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Derivative Instruments and Hedging Activities | 12 Months Ended
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Dec. 31, 2021
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, 2021, 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 |  |  | 2059
Cross-currency swaps (Brazilian Reais) |  | 254 |  |  | 2026
Foreign currency: |  |  |  |
Argentine peso |  | 12 |  |  | 2026
Chilean peso |  | 366 |  |  | 2024
Colombian peso |  | 121 |  |  | 2023
Euro |  | 87 |  |  | 2023
Brazilian real |  | 5 |  |  | 2022
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity
Natural Gas (in MMBtu) |  | 93 |  |  | 2029
Power (in MWhs) |  | 18 |  |  | 2043
Coal (in Tons or Metric Tonnes) |  | 8 |  |  | 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, 2021 |  | December 31, 2020
Assets |  | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives |  | $ | 53 |  |  | $ | — |  |  | $ | 53 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 13 |
Cross-currency derivatives |  | 5 |  |  | — |  |  | 5 |  |  | 5 |  |  | — |  |  | 5 |
Foreign currency derivatives |  | 28 |  |  | 109 |  |  | 137 |  |  | 40 |  |  | 121 |  |  | 161 |
Commodity derivatives |  | 6 |  |  | 32 |  |  | 38 |  |  | 2 |  |  | 8 |  |  | 10 |
Total assets |  | $ | 92 |  |  | $ | 141 |  |  | $ | 233 |  |  | $ | 60 |  |  | $ | 129 |  |  | $ | 189 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 288 |  |  | $ | 6 |  |  | $ | 294 |  |  | $ | 506 |  |  | $ | 104 |  |  | $ | 610 |
Cross-currency derivatives |  | 11 |  |  | — |  |  | 11 |  |  | 4 |  |  | — |  |  | 4 |
Foreign currency derivatives |  | 23 |  |  | 12 |  |  | 35 |  |  | 8 |  |  | 35 |  |  | 43 |
Commodity derivatives |  | 11 |  |  | 33 |  |  | 44 |  |  | — |  |  | 22 |  |  | 22 |
Total liabilities |  | $ | 333 |  |  | $ | 51 |  |  | $ | 384 |  |  | $ | 518 |  |  | $ | 161 |  |  | $ | 679 |
|  | December 31, 2021 |  | December 31, 2020
Fair Value |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Current |  | $ | 85 |  |  | $ | 83 |  |  | $ | 51 |  |  | $ | 236 |
Noncurrent |  | 148 |  |  | 301 |  |  | 138 |  |  | 443 |
Total |  | $ | 233 |  |  | $ | 384 |  |  | $ | 189 |  |  | $ | 679 |
Credit Risk-Related Contingent Features (1) | December 31, 2021 |  | December 31, 2020
Present value of liabilities subject to collateralization | $ | — |  |  | $ | 6 |
Cash collateral held by third parties or in escrow | — |  |  | 6 |
_____________________________ (1) Based on the credit rating of certain subsidiaries As of December 31, 2021, 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,
2021 |  | 2020 |  | 2019
Cash flow hedges |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |
Interest rate derivatives |  | $ | 51 |  |  | $ | (511) |  |  | $ | (290) |
Cross-currency derivatives |  | (11) |  |  | 3 |  |  | (26) |
Foreign currency derivatives |  | (34) |  |  | 25 |  |  | (23) |
Commodity derivatives |  | (1) |  |  | 5 |  |  | — |
Total |  | $ | 5 |  |  | $ | (478) |  |  | $ | (339) |
Gains (losses) reclassified from AOCL to earnings |  |  |  |  |  |
Interest rate derivatives |  | $ | (419) |  |  | $ | (75) |  |  | $ | (28) |
Cross-currency derivatives |  | (15) |  |  | (5) |  |  | (12) |
Foreign currency derivatives |  | (62) |  |  | (9) |  |  | (13) |
Commodity derivatives |  | 4 |  |  | (2) |  |  | (1) |
Total |  | $ | (492) |  |  | $ | (91) |  |  | $ | (54) |
Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) |  | $ | — |  |  | $ | — |  |  | $ | (2) |
Gain (losses) recognized in earnings related to |  |  |  |  |  |
Not designated as hedging instruments: |  |  |  |  |  |
Interest rate derivatives |  | $ | 105 |  |  | $ | (1) |  |  | $ | — |
Foreign currency derivatives |  | 29 |  |  | 68 |  |  | (46) |
Commodity derivatives and other |  | (28) |  |  | (68) |  |  | (6) |
Total |  | $ | 106 |  |  | $ | (1) |  |  | $ | (52) |
_____________________________ (1) Cash flow hedge was discontinued on a cross-currency swap in 2019 because the underlying debt was prepaid. AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended December 31, 2022 by $100 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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