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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022, 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 DerivativesMaximum Notional Translated to USDLatest Maturity
Interest rate$5,346 2059
Cross-currency swaps (Brazilian real)254 2026
Foreign Currency:
Colombian peso163 2024
Euro138 2024
Mexican peso53 2023
Brazilian real35 2024
Chilean peso33 2024
Argentine peso10 2026
Commodity Derivatives
Maximum NotionalLatest Maturity
Natural Gas (in MMBtu)105 2029
Power (in MWhs)15 2040
Coal (in Tons or Metric Tons)6 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 ValueMarch 31, 2022December 31, 2021
AssetsDesignatedNot DesignatedTotalDesignatedNot DesignatedTotal
Interest rate derivatives$160 $— $160 $53 $— $53 
Cross-currency derivatives— — — 5 — 5 
Foreign currency derivatives25 88 113 28 109 137 
Commodity derivatives37 101 138 6 32 38 
Total assets$222 $189 $411 $92 $141 $233 
Liabilities
Interest rate derivatives$127 $3 $130 $288 $6 $294 
Cross-currency derivatives55 — 55 11 — 11 
Foreign currency derivatives8 15 23 23 12 35 
Commodity derivatives19 100 119 11 33 44 
Total liabilities$209 $118 $327 $333 $51 $384 
March 31, 2022December 31, 2021
Fair ValueAssetsLiabilitiesAssetsLiabilities
Current$170 $90 $85 $83 
Noncurrent241 237 148 301 
Total$411 $327 $233 $384 
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 March 31,
20222021
Cash flow hedges
Gains (losses) recognized in AOCL
Interest rate derivatives$304 $309 
Cross-currency derivatives— 2 
Foreign currency derivatives12 (1)
Commodity derivatives29 — 
Total$345 $310 
Losses reclassified from AOCL into earnings
Interest rate derivatives$(27)$(24)
Cross-currency derivatives— (1)
Foreign currency derivatives— (3)
Commodity derivatives(1)(2)
Total$(28)$(30)
Gains (losses) on fair value hedging relationship
Cross-currency derivatives$(55)$— 
Hedged items57 — 
Total$2 $— 
Loss reclassified from AOCL to earnings due to impairment of assets$— $(4)
Gains (losses) recognized in earnings related to
Not designated as hedging instruments:
Interest rate derivatives$2 $60 
Foreign currency derivatives(19)(11)
Commodity derivatives and other(13)(93)
Total$(30)$(44)