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Derivative Instruments and Hedging Activities | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 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 December 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:
Interest Rate and Foreign Currency Derivatives |  | Maximum Notional Translated to USD |  | Latest Maturity
Interest Rate (LIBOR and EURIBOR) |  | $ | 5,014 |  |  | 2044
Cross-currency swaps (Chilean Unidad de Fomento and Chilean peso) |  | 260 |  |  | 2029
Foreign Currency: |  |  |  |
Argentine peso |  | 30 |  |  | 2026
Chilean peso |  | 163 |  |  | 2022
Colombian peso |  | 139 |  |  | 2022
Brazilian real |  | 5 |  |  | 2020
Others, primarily with weighted average remaining maturities of a year or less |  | 90 |  |  | 2022
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity
Natural Gas (in MMBtu) |  | 71 |  |  | 2020
Power (in MWhs) |  | 1 |  |  | 2020
Coal (in Tons or Metric Tonnes) |  | 10 |  |  | 2027
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 the periods indicated (in millions):
Fair Value |  | December 31, 2019 |  | December 31, 2018
Assets |  | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives |  | $ | 31 |  |  | $ | — |  |  | $ | 31 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 29 |
Cross-currency derivatives |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Foreign currency derivatives |  | 31 |  |  | 79 |  |  | 110 |  |  | — |  |  | 217 |  |  | 217 |
Commodity derivatives |  | — |  |  | 30 |  |  | 30 |  |  | — |  |  | 10 |  |  | 10 |
Total assets |  | $ | 62 |  |  | $ | 109 |  |  | $ | 171 |  |  | $ | 35 |  |  | $ | 227 |  |  | $ | 262 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 323 |  |  | $ | 5 |  |  | $ | 328 |  |  | $ | 205 |  |  | $ | 3 |  |  | $ | 208 |
Cross-currency derivatives |  | 21 |  |  | — |  |  | 21 |  |  | 5 |  |  | — |  |  | 5 |
Foreign currency derivatives |  | 22 |  |  | 22 |  |  | 44 |  |  | 28 |  |  | 13 |  |  | 41 |
Commodity derivatives |  | 2 |  |  | 29 |  |  | 31 |  |  | — |  |  | 3 |  |  | 3 |
Total liabilities |  | $ | 368 |  |  | $ | 56 |  |  | $ | 424 |  |  | $ | 238 |  |  | $ | 19 |  |  | $ | 257 |
|  | December 31, 2019 |  | December 31, 2018
Fair Value |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Current |  | $ | 72 |  |  | $ | 126 |  |  | $ | 75 |  |  | $ | 51 |
Noncurrent |  | 99 |  |  | 298 |  |  | 187 |  |  | 206 |
Total |  | $ | 171 |  |  | $ | 424 |  |  | $ | 262 |  |  | $ | 257 |
As of December 31, 2019 and 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):
|  | Years Ended December 31,
2019 |  | 2018 |  | 2017
Cash flow hedges |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |
Interest rate derivatives |  | $ | (290 | ) |  | $ | (16 | ) |  | $ | (66 | )
Cross-currency derivatives |  | (26 | ) |  | (26 | ) |  | 31 |
Foreign currency derivatives |  | (23 | ) |  | (52 | ) |  | (5 | )
Commodity derivatives |  | — |  |  | — |  |  | 18 |
Total |  | $ | (339 | ) |  | $ | (94 | ) |  | $ | (22 | )
Gains (losses) reclassified from AOCL to earnings |  |  |  |  |  |
Interest rate derivatives |  | $ | (28 | ) |  | $ | (52 | ) |  | $ | (82 | )
Cross-currency derivatives |  | (12 | ) |  | (43 | ) |  | 34 |
Foreign currency derivatives |  | (13 | ) |  | (16 | ) |  | (20 | )
Commodity derivatives |  | (1 | ) |  | (6 | ) |  | 17 |
Total |  | $ | (54 | ) |  | $ | (117 | ) |  | $ | (51 | )
Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) |  | $ | (2 | ) |  | $ | — |  |  | $ | (13 | )
Gain (losses) recognized in earnings related to |  |  |  |  |  |
Ineffective portion of cash flow hedges |  | $ | — |  |  | $ | (7 | ) |  | $ | 3 |
Not designated as hedging instruments: |  |  |  |  |  |
Foreign currency derivatives |  | (46 | ) |  | 148 |  |  | 1 |
Commodity derivatives and other |  | (6 | ) |  | 25 |  |  | 14 |
Total |  | $ | (52 | ) |  | $ | 173 |  |  | $ | 15 |
_____________________________
(1) | Cash flow hedge was discontinued on a cross-currency swap in 2019 because the underlying debt was prepaid. Cash flow hedge was discontinued in 2017 because it was probable the forecasted transaction will not occur.
AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended December 31, 2020 by $73 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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