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Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Volume of Activity — The following table presents the Company's maximum notional (in millions) over the remaining contractual period by type of derivative as of December 31, 2019, 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 (LIBOR and EURIBOR)
 
$
5,014

 
2044
Cross-currency swaps (Chilean Unidad de Fomento and Chilean peso)
 
260

 
2029
Foreign Currency:
 
 
 
 
Argentine peso
 
30

 
2026
Chilean peso
 
163

 
2022
Colombian peso
 
139

 
2022
Brazilian real
 
5

 
2020
Others, primarily with weighted average remaining maturities of a year or less
 
90

 
2022

Commodity Derivatives
 
Maximum Notional
 
Latest Maturity
Natural Gas (in MMBtu)
 
71

 
2020
Power (in MWhs)
 
1

 
2020
Coal (in Tons or Metric Tonnes)
 
10

 
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
 
December 31, 2019
 
December 31, 2018
Assets
 
Designated
 
Not Designated
 
Total
 
Designated
 
Not Designated
 
Total
Interest rate derivatives
 
$
31

 
$
—

 
$
31

 
$
29

 
$
—

 
$
29

Cross-currency derivatives
 
—

 
—

 
—

 
6

 
—

 
6

Foreign currency derivatives
 
31

 
79

 
110

 
—

 
217

 
217

Commodity derivatives
 
—

 
30

 
30

 
—

 
10

 
10

Total assets
 
$
62

 
$
109

 
$
171

 
$
35

 
$
227

 
$
262

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives
 
$
323

 
$
5

 
$
328

 
$
205

 
$
3

 
$
208

Cross-currency derivatives
 
21

 
—

 
21

 
5

 
—

 
5

Foreign currency derivatives
 
22

 
22

 
44

 
28

 
13

 
41

Commodity derivatives
 
2

 
29

 
31

 
—

 
3

 
3

Total liabilities
 
$
368

 
$
56

 
$
424

 
$
238

 
$
19

 
$
257

 
 
December 31, 2019
 
December 31, 2018
Fair Value
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Current
 
$
72

 
$
126

 
$
75

 
$
51

Noncurrent
 
99

 
298

 
187

 
206

Total
 
$
171

 
$
424

 
$
262

 
$
257


As of December 31, 2019 and 2018, all derivative instruments subject to credit risk-related contingent features were in an asset position.
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):
 
 
Years Ended December 31,
2019
 
2018
 
2017
Cash flow hedges
 
 
 
 
 
 
Gains (losses) recognized in AOCL
 
 
 
 
 
 
Interest rate derivatives
 
$
(290
)
 
$
(16
)
 
$
(66
)
Cross-currency derivatives
 
(26
)
 
(26
)
 
31

Foreign currency derivatives
 
(23
)
 
(52
)
 
(5
)
Commodity derivatives
 
—

 
—

 
18

Total
 
$
(339
)
 
$
(94
)
 
$
(22
)
Gains (losses) reclassified from AOCL to earnings
 
 
 
 
 
 
Interest rate derivatives
 
$
(28
)
 
$
(52
)
 
$
(82
)
Cross-currency derivatives
 
(12
)
 
(43
)
 
34

Foreign currency derivatives
 
(13
)
 
(16
)
 
(20
)
Commodity derivatives
 
(1
)
 
(6
)
 
17

Total
 
$
(54
)
 
$
(117
)
 
$
(51
)
Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1)
 
$
(2
)
 
$
—

 
$
(13
)
Gain (losses) recognized in earnings related to
 
 
 
 
 
 
Ineffective portion of cash flow hedges
 
$
—

 
$
(7
)
 
$
3

Not designated as hedging instruments:
 
 
 
 
 
 
Foreign currency derivatives
 
(46
)
 
148

 
1

Commodity derivatives and other
 
(6
)
 
25

 
14

Total
 
$
(52
)
 
$
173

 
$
15


_____________________________
(1)
Cash flow hedge was discontinued on a cross-currency swap in 2019 because the underlying debt was prepaid. Cash flow hedge was discontinued in 2017 because it was probable the forecasted transaction will not occur.
AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended December 31, 2020 by $73 million, primarily due to interest rate derivatives.