XML 46 R36.htm IDEA: XBRL DOCUMENT v3.21.1
Derivatives (Tables)
3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Components of Gain (Loss) on Derivative Activity
The components of the gain (loss) on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions):
Three Months Ended
March 31,
20212020
Change in fair value of interest rate swaps$4.7 $(17.1)
Tax benefit (expense)(1.1)4.0 
Gain (loss) on designated cash flow hedge$3.6 $(13.1)

The interest expense, recognized from accumulated other comprehensive loss from the monthly settlement of our interest rate swaps and amortization of the termination payment, included in our consolidated statements of operations were as follows (in millions):
Three Months Ended
March 31,
20212020
Interest expense$4.8 $1.3 
The components of gain (loss) on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions):
Three Months Ended
March 31,
20212020
Change in fair value of derivatives$(7.9)$13.0 
Realized gain (loss) on derivatives(75.5)6.2 
Gain (loss) on derivative activity$(83.4)$19.2 
Fair Value of Derivative Assets and Liabilities Related to Commodity Swaps
The fair value of our interest rate swaps included in our consolidated balance sheets were as follows (in millions):
March 31, 2021December 31, 2020
Fair value of derivative liabilities—current$(5.7)$(7.6)
Schedule Of Fair Value of Derivative Assets and Liabilities Related To Commodity Swaps
The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions):
March 31, 2021December 31, 2020
Fair value of derivative assets—current$40.2 $25.0 
Fair value of derivative assets—long-term3.4 4.9 
Fair value of derivative liabilities—current(53.6)(29.5)
Fair value of derivative liabilities—long-term— (2.5)
Net fair value of commodity swaps$(10.0)$(2.1)
Notional Amount and Fair Value of Derivative Instruments
Set forth below are the summarized notional volumes and fair values of all instruments related to commodity swaps that we held for price risk management purposes and the related physical offsets at March 31, 2021 (in millions). The remaining term of the contracts extend no later than December 2022.
March 31, 2021
CommodityInstrumentsUnitVolumeNet Fair Value
NGL (short contracts)SwapsGallons(204.2)$(18.1)
NGL (long contracts)SwapsGallons30.2 (0.1)
Natural gas (short contracts)SwapsMMbtu(10.8)(0.3)
Natural gas (long contracts)SwapsMMbtu3.9 0.7 
Crude and condensate (short contracts)SwapsMMbbls(9.5)(17.6)
Crude and condensate (long contracts)SwapsMMbbls4.3 25.4 
Total fair value of commodity swaps$(10.0)