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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Net notional volume buy/(sell) of NRG Yield's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy of the Company's open derivative transactions broken out by type:
|  |  | Total Volume
|  |  | September 30, 2020 |  | December 31, 2019
Commodity | Units |  | (In millions)
Natural Gas | MMBtu |  | 1 |  |  | 2 |
Power | MWh |  | (2) |  |  | (2) |
Interest | Dollars |  | $ | 1,769 |  |  | $ | 1,788 |
Fair value within the derivative instrument valuation on the balance sheets | The following table summarizes the fair value within the derivative instrument valuation on the balance sheet:
|  |  |  | Fair Value
|  |  | Derivative Liabilities
|  |  |  |  | September 30, 2020 |  | December 31, 2019
|  |  |  | (In millions)
Derivatives Designated as Cash Flow Hedges: |  |  |  |  |  |  |
Interest rate contracts current |  |  |  |  | $ | 7 |  |  | $ | 3 |
Interest rate contracts long-term |  |  |  |  | 14 |  |  | 11 |
Total Derivatives Designated as Cash Flow Hedges |  |  |  |  | 21 |  |  | 14 |
Derivatives Not Designated as Cash Flow Hedges: |  |  |  |  |  |  |
Interest rate contracts current |  |  |  |  | 29 |  |  | 13 |
Interest rate contracts long-term |  |  |  |  | 119 |  |  | 56 |
Commodity contracts long-term |  |  |  |  | 17 |  |  | 9 |
Total Derivatives Not Designated as Cash Flow Hedges |  |  |  |  | 165 |  |  | 78 |
Total Derivatives |  |  |  |  | $ | 186 |  |  | $ | 92 |
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | The following tables summarize the offsetting of derivatives by the counterparty master agreement level as of September 30, 2020 and December 31, 2019:
As of September 30, 2020 | Gross Amounts of Recognized Assets/Liabilities |  | Derivative Instruments |  | Net Amount
Commodity contracts: | (In millions)
Derivative liabilities | $ | (17) |  |  | $ | — |  |  | $ | (17) |
Total commodity contracts | (17) |  |  | — |  |  | (17) |
Interest rate contracts: |  |  |  |  |
Derivative liabilities | (169) |  |  | — |  |  | (169) |
Total interest rate contracts | (169) |  |  | — |  |  | (169) |
Total derivative instruments | $ | (186) |  |  | $ | — |  |  | $ | (186) |
As of December 31, 2019 | Gross Amounts of Recognized Assets/Liabilities |  | Derivative Instruments |  | Net Amount
Commodity contracts: | (In millions)
Derivative liabilities | $ | (9) |  |  | $ | (1) |  |  | $ | (10) |
Total commodity contracts | (9) |  |  | (1) |  |  | (10) |
Interest rate contracts: |
Derivative liabilities | (83) |  |  | 1 |  |  | (82) |
Total interest rate contracts | (83) |  |  | 1 |  |  | (82) |
Total derivative instruments | $ | (92) |  |  | $ | — |  |  | $ | (92) |
Effects of NRG Yield's accumulated OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax | The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax:
| Three months ended September 30, |  | Nine months ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In millions)
Accumulated OCL beginning balance | $ | (39) |  |  | $ | (35) |  |  | $ | (31) |  |  | $ | (38) |
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 2 |  |  | (2) |  |  | 5 |  |  | 15 |
Mark-to-market of cash flow hedge accounting contracts | 6 |  |  | 1 |  |  | (5) |  |  | (13) |
Accumulated OCL ending balance, net of income tax benefit of $6, $6, $6 and $6, respectively | (31) |  |  | (36) |  |  | (31) |  |  | (36) |
Accumulated OCL attributable to noncontrolling interests | (16) |  |  | (19) |  |  | (16) |  |  | (19) |
Accumulated OCL attributable to Clearway Energy, Inc. | $ | (15) |  |  | $ | (17) |  |  | $ | (15) |  |  | $ | (17) |
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4 | $ | (9) |  |  |  |  | $ | (9) |  |  |
Derivative gains and losses | Gains and losses related to the Company's derivatives are recorded in the consolidated statements of operations as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In millions)
Interest Rate Contracts (Interest Expense) | $ | 39 |  |  | $ | (28) |  |  | $ | (53) |  |  | $ | (82) |
Mark-to-market economic hedging activities (a) | — |  |  | — |  |  | (8) |  |  | — |
(a) Relates to long-term power hedge at Elbow Creek Wind Project LLC, or Elbow Creek.

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