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Derivative Instruments and Hedging Activities | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES For further information on the Company’s derivative and hedge accounting policies, see Note 1—General and Summary of Significant Accounting Policies—Derivatives and Hedging Activities of Item 8.—Financial Statements and Supplementary Data in the 2022 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, 2023, 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 |  | $ | 6,413 |  |  | 2059
Cross-currency swaps (Brazilian real) |  | 404 |  |  | 2026
Foreign Currency: |  |  |  |
Chilean peso |  | 144 |  |  | 2025
Euro |  | 141 |  |  | 2025
Colombian peso |  | 50 |  |  | 2024
Brazilian real |  | 25 |  |  | 2024
Mexican peso |  | 11 |  |  | 2024
Argentine peso |  | 4 |  |  | 2026
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity
Natural Gas (in MMBtu) |  | 103 |  |  | 2030
Power (in MWhs) |  | 13 |  |  | 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, 2023 |  | December 31, 2022
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives | $ | 192 |  |  | $ | — |  |  | $ | 192 |  |  | $ | 313 |  |  | $ | 1 |  |  | $ | 314 |
Foreign currency derivatives | 28 |  |  | 56 |  |  | 84 |  |  | 27 |  |  | 59 |  |  | 86 |
Commodity derivatives | — |  |  | 246 |  |  | 246 |  |  | — |  |  | 245 |  |  | 245 |
Total assets | $ | 220 |  |  | $ | 302 |  |  | $ | 522 |  |  | $ | 340 |  |  | $ | 305 |  |  | $ | 645 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 46 |  |  | $ | — |  |  | $ | 46 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
Cross-currency derivatives | 50 |  |  | — |  |  | 50 |  |  | 42 |  |  | — |  |  | 42 |
Foreign currency derivatives | 5 |  |  | 12 |  |  | 17 |  |  | 9 |  |  | 11 |  |  | 20 |
Commodity derivatives | 76 |  |  | 256 |  |  | 332 |  |  | 59 |  |  | 347 |  |  | 406 |
Total liabilities | $ | 177 |  |  | $ | 268 |  |  | $ | 445 |  |  | $ | 116 |  |  | $ | 358 |  |  | $ | 474 |
| March 31, 2023 |  | December 31, 2022
Fair Value | Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 295 |  |  | $ | 161 |  |  | $ | 271 |  |  | $ | 168 |
Noncurrent | 227 |  |  | 284 |  |  | 374 |  |  | 306 |
Total | $ | 522 |  |  | $ | 445 |  |  | $ | 645 |  |  | $ | 474 |
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,
|  |  |  | 2023 |  | 2022
Cash flow hedges |  |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |  |
Interest rate derivatives |  |  |  |  | $ | (138) |  |  | $ | 304 |
Foreign currency derivatives |  |  |  |  | 8 |  |  | 12 |
Commodity derivatives |  |  |  |  | (23) |  |  | 29 |
Total |  |  |  |  | $ | (153) |  |  | $ | 345 |
Gains (losses) reclassified from AOCL into earnings |  |  |  |  |  |  |
Interest rate derivatives |  |  |  |  | $ | 36 |  |  | $ | (27) |
Commodity derivatives |  |  |  |  | 14 |  |  | (1) |
Total |  |  |  |  | $ | 50 |  |  | $ | (28) |
Gains (losses) on fair value hedging relationship |  |  |  |  |  |  |
Cross-currency derivatives |  |  |  |  | $ | (53) |  |  | $ | (55) |
Hedged items |  |  |  |  | 50 |  |  | 57 |
Total |  |  |  |  | $ | (3) |  |  | $ | 2 |
Gains reclassified from AOCL to earnings due to discontinuance of hedge accounting |  |  |  |  | $ | 1 |  |  | $ | — |
Gains (losses) recognized in earnings related to |  |  |  |  |  |  |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate derivatives |  |  |  |  | $ | — |  |  | $ | 2 |
Foreign currency derivatives |  |  |  |  | (4) |  |  | (19) |
Commodity derivatives and other |  |  |  |  | 65 |  |  | (13) |
Total |  |  |  |  | $ | 61 |  |  | $ | (30) |
AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended March 31, 2024 by $15 million, primarily due to interest rate derivatives.

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