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Derivative Instruments and Hedging Activities | 12 Months Ended
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Dec. 31, 2022
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, 2022, regardless of whether they are in qualifying 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, SOFR and EURIBOR) |  | $ | 6,040 |  |  | 2059
Cross-currency swaps (Brazilian Reais) |  | 293 |  |  | 2034
Foreign currency: |  |  |  |
Euro |  | 198 |  |  | 2025
Chilean peso |  | 167 |  |  | 2025
Colombian peso |  | 57 |  |  | 2024
Brazilian real |  | 32 |  |  | 2024
Argentine peso |  | 5 |  |  | 2026
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity
Natural Gas (in MMBtu) |  | 71 |  |  | 2030
Power (in MWhs) |  | 15 |  |  | 2040
Coal (in Tons or Metric Tonnes) |  | 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 |  | December 31, 2022 |  | December 31, 2021
Assets |  | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives |  | $ | 313 |  |  | $ | 1 |  |  | $ | 314 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 53 |
Cross-currency derivatives |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Foreign currency derivatives |  | 27 |  |  | 59 |  |  | 86 |  |  | 28 |  |  | 109 |  |  | 137 |
Commodity derivatives |  | — |  |  | 245 |  |  | 245 |  |  | 6 |  |  | 32 |  |  | 38 |
Total assets |  | $ | 340 |  |  | $ | 305 |  |  | $ | 645 |  |  | $ | 92 |  |  | $ | 141 |  |  | $ | 233 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 288 |  |  | $ | 6 |  |  | $ | 294 |
Cross-currency derivatives |  | 42 |  |  | — |  |  | 42 |  |  | 11 |  |  | — |  |  | 11 |
Foreign currency derivatives |  | 9 |  |  | 11 |  |  | 20 |  |  | 23 |  |  | 12 |  |  | 35 |
Commodity derivatives |  | 59 |  |  | 347 |  |  | 406 |  |  | 11 |  |  | 33 |  |  | 44 |
Total liabilities |  | $ | 116 |  |  | $ | 358 |  |  | $ | 474 |  |  | $ | 333 |  |  | $ | 51 |  |  | $ | 384 |
|  | December 31, 2022 |  | December 31, 2021
Fair Value |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Current |  | $ | 271 |  |  | $ | 168 |  |  | $ | 85 |  |  | $ | 83 |
Noncurrent |  | 374 |  |  | 306 |  |  | 148 |  |  | 301 |
Total |  | $ | 645 |  |  | $ | 474 |  |  | $ | 233 |  |  | $ | 384 |
Credit Risk-Related Contingent Features | December 31, 2022 |  | December 31, 2021
Present value of liabilities subject to collateralization | $ | 104 |  |  | $ | — |
Cash collateral held by third parties or in escrow | 42 |  |  | — |
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,
2022 |  | 2021 |  | 2020
Cash flow hedges |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |
Interest rate derivatives |  | $ | 869 |  |  | $ | 51 |  |  | $ | (511) |
Cross-currency derivatives |  | — |  |  | (11) |  |  | 3 |
Foreign currency derivatives |  | 17 |  |  | (34) |  |  | 25 |
Commodity derivatives |  | 16 |  |  | (1) |  |  | 5 |
Total |  | $ | 902 |  |  | $ | 5 |  |  | $ | (478) |
Gains (losses) reclassified from AOCL to earnings |  |  |  |  |  |
Interest rate derivatives |  | $ | (72) |  |  | $ | (419) |  |  | $ | (75) |
Cross-currency derivatives |  | — |  |  | (15) |  |  | (5) |
Foreign currency derivatives |  | 2 |  |  | (62) |  |  | (9) |
Commodity derivatives |  | 2 |  |  | 4 |  |  | (2) |
Total |  | $ | (68) |  |  | $ | (492) |  |  | $ | (91) |
Gains (Losses) on fair value hedging relationship |  |  |  |  |  |
Cross Currency contracts |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | (35) |  |  | $ | (6) |  |  | $ | — |
Hedged items |  | 26 |  |  | 4 |  |  | — |
Total |  | $ | (9) |  |  | $ | (2) |  |  | $ | — |
Loss reclassified from AOCL to earnings due to impairment of assets |  | $ | (16) |  |  | $ | — |  |  | $ | (14) |
Gain reclassified from AOCL to earnings due to discontinuance of hedge accounting |  | $ | 26 |  |  | $ | — |  |  | $ | — |
Gain (losses) recognized in earnings related to |  |  |  |  |  |
Not designated as hedging instruments: |  |  |  |  |  |
Interest rate derivatives |  | $ | 4 |  |  | $ | 105 |  |  | $ | (1) |
Foreign currency derivatives |  | 21 |  |  | 29 |  |  | 68 |
Commodity derivatives and other |  | (43) |  |  | (28) |  |  | (68) |
Total |  | $ | (18) |  |  | $ | 106 |  |  | $ | (1) |
AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended December 31, 2023 by $13 million, primarily due to interest rate and commodity 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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