Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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 Derivatives	Maximum Notional Translated to USD		Latest Maturity
Interest rate	$	5,596	2059
Cross-currency swaps (Brazilian real)	254		2026
Foreign Currency:
Colombian peso	132		2024
Euro	58		2024
Mexican peso	53		2023
Brazilian real	37		2024
Chilean peso	29		2024
Argentine peso	9		2026

Commodity Derivatives	Maximum Notional	Latest Maturity
Natural Gas (in MMBtu)	115	2029
Power (in MWhs)	25	2040
Coal (in Tons or Metric Tons)	7	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	June 30, 2022						December 31, 2021
Assets	Designated		Not Designated		Total		Designated		Not Designated		Total
Interest rate derivatives	$	317	$	—	$	317	$	53	$	—	$	53
Cross-currency derivatives	—		—		—		5		—		5
Foreign currency derivatives	14		64		78		28		109		137
Commodity derivatives	31		162		193		6		32		38
Total assets	$	362	$	226	$	588	$	92	$	141	$	233
Liabilities
Interest rate derivatives	$	15	$	1	$	16	$	288	$	6	$	294
Cross-currency derivatives	42		—		42		11		—		11
Foreign currency derivatives	21		12		33		23		12		35
Commodity derivatives	13		111		124		11		33		44
Total liabilities	$	91	$	124	$	215	$	333	$	51	$	384

	June 30, 2022				December 31, 2021
Fair Value	Assets		Liabilities		Assets		Liabilities
Current	$	216	$	86	$	85	$	83
Noncurrent	372		129		148		301
Total	$	588	$	215	$	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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cash flow hedges
Gains (losses) recognized in AOCL
Interest rate derivatives	$	323	$	(222)	$	627	$	87
Cross-currency derivatives	—		1		—		3
Foreign currency derivatives	(24)		(19)		(12)		(20)
Commodity derivatives	32		17		61		17
Total	$	331	$	(223)	$	676	$	87
Losses reclassified from AOCL into earnings
Interest rate derivatives	$	(23)	$	(28)	$	(50)	$	(52)
Cross-currency derivatives	—		(1)		—		(2)
Foreign currency derivatives	—		(2)		—		(5)
Commodity derivatives	—		(1)		(1)		(3)
Total	$	(23)	$	(32)	$	(51)	$	(62)
Gains (losses) on fair value hedging relationship
Cross-currency derivatives	$	8	$	(32)	$	(35)	$	(32)
Hedged items	(25)		35		22		35
Total	$	(17)	$	3	$	(13)	$	3
Loss reclassified from AOCL to earnings due to impairment of assets	$	(16)	$	(9)	$	(16)	$	(13)
Loss reclassified from AOCL to earnings due to de-designation of hedge	$	(15)	$	—	$	(15)	$	—
Gains (losses) recognized in earnings related to
Not designated as hedging instruments:
Interest rate derivatives	$	1	$	(9)	$	3	$	105
Foreign currency derivatives	4		7		(15)		(4)
Commodity derivatives and other	30		12		17		(81)
Total	$	35	$	10	$	5	$	20