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Derivative Instruments and Hedging Activities | 3 Months Ended
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Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES There are no changes to the information disclosed in Note 1—General and Summary of Significant Accounting Policies—Derivatives and Hedging Activities of Item 8.—Financial Statements and Supplementary Data in the 2015 Form 10-K. Volume of Activity — The following table presents the Company’s outstanding notional (in millions) under its types of derivatives as of March 31, 2016 with significant notionals, regardless of whether they are in qualifying cash flow hedging relationships, and the date through which the maturities for each type of derivative range:
Derivatives |  | Current Notional Translated to USD |  | Latest Maturity
Interest Rate (LIBOR and EURIBOR) |  | $ | 3,201 |  |  | 2033
Cross-Currency Swaps (Chilean Unidad de Fomento) |  | 169 |  |  | 2028
Foreign Currency: |  |  |  |
Argentine Peso |  | 162 |  |  | 2026
Chilean Unidad de Fomento |  | 304 |  |  | 2019
Others, primarily with weighted average remaining maturities of a year or less |  | 687 |  |  | 2017
Accounting and Reporting — Assets and Liabilities — The following tables present amounts about assets and liabilities related to the Company’s derivative instruments as of March 31, 2016 and December 31, 2015 (in millions):
Fair Value | March 31, 2016 |  | December 31, 2015
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Foreign currency derivatives | $ | 14 |  |  | $ | 327 |  |  | $ | 341 |  |  | $ | 8 |  |  | $ | 319 |  |  | $ | 327 |
Commodity derivatives | 37 |  |  | 34 |  |  | 71 |  |  | 30 |  |  | 18 |  |  | 48 |
Total assets | $ | 51 |  |  | $ | 361 |  |  | $ | 412 |  |  | $ | 38 |  |  | $ | 337 |  |  | $ | 375 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 464 |  |  | $ | — |  |  | $ | 464 |  |  | $ | 358 |  |  | $ | — |  |  | $ | 358 |
Cross-currency derivatives | 33 |  |  | — |  |  | 33 |  |  | 43 |  |  | — |  |  | 43 |
Foreign currency derivatives | 35 |  |  | 25 |  |  | 60 |  |  | 35 |  |  | 21 |  |  | 56 |
Commodity derivatives | 11 |  |  | 39 |  |  | 50 |  |  | 12 |  |  | 21 |  |  | 33 |
Total liabilities | $ | 543 |  |  | $ | 64 |  |  | $ | 607 |  |  | $ | 448 |  |  | $ | 42 |  |  | $ | 490 |
| March 31, 2016 |  | December 31, 2015
Fair Value | Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 92 |  |  | $ | 145 |  |  | $ | 86 |  |  | $ | 144 |
Noncurrent | 320 |  |  | 462 |  |  | 289 |  |  | 346 |
Total | $ | 412 |  |  | $ | 607 |  |  | $ | 375 |  |  | $ | 490 |
Credit Risk-Related Contingent Features |  |  |  |  | March 31, 2016 |  | December 31, 2015
Present value of liabilities subject to collateralization based on credit rating of certain subsidiaries |  | $ | 68 |  |  | $ | 58 |
Cash collateral held by third parties or in an escrow account as a result of the credit rating |  | $ | 40 |  |  | $ | 38 |
Earnings and Other Comprehensive (Loss) Income — The next table presents (in millions) the pretax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated:
|  | Three Months Ended March 31,
2016 |  | 2015
Effective portion of cash flow hedges: |  |  |  |
Gain (Losses) recognized in AOCL |  |  |  |
Interest rate derivatives |  | $ | (130 | ) |  | $ | (98 | )
Cross-currency derivatives |  | 8 |  |  | — |
Foreign currency derivatives |  | — |  |  | 2 |
Commodity derivatives |  | 37 |  |  | 7 |
Total |  | $ | (85 | ) |  | $ | (89 | )
Gain (Losses) reclassified from AOCL into earnings |  |  |  |
Interest rate derivatives |  | $ | (29 | ) |  | $ | (24 | )
Cross-currency derivatives |  | 9 |  |  | (1 | )
Foreign currency derivatives |  | 2 |  |  | 6 |
Commodity derivatives |  | 22 |  |  | 5 |
Total |  | $ | 4 |  |  | $ | (14 | )
Gain (Losses) recognized in earnings related to |  |  |  |
Ineffective portion of cash flow hedges |  | $ | 2 |  |  | $ | (2 | )
Not designated as hedging instruments: |  |  |  |
Foreign currency derivatives |  | $ | 40 |  |  | $ | 32 |
Other |  | (9 | ) |  | (8 | )
Total |  | $ | 31 |  |  | $ | 24 |
|  |  |  | Twelve Months Ended March 31, 2017
AOCL expected to increase (decrease) pre-tax income from continuing operations (primarily interest rate derivatives) |  | $ | (104 | )

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