Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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)	3,154	$	3,154	4,886	$	4,886	11	60	%
EURIBOR (Euro)	552	756		553	757		8	83	%
LIBOR (British Pound)	65	111		65	111		12	83	%
Cross Currency Swaps:
Chilean Unidad de Fomento	4	191		4	191		14	67	%

_____________________________

⁽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 June 30, 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



	June 30, 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	11	$	497	1
Chilean Peso	65,607	119		<1
Brazilian Real	150	68		<1
Euro	140	192		<1
Colombian Peso	193,684	103		<1
British Pound	61	105		<1
Embedded Foreign Currency Derivatives:
Argentine Peso	809	99		10
Kazakhstani Tenge	4,783	26		2
Brazilian Real	81	37		<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



	June 30, 2014
Commodity Derivatives	Notional	Weighted-Average Remaining Term⁽¹⁾
	(in millions)	(in years)
Power (MWh)	2	3
Coal (Metric tons)	1	2

_____________________________

⁽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 June 30, 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.



	June 30, 2014						December 31, 2013
	Designated		Not Designated		Total		Designated		Not Designated		Total
	(in millions)
Assets
Interest rate derivatives	$	20	$	2	$	22	$	96	$	2	$	98
Cross currency derivatives	—		—		—		5		—		5
Foreign currency derivatives	5		121		126		4		109		113
Commodity derivatives	33		31		64		8		16		24
Total assets	$	58	$	154	$	212	$	113	$	127	$	240
Liabilities
Interest rate derivatives	$	406	$	3	$	409	$	318	$	4	$	322
Cross currency derivatives	11		—		11		11		—		11
Foreign currency derivatives	29		10		39		15		6		21
Commodity derivatives	25		18		43		7		10		17
Total liabilities	$	471	$	31	$	502	$	351	$	20	$	371



	June 30, 2014						December 31, 2013
	Assets			Liabilities			Assets			Liabilities
	(in millions)
Current	$	73		$	185		$	32		$	157
Noncurrent	139			317			208			214
Total	$	212		$	502		$	240		$	371
Derivatives subject to master netting agreement or similar agreement:
Gross amounts recognized in the balance sheet	$	69		$	484		$	91		$	314
Gross amounts of derivative instruments not offset	(18		)	(18		)	(9		)	(9		)
Gross amounts of cash collateral received/pledged not offset	—			(19		)	(3		)	(6		)
Net amount	$	51		$	447		$	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	$	163		$	185		$	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 June 30,						Classification in Condensed Consolidated Statements of Operations	Three Months Ended June 30,
Type of Derivative	2014			2013				2014			2013
	(in millions)							(in millions)
Interest rate derivatives	$	(124	)	$	134		Interest expense	$	(33	)	$	(31	)
							Non-regulated cost of sales	—			(1		)
							Net equity in earnings of affiliates	(2		)	(2		)
							Gain on sale of investments	—			(21		)
Cross currency derivatives	—			(12		)	Interest expense	2			(3		)
							Foreign currency transaction gains (losses)	4			(19		)
Foreign currency derivatives	3			1			Foreign currency transaction gains (losses)	3			2
Commodity derivatives	(6		)	7			Non-regulated revenue	6			(1		)
							Non-regulated cost of sales	(3		)	—
Total	$	(127	)	$	130			$	(23	)	$	(76	)



	Gains (Losses) Recognized in AOCL							Gains (Losses) Reclassified from AOCL into Earnings
	Six Months Ended June 30,						Classification in Condensed Consolidated Statements of Operations	Six Months Ended June 30,
Type of Derivative	2014			2013				2014			2013
	(in millions)							(in millions)
Interest rate derivatives	$	(274	)	$	121		Interest expense	$	(64	)	$	(63	)
							Non-regulated cost of sales	(1		)	(2		)
							Net equity in earnings of affiliates	(3		)	(4		)
							Gain on sale of investments	—			(21		)
Cross currency derivatives	(3		)	(11		)	Interest expense	1			(6		)
							Foreign currency transaction gains (losses)	(6		)	(14		)
Foreign currency derivatives	(12		)	2			Foreign currency transaction gains (losses)	10			4
Commodity derivatives	18			2			Non-regulated revenue	19			(1		)
							Non-regulated cost of sales	(1		)	—
Total	$	(271	)	$	114			$	(45	)	$	(107	)

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 June 30,					Six Months Ended June 30,
Type of Derivative		2014			2013		2014			2013
		(in millions)
Interest rate derivatives	Interest expense	$	1		$	31	$	1		$	30
Cross currency derivatives	Interest expense	(1		)	—		(1		)	—
Commodity and other derivatives	Non-regulated revenue	—			—		—			—
	Non-regulated cost of sales	—			—		—			—
Total		$	—		$	31	$	—		$	30

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 June 30,						Six Months Ended June 30,
Type of Derivative		2014			2013			2014			2013
		(in millions)
Interest rate derivatives	Interest expense	$	—		$	1		$	—		$	2
	Net equity in earnings of affiliates	—			—			—			(6		)
Foreign currency derivatives	Foreign currency transaction gains (losses)	6			17			29			23
	Net equity in earnings of affiliates	9			(12		)	5			(15		)
Commodity and other derivatives	Non-regulated revenue	1			12			4			4
	Regulated revenue	—			3			—			—
	Non-regulated cost of sales	2			—			2			1
	Regulated cost of sales	2			11			(6		)	11
	Income (loss) from operations of discontinued businesses	(2		)	1			(7		)	(12		)
	Net loss from disposal and impairments of discontinued businesses	72			—			72			—
Total		$	90		$	33		$	99		$	8