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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate And Cross Currency Derivatives By Type Table | The following three tables present, by type of derivative, the Company’s outstanding notional (in millions) under its derivatives and the weighted average remaining term (in years) as of September 30, 2015 regardless of whether the derivative instruments are in qualifying cash flow hedging relationships:
|  | Current |  | Maximum |  |  |  |
Interest Rate and Cross-Currency(1) |  | 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)
Interest Rate Derivatives: |  |  |  |  |  |
LIBOR (U.S. Dollar) |  | 2,512 |  |  | $ | 2,512 |  |  | 2,872 |  |  | $ | 2,872 |  |  | 11 |  | 51 | %
EURIBOR (Euro) |  | 504 |  |  | 564 |  |  | 504 |  |  | 564 |  |  | 6 |  | 87 | %
Cross-Currency Swaps: |  |  |  |  |  |  |  |  |  |  |  |
Chilean Unidad de Fomento |  | 4 |  |  | 160 |  |  | 4 |  |  | 160 |  |  | 13 |  | 76 | %
_____________________________
(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 September 30, 2015 and the maturity of the derivative instrument, which includes forward-starting derivative instruments. The interest rate and cross-currency derivatives mature 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 |
Foreign Currency Derivatives |  | Notional (1) |  | Notional Translated to USD |  | Weighted Average Remaining Term (2)
Argentine Peso |  | 2,072 |  |  | $ | 220 |  |  | 10
Brazilian Real |  | 52 |  |  | 13 |  |  | <1
British Pound |  | 17 |  |  | 26 |  |  | <1
Chilean Peso |  | 127,365 |  |  | 183 |  |  | <1
Chilean Unidad de Fomento |  | 9 |  |  | 346 |  |  | 1
Colombian Peso |  | 205,082 |  |  | 66 |  |  | <1
Euro |  | 112 |  |  | 125 |  |  | <1
Kazakhstani Tenge |  | 2,715 |  |  | 10 |  |  | 1
Philippine Peso |  | 234 |  |  | 5 |  |  | <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 derivatives mature through 2025.
Commodity Derivatives By Type Table |
Commodity Derivatives |  | Notional |  | Weighted-Average Remaining Term (1)
Power (MWh) |  | 11 |  |  | 3
_____________________________
(1) | Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2018.
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables present the fair values of the Company’s derivative instruments as of September 30, 2015 and December 31, 2014, first by whether 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 (in millions):
| September 30, 2015 |  | December 31, 2014
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Foreign currency derivatives | $ | 13 |  |  | $ | 256 |  |  | $ | 269 |  |  | $ | 6 |  |  | $ | 230 |  |  | $ | 236 |
Commodity derivatives | 34 |  |  | 23 |  |  | 57 |  |  | 25 |  |  | 19 |  |  | 44 |
Total assets | $ | 47 |  |  | $ | 279 |  |  | $ | 326 |  |  | $ | 31 |  |  | $ | 249 |  |  | $ | 280 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 414 |  |  | $ | — |  |  | $ | 414 |  |  | $ | 416 |  |  | $ | — |  |  | $ | 416 |
Cross-currency derivatives | 40 |  |  | — |  |  | 40 |  |  | 29 |  |  | — |  |  | 29 |
Foreign currency derivatives | 39 |  |  | 22 |  |  | 61 |  |  | 38 |  |  | 14 |  |  | 52 |
Commodity derivatives | 14 |  |  | 16 |  |  | 30 |  |  | 7 |  |  | 10 |  |  | 17 |
Total liabilities | $ | 507 |  |  | $ | 38 |  |  | $ | 545 |  |  | $ | 490 |  |  | $ | 24 |  |  | $ | 514 |
| September 30, 2015 |  | December 31, 2014
| Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 92 |  |  | $ | 140 |  |  | $ | 77 |  |  | $ | 148 |
Noncurrent | 234 |  |  | 405 |  |  | 203 |  |  | 366 |
Total | $ | 326 |  |  | $ | 545 |  |  | $ | 280 |  |  | $ | 514 |
Derivatives subject to master netting agreement or similar agreement: |  |  |  |  |  |  |
Gross amounts recognized in the balance sheet | $ | 38 |  |  | $ | 475 |  |  | $ | 53 |  |  | $ | 507 |
Gross amounts of derivative instruments not offset | (21 | ) |  | (21 | ) |  | (10 | ) |  | (10 | )
Gross amounts of collateral received/pledged not offset | — |  |  | (32 | ) |  | — |  |  | (26 | )
Net amount | $ | 17 |  |  | $ | 422 |  |  | $ | 43 |  |  | $ | 471 |
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 | $ | 150 |  |  | $ | 170 |  |  | $ | 161 |  |  | $ | 180 |
Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table | The next table presents (in millions) the pretax gains (losses) recognized in 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:
Type of Derivative |  | Gains (Losses) Recognized in AOCL |  | Classification in Condensed Consolidated Statements of Operations |  | Gains (Losses) Reclassified from AOCL into Earnings
Three Months Ended September 30, |  | 2015 |  | 2014 |  |  |  | 2015 |  | 2014
Interest rate derivatives |  | $ | (110 | ) |  | $ | (16 | ) |  | Interest expense |  | $ | (27 | ) |  | $ | (38 | )
|  |  |  |  |  | Non-regulated cost of sales |  | (1 | ) |  | (1 | )
|  |  |  |  |  | Net equity in earnings of affiliates |  | (1 | ) |  | — |
|  |  |  |  |  | Gain on disposals and sale of investments |  | (4 | ) |  | — |
Cross-currency derivatives |  | 3 |  |  | (17 | ) |  | Interest expense |  | (1 | ) |  | (1 | )
|  |  |  |  |  | Foreign currency transaction gains (losses) |  | — |  |  | (18 | )
Foreign currency derivatives |  | 5 |  |  | (12 | ) |  | Foreign currency transaction gains (losses) |  | 12 |  |  | 1 |
Commodity derivatives |  | 10 |  |  | 3 |  |  | Non-regulated revenue |  | 12 |  |  | 4 |
|  |  |  |  |  |  |  | Non-regulated cost of sales |  | (4 | ) |  | (1 | )
Total |  | $ | (92 | ) |  | $ | (42 | ) |  |  |  | $ | (14 | ) |  | $ | (54 | )
Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | (130 | ) |  | $ | (290 | ) |  | Interest expense |  | $ | (81 | ) |  | $ | (102 | )
|  |  |  |  |  | Non-regulated cost of sales |  | (2 | ) |  | (2 | )
|  |  |  |  |  | Net equity in earnings of affiliates |  | (1 | ) |  | (3 | )
|  |  |  |  |  | Gain on disposals and sale of investments |  | (4 | ) |  | — |
Cross-currency derivatives |  | 4 |  |  | (20 | ) |  | Interest expense |  | (3 | ) |  | — |
|  |  |  |  |  | Foreign currency transaction gains (losses) |  | — |  |  | (24 | )
Foreign currency derivatives |  | 6 |  |  | (24 | ) |  | Foreign currency transaction gains (losses) |  | 20 |  |  | 11 |
Commodity derivatives |  | 25 |  |  | 21 |  |  | Non-regulated revenue |  | 27 |  |  | 23 |
|  |  |  |  |  | Non-regulated cost of sales |  | (8 | ) |  | (2 | )
Total |  | $ | (95 | ) |  | $ | (313 | ) |  |  |  | $ | (52 | ) |  | $ | (99 | )
Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table | The table below presents 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 (in millions):
Type of Derivative |  | Classification in Condensed Consolidated Statements of Operations |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Interest rate |  | Interest expense |  | $ | (2 | ) |  | $ | (1 | ) |  | $ | (3 | ) |  | $ | — |
Foreign currency |  | Foreign currency transaction gains (losses) |  | — |  |  | (2 | ) |  | (3 | ) |  | (2 | )
Cross-currency |  | Interest expense |  | — |  |  | — |  |  | — |  |  | (1 | )
Commodity and other |  | Non-regulated revenue |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total |  |  |  | $ | (2 | ) |  | $ | (2 | ) |  | $ | (6 | ) |  | $ | (2 | )
Gain Loss In Earnings On Non Hedging Instruments Table | The table below presents the gains (losses) recognized in earnings (in millions) related to derivatives 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:
Type of Derivative |  | Classification in Condensed Consolidated Statements of Operations |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Interest rate |  | Interest expense |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (1 | )
Foreign currency |  | Foreign currency transaction gains (losses) |  | 23 |  |  | 2 |  |  | 62 |  |  | 31 |
|  | Net equity in earnings of affiliates |  | — |  |  | (9 | ) |  | — |  |  | (4 | )
Commodity and other |  | Non-regulated revenue |  | (2 | ) |  | (2 | ) |  | (6 | ) |  | 2 |
|  | Non-regulated cost of sales |  | (8 | ) |  | (3 | ) |  | (7 | ) |  | (1 | )
|  | Regulated cost of sales |  | — |  |  | (4 | ) |  | (5 | ) |  | (10 | )
|  | Income (loss) from operations of discontinued businesses |  | — |  |  | — |  |  | — |  |  | (7 | )
|  | Net loss from disposal and impairments of discontinued businesses |  | — |  |  | — |  |  | — |  |  | 72 |
Total |  |  |  | $ | 13 |  |  | $ | (17 | ) |  | $ | 44 |  |  | $ | 82 |

X
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