Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following tables set forth, by type of derivative, the Company’s outstanding notional under its derivatives and the weighted-average remaining term as of December 31, 2014 regardless of whether the derivative instruments are in qualifying cash flow hedging relationships:



	Current			Maximum
Interest Rate and Cross Currency	Derivative Notional	Derivative Notional Translated to USD		Derivative Notional	Derivative Notional Translated to USD		Weighted-Average Remaining Term	% of Debt Currently Hedged by Index
	(in millions)						(in years)
Interest Rate Derivatives:⁽¹⁾
LIBOR (U.S. Dollar)	2,382	$	2,382	3,047	$	3,047	11	53	%
EURIBOR (Euro)	531	642		531	642		7	83	%
Cross Currency Swaps:
Chilean Unidad de Fomento	4	179		4	179		14	82	%

_____________________________

⁽¹⁾

The Company’s interest rate derivative instruments primarily include accreting and amortizing notionals. The maximum derivative notional represents the largest notional at any point between December 31, 2014 and the maturity of the derivative instrument, which includes forward-starting derivative instruments. The interest rate and cross currency derivatives range in maturity through 2033 and 2028, respectively.

Foreign Currency Derivatives By Type Table



	December 31, 2014
Foreign Currency Derivatives	Notional⁽¹⁾	Notional Translated to USD		Weighted-Average Remaining Term⁽²⁾
	(in millions)			(in years)
Foreign Currency Options and Forwards:
Chilean Unidad de Fomento	10	$	404	<1
Chilean Peso	74,438	123		<1
Brazilian Real	200	75		<1
Euro	45	55		<1
Colombian Peso	67,455	29		<1
Argentine Peso	1,933	226		10
British Pound	16	25		<1
Embedded Foreign Currency Derivatives:
Kazakhstani Tenge	4,239	23		1

_____________________________


⁽¹⁾	Represents contractual notionals. The notionals for options have not been probability adjusted, which generally would decrease them.


⁽²⁾	Represents the remaining tenor of our foreign currency derivatives weighted by the corresponding notional. These options and forwards and these embedded derivatives range in maturity through 2025 and 2017, respectively.

Commodity Derivatives By Type Table



	December 31, 2014
		Weighted-Average
Commodity Derivatives	Notional	Remaining Term⁽¹⁾
	(in millions)	(in years)
Power (MWh)	5	2
Coal (Metric tons)	1	1

_____________________________


⁽¹⁾	Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2016.

Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table

The following tables set forth the Company’s derivative instruments as of the periods indicated, first by whether or not they are designated hedging instruments, then by whether they are current or noncurrent to the extent they are subject to master netting agreements or similar agreements (where the rights to set-off relate to settlement of amounts receivable and payable under those derivatives) and by balances no longer accounted for as derivatives.



	December 31, 2014						December 31, 2013
	Designated		Not Designated		Total		Designated		Not Designated		Total
	(in millions)
Assets
Interest rate derivatives	$	—	$	—	$	—	$	96	$	2	$	98
Cross currency derivatives	—		—		—		5		—		5
Foreign currency derivatives	6		230		236		4		109		113
Commodity derivatives	25		19		44		8		16		24
Total assets	$	31	$	249	$	280	$	113	$	127	$	240
Liabilities
Interest rate derivatives	$	416	$	—	$	416	$	318	$	4	$	322
Cross currency derivatives	29		—		29		11		—		11
Foreign currency derivatives	38		14		52		15		6		21
Commodity derivatives	7		10		17		7		10		17
Total liabilities	$	490	$	24	$	514	$	351	$	20	$	371



	December 31, 2014						December 31, 2013
	Assets			Liabilities			Assets			Liabilities
	(in millions)
Current	$	77		$	148		$	32		$	157
Noncurrent	203			366			208			214
Total	$	280		$	514		$	240		$	371
Derivatives subject to master netting agreement or similar agreement:
Gross amounts recognized in the balance sheet	$	53		$	507		$	91		$	314
Gross amounts of derivative instruments not offset	(10		)	(10		)	(9		)	(9		)
Gross amounts of cash collateral received/pledged not offset	—			(5		)	(3		)	(6		)
Net amount	$	43		$	492		$	79		$	299
Other balances that had been, but are no longer, accounted for as derivatives that are to be amortized to earnings over the remaining term of the associated PPA	$	161		$	180		$	169		$	190

Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table

The following tables set forth the pretax gains (losses) recognized in AOCL and earnings related to the effective portion of derivative instruments in qualifying cash flow hedging relationships (including amounts that were reclassified from AOCL as interest expense related to interest rate derivative instruments that previously, but no longer, qualify for cash flow hedge accounting), as defined in the accounting standards for derivatives and hedging, for the periods indicated:



	Gains (Losses) Recognized in AOCL									Classification in Condensed Consolidated Statements of Operations	Gains (Losses) Reclassified from AOCL into Earnings
	Years Ended December 31,										Years Ended December 31,
Type of Derivative	2014			2013			2012				2014			2013			2012
	(in millions)										(in millions)
Interest rate derivatives	$	(421	)	$	155		$	(175	)	Interest expense	$	(139	)	$	(127	)	$	(135	)
										Non-regulated cost of sales	(2		)	(5		)	(6		)
										Net equity in earnings of affiliates	(3		)	(6		)	(7		)
										Asset impairment expense	—			—			(6		)
										Gain on sale of investments	—			(21		)	(96		)
Cross currency derivatives	(25		)	(18		)	4			Interest expense	—			(10		)	(12		)
										Foreign currency transaction gains (losses)	(23		)	(18		)	26
Foreign currency derivatives	(28		)	—			10			Foreign currency transaction gains (losses)	14			12			5
Commodity derivatives	44			2			(8		)	Non-regulated revenue	30			(3		)	(2		)
										Non-regulated cost of sales	(2		)	(2		)	—
Total	$	(430	)	$	139		$	(169	)		$	(125	)	$	(180	)	$	(233	)

Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table

The following table sets forth the pretax gains (losses) recognized in earnings related to the ineffective portion of derivative instruments in qualifying cash flow hedging relationships, as defined in the accounting standards for derivatives and hedging, for the periods indicated:



		Gains (Losses) Recognized in Earnings
	Classification in Condensed Consolidated Statements of Operations	Years Ended December 31,
Type of Derivative		2014			2013		2012
		(in millions)
Interest rate derivatives	Interest expense	$	—		$	42	$	(2	)
	Net equity in earnings of affiliates	(1		)	1		(1		)
Foreign currency derivatives	Foreign currency transaction gains (losses)	(2		)	—		—
Cross currency derivatives	Interest expense	(1		)	—		(1		)
Total		$	(4	)	$	43	$	(4	)

Gain Loss In Earnings On Non Hedging Instruments Table

The following table sets forth the gains (losses) recognized in earnings related to derivative instruments not designated as hedging instruments under the accounting standards for derivatives and hedging and the amortization of balances that had been, but are no longer, accounted for as derivatives, for the periods indicated:



		Gains (Losses) Recognized in Earnings
	Classification in Condensed Consolidated Statements of Operations	Years Ended December 31,
Type of Derivative		2014			2013			2012
		(in millions)
Interest rate derivatives	Interest expense	$	(3	)	$	(1	)	$	(5	)
	Net equity in earnings of affiliates	—			(6		)	—
Foreign currency derivatives	Foreign currency transaction gains (losses)	146			64			(141		)
	Net equity in earnings of affiliates	(2		)	(24		)	—
Commodity and other derivatives	Non-regulated revenue	5			11			24
	Regulated revenue	—			—			(10		)
	Non-regulated cost of sales	(3		)	1			2
	Regulated cost of sales	(6		)	2			(15		)
	Income (loss) from operations of discontinued businesses	(7		)	(18		)	(4		)
	Net gain (loss) from disposal and impairments of discontinued operations	72			—			—
Total		$	202		$	29		$	(149	)