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Derivative Assets And Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2019
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives:
| September 30, 2019 |  | December 31, 2018
| Notional Volume |  | Maturity |  | Notional Volume |  | Maturity
Mark-to-Market Derivatives |  |  |  |  |  |  |
(Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX (1) | 20,563 |  |  | 2019-2024 |  | 16,845 |  |  | 2019-2020
Fixed Swaps/Futures | 1,723 |  |  | 2019-2020 |  | 468 |  |  | 2019
Options – Puts | — |  |  | — |  | 10,000 |  |  | 2019
Power (Megawatt): |  |  |  |  |  |  |
Forwards | 2,847,350 |  |  | 2019-2029 |  | 3,141,520 |  |  | 2019
Futures | 222,440 |  |  | 2019-2020 |  | 56,656 |  |  | 2019-2021
Options – Puts | 515,317 |  |  | 2019-2020 |  | 18,400 |  |  | 2019
Options – Calls | (756,153 | ) |  | 2019-2021 |  | 284,800 |  |  | 2019
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (23,653 | ) |  | 2019-2022 |  | (30,228 | ) |  | 2019-2021
Swing Swaps IFERC | 22,365 |  |  | 2019-2020 |  | 54,158 |  |  | 2019-2020
Fixed Swaps/Futures | 2,323 |  |  | 2019-2021 |  | (1,068 | ) |  | 2019-2021
Forward Physical Contracts | (29,492 | ) |  | 2019-2021 |  | (123,254 | ) |  | 2019-2020
NGLs (MBbls) – Forwards/Swaps | (9,687 | ) |  | 2019-2021 |  | (2,135 | ) |  | 2019
Refined Products (MBbls) – Futures | (906 | ) |  | 2019-2021 |  | (1,403 | ) |  | 2019
Crude (MBbls) – Forwards/Swaps | 9,510 |  |  | 2019-2020 |  | 20,888 |  |  | 2019
Corn (thousand bushels) | (1,760 | ) |  | 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
September 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
|  | September 30, 2019 |  | December 31, 2018 |  | September 30, 2019 |  | December 31, 2018
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | (13 | )
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | 543 |  |  | 402 |  |  | (520 | ) |  | (397 | )
Commodity derivatives |  | 120 |  |  | 158 |  |  | (77 | ) |  | (173 | )
Interest rate derivatives |  | — |  |  | — |  |  | (528 | ) |  | (163 | )
|  | 663 |  |  | 560 |  |  | (1,125 | ) |  | (733 | )
Total derivatives |  | $ | 679 |  |  | $ | 560 |  |  | $ | (1,125 | ) |  | $ | (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 |  | September 30, 2019 |  | December 31, 2018 |  | September 30, 2019 |  | December 31, 2018
Derivatives without offsetting agreements |  | Derivative liabilities |  | $ | — |  |  | $ | — |  |  | $ | (528 | ) |  | $ | (163 | )
Derivatives in offsetting agreements: |  |  |  |  |  |  |  |
OTC contracts |  | Derivative assets (liabilities) |  | 120 |  |  | 158 |  |  | (77 | ) |  | (173 | )
Broker cleared derivative contracts |  | Other current assets (liabilities) |  | 559 |  |  | 402 |  |  | (520 | ) |  | (410 | )
Total gross derivatives |  | 679 |  |  | 560 |  |  | (1,125 | ) |  | (746 | )
Offsetting agreements: |  |  |  |  |  |  |  |
Counterparty netting |  | Derivative assets (liabilities) |  | (64 | ) |  | (47 | ) |  | 64 |  |  | 47 |
Counterparty netting |  | Other current assets (liabilities) |  | (519 | ) |  | (397 | ) |  | 519 |  |  | 397 |
Total net derivatives |  | $ | 96 |  |  | $ | 116 |  |  | $ | (542 | ) |  | $ | (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 September 30, |  | Nine Months Ended September 30,
|  |  | 2019 |  | 2018 |  | 2019 |  | 2018
Derivatives in fair value hedging relationships (including hedged item): |  |  |  |  |  |  |  |  |
Commodity derivatives | Cost of products sold |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
|  |  | 2019 |  | 2018 |  | 2019 |  | 2018
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity derivatives – Trading | Cost of products sold |  | $ | 3 |  |  | $ | 3 |  |  | $ | 15 |  |  | $ | 36 |
Commodity derivatives – Non-trading | Cost of products sold |  | 21 |  |  | 21 |  |  | (53 | ) |  | (345 | )
Interest rate derivatives | Gains (losses) on interest rate derivatives |  | (175 | ) |  | 45 |  |  | (371 | ) |  | 117 |
Total |  |  | $ | (151 | ) |  | $ | 69 |  |  | $ | (409 | ) |  | $ | (192 | )

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