Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate And Cross Currency Derivatives By Type Table

The following tables present the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of September 30, 2021, 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)	$	5,313	2059
Cross-currency swaps (Chilean Unidad de Fomento and Brazilian Real)	254		2026
Foreign Currency:
Argentine peso	13		2026
Chilean peso	196		2024
Colombian peso	145		2023
Euro	101		2023
Mexican Peso	127		2022
Brazilian Real	70		2022
Others, primarily with weighted average remaining maturities of a year or less	3		2021

Commodity Derivatives	Maximum Notional	Latest Maturity
Natural Gas (in MMBtu)	88	2029
Power (in MWhs)	23	2043
Coal (in Tons or Metric Tons)	8	2027

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

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	September 30, 2021						December 31, 2020
Assets	Designated		Not Designated		Total		Designated		Not Designated		Total
Interest rate derivatives	$	54	$	—	$	54	$	13	$	—	$	13
Cross-currency derivatives	3		—		3		5		—		5
Foreign currency derivatives	30		106		136		40		121		161
Commodity derivatives	20		51		71		2		8		10
Total assets	$	107	$	157	$	264	$	60	$	129	$	189
Liabilities
Interest rate derivatives	$	447	$	6	$	453	$	506	$	104	$	610
Cross-currency derivatives	13		—		13		4		—		4
Foreign currency derivatives	17		15		32		8		35		43
Commodity derivatives	3		60		63		—		22		22
Total liabilities	$	480	$	81	$	561	$	518	$	161	$	679

	September 30, 2021				December 31, 2020
Fair Value	Assets		Liabilities		Assets		Liabilities
Current	$	108	$	146	$	51	$	236
Noncurrent	156		415		138		443
Total	$	264	$	561	$	189	$	679

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

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):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash flow hedges
Gains (losses) recognized in AOCL
Interest rate derivatives	$	10	$	20	$	97	$	(575)
Cross-currency derivatives	(14)		11		(11)		(25)
Foreign currency derivatives	(7)		—		(27)		(14)
Commodity derivatives	3		—		20		4
Total	$	(8)	$	31	$	79	$	(610)
Gains (losses) reclassified from AOCL into earnings
Interest rate derivatives	$	(24)	$	(38)	$	(76)	$	(83)
Cross-currency derivatives	(13)		4		(15)		(11)
Foreign currency derivatives	(7)		(3)		(12)		(16)
Commodity derivatives	4		—		1		2
Total	$	(40)	$	(37)	$	(102)	$	(108)
Gains (Losses) on fair value hedging relationship
Cross-currency derivatives	$	(22)	$	—	$	(10)	$	—
Hedged items	27		—		8		—
Total	$	5	$	—	$	(2)	$	—
Gains reclassified from AOCL to earnings due to discontinuance of hedge accounting	$	—	$	—	$	—	$	—
Gains (losses) recognized in earnings related to
Not designated as hedging instruments:
Interest rate derivatives	$	(1)	$	—	$	104	$	(1)
Foreign currency derivatives	28		8		24		30
Commodity derivatives and other	17		(56)		(64)		(50)
Total	$	44	$	(48)	$	64	$	(21)