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Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
For further information on the Company’s derivative and hedge accounting policies, see Note 1—General and Summary of Significant Accounting Policies—Derivatives and Hedging Activities of Item 8.—Financial Statements and Supplementary Data in the 2021 Form 10-K.
Volume of Activity — The following tables present the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of September 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 DerivativesMaximum Notional Translated to USDLatest Maturity
Interest rate$6,464 2059
Cross-currency swaps (Brazilian real)254 2026
Foreign Currency:
Colombian peso120 2024
Euro54 2024
Mexican peso53 2023
Brazilian real36 2024
Chilean peso27 2024
Argentine peso7 2026
Commodity Derivatives
Maximum NotionalLatest Maturity
Natural Gas (in MMBtu)106 2029
Power (in MWhs)22 2040
Coal (in Tons or Metric Tons)6 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 ValueSeptember 30, 2022December 31, 2021
AssetsDesignatedNot DesignatedTotalDesignatedNot DesignatedTotal
Interest rate derivatives$475 $1 $476 $53 $— $53 
Cross-currency derivatives— — — 5 — 5 
Foreign currency derivatives20 85 105 28 109 137 
Commodity derivatives19 224 243 6 32 38 
Total assets$514 $310 $824 $92 $141 $233 
Liabilities
Interest rate derivatives$2 $— $2 $288 $6 $294 
Cross-currency derivatives36 — 36 11 — 11 
Foreign currency derivatives22 12 34 23 12 35 
Commodity derivatives14 241 255 11 33 44 
Total liabilities$74 $253 $327 $333 $51 $384 
September 30, 2022December 31, 2021
Fair ValueAssetsLiabilitiesAssetsLiabilities
Current$284 $157 $85 $83 
Noncurrent540 170 148 301 
Total$824 $327 $233 $384 
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):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Cash flow hedges
Gains (losses) recognized in AOCL
Interest rate derivatives$238 $10 $865 $97 
Cross-currency derivatives— (14)— (11)
Foreign currency derivatives8 (7)(4)(27)
Commodity derivatives5 3 66 20 
Total$251 $(8)$927 $79 
Gains (losses) reclassified from AOCL into earnings
Interest rate derivatives$(11)$(24)$(61)$(76)
Cross-currency derivatives— (13)— (15)
Foreign currency derivatives2 (7)2 (12)
Commodity derivatives(4)4 (5)1 
Total$(13)$(40)$(64)$(102)
Gains (losses) on fair value hedging relationship
Cross-currency derivatives$6 $(22)$(29)$(10)
Hedged items— 27 22 8 
Total$6 $5 $(7)$(2)
Loss reclassified from AOCL to earnings due to impairment of assets$— $— $(16)$— 
Gain reclassified from AOCL to earnings due to change in forecast$2 $— $17 $— 
Gains (losses) recognized in earnings related to
Not designated as hedging instruments:
Interest rate derivatives$1 $(1)$4 $104 
Foreign currency derivatives35 28 20 24 
Commodity derivatives and other3 17 20 (64)
Total$39 $44 $44 $64 
AOCL is expected to decrease pre-tax income from continuing operations for the nine months ended September 30, 2023 by $24 million, primarily due to interest rate derivatives.