Fair Value of Derivative Instruments Dec 31, 2020 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in Consolidated Balance Sheets Asset derivatives Derivatives designated as hedging instruments Interest rate contracts Other current assets $ 3 $ (3) $ — Foreign currency contracts Other current assets 39 (19) 20 Commodity contracts Other current assets 146 (109) 37 Commodity contracts Deferred charges and other assets 31 (8) 23 Total $ 219 $ (139) $ 80 Derivatives not designated as hedging instruments Interest rate contracts Deferred charges and other assets $ 41 $ — $ 41 Foreign currency contracts Other current assets 74 (25) 49 Commodity contracts Other current assets 4 (1) 3 Total $ 119 $ (26) $ 93 Total asset derivatives $ 338 $ (165) $ 173 Liability derivatives Derivatives designated as hedging instruments Interest rate contracts Accrued and other current liabilities $ 7 $ (3) $ 4 Foreign currency contracts Accrued and other current liabilities 93 (19) 74 Commodity contracts Accrued and other current liabilities 151 (112) 39 Commodity contracts Other noncurrent obligations 48 (9) 39 Total $ 299 $ (143) $ 156 Derivatives not designated as hedging instruments Interest rate contracts Other noncurrent obligations $ 178 $ — $ 178 Foreign currency contracts Accrued and other current liabilities 35 (25) 10 Commodity contracts Accrued and other current liabilities 9 (3) 6 Total $ 222 $ (28) $ 194 Total liability derivatives $ 521 $ (171) $ 350 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Assets and liabilities related to forward contracts, interest rate swaps, currency swaps, options and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement are netted. Collateral accounts are netted with corresponding assets or liabilities, when applicable. The Company posted cash collateral of $71 million at December 31, 2021 ( $7 million at December 31, 2020 ). No cash collateral was posted by counterparties with the Company at December 31, 2021 and December 31, 2020 ). 145