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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIESFor further information on the Company’s derivative and hedge accounting policies, see Note 1—General and Summary of Significant Accounting Policies—Derivative Instruments and Hedging Activities of Item 8.—Financial Statements and Supplementary Data in the 2019 Form 10-K. Volume of Activity — The following tables present the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of September 30, 2020, 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) |  | $ | 4,750 |  |  | 2047
Cross-currency swaps (Chilean Unidad de Fomento and Chilean peso) |  | 191 |  |  | 2029
Foreign Currency: |  |  |  |
Argentine peso |  | 103 |  |  | 2026
Chilean peso |  | 129 |  |  | 2022
Colombian peso |  | 133 |  |  | 2022
Mexican peso |  | 217 |  |  | 2020
Euro |  | 131 |  |  | 2023
Others, primarily with weighted average remaining maturities of a year or less |  | 34 |  |  | 2022
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity
Natural Gas (in MMBtu) |  | 30 |  |  | 2021
Power (in MWhs) |  | 10 |  |  | 2024
Coal (in Tons or Metric Tons) |  | 9 |  |  | 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 | September 30, 2020 |  | December 31, 2019
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 31 |
Foreign currency derivatives | 20 |  |  | 80 |  |  | 100 |  |  | 31 |  |  | 79 |  |  | 110 |
Commodity derivatives | — |  |  | 22 |  |  | 22 |  |  | — |  |  | 30 |  |  | 30 |
Total assets | $ | 23 |  |  | $ | 102 |  |  | $ | 125 |  |  | $ | 62 |  |  | $ | 109 |  |  | $ | 171 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 673 |  |  | $ | 9 |  |  | $ | 682 |  |  | $ | 323 |  |  | $ | 5 |  |  | $ | 328 |
Cross-currency derivatives | 27 |  |  | — |  |  | 27 |  |  | 21 |  |  | — |  |  | 21 |
Foreign currency derivatives | 14 |  |  | 23 |  |  | 37 |  |  | 22 |  |  | 22 |  |  | 44 |
Commodity derivatives | — |  |  | 24 |  |  | 24 |  |  | 2 |  |  | 29 |  |  | 31 |
Total liabilities | $ | 714 |  |  | $ | 56 |  |  | $ | 770 |  |  | $ | 368 |  |  | $ | 56 |  |  | $ | 424 |
| September 30, 2020 |  | December 31, 2019
Fair Value | Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 68 |  |  | $ | 335 |  |  | $ | 72 |  |  | $ | 126 |
Noncurrent | 57 |  |  | 435 |  |  | 99 |  |  | 298 |
Total | $ | 125 |  |  | $ | 770 |  |  | $ | 171 |  |  | $ | 424 |
Credit Risk-Related Contingent Features (1) |  |  | September 30, 2020
Present value of liabilities subject to collateralization |  |  | $ | 19 |
Cash collateral held by third parties or in escrow |  |  | 19 |
_____________________________ (1) Based on the credit rating of certain subsidiaries 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 September 30, |  | Nine Months Ended September 30,
2020 |  | 2019 |  | 2020 |  | 2019
Cash flow hedges |  |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |  |
Interest rate derivatives | $ | 20 |  |  | $ | (186) |  |  | $ | (532) |  |  | $ | (450) |
Equity in earnings | — |  |  | — |  |  | (43) |  |  | — |
Cross-currency derivatives | 11 |  |  | (19) |  |  | (25) |  |  | (10) |
Foreign currency derivatives | — |  |  | (20) |  |  | (14) |  |  | (14) |
Commodity derivatives | — |  |  | 3 |  |  | 4 |  |  | 2 |
Total | $ | 31 |  |  | $ | (222) |  |  | $ | (610) |  |  | $ | (472) |
Gains (losses) reclassified from AOCL into earnings |  |  |  |  |  |  |
Interest rate derivatives | $ | (38) |  |  | $ | (8) |  |  | $ | (83) |  |  | $ | (25) |
Cross-currency derivatives | 4 |  |  | (11) |  |  | (11) |  |  | (5) |
Foreign currency derivatives | (3) |  |  | (4) |  |  | (16) |  |  | (15) |
Commodity derivatives | — |  |  | — |  |  | 2 |  |  | — |
Total | $ | (37) |  |  | $ | (23) |  |  | $ | (108) |  |  | $ | (45) |
Gains reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Gains (losses) recognized in earnings related to |  |  |  |  |  |  |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate derivatives | $ | — |  |  | $ | (2) |  |  | $ | (1) |  |  | $ | (6) |
Foreign currency derivatives | 8 |  |  | (39) |  |  | 30 |  |  | (33) |
Commodity derivatives and other | (56) |  |  | (2) |  |  | (50) |  |  | 2 |
Total | $ | (48) |  |  | $ | (43) |  |  | $ | (21) |  |  | $ | (37) |
_____________________________ (1) Cash flow hedge was discontinued on a cross-currency swap because the underlying debt was prepaid. AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended September 30, 2021 by $108 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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