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Derivative Assets And Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2020
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives:
| June 30, 2020 |  | December 31, 2019
| Notional Volume |  | Maturity |  | Notional Volume |  | Maturity
Mark-to-Market Derivatives |  |  |  |  |  |  |
(Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX (1) | (20,433 | ) |  | 2020-2024 |  | (35,208 | ) |  | 2020-2024
Fixed Swaps/Futures | 373 |  |  | 2020-2021 |  | 1,483 |  |  | 2020
Options – Puts | — |  |  | — |  | — |  |  | —
Power (Megawatt): |  |  |  |  |  |  |
Forwards | 1,338,776 |  |  | 2020-2029 |  | 3,213,450 |  |  | 2020-2029
Futures | 204,090 |  |  | 2020-2021 |  | (353,527 | ) |  | 2020
Options – Puts | (340,743 | ) |  | 2020 |  | 51,615 |  |  | 2020
Options – Calls | (1,268,532 | ) |  | 2020-2021 |  | (2,704,330 | ) |  | 2020-2021
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (27,713 | ) |  | 2020-2022 |  | (18,923 | ) |  | 2020-2022
Swing Swaps IFERC | (35,590 | ) |  | 2020-2021 |  | (9,265 | ) |  | 2020
Fixed Swaps/Futures | (10,708 | ) |  | 2020-2022 |  | (3,085 | ) |  | 2020-2021
Forward Physical Contracts | (23,980 | ) |  | 2020-2021 |  | (13,364 | ) |  | 2020-2021
NGLs (MBbls) – Forwards/Swaps | (8,830 | ) |  | 2020 |  | (1,300 | ) |  | 2020-2021
Refined Products (MBbls) – Futures | (3,370 | ) |  | 2020-2022 |  | (2,473 | ) |  | 2020-2021
Crude (MBbls) – Forwards/Swaps | 3,393 |  |  | 2020 |  | 4,465 |  |  | 2020
Corn (thousand bushels) | — |  |  | — |  | (1,210 | ) |  | 2020
Fair Value Hedging Derivatives |  |  |  |  |  |  |
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (43,235 | ) |  | 2020-2021 |  | (31,780 | ) |  | 2020
Fixed Swaps/Futures | (43,235 | ) |  | 2020-2021 |  | (31,780 | ) |  | 2020
Hedged Item – Inventory | 43,235 |  |  | 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
June 30, 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
|  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | $ | 18 |  |  | $ | 24 |  |  | $ | (22 | ) |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | 370 |  |  | 319 |  |  | (367 | ) |  | (350 | )
Commodity derivatives |  | 67 |  |  | 41 |  |  | (77 | ) |  | (39 | )
Interest rate derivatives |  | — |  |  | — |  |  | (577 | ) |  | (399 | )
|  | 437 |  |  | 360 |  |  | (1,021 | ) |  | (788 | )
Total derivatives |  | $ | 455 |  |  | $ | 384 |  |  | $ | (1,043 | ) |  | $ | (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 |  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019
Derivatives without offsetting agreements |  | Derivative liabilities |  | $ | — |  |  | $ | — |  |  | $ | (577 | ) |  | $ | (399 | )
Derivatives in offsetting agreements: |  |  |  |  |  |  |  |
OTC contracts |  | Derivative assets (liabilities) |  | 67 |  |  | 41 |  |  | (77 | ) |  | (39 | )
Broker cleared derivative contracts |  | Other current assets (liabilities) |  | 388 |  |  | 343 |  |  | (389 | ) |  | (350 | )
Total gross derivatives |  | 455 |  |  | 384 |  |  | (1,043 | ) |  | (788 | )
Offsetting agreements: |  |  |  |  |  |  |  |
Counterparty netting |  | Derivative assets (liabilities) |  | (53 | ) |  | (18 | ) |  | 53 |  |  | 18 |
Counterparty netting |  | Other current assets (liabilities) |  | (349 | ) |  | (318 | ) |  | 349 |  |  | 318 |
Total net derivatives |  | $ | 53 |  |  | $ | 48 |  |  | $ | (641 | ) |  | $ | (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.
Derivatives Not Designated as Hedging Instruments [Table Text Block] |
| Location |  | Amount of Gain (Loss) on Derivatives
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity derivatives – Trading | Cost of products sold |  | $ | (5 | ) |  | $ | (20 | ) |  | $ | 11 |  |  | $ | (14 | )
Commodity derivatives – Non-trading | Cost of products sold |  | (96 | ) |  | (29 | ) |  | 97 |  |  | (41 | )
Interest rate derivatives | Losses on interest rate derivatives |  | (3 | ) |  | (122 | ) |  | (332 | ) |  | (196 | )
Total |  |  | $ | (104 | ) |  | $ | (171 | ) |  | $ | (224 | ) |  | $ | (251 | )

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