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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
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:
| September 30, 2022 |  | December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DEBT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | $ | — |  |  | $ | 639 |  |  | $ | — |  |  | $ | 639 |  |  | $ | — |  |  | $ | 199 |  |  | $ | — |  |  | $ | 199 |
Government debt securities | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |
Total debt securities | — |  |  | 643 |  |  | — |  |  | 643 |  |  | — |  |  | 199 |  |  | — |  |  | 199 |
EQUITY SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 26 |  |  | 10 |  |  | — |  |  | 36 |  |  | 31 |  |  | 13 |  |  | — |  |  | 44 |
Total equity securities | 26 |  |  | 10 |  |  | — |  |  | 36 |  |  | 31 |  |  | 13 |  |  | — |  |  | 44 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | — |  |  | 476 |  |  | — |  |  | 476 |  |  | — |  |  | 51 |  |  | 2 |  |  | 53 |
Cross-currency derivatives | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Foreign currency derivatives | — |  |  | 35 |  |  | 70 |  |  | 105 |  |  | — |  |  | 29 |  |  | 108 |  |  | 137 |
Commodity derivatives | — |  |  | 225 |  |  | 18 |  |  | 243 |  |  | — |  |  | 32 |  |  | 6 |  |  | 38 |
Total derivatives — assets | — |  |  | 736 |  |  | 88 |  |  | 824 |  |  | — |  |  | 117 |  |  | 116 |  |  | 233 |
TOTAL ASSETS | $ | 26 |  |  | $ | 1,389 |  |  | $ | 88 |  |  | $ | 1,503 |  |  | $ | 31 |  |  | $ | 329 |  |  | $ | 116 |  |  | $ | 476 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 286 |  |  | $ | 8 |  |  | $ | 294 |
Cross-currency derivatives | — |  |  | 36 |  |  | — |  |  | 36 |  |  | — |  |  | 11 |  |  | — |  |  | 11 |
Foreign currency derivatives | — |  |  | 34 |  |  | — |  |  | 34 |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
Commodity derivatives | — |  |  | 239 |  |  | 16 |  |  | 255 |  |  | — |  |  | 37 |  |  | 7 |  |  | 44 |
Total derivatives — liabilities | — |  |  | 310 |  |  | 17 |  |  | 327 |  |  | — |  |  | 369 |  |  | 15 |  |  | 384 |
TOTAL LIABILITIES | $ | — |  |  | $ | 310 |  |  | $ | 17 |  |  | $ | 327 |  |  | $ | — |  |  | $ | 369 |  |  | $ | 15 |  |  | $ | 384 |
Marketable Securities [Table Text Block] | The following table presents gross proceeds from the sale of available-for-sale securities during the periods indicated (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Gross proceeds from sale of available-for-sale securities | $ | 318 |  |  | $ | 207 |  |  | $ | 665 |  |  | $ | 507 |
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 and nine months ended September 30, 2022 and 2021 (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 September 30, 2022 | Interest Rate |  | Cross Currency |  | Foreign Currency |  | Commodity |  | Total
Balance at July 1 | $ | 1 |  |  | $ | — |  |  | $ | 50 |  |  | $ | 37 |  |  | $ | 88 |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |
Included in earnings | 1 |  |  | — |  |  | 22 |  |  | (1) |  |  | 22 |
Included in other comprehensive income — derivative activity | (1) |  |  | — |  |  | 7 |  |  | (14) |  |  | (8) |
Included in regulatory (assets) liabilities | — |  |  | — |  |  | — |  |  | (3) |  |  | (3) |
Settlements | — |  |  | — |  |  | (9) |  |  | — |  |  | (9) |
Transfers of assets (liabilities), net into Level 3 | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Transfers of (assets) liabilities, net out of Level 3 | (2) |  |  | — |  |  | — |  |  | (15) |  |  | (17) |
Balance at September 30 | $ | (1) |  |  | $ | — |  |  | $ | 70 |  |  | $ | 2 |  |  | $ | 71 |
Total gains (losses) 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 | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | (1) |  |  | $ | 13 |
Three Months Ended September 30, 2021 | Interest Rate |  | Cross Currency |  | Foreign Currency |  | Commodity |  | Total
Balance at July 1 | $ | (192) |  |  | $ | (32) |  |  | $ | 97 |  |  | $ | 15 |  |  | $ | (112) |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |
Included in earnings | 12 |  |  | 20 |  |  | 22 |  |  | (1) |  |  | 53 |
Included in other comprehensive income — derivative activity | (14) |  |  | — |  |  | 7 |  |  | (15) |  |  | (22) |
Included in other comprehensive income — foreign currency translation activity | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Included in regulatory (assets) liabilities | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Settlements | 12 |  |  | — |  |  | (9) |  |  | 1 |  |  | 4 |
Transfers of assets (liabilities), net into Level 3 | (4) |  |  | — |  |  | — |  |  | — |  |  | (4) |
Transfers of (assets) liabilities, net out of Level 3 | 96 |  |  | — |  |  | — |  |  | — |  |  | 96 |
Balance at September 30 | $ | (90) |  |  | $ | (10) |  |  | $ | 117 |  |  | $ | (2) |  |  | $ | 15 |
Total losses 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 |  |  | $ | 15 |  |  | $ | (1) |  |  | $ | 18 |
Nine Months Ended September 30, 2022 | Interest Rate |  | Cross Currency |  | Foreign Currency |  | Commodity |  | Total
Balance at January 1 | $ | (6) |  |  | $ | — |  |  | $ | 108 |  |  | $ | (1) |  |  | $ | 101 |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |
Included in earnings | 4 |  |  | — |  |  | (22) |  |  | (4) |  |  | (22) |
Included in other comprehensive income — derivative activity | 13 |  |  | — |  |  | (7) |  |  | (7) |  |  | (1) |
Included in regulatory (assets) liabilities | — |  |  | — |  |  | — |  |  | 13 |  |  | 13 |
Settlements | (1) |  |  | — |  |  | (9) |  |  | 1 |  |  | (9) |
Transfers of assets (liabilities), net into Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers of (assets) liabilities, net out of Level 3 | (11) |  |  | — |  |  | — |  |  | — |  |  | (11) |
Balance at September 30 | $ | (1) |  |  | $ | — |  |  | $ | 70 |  |  | $ | 2 |  |  | $ | 71 |
Total gains (losses) 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 | $ | 3 |  |  | $ | — |  |  | $ | (44) |  |  | $ | 1 |  |  | $ | (40) |
Nine Months Ended September 30, 2021 | Interest Rate |  | Cross Currency |  | Foreign Currency |  | Commodity |  | Total
Balance at January 1 | $ | (236) |  |  | $ | (2) |  |  | $ | 146 |  |  | $ | 2 |  |  | $ | (90) |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |
Included in earnings | 13 |  |  | (13) |  |  | (1) |  |  | (1) |  |  | (2) |
Included in other comprehensive income — derivative activity | 6 |  |  | — |  |  | (1) |  |  | (3) |  |  | 2 |
Included in other comprehensive income — foreign currency translation activity | — |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Included in regulatory (assets) liabilities | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Settlements | 35 |  |  | 1 |  |  | (27) |  |  | (1) |  |  | 8 |
Transfers of assets (liabilities), net into Level 3 | (4) |  |  | — |  |  | — |  |  | — |  |  | (4) |
Transfers of (assets) liabilities, net out of Level 3 | 96 |  |  | — |  |  | — |  |  | — |  |  | 96 |
Balance at September 30 | $ | (90) |  |  | $ | (10) |  |  | $ | 117 |  |  | $ | (2) |  |  | $ | 15 |
Total gains (losses) 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 | $ | 1 |  |  | $ | 4 |  |  | $ | (29) |  |  | $ | (1) |  |  | $ | (25) |
Fair value schedule of Significant Unobservable Input Recurring | The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of September 30, 2022 (in millions, except range amounts):
Type of Derivative |  | Fair Value |  | Unobservable Input |  | Amount or Range (Weighted Average)
Interest rate |  | $ | (1) |  |  | Subsidiaries’ credit spreads |  | 1% - 2.2% (2.1%)
Foreign currency: |  |  |  |  |  |
Argentine peso |  | 70 |  |  | Argentine peso to U.S. dollar currency exchange rate after one year |  | 272 - 748 (498)
Commodity: |  |  |  |  |  |
Other |  | 2 |  |  |  |  |
Total |  | $ | 71 |  |  |  |  |
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
Nine Months Ended September 30, 2022 |  | Level 1 |  | Level 2 |  | Level 3 |
Long-lived assets held and used: |  |  |  |  |  |  |  |  |  |  |
Maritza | 4/30/2022 |  | $ | 920 |  |  | $ | — |  |  | $ | — |  |  | $ | 452 |  |  | $ | 468 |
Held-for-sale businesses: (2) |  |  |  |  |  |  |  |  |  |  |
Jordan (3) | 9/30/2022 |  | $ | 216 |  |  | $ | — |  |  | $ | 170 |  |  | $ | — |  |  | $ | 51 |
| Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pre-tax Loss
Nine Months Ended September 30, 2021 |  | Level 1 |  | Level 2 |  | Level 3 |
Long-lived assets held and used: |  |  |  |  |  |  |  |  |  |  |
Puerto Rico | 3/31/2021 |  | $ | 548 |  |  | $ | — |  |  | $ | — |  |  | $ | 73 |  |  | $ | 475 |
Mountain View I & II | 4/30/2021 |  | 78 |  |  | — |  |  | — |  |  | 11 |  |  | 67 |
Ventanas 3 & 4 | 6/30/2021 |  | 661 |  |  | — |  |  | — |  |  | 12 |  |  | 649 |
Angamos | 6/30/2021 |  | 241 |  |  | — |  |  | — |  |  | 86 |  |  | 155 |
Dispositions: (2) |  |  |  |  |  |  |  |  |  |  |
Estrella del Mar I | 9/30/2021 |  | $ | 17 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 11 |
_____________________________
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets held and used measured on a nonrecurring basis during the nine months ended September 30, 2022 (in millions, except range amounts):
| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
Long-lived assets held and used: |  |  |  |  |  |  |
Maritza | $ | 452 |  |  | Discounted cash flow |  | Annual revenue growth |  | (66)% to 11% (-11%)
|  |  |  |  | Annual variable margin |  | (66)% to 23% (-1%)
|  |  |  |  | Weighted-average cost of capital |  | 20% to 25% (21%)
Total | $ | 452 |  |  |  |  |  |  |
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:
|  | September 30, 2022
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (1) | $ | 92 |  |  | $ | 132 |  |  | $ | — |  |  | $ | — |  |  | $ | 132 |
Liabilities: | Non-recourse debt | 17,358 |  |  | 16,368 |  |  | — |  |  | 14,870 |  |  | 1,498 |
| Recourse debt | 4,668 |  |  | 4,175 |  |  | — |  |  | 4,175 |  |  | — |
|  | December 31, 2021
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (1) | $ | 55 |  |  | $ | 117 |  |  | $ | — |  |  | $ | — |  |  | $ | 117 |
Liabilities: | Non-recourse debt | 14,811 |  |  | 16,091 |  |  | — |  |  | 16,065 |  |  | 26 |
| Recourse debt | 3,754 |  |  | 3,818 |  |  | — |  |  | 3,818 |  |  | — |
_____________________________ (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 $2 million as of September 30, 2022 and December 31, 2021.

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