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Derivative Instruments and Hedging Activities | 3 Months Ended
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Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES For further information on the derivative and hedging accounting policies, see Note 1—General and Summary of Significant Accounting Policies—Derivatives and Hedging Activities of Item 8.—Financial Statements and Supplementary Data in the 2018 Form 10-K. Volume of Activity — The following table presents the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of March 31, 2019, regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range:
Derivatives |  | Maximum Notional Translated to USD |  | Latest Maturity
Interest rate (LIBOR and EURIBOR) |  | $ | 5,154 |  |  | 2044
Cross-currency swaps (Chilean Unidad de Fomento and Chilean peso) |  | 350 |  |  | 2029
Foreign Currency: |  |  |  |
Argentine peso |  | 51 |  |  | 2026
Chilean peso |  | 239 |  |  | 2021
Colombian peso |  | 242 |  |  | 2022
Brazilian real |  | 12 |  |  | 2019
Others, primarily with weighted average remaining maturities of a year or less |  | 115 |  |  | 2021
Accounting and Reporting — Assets and Liabilities — The following tables present the fair value of assets and liabilities related to the Company’s derivative instruments as of March 31, 2019 and December 31, 2018 (in millions):
Fair Value | March 31, 2019 |  | December 31, 2018
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives | $ | 12 |  |  | $ | — |  |  | $ | 12 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 29 |
Cross-currency derivatives | 10 |  |  | — |  |  | 10 |  |  | 6 |  |  | — |  |  | 6 |
Foreign currency derivatives | 1 |  |  | 216 |  |  | 217 |  |  | — |  |  | 217 |  |  | 217 |
Commodity derivatives | — |  |  | 13 |  |  | 13 |  |  | — |  |  | 10 |  |  | 10 |
Total assets | $ | 23 |  |  | $ | 229 |  |  | $ | 252 |  |  | $ | 35 |  |  | $ | 227 |  |  | $ | 262 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 262 |  |  | $ | 7 |  |  | $ | 269 |  |  | $ | 205 |  |  | $ | 3 |  |  | $ | 208 |
Cross-currency derivatives | 3 |  |  | — |  |  | 3 |  |  | 5 |  |  | — |  |  | 5 |
Foreign currency derivatives | 13 |  |  | 15 |  |  | 28 |  |  | 28 |  |  | 13 |  |  | 41 |
Commodity derivatives | — |  |  | 7 |  |  | 7 |  |  | — |  |  | 3 |  |  | 3 |
Total liabilities | $ | 278 |  |  | $ | 29 |  |  | $ | 307 |  |  | $ | 238 |  |  | $ | 19 |  |  | $ | 257 |
| March 31, 2019 |  | December 31, 2018
Fair Value | Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 56 |  |  | $ | 44 |  |  | $ | 75 |  |  | $ | 51 |
Noncurrent | 196 |  |  | 263 |  |  | 187 |  |  | 206 |
Total | $ | 252 |  |  | $ | 307 |  |  | $ | 262 |  |  | $ | 257 |
As of March 31, 2019 and December 31, 2018, all derivative instruments subject to credit risk-related contingent features were in an asset position. Earnings and Other Comprehensive Income (Loss) — The following table presents the pre-tax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated (in millions):
| Three Months Ended March 31,
2019 |  | 2018
Cash flow hedges |  |  |
Gains (losses) recognized in AOCL |  |  |
Interest rate derivatives | $ | (94 | ) |  | $ | 47 |
Cross-currency derivatives | 5 |  |  | 19 |
Foreign currency derivatives | 3 |  |  | 6 |
Total | $ | (86 | ) |  | $ | 72 |
Gains (losses) reclassified from AOCL into earnings |  |  |
Interest rate derivatives | $ | (8 | ) |  | $ | (16 | )
Cross-currency derivatives | 7 |  |  | 10 |
Foreign currency derivatives | (11 | ) |  | 1 |
Commodity derivatives | — |  |  | (4 | )
Total | $ | (12 | ) |  | $ | (9 | )
Gains (losses) recognized in earnings related to |  |  |
Not designated as hedging instruments: |  |  |
Interest rate derivatives | $ | (2 | ) |  | $ | — |
Foreign currency derivatives | (5 | ) |  | 108 |
Commodity derivatives and other | 2 |  |  | 9 |
Total | $ | (5 | ) |  | $ | 117 |
AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended March 31, 2020 by $57 million, primarily due to interest rate derivatives.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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