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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair value hierarchy for recurring measurements table The following table presents, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated (in millions). For the Company’s investments in marketable debt securities, the security classes presented were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors, and measures its marketable securities:
 March 31, 2022December 31, 2021
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
DEBT SECURITIES:
Available-for-sale:
Certificates of deposit$— $408 $— $408 $— $199 $— $199 
Total debt securities— 408 — 408 — 199 — 199 
EQUITY SECURITIES:
Mutual funds30 12 — 42 31 13 — 44 
Total equity securities30 12 — 42 31 13 — 44 
DERIVATIVES:
Interest rate derivatives— 157 3 160 — 51 2 53 
Cross-currency derivatives— — — — — 5 — 5 
Foreign currency derivatives— 20 93 113 — 29 108 137 
Commodity derivatives— 132 6 138 — 32 6 38 
Total derivatives — assets— 309 102 411 — 117 116 233 
TOTAL ASSETS$30 $729 $102 $861 $31 $329 $116 $476 
Liabilities
DERIVATIVES:
Interest rate derivatives$— $128 $2 $130 $— $286 $8 $294 
Cross-currency derivatives— 55 — 55 — 11 — 11 
Foreign currency derivatives— 23 — 23 — 35 — 35 
Commodity derivatives— 100 19 119 — 37 7 44 
Total derivatives — liabilities— 306 21 327 — 369 15 384 
TOTAL LIABILITIES$— $306 $21 $327 $— $369 $15 $384 
Marketable Securities [Table Text Block] The following table presents gross proceeds from the sale of available-for-sale securities during the periods indicated (in millions):
Three Months Ended March 31,
20222021
Gross proceeds from sale of available-for-sale securities$197 $245 
Fair Value, Net Derivative Assets (Liabilities) measured on a recurring basis, Unobservable Input Reconciliation Table
The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2022 and 2021 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment.
Three Months Ended March 31, 2022Interest RateCross CurrencyForeign CurrencyCommodityTotal
Balance at January 1$(6)$— $108 $(1)$101 
Total realized and unrealized gains (losses):
Included in earnings2 — (11)1 (8)
Included in other comprehensive income — derivative activity5 — (4)(14)(13)
Settlements— — — (1)(1)
Transfers of (assets)/liabilities, net out of Level 3— — — 2 2 
Balance at March 31$1 $— $93 $(13)$81 
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period$2 $— $(11)$2 $(7)
Three Months Ended March 31, 2021Interest RateCross CurrencyForeign CurrencyCommodityTotal
Balance at January 1$(236)$(2)$146 $2 $(90)
Total realized and unrealized gains (losses):
Included in earnings2 (1)(29)— (28)
Included in other comprehensive income — derivative activity37 — (10)— 27 
Settlements12 — (9)(1)2 
Transfers of (assets) liabilities, net out of Level 319 — — — 19 
Balance at March 31$(166)$(3)$98 $1 $(70)
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period$2 $— $(39)$— $(37)
Fair value hierarchy for nonrecurring measurements table The following table summarizes our major categories of assets measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions). There were no material impairments during the three months ended March 31, 2022.
Measurement Date
Carrying Amount (1)
Fair ValuePre-tax Loss
Three Months Ended March 31, 2021Level 1Level 2Level 3
Long-lived assets held and used:
Puerto Rico03/31/2021$548 $— $— $73 $475 
_____________________________
(1)Represents the carrying values at the dates of measurement, before fair value adjustment.
Financial instruments not measured at fair value in the condensed consolidated balance sheets
The following table presents (in millions) the carrying amount, fair value, and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed:
March 31, 2022
Carrying
Amount
Fair Value
TotalLevel 1Level 2Level 3
Assets:
Accounts receivable — noncurrent (1)
$51 $106 $— $— $106 
Liabilities:Non-recourse debt16,117 16,355 — 14,139 2,216 
Recourse debt3,982 3,822 — 3,822 — 
December 31, 2021
Carrying
Amount
Fair Value
TotalLevel 1Level 2Level 3
Assets:
Accounts receivable — noncurrent (1)
$55 $117 $— $— $117 
Liabilities:Non-recourse debt14,811 16,091 — 16,065 26 
Recourse debt3,754 3,818 — 3,818 — 
_____________________________
(1)These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts impacted by the Stabilization Fund enacted by the Chilean government, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $2 million and $2 million as of March 31, 2022 and December 31, 2021, respectively.
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of March 31, 2022 (in millions, except range amounts):
Type of DerivativeFair ValueUnobservable InputAmount or Range (Weighted Average)
Interest rate$1 Subsidiaries’ credit spreads
0.7% - 3.9% (1.5%)
Foreign currency:
Argentine peso93 Argentine peso to U.S. dollar currency exchange rate after one year
179 - 451 (325)
Commodity:
Other(13)
Total$81