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Derivative Instruments and Hedging Activities | 3 Months Ended
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Mar. 31, 2022
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 2021 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 March 31, 2022, 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 |  | $ | 5,346 |  |  | 2059
Cross-currency swaps (Brazilian real) |  | 254 |  |  | 2026
Foreign Currency: |  |  |  |
Colombian peso |  | 163 |  |  | 2024
Euro |  | 138 |  |  | 2024
Mexican peso |  | 53 |  |  | 2023
Brazilian real |  | 35 |  |  | 2024
Chilean peso |  | 33 |  |  | 2024
Argentine peso |  | 10 |  |  | 2026
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity
Natural Gas (in MMBtu) |  | 105 |  |  | 2029
Power (in MWhs) |  | 15 |  |  | 2040
Coal (in Tons or Metric Tons) |  | 6 |  |  | 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 | March 31, 2022 |  | December 31, 2021
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives | $ | 160 |  |  | $ | — |  |  | $ | 160 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 53 |
Cross-currency derivatives | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Foreign currency derivatives | 25 |  |  | 88 |  |  | 113 |  |  | 28 |  |  | 109 |  |  | 137 |
Commodity derivatives | 37 |  |  | 101 |  |  | 138 |  |  | 6 |  |  | 32 |  |  | 38 |
Total assets | $ | 222 |  |  | $ | 189 |  |  | $ | 411 |  |  | $ | 92 |  |  | $ | 141 |  |  | $ | 233 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 127 |  |  | $ | 3 |  |  | $ | 130 |  |  | $ | 288 |  |  | $ | 6 |  |  | $ | 294 |
Cross-currency derivatives | 55 |  |  | — |  |  | 55 |  |  | 11 |  |  | — |  |  | 11 |
Foreign currency derivatives | 8 |  |  | 15 |  |  | 23 |  |  | 23 |  |  | 12 |  |  | 35 |
Commodity derivatives | 19 |  |  | 100 |  |  | 119 |  |  | 11 |  |  | 33 |  |  | 44 |
Total liabilities | $ | 209 |  |  | $ | 118 |  |  | $ | 327 |  |  | $ | 333 |  |  | $ | 51 |  |  | $ | 384 |
| March 31, 2022 |  | December 31, 2021
Fair Value | Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 170 |  |  | $ | 90 |  |  | $ | 85 |  |  | $ | 83 |
Noncurrent | 241 |  |  | 237 |  |  | 148 |  |  | 301 |
Total | $ | 411 |  |  | $ | 327 |  |  | $ | 233 |  |  | $ | 384 |
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,
|  |  |  | 2022 |  | 2021
Cash flow hedges |  |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |  |
Interest rate derivatives |  |  |  |  | $ | 304 |  |  | $ | 309 |
Cross-currency derivatives |  |  |  |  | — |  |  | 2 |
Foreign currency derivatives |  |  |  |  | 12 |  |  | (1) |
Commodity derivatives |  |  |  |  | 29 |  |  | — |
Total |  |  |  |  | $ | 345 |  |  | $ | 310 |
Losses reclassified from AOCL into earnings |  |  |  |  |  |  |
Interest rate derivatives |  |  |  |  | $ | (27) |  |  | $ | (24) |
Cross-currency derivatives |  |  |  |  | — |  |  | (1) |
Foreign currency derivatives |  |  |  |  | — |  |  | (3) |
Commodity derivatives |  |  |  |  | (1) |  |  | (2) |
Total |  |  |  |  | $ | (28) |  |  | $ | (30) |
Gains (losses) on fair value hedging relationship |  |  |  |  |  |  |
Cross-currency derivatives |  |  |  |  | $ | (55) |  |  | $ | — |
Hedged items |  |  |  |  | 57 |  |  | — |
Total |  |  |  |  | $ | 2 |  |  | $ | — |
Loss reclassified from AOCL to earnings due to impairment of assets |  |  |  |  | $ | — |  |  | $ | (4) |
Gains (losses) recognized in earnings related to |  |  |  |  |  |  |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate derivatives |  |  |  |  | $ | 2 |  |  | $ | 60 |
Foreign currency derivatives |  |  |  |  | (19) |  |  | (11) |
Commodity derivatives and other |  |  |  |  | (13) |  |  | (93) |
Total |  |  |  |  | $ | (30) |  |  | $ | (44) |
AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended March 31, 2023 by $11 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 https://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 https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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