Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024, 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	$	8,678	2059
Cross-currency swaps (Brazilian real)	404		2026
Foreign currency:
Chilean peso	177		2027
Euro	103		2026
Colombian peso	49		2026
Brazilian real	25		2026
Argentine peso	1		2026

Commodity Derivatives	Maximum Notional	Latest Maturity
Natural Gas (in MMBtu)	161	2029
Power (in MWhs)	19	2040
Coal (in 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 the Company’s derivative assets and liabilities as of the periods indicated (in millions):

Fair Value	March 31, 2024						December 31, 2023
Assets	Designated		Not Designated		Total		Designated		Not Designated		Total
Interest rate derivatives	$	268	$	—	$	268	$	184	$	—	$	184
Foreign currency derivatives	21		56		77		23		51		74
Commodity derivatives	—		253		253		—		128		128
Total assets	$	289	$	309	$	598	$	207	$	179	$	386
Liabilities
Interest rate derivatives	$	35	$	—	$	35	$	108	$	—	$	108
Cross-currency derivatives	54		—		54		63		—		63
Foreign currency derivatives	15		13		28		5		14		19
Commodity derivatives	79		191		270		107		149		256
Total liabilities	$	183	$	204	$	387	$	283	$	163	$	446

	March 31, 2024				December 31, 2023
Fair Value	Assets		Liabilities		Assets		Liabilities
Current	$	308	$	175	$	216	$	152
Noncurrent	290		212		170		294
Total	$	598	$	387	$	386	$	446

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 on the Company’s derivative instruments for the periods indicated (in millions):

	Three Months Ended March 31,
	2024		2023
Cash flow hedges
Gains (losses) recognized in AOCL
Interest rate derivatives	$	225	$	(138)
Foreign currency derivatives	(9)		8
Commodity derivatives	28		(23)
Total	$	244	$	(153)
Gains reclassified from AOCL into earnings
Interest rate derivatives	$	1	$	36
Foreign currency derivatives	1		—
Commodity derivatives	—		14
Total	$	2	$	50
Gains (losses) on fair value hedging relationship
Cross-currency derivatives	$	(56)	$	(53)
Hedged items	43		50
Total	$	(13)	$	(3)
Gains reclassified from AOCL to earnings due to discontinuance of hedge accounting	$	—	$	1
Gains (losses) recognized in earnings
Not designated as hedging instruments:
Foreign currency derivatives	$	13	$	(4)
Commodity derivatives and other	91		65
Total	$	104	$	61

Fair Value Measurements, Recurring and Nonrecurring

The following table summarizes our major categories of asset groups measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions):

	Measurement Date	Carrying Amount (1)		Fair Value						Pre-tax Loss
Three Months Ended March 31, 2024				Level 1		Level 2		Level 3
Held-for-sale businesses: (2)
Mong Duong	3/31/2024	$	450	$	—	$	413	$	—	$	37
	Measurement Date	Carrying Amount (1)		Fair Value
Three Months Ended March 31, 2023				Level 1		Level 2		Level 3		Pre-tax Loss
Held-for-sale businesses: (2)
Jordan (3)	3/31/2023	$	179	$	—	$	170	$	—	$	14

_____________________________

(1)Represents the carrying values of the asset groups at the dates of measurement, before fair value adjustment.

(2)See Note 18—Held-for-Sale and Dispositions for further information.

(3)The pre-tax loss recognized was calculated using the $170 million fair value of the Jordan disposal group less costs to sell of $5 million.

Fair Value Of Financial Instruments Not Carried At Fair Value [Table Text Block]

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, 2024
		Carrying Amount		Fair Value
				Total		Level 1		Level 2		Level 3
Assets:	Accounts receivable — noncurrent (1)	$	91	$	148	$	—	$	—	$	148
Liabilities:	Non-recourse debt	23,924		23,695		—		22,165		1,530
	Recourse debt	5,295		4,995		—		4,995		—

		December 31, 2023
		Carrying Amount		Fair Value
				Total		Level 1		Level 2		Level 3
Assets:	Accounts receivable — noncurrent (1)	$	193	$	239	$	—	$	—	$	239
Liabilities:	Non-recourse debt	22,144		22,174		—		20,676		1,498
	Recourse debt	4,464		4,210		—		4,210		—

_____________________________

(1)These amounts primarily relate to the sale of the Redondo Beach land in the U.S. and the amounts impacted by the Stabilization Funds enacted by the Chilean government, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets.