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v3.23.1

Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2023
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:
| March 31, 2023 |  | December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DEBT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | $ | — |  |  | $ | 778 |  |  | $ | — |  |  | $ | 778 |  |  | $ | — |  |  | $ | 698 |  |  | $ | — |  |  | $ | 698 |
Government debt securities | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total debt securities | — |  |  | 782 |  |  | — |  |  | 782 |  |  | — |  |  | 701 |  |  | — |  |  | 701 |
EQUITY SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 40 |  |  | — |  |  | — |  |  | 40 |  |  | 38 |  |  | — |  |  | — |  |  | 38 |
Total equity securities | 40 |  |  | — |  |  | — |  |  | 40 |  |  | 38 |  |  | — |  |  | — |  |  | 38 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | — |  |  | 187 |  |  | 5 |  |  | 192 |  |  | — |  |  | 314 |  |  | — |  |  | 314 |
Cross-currency derivatives | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency derivatives | — |  |  | 22 |  |  | 62 |  |  | 84 |  |  | — |  |  | 22 |  |  | 64 |  |  | 86 |
Commodity derivatives | — |  |  | 238 |  |  | 8 |  |  | 246 |  |  | — |  |  | 232 |  |  | 13 |  |  | 245 |
Total derivatives — assets | — |  |  | 447 |  |  | 75 |  |  | 522 |  |  | — |  |  | 568 |  |  | 77 |  |  | 645 |
TOTAL ASSETS | $ | 40 |  |  | $ | 1,229 |  |  | $ | 75 |  |  | $ | 1,344 |  |  | $ | 38 |  |  | $ | 1,269 |  |  | $ | 77 |  |  | $ | 1,384 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | — |  |  | $ | 36 |  |  | $ | 10 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
Cross-currency derivatives | — |  |  | 50 |  |  | — |  |  | 50 |  |  | — |  |  | 42 |  |  | — |  |  | 42 |
Foreign currency derivatives | — |  |  | 17 |  |  | — |  |  | 17 |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Commodity derivatives | — |  |  | 255 |  |  | 77 |  |  | 332 |  |  | — |  |  | 346 |  |  | 60 |  |  | 406 |
Total derivatives — liabilities | — |  |  | 358 |  |  | 87 |  |  | 445 |  |  | — |  |  | 414 |  |  | 60 |  |  | 474 |
TOTAL LIABILITIES | $ | — |  |  | $ | 358 |  |  | $ | 87 |  |  | $ | 445 |  |  | $ | — |  |  | $ | 414 |  |  | $ | 60 |  |  | $ | 474 |
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 March 31,
|  | 2023 |  | 2022
Gross proceeds from sale of available-for-sale securities |  | $ | 369 |  |  | $ | 197 |
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 months ended March 31, 2023 and 2022 (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.
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 March 31, 2023 (in millions, except range amounts):
Type of Derivative |  | Fair Value |  | Unobservable Input |  | Amount or Range (Weighted Average)
Interest rate |  | $ | (5) |  |  | Subsidiary credit spread |  | 0.5725% - 2.5% (1.6%)
Foreign currency: |  |  |  |  |  |
Argentine peso |  | 62 |  |  | Argentine peso to U.S. dollar currency exchange rate after one year |  | 405 - 1,059 (808)
Commodity: |  |  |  |  |  |
CAISO Energy Swap |  | (76) |  |  | Forward energy prices per MWh after 2030 |  | 21 - 112.11 (63.35)
Other |  | 7 |  |  |  |  |
Total |  | $ | (12) |  |  |  |  |
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). There were no material impairments during the three months ended March 31, 2022.
| Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pre-tax Loss
Three Months Ended March 31, 2023 |  | Level 1 |  | Level 2 |  | Level 3 |
Held-for-sale businesses: (2) |  |  |  |  |  |  |  |  |  |  |
Jordan (3) | 3/31/2023 |  | $ | 179 |  |  | $ | — |  |  | $ | 170 |  |  | $ | — |  |  | $ | 14 |
_____________________________
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:
|  | March 31, 2023
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (1) | $ | 190 |  |  | $ | 229 |  |  | $ | — |  |  | $ | — |  |  | $ | 229 |
Liabilities: | Non-recourse debt | 20,073 |  |  | 19,851 |  |  | — |  |  | 18,375 |  |  | 1,476 |
| Recourse debt | 4,581 |  |  | 4,231 |  |  | — |  |  | 4,231 |  |  | — |
|  | December 31, 2022
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (1) | $ | 255 |  |  | $ | 294 |  |  | $ | — |  |  | $ | — |  |  | $ | 294 |
Liabilities: | Non-recourse debt | 19,429 |  |  | 18,527 |  |  | — |  |  | 17,089 |  |  | 1,438 |
| Recourse debt | 3,894 |  |  | 3,505 |  |  | — |  |  | 3,505 |  |  | — |
_____________________________ (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 Funds enacted by the Chilean government, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets.

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