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Derivative Assets And Liabilities (Tables)
 6 Months Ended
Jun. 30, 2019
Outstanding Commodity-Related Derivatives
The following table details our outstanding commodity-related derivatives:
 
June 30, 2019
 
December 31, 2018
 
Notional Volume
 
Maturity
 
Notional Volume
 
Maturity
Mark-to-Market Derivatives
 
 
 
 
 
 
 
(Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX (1)
13,038

 
2019-2020
 
16,845

 
2019-2020
Fixed Swaps/Futures
775

 
2019-2020
 
468

 
2019
Options – Puts
—

 
—
 
10,000

 
2019
Power (Megawatt):
 
 
 
 
 
 
 
Forwards
2,554,800

 
2019-2029
 
3,141,520

 
2019
Futures
1,095,558

 
2019-2021
 
56,656

 
2019-2021
Options – Puts
175,200

 
2019
 
18,400

 
2019
Options – Calls
317,600

 
2019-2020
 
284,800

 
2019
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(23,115
)
 
2019-2022
 
(30,228
)
 
2019-2021
Swing Swaps IFERC
8,480

 
2019-2020
 
54,158

 
2019-2020
Fixed Swaps/Futures
(3,505
)
 
2019-2021
 
(1,068
)
 
2019-2021
Forward Physical Contracts
(22,542
)
 
2019-2021
 
(123,254
)
 
2019-2020
NGLs (MBbls) – Forwards/Swaps
(1,612
)
 
2019-2021
 
(2,135
)
 
2019
Refined Products (MBbls) – Futures
(126
)
 
2019-2021
 
(1,403
)
 
2019
Crude (MBbls) – Forwards/Swaps
18,670

 
2019-2020
 
20,888

 
2019
Corn (thousand bushels)
(2,605
)
 
2019
 
(1,920
)
 
2019
Fair Value Hedging Derivatives
 
 
 
 
 
 
 
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(31,703
)
 
2019-2020
 
(17,445
)
 
2019
Fixed Swaps/Futures
(31,703
)
 
2019-2020
 
(17,445
)
 
2019
Hedged Item – Inventory
31,703

 
2019-2020
 
17,445

 
2019
(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
June 30, 2019
 
December 31, 2018
July 2019(2)
 
Forward-starting to pay a fixed rate of 3.56% and receive a floating rate
 
$
—

 
$
400

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

 
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

 
—

March 2019
 
Pay a floating rate and receive a fixed rate of 1.42%
 
—

 
300

(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
 
 
June 30, 2019
 
December 31, 2018
 
June 30, 2019
 
December 31, 2018
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
 
$
14

 
$
—

 
$
—

 
$
(13
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
 
406

 
402

 
(438
)
 
(397
)
Commodity derivatives
 
121

 
158

 
(85
)
 
(173
)
Interest rate derivatives
 
—

 
—

 
(354
)
 
(163
)
 
 
527

 
560

 
(877
)
 
(733
)
Total derivatives
 
$
541

 
$
560

 
$
(877
)
 
$
(746
)
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
 
June 30, 2019
 
December 31, 2018
 
June 30, 2019
 
December 31, 2018
Derivatives without offsetting agreements
 
Derivative liabilities
 
$
—

 
$
—

 
$
(354
)
 
$
(163
)
Derivatives in offsetting agreements:
 
 
 
 
 
 
 
 
OTC contracts
 
Derivative assets (liabilities)
 
121

 
158

 
(85
)
 
(173
)
Broker cleared derivative contracts
 
Other current assets (liabilities)
 
420

 
402

 
(438
)
 
(410
)
Total gross derivatives
 
541

 
560

 
(877
)
 
(746
)
Offsetting agreements:
 
 
 
 
 
 
 
 
Counterparty netting
 
Derivative assets (liabilities)
 
(67
)
 
(47
)
 
67

 
47

Counterparty netting
 
Other current assets (liabilities)
 
(406
)
 
(397
)
 
406

 
397

Total net derivatives
 
$
68

 
$
116

 
$
(404
)
 
$
(302
)
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:
 
Location of Gain Recognized in Income on Derivatives
 
Amount of Gain Recognized in Income Representing Hedge Ineffectiveness and Amount Excluded from the Assessment of Effectiveness
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2019
 
2018
 
2019
 
2018
Derivatives in fair value hedging relationships (including hedged item):
 
 
 
 
 
 
 
 
 
Commodity derivatives
Cost of products sold
 
$
—

 
$
6

 
$
—

 
$
9
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
June 30,
 
Six Months Ended
June 30,
 
 
 
2019
 
2018
 
2019
 
2018
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Commodity derivatives – Trading
Cost of products sold
 
$
(20
)
 
$
16

 
$
(14
)
 
$
33

Commodity derivatives – Non-trading
Cost of products sold
 
(29
)
 
(295
)
 
(41
)
 
(366
)
Interest rate derivatives
Gains (losses) on interest rate derivatives
 
(122
)
 
20

 
(196
)
 
72

Total
 
 
$
(171
)
 
$
(259
)
 
$
(251
)
 
$
(261
)