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Derivative Instruments and Hedging Activities (Tables)
6 Months Ended
Jun. 30, 2019
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
 
 
 
June 30, 2019
 
December 31, 2018
Commodity
Units
 
(In millions)
Power
MWh
 
(2
)
 

Natural Gas
MMBtu
 
3

 
1

Interest
Dollars
 
$
1,773

 
$
1,862


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 Assets (a)
 
Derivative Liabilities
 
June 30, 2019
 
December 31, 2018
 
June 30, 2019
 
December 31, 2018
 
(In millions)
Derivatives Designated as Cash Flow Hedges:
 
 
 
 
 
 
 
Interest rate contracts current
$

 
$
2

 
$
2

 
$
1

Interest rate contracts long-term

 
3

 
12

 
6

Total Derivatives Designated as Cash Flow Hedges

 
5

 
14

 
7

Derivatives Not Designated as Cash Flow Hedges:
 
 
 
 
 
 
 
Interest rate contracts current

 
1

 
10

 
3

Interest rate contracts long-term

 
5

 
47

 
11

Commodity contracts current

 

 
1

 

Commodity contracts long-term

 

 
7

 

Total Derivatives Not Designated as Cash Flow Hedges

 
6

 
65

 
14

Total Derivatives
$

 
$
11

 
$
79

 
$
21

 
(a) Derivative Assets balances classified as current are included within the prepayments and other current assets line item of the consolidated balance sheets as of December 31, 2018.

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 June 30, 2019 and December 31, 2018:
As of June 30, 2019
Gross Amounts of Recognized Assets/Liabilities
 
Derivative Instruments
 
Net Amount
Commodity contracts:
(In millions)
Derivative assets
$

 
$

 
$

Derivative liabilities
(8
)
 

 
(8
)
Total commodity contracts
$
(8
)
 
$

 
$
(8
)
Interest rate contracts:
 
 
 
 
 
Derivative assets

 

 

Derivative liabilities
(71
)
 

 
(71
)
Total interest rate contracts
(71
)
 

 
(71
)
Total derivative instruments
$
(79
)
 
$

 
$
(79
)

As of December 31, 2018
Gross Amounts of Recognized Assets/Liabilities
 
Derivative Instruments
 
Net Amount
Interest rate contracts:
(In millions)
Derivative assets
$
11

 
$
(1
)
 
$
10

Derivative liabilities
(21
)
 
1

 
(20
)
Total interest rate contracts
(10
)
 

 
(10
)
Total derivative instruments
$
(10
)
 
$

 
$
(10
)

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 June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In millions)
Accumulated OCL beginning balance
$
(40
)
 
$
(43
)
 
$
(38
)
 
$
(60
)
Reclassified from accumulated OCL to income due to realization of previously deferred amounts
14

 
2

 
17

 
6

Mark-to-market of cash flow hedge accounting contracts
(9
)
 
5

 
(14
)
 
18

Accumulated OCL ending balance, net of income tax benefit of $6 and $6, respectively
(35
)
 
(36
)
 
(35
)
 
(36
)
Accumulated OCL attributable to noncontrolling interests
$
(19
)
 
$
(19
)
 
$
(19
)
 
$
(19
)
Accumulated OCL attributable to Clearway Energy, Inc.
$
(16
)
 
$
(17
)
 
$
(16
)
 
$
(17
)
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $0
$
(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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In millions)
Interest Rate Contracts (Interest Expense)
$
(36
)
 
$
7

 
$
(54
)
 
$
31