 2 |
Commodity derivatives |  | 24 |  |  | (5 | ) |  | Non-regulated revenue |  | 13 |  |  | — |
|  |  |  |  |  |  |  | Non-regulated cost of sales |  | 2 |  |  | — |
Total |  | $ | (144 | ) |  | $ | (16 | ) |  |  |  | $ | (22 | ) |  | $ | (31 | )
Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table | The following table sets forth the pretax gains (losses) recognized in earnings related to the ineffective portion of derivative instruments in qualifying cash flow hedging relationships, as defined in the accounting standards for derivatives and hedging, for the periods indicated:
|  |  |  | Gains (Losses) Recognized in Earnings
|  | Classification in Condensed Consolidated Statements of Operations |  | Three Months Ended March 31,
Type of Derivative |  | 2014 |  | 2013
|  |  |  | (in millions)
Interest rate derivatives |  | Interest expense |  | $ | — |  |  | $ | (1 | )
Total |  |  |  | $ | — |  |  | $ | (1 | )
Gain Loss In Earnings On Non Hedging Instruments Table | The following table sets forth the gains (losses) recognized in earnings related to derivative instruments not designated as hedging instruments under the accounting standards for derivatives and hedging and the amortization of balances that had been, but are no longer, accounted for as derivatives, for the periods indicated:
|  |  |  | Gains (Losses) Recognized in Earnings
|  | Classification in Condensed Consolidated Statements of Operations |  | Three Months Ended March 31,
Type of Derivative |  | 2014 |  | 2013
|  |  |  | (in millions)
Interest rate derivatives |  | Interest expense |  | $ | — |  |  | $ | 1 |
|  | Net equity in earnings of affiliates |  | — |  |  | (6 | )
Foreign currency derivatives |  | Foreign currency transaction gains (losses) |  | 23 |  |  | 6 |
|  | Net equity in earnings of affiliates |  | (4 | ) |  | (3 | )
Commodity and other derivatives |  | Non-regulated revenue |  | 3 |  |  | (8 | )
|  | Regulated revenue |  | — |  |  | (3 | )
|  | Non-regulated cost of sales |  | — |  |  | 1 |
|  | Regulated cost of sales |  | (8 | ) |  | — |
|  | Income (loss) from operations of discontinued businesses |  | (5 | ) |  | (13 | )
Total |  |  |  | $ | 9 |  |  | $ | (25 | )

X
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