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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023, 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$6,413 2059
Cross-currency swaps (Brazilian real)404 2026
Foreign Currency:
Chilean peso144 2025
Euro141 2025
Colombian peso50 2024
Brazilian real25 2024
Mexican peso11 2024
Argentine peso4 2026
Commodity Derivatives
Maximum NotionalLatest Maturity
Natural Gas (in MMBtu)103 2030
Power (in MWhs)13 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, 2023December 31, 2022
AssetsDesignatedNot DesignatedTotalDesignatedNot DesignatedTotal
Interest rate derivatives$192 $— $192 $313 $1 $314 
Foreign currency derivatives28 56 84 27 59 86 
Commodity derivatives— 246 246 — 245 245 
Total assets$220 $302 $522 $340 $305 $645 
Liabilities
Interest rate derivatives$46 $— $46 $6 $— $6 
Cross-currency derivatives50 — 50 42 — 42 
Foreign currency derivatives5 12 17 9 11 20 
Commodity derivatives76 256 332 59 347 406 
Total liabilities$177 $268 $445 $116 $358 $474 
March 31, 2023December 31, 2022
Fair ValueAssetsLiabilitiesAssetsLiabilities
Current$295 $161 $271 $168 
Noncurrent227 284 374 306 
Total$522 $445 $645 $474 
Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table The following table presents the pre-tax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated (in millions):
Three Months Ended March 31,
20232022
Cash flow hedges
Gains (losses) recognized in AOCL
Interest rate derivatives$(138)$304 
Foreign currency derivatives8 12 
Commodity derivatives(23)29 
Total$(153)$345 
Gains (losses) reclassified from AOCL into earnings
Interest rate derivatives$36 $(27)
Commodity derivatives14 (1)
Total$50 $(28)
Gains (losses) on fair value hedging relationship
Cross-currency derivatives$(53)$(55)
Hedged items50 57 
Total$(3)$2 
Gains reclassified from AOCL to earnings due to discontinuance of hedge accounting$1 $— 
Gains (losses) recognized in earnings related to
Not designated as hedging instruments:
Interest rate derivatives$— $2 
Foreign currency derivatives(4)(19)
Commodity derivatives and other65 (13)
Total$61 $(30)