Value added tax

14 | Notes to Condensed Consolidated Financial Statements—(Continued) | September 30, 2022 and 2021

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|  |  | September 30, 2022 |
|  |  | CarryingAmount |  | Fair Value |
|  |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
| Assets: | Accounts receivable — noncurrent (1) | $ | 92  |  |  | $ | 132  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 132  |  |
| Liabilities: | Non-recourse debt | 17,358  |  |  | 16,368  |  |  | —  |  |  | 14,870  |  |  | 1,498  |  |
|  | Recourse debt | 4,668  |  |  | 4,175  |  |  | —  |  |  | 4,175  |  |  | —  |  |



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|  |  | December 31, 2021 |
|  |  | CarryingAmount |  | Fair Value |
|  |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
| Assets: | Accounts receivable — noncurrent (1) | $ | 55  |  |  | $ | 117  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 117  |  |
| Liabilities: | Non-recourse debt | 14,811  |  |  | 16,091  |  |  | —  |  |  | 16,065  |  |  | 26  |  |
|  | Recourse debt | 3,754  |  |  | 3,818  |  |  | —  |  |  | 3,818  |  |  | —  |  |

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_(1)These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts impacted by the Stabilization Fund enacted by the Chilean government, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $2 million as of September 30, 2022 and December 31, 2021.4. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIESFor 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:

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| Interest Rate and Foreign Currency Derivatives |  | Maximum Notional Translated to USD |  | Latest Maturity |
| Interest rate |  | $ | 6,464  |  |  | 2059 |
| Cross-currency swaps (Brazilian real) |  | 254  |  |  | 2026 |
| Foreign Currency: |  |  |  |  |
| Colombian peso |  | 120  |  |  | 2024 |
| Euro |  | 54  |  |  | 2024 |
| Mexican peso |  | 53  |  |  | 2023 |
| Brazilian real |  | 36  |  |  | 2024 |
| Chilean peso |  | 27  |  |  | 2024 |
| Argentine peso |  | 7  |  |  | 2026 |
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| Commodity Derivatives |  | Maximum Notional |  | Latest Maturity |
| Natural Gas (in MMBtu) |  | 106  |  |  | 2029 |
| Power (in MWhs) |  | 22  |  |  | 2040 |
| Coal (in Tons or Metric Tons) |  | 6  |  |  | 2027 |
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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):

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| Fair Value | September 30, 2022 |  | December 31, 2021 |
| Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total |
| Interest rate derivatives | $ | 475  |  |  | $ | 1  |  |  | $ | 476  |  |  | $ | 53  |  |  | $ | —  |  |  | $ | 53  |  |
| Cross-currency derivatives | —  |  |  | —  |  |  | —  |  |  | 5  |  |  | —  |  |  | 5  |  |
| Foreign currency derivatives | 20  |  |  | 85  |  |  | 105  |  |  | 28  |  |  | 109  |  |  | 137  |  |
| Commodity derivatives | 19  |  |  | 224  |  |  | 243  |  |  | 6  |  |  | 32  |  |  | 38  |  |
| Total assets | $ | 514  |  |  | $ | 310  |  |  | $ | 824  |  |  | $ | 92  |  |  | $ | 141  |  |  | $ | 233  |  |
| Liabilities |  |  |  |  |  |  |  |  |  |  |  |
| Interest rate derivatives | $ | 2  |  |  | $ | —  |  |  | $ | 2  |  |  | $ | 288  |  |  | $ | 6  |  |  | $ | 294  |  |
| Cross-currency derivatives | 36  |  |  | —  |  |  | 36  |  |  | 11  |  |  | —  |  |  | 11  |  |
| Foreign currency derivatives | 22  |  |  | 12  |  |  | 34  |  |  | 23  |  |  | 12  |  |  | 35  |  |
| Commodity derivatives | 14  |  |  | 241  |  |  | 255  |  |  | 11  |  |  | 33  |  |  | 44  |  |
| Total liabilities | $ | 74  |  |  | $ | 253  |  |  | $ | 327  |  |  | $ | 333  |  |  | $ | 51  |  |  | $ | 384  |  |

  

