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Derivative Assets And Liabilities (Tables)
3 Months Ended
Mar. 31, 2020
Outstanding Commodity-Related Derivatives
The following table details our outstanding commodity-related derivatives:
 
March 31, 2020
 
December 31, 2019
 
Notional Volume
 
Maturity
 
Notional Volume
 
Maturity
Mark-to-Market Derivatives
 
 
 
 
 
 
 
(Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX (1)
(19,673
)
 
2020-2024
 
(35,208
)
 
2020-2024
Fixed Swaps/Futures
1,688

 
2020-2021
 
1,483

 
2020
Options – Puts

 
 

 
0
Power (Megawatt):
 
 
 
 
 
 
 
Forwards
2,125,200

 
2020-2029
 
3,213,450

 
2020-2029
Futures
329,896

 
2020-2021
 
(353,527
)
 
2020
Options – Puts
621,860

 
2020
 
51,615

 
2020
Options – Calls
4,035,972

 
2020-2021
 
(2,704,330
)
 
2020-2021
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(15,860
)
 
2020-2022
 
(18,923
)
 
2020-2022
Swing Swaps IFERC
31,505

 
2020-2021
 
(9,265
)
 
2020
Fixed Swaps/Futures
(1,425
)
 
2020-2022
 
(3,085
)
 
2020-2021
Forward Physical Contracts
(36,691
)
 
2020-2021
 
(13,364
)
 
2020-2021
NGLs (MBbls) – Forwards/Swaps
(2,235
)
 
2020-2022
 
(1,300
)
 
2020-2021
Refined Products (MBbls) – Futures
(1,779
)
 
2020-2022
 
(2,473
)
 
2020-2021
Crude (MBbls) – Forwards/Swaps
5,260

 
2020
 
4,465

 
2020
Corn (thousand bushels)
(140
)
 
2020
 
(1,210
)
 
2020
Fair Value Hedging Derivatives
 
 
 
 
 
 
 
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(32,695
)
 
2020-2021
 
(31,780
)
 
2020
Fixed Swaps/Futures
(32,695
)
 
2020-2021
 
(31,780
)
 
2020
Hedged Item – Inventory
32,695

 
2020-2021
 
31,780

 
2020
(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
March 31, 2020
 
December 31, 2019
July 2020(2)(3)
 
Forward-starting to pay a fixed rate of 3.52% and receive a floating rate
 
$

 
$
400

July 2021(2)
 
Forward-starting to pay a fixed rate of 3.55% and receive a floating rate
 
400

 
400

July 2022(2)
 
Forward-starting to pay a fixed rate of 3.80% and receive a floating rate
 
400

 
400

(1) 
Floating rates are based on 3-month LIBOR.  
(2) 
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
 
 
March 31, 2020
 
December 31, 2019
 
March 31, 2020
 
December 31, 2019
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
 
$
11

 
$
24

 
$
(12
)
 
$

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
 
615

 
319

 
(561
)
 
(350
)
Commodity derivatives
 
74

 
41

 
(58
)
 
(39
)
Interest rate derivatives
 

 

 
(573
)
 
(399
)
 
 
689

 
360

 
(1,192
)
 
(788
)
Total derivatives
 
$
700

 
$
384

 
$
(1,204
)
 
$
(788
)

Derivatives, Offsetting Fair Value Amounts [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
 
March 31, 2020
 
December 31, 2019
 
March 31, 2020
 
December 31, 2019
Derivatives without offsetting agreements
 
Derivative liabilities
 
$

 
$

 
$
(573
)
 
$
(399
)
Derivatives in offsetting agreements:
 
 
 
 
 
 
 
 
OTC contracts
 
Derivative assets (liabilities)
 
74

 
41

 
(58
)
 
(39
)
Broker cleared derivative contracts
 
Other current assets (liabilities)
 
626

 
343

 
(573
)
 
(350
)
Total gross derivatives
 
700

 
384

 
(1,204
)
 
(788
)
Offsetting agreements:
 
 
 
 
 
 
 
 
Counterparty netting
 
Derivative assets (liabilities)
 
(49
)
 
(18
)
 
49

 
18

Counterparty netting
 
Other current assets (liabilities)
 
(551
)
 
(318
)
 
551

 
318

Total net derivatives
 
$
100

 
$
48

 
$
(604
)
 
$
(452
)
We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or non-current depending on the anticipated settlement date.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following tables summarize the amounts recognized in income with respect to our derivative financial instruments:
Derivatives Not Designated as Hedging Instruments [Table Text Block]
 
Location of Gain (Loss) Recognized in Income on Derivatives
 
Amount of Gain (Loss) Recognized in Income on Derivatives
 
 
 
Three Months Ended
March 31,
 
 
 
2020
 
2019
Derivatives not designated as hedging instruments:
 
 
 
 
 
Commodity derivatives – Trading
Cost of products sold
 
$
5

 
$
5

Commodity derivatives – Non-trading
Cost of products sold
 
112

 
(12
)
Interest rate derivatives
Losses on interest rate derivatives
 
(329
)
 
(74
)
Total
 
 
$
(212
)
 
$
(81
)