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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Marketable Securities [Table Text Block] | he following table presents gross proceeds from the sale of available-for-sale securities during the periods indicated (in millions):
| Three Months Ended March 31,
| 2020 |  | 2019
Gross proceeds from sale of available-for-sale securities | $ | 258 |  |  | $ | 148 |
Fair value hierarchy for recurring measurements table | The following table presents, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated (in millions). For the Company’s investments in marketable debt securities, the security classes presented were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors and measures its marketable securities:
| March 31, 2020 |  | December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DEBT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | $ | — |  |  | $ | 268 |  |  | $ | — |  |  | $ | 268 |  |  | $ | — |  |  | $ | 326 |  |  | $ | — |  |  | $ | 326 |
EQUITY SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 19 |  |  | 49 |  |  | — |  |  | 68 |  |  | 22 |  |  | 61 |  |  | — |  |  | 83 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 31 |  |  | — |  |  | 31 |
Foreign currency derivatives | — |  |  | 25 |  |  | 99 |  |  | 124 |  |  | — |  |  | 17 |  |  | 93 |  |  | 110 |
Commodity derivatives | — |  |  | 59 |  |  | 1 |  |  | 60 |  |  | — |  |  | 28 |  |  | 2 |  |  | 30 |
Total derivatives — assets | — |  |  | 85 |  |  | 100 |  |  | 185 |  |  | — |  |  | 76 |  |  | 95 |  |  | 171 |
TOTAL ASSETS | $ | 19 |  |  | $ | 402 |  |  | $ | 100 |  |  | $ | 521 |  |  | $ | 22 |  |  | $ | 463 |  |  | $ | 95 |  |  | $ | 580 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | — |  |  | $ | 509 |  |  | $ | 269 |  |  | $ | 778 |  |  | $ | — |  |  | $ | 144 |  |  | $ | 184 |  |  | $ | 328 |
Cross-currency derivatives | — |  |  | 30 |  |  | 29 |  |  | 59 |  |  | — |  |  | 10 |  |  | 11 |  |  | 21 |
Foreign currency derivatives | — |  |  | 52 |  |  | — |  |  | 52 |  |  | — |  |  | 44 |  |  | — |  |  | 44 |
Commodity derivatives | — |  |  | 46 |  |  | 1 |  |  | 47 |  |  | — |  |  | 29 |  |  | 2 |  |  | 31 |
Total derivatives — liabilities | — |  |  | 637 |  |  | 299 |  |  | 936 |  |  | — |  |  | 227 |  |  | 197 |  |  | 424 |
TOTAL LIABILITIES | $ | — |  |  | $ | 637 |  |  | $ | 299 |  |  | $ | 936 |  |  | $ | — |  |  | $ | 227 |  |  | $ | 197 |  |  | $ | 424 |
Fair Value, Net Derivative Assets (Liabilities) measured on a recurring basis, Unobservable Input Reconciliation Table | The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 and 2019 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment.
Three Months Ended March 31, 2020 | Interest Rate |  | Cross Currency |  | Foreign Currency |  | Commodity |  | Total
Balance at January 1 | $ | (184 | ) |  | $ | (11 | ) |  | $ | 94 |  |  | $ | (1 | ) |  | $ | (102 | )
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |
Included in earnings | 2 |  |  | — |  |  | 12 |  |  | 1 |  |  | 15 |
Included in other comprehensive income — derivative activity | (53 | ) |  | (18 | ) |  | 7 |  |  | — |  |  | (64 | )
Settlements | 1 |  |  | — |  |  | (14 | ) |  | — |  |  | (13 | )
Transfers of assets/(liabilities), net into Level 3 | (35 | ) |  | — |  |  | — |  |  | — |  |  | (35 | )
Balance at March 31 | $ | (269 | ) |  | $ | (29 | ) |  | $ | 99 |  |  | $ | — |  |  | $ | (199 | )
Total gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 5 |
Derivative Assets, Significant unobservable inputs | The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of March 31, 2020 (in millions, except range amounts):
Type of Derivative |  | Fair Value |  | Unobservable Input |  | Amount or Range (Weighted Average)
Interest rate |  | $ | (269 | ) |  | Subsidiaries’ credit spreads |  | 1.8% - 6.3% (6.1%) |
Cross-currency |  | (29 | ) |  | Subsidiaries’ credit spreads |  | 4.6 | %
Foreign currency: |  |  |  |  |  |
Argentine peso |  | 99 |  |  | Argentine peso to U.S. dollar currency exchange rate after one year |  | 97 - 667 (338) |
Total |  | $ | (199 | ) |  |  |  |
The following table summarizes the significant unobservable inputs used in the Level 3 measurement of equity method investments on a nonrecurring basis during the three months ended March 31, 2020 (in millions, except range amounts):
| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
Equity method investments: |  |  |  |  |  |  |
OPGC | $ | 152 |  |  | Expected present value |  | Annual dividend growth |  | -25% to 40% (2%) |
|  |  |  |  | Weighted-average cost of equity |  | 12 | %
Fair value hierarchy for nonrecurring measurements table | The following table summarizes our major categories of assets measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions):
| Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pre-tax Loss
Three Months Ended March 31, 2020 |  | Level 1 |  | Level 2 |  | Level 3 |
Equity method investments: |  |  |  |  |  |  |  |  |  |  |
OPGC | 03/31/2020 |  | $ | 195 |  |  | $ | — |  |  | $ | — |  |  | $ | 152 |  |  | $ | 43 |
_____________________________ (1) Represents the carrying value at the date of measurement, before fair value adjustment and excluding $115 million of cumulative translation adjustment balance.
Financial instruments not measured at fair value in the condensed consolidated balance sheets | The following table presents (in millions) the carrying amount, fair value and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed:
|  | March 31, 2020
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (1) | $ | 115 |  |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | 178 |
Liabilities: | Non-recourse debt | 17,085 |  |  | 17,338 |  |  | — |  |  | 16,157 |  |  | 1,181 |
| Recourse debt | 4,005 |  |  | 3,987 |  |  | — |  |  | 3,987 |  |  | — |
|  | December 31, 2019
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (1) | $ | 98 |  |  | $ | 145 |  |  | $ | — |  |  | $ | — |  |  | $ | 145 |
Liabilities: | Non-recourse debt | 16,712 |  |  | 16,579 |  |  | — |  |  | 15,804 |  |  | 775 |
| Recourse debt | 3,396 |  |  | 3,529 |  |  | — |  |  | 3,529 |  |  | — |
_____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts impacted by the Stabilization Fund enacted by the Chilean government, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $11 million as of March 31, 2020 and December 31, 2019

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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