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Derivative Assets And Liabilities (Tables)
 3 Months Ended
Mar. 31, 2018
Outstanding Commodity-Related Derivatives
The following table details our outstanding commodity-related derivatives:
 
March 31, 2018
 
December 31, 2017
 
Notional Volume
 
Maturity
 
Notional Volume
 
Maturity
Mark-to-Market Derivatives
 
 
 
 
 
 
 
(Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Fixed Swaps/Futures
1,008

 
2018
 
1,078

 
2018
Basis Swaps IFERC/NYMEX (1)
82,493

 
2018-2020
 
48,510

 
2018-2020
Options – Puts
13,000

 
2018
 
13,000

 
2018
Options – Calls
460

 
2018
 
—

 
—
Power (Megawatt):
 
 
 
 
 
 
 
Forwards
236,680

 
2018-2019
 
435,960

 
2018-2019
Futures
126,200

 
2018
 
(25,760
)
 
2018
Options — Puts
238,400

 
2018
 
(153,600
)
 
2018
Options — Calls
349,600

 
2018
 
137,600

 
2018
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
9,750

 
2018-2020
 
4,650

 
2018-2020
Swing Swaps IFERC
(24,825
)
 
2018-2019
 
87,253

 
2018-2019
Fixed Swaps/Futures
(4,540
)
 
2018-2019
 
(4,390
)
 
2018-2019
Forward Physical Contracts
(224,178
)
 
2018-2020
 
(145,105
)
 
2018-2020
Natural Gas Liquid/Crude (MBbls) – Forwards/Swaps
38,874

 
2018-2019
 
6,744

 
2018-2019
Refined Products (MBbls) – Futures
(871
)
 
2018-2019
 
(3,901
)
 
2018-2019
Corn (Bushels) – Futures
(780,000
)
 
2018
 
1,870,000

 
2018
Fair Value Hedging Derivatives
 
 
 
 
 
 
 
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(18,685
)
 
2018
 
(39,770
)
 
2018
Fixed Swaps/Futures
(18,685
)
 
2018
 
(39,770
)
 
2018
Hedged Item — Inventory
18,685

 
2018
 
39,770

 
2018

(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:
 
 
 
 
Notional Amount Outstanding
Term
 
Type(1)
 
March 31, 2018
 
December 31, 2017
July 2018(2)
 
Forward-starting to pay a fixed rate of 3.76% and receive a floating rate
 
$
300

 
$
300

July 2019(2)
 
Forward-starting to pay a fixed rate of 3.64% and receive a floating rate
 
300

 
300

July 2020(2)
 
Forward-starting to pay a fixed rate of 3.52% and receive a floating rate
 
400

 
400

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

 
1,200

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

 
300

(1) 
Floating rates are based on 3-month LIBOR.
(2) 
Represents the effective date. These forward-starting swaps have a term 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, 2018
 
December 31, 2017
 
March 31, 2018
 
December 31, 2017
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
$
—

 
$
14

 
$
—

 
$
(2
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
166

 
262

 
(206
)
 
(281
)
Commodity derivatives
89

 
45

 
(144
)
 
(58
)
Interest rate derivatives
—

 
—

 
(167
)
 
(219
)
 
255

 
307

 
(517
)
 
(558
)
Total derivatives
$
255

 
$
321

 
$
(517
)
 
$
(560
)
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, 2018
 
December 31, 2017
 
March 31, 2018
 
December 31, 2017
Derivatives without offsetting agreements
 
Derivative liabilities
 
$
—

 
$
—

 
$
(167
)
 
$
(219
)
Derivatives in offsetting agreements:
 
 
 
 
 
 
 
 
OTC contracts
 
Derivative assets (liabilities)
 
89

 
45

 
(144
)
 
(58
)
Broker cleared derivative contracts
 
Other current assets (liabilities)
 
166

 
276

 
(206
)
 
(283
)
Total gross derivatives
 
255

 
321

 
(517
)
 
(560
)
Offsetting agreements:
 
 
 
 
 
 
 
 
Counterparty netting
 
Derivative assets (liabilities)
 
(63
)
 
(21
)
 
63

 
21

Counterparty netting
 
Other current assets (liabilities)
 
(165
)
 
(263
)
 
165

 
263

Total net derivatives
 
$
27

 
$
37

 
$
(289
)
 
$
(276
)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following tables summarize the amounts recognized with respect to our derivative financial instruments:
 
 
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
 
 
 
 
Three Months Ended
March 31,
 
 
 
 
2018
 
2017
Derivatives in fair value hedging relationships (including hedged item):
 
 
 
 
Commodity derivatives
 
Cost of products sold
 
$
3

 
$
(4
)
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
 
 
 
 
Three Months Ended
March 31,
 
 
 
 
2018
 
2017
Derivatives not designated as hedging instruments:
 
 
 
 
Commodity derivatives — Trading
 
Cost of products sold
 
$
17

 
$
11

Commodity derivatives — Non-trading
 
Cost of products sold
 
(71
)
 
2

Interest rate derivatives
 
Gains on interest rate derivatives
 
52

 
5

Embedded derivatives
 
Other, net
 
—

 
1

Total
 
 
 
$
(2
)
 
$
19