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Derivative assets and liabilties (Tables)
 12 Months Ended
Dec. 31, 2015
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Outstanding commodity-related derivatives
The following table details our outstanding commodity-related derivatives:
 
December 31, 2015
 
December 31, 2014
 
Notional
Volume
 
Maturity
 
Notional
Volume
 
Maturity
Mark-to-Market Derivatives
 
 
 
 
 
 
 
(Trading)
 
 
 
 
 
 
 
Natural Gas (MMBtu):
 
 
 
 
 
 
 
Fixed Swaps/Futures
(602,500
)
 
2016-2017
 
(232,500
)
 
2015
Basis Swaps IFERC/NYMEX(1)
(31,240,000
)
 
2016-2017
 
(13,907,500
)
 
2015-2016
Options – Calls
—

 
—
 
5,000,000

 
2015
Power (Megawatt):
 
 
 
 
 
 
 
Forwards
357,092

 
2016-2017
 
288,775

 
2015
Futures
(109,791
)
 
2016
 
(156,000
)
 
2015
Options – Puts
260,534

 
2016
 
(72,000
)
 
2015
Options – Calls
1,300,647

 
2016
 
198,556

 
2015
Crude (Bbls) – Futures
(591,000
)
 
2016-2017
 
—

 
—
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (MMBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(6,522,500
)
 
2016-2017
 
57,500

 
2015
Swing Swaps IFERC
71,340,000

 
2016-2017
 
46,150,000

 
2015
Fixed Swaps/Futures
(14,380,000
)
 
2016-2018
 
(34,304,000
)
 
2015-2016
Forward Physical Contracts
21,922,484

 
2016-2017
 
(9,116,777
)
 
2015
Natural Gas Liquid (Bbls) – Forwards/Swaps
(8,146,800
)
 
2016-2018
 
(4,417,400
)
 
2015
Refined Products (Bbls) – Futures
(993,000
)
 
2016-2017
 
13,745,755

 
2015
Corn (Bushels) – Futures
1,185,000

 
2016
 
—

 
—
Fair Value Hedging Derivatives
 
 
 
 
 
 
 
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (MMBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(37,555,000
)
 
2016
 
(39,287,500
)
 
2015
Fixed Swaps/Futures
(37,555,000
)
 
2016
 
(39,287,500
)
 
2015
Hedged Item – Inventory
37,555,000

 
2016
 
39,287,500

 
2015
(1) 
Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana Zone and Henry Hub locations.
Interest rate swaps outstanding
The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes:
Term
 
Type(1)
 
Notional Amount Outstanding
December 31, 2015
 
December 31, 2014
July 2015(2)
 
Forward-starting to pay a fixed rate of 3.38% and receive a floating rate
 
$
—

 
$
200

July 2016(3)
 
Forward-starting to pay a fixed rate of 3.80% and receive a floating rate
 
200

 
200

July 2017(4)
 
Forward-starting to pay a fixed rate of 3.84% and receive a floating rate
 
300

 
300

July 2018(4)
 
Forward-starting to pay a fixed rate of 4.00% and receive a floating rate
 
200

 
200

July 2019(4)
 
Forward-starting to pay a fixed rate of 3.25% and receive a floating rate
 
200

 
300

December 2018
 
Pay a floating rate based on a 3-month LIBOR and receive a fixed rate of 1.53%
 
1,200

 
—

March 2019
 
Pay a floating rate based on a 3-month LIBOR and receive a fixed rate of 1.42%
 
300

 
—

February 2023
 
Pay a floating rate plus a spread of 1.73% and receive a fixed rate of 3.60%
 
—

 
200


(1) 
Floating rates are based on 3-month LIBOR.
(2) 
Represents the effective date. These forward-starting swaps have terms of 10 years with a mandatory termination date the same as the effective date.
(3) 
Represents the effective date. These forward-starting swaps have terms of 10 and 30 years with a mandatory termination date the same as the effective date.
(4) 
Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date.
Fair Value of derivative instruments
The following table provides a summary of our derivative assets and liabilities:
 
Fair Value of Derivative Instruments
 
Asset Derivatives
 
Liability Derivatives
 
December 31, 2015
 
December 31, 2014
 
December 31, 2015
 
December 31, 2014
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
$
38

 
$
43

 
$
(3
)
 
$
—

 
38

 
43

 
(3
)
 
—

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
353

 
617

 
(306
)
 
(577
)
Commodity derivatives
57

 
107

 
(41
)
 
(23
)
Interest rate derivatives
—

 
3

 
(171
)
 
(155
)
Embedded derivatives in ETP Preferred Units
—

 
—

 
(5
)
 
(16
)
 
410

 
727

 
(523
)
 
(771
)
Total derivatives
$
448

 
$
770

 
$
(526
)
 
$
(771
)
Offsetting Assets Table Text Block [Table Text Block]
The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements:
 
 
 
 
Asset Derivatives
 
Liability Derivatives
 
 
Balance Sheet Location
 
December 31, 2015
 
December 31, 2014
 
December 31, 2015
 
December 31, 2014
Derivatives without offsetting agreements
 
Derivative assets (liabilities)
 
$
—

 
$
3

 
$
(176
)
 
$
(171
)
Derivatives in offsetting agreements:
 
 
 
 
 
 
 
 
OTC contracts
 
Derivative assets (liabilities)
 
57

 
107

 
(41
)
 
(23
)
Broker cleared derivative contracts
 
Other current assets
 
391

 
660

 
(309
)
 
(577
)
 
 
448

 
770

 
(526
)
 
(771
)
Offsetting agreements:
 
 
 
 
 
 
 
 
Counterparty netting
 
Derivative assets (liabilities)
 
(17
)
 
(19
)
 
17

 
19

Payments on margin deposit
 
Other current assets
 
(309
)
 
(577
)
 
309

 
577

Total net derivatives
 
$
122

 
$
174

 
$
(200
)
 
$
(175
)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]
 
Change in Value Recognized in OCI on Derivatives (Effective Portion)
 
Years Ended December 31,
 
2015
 
2014
 
2013
Derivatives in cash flow hedging relationships:
 
 
 
 
 
Commodity derivatives
$
—

 
$
—

 
$
(1
)
Total
$
—

 
$
—

 
$
(1
)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
 
Location of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)
 
Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)
 
 
 
Years Ended December 31,
 
 
 
2015
 
2014
 
2013
Derivatives in cash flow hedging relationships:
 
 
 
 
 
 
 
Commodity derivatives
Cost of products sold
 
$
—

 
$
(3
)
 
$
4

Total
 
 
$
—

 
$
(3
)
 
$
4
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
 
Location of Gain/(Loss) Recognized in Income on Derivatives
 
Amount of Gain (Loss) Recognized in Income Representing Hedge Ineffectiveness and Amount Excluded from the Assessment of Effectiveness
 
 
 
Years Ended December 31,
 
 
 
2015
 
2014
 
2013
Derivatives in fair value hedging relationships (including hedged item):
 
 
 
 
 
 
 
Commodity derivatives
Cost of products sold
 
$
21

 
$
(8
)
 
$
8

Total
 
 
$
21

 
$
(8
)
 
$
8
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
 
Location of Gain/(Loss) Recognized in Income on Derivatives
 
Amount of Gain (Loss) Recognized in Income on Derivatives
 
 
 
Years Ended December 31,
 
 
 
2015
 
2014
 
2013
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity derivatives – Trading
Cost of products sold
 
$
(11
)
 
$
(6
)
 
$
(11
)
Commodity derivatives – Non-trading
Cost of products sold
 
23

 
199

 
(21
)
Commodity contracts – Non-trading
Deferred gas purchases
 
—

 
—

 
(3
)
Interest rate derivatives
Gains (losses) on interest rate derivatives
 
(18
)
 
(157
)
 
44

Embedded derivatives
Other, net
 
12

 
3

 
6

Total
 
 
$
6

 
$
39

 
$
15