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Fair Value Measurements
 6 Months Ended
Jun. 30, 2020
Fair Value Measurements [Abstract]  
Fair Value Measurements
FAIR VALUE MEASURES
We have commodity derivatives and interest rate derivatives that are accounted for as assets and liabilities at fair value in our consolidated balance sheets. We determine the fair value of our assets and liabilities subject to fair value measurement by using the highest possible “level” of inputs. Level 1 inputs are observable quotes in an active market for identical assets and liabilities. We consider the valuation of marketable securities and commodity derivatives transacted through a clearing broker with a published price from the appropriate exchange as a Level 1 valuation. Level 2 inputs are inputs observable for similar assets and liabilities. We consider OTC commodity derivatives entered into directly with third parties as a Level 2 valuation since the values of these derivatives are quoted on an exchange for similar transactions. Additionally, we consider our options transacted through our clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. We consider the valuation of our interest rate derivatives as Level 2 as the primary input, the LIBOR curve, is based on quotes from an active exchange of Eurodollar futures for the same period as the future interest swap settlements. Level 3 inputs are unobservable. During the six months ended June 30, 2020, no transfers were made between any levels within the fair value hierarchy.
The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 based on inputs used to derive their fair values:
 
 
 
Fair Value Measurements at
June 30, 2020
 
Fair Value Total
 
Level 1
 
Level 2
Assets:
 
 
 
 
 
Commodity derivatives:
 
 
 
 
 
Natural Gas:
 
 
 
 
 
Basis Swaps IFERC/NYMEX
$
112

 
$
112

 
$
—

Swing Swaps IFERC
2

 
—

 
2

Fixed Swaps/Futures
93

 
93

 
—

Forward Physical Contracts
7

 
—

 
7

Power:
 
 
 
 
 
Forwards
21

 
—

 
21

Futures
3

 
3

 
—

Options – Puts
1

 
1

 
—

Options – Calls
1

 
1

 
—

NGLs – Forwards/Swaps
208

 
208

 
—

Refined Products – Futures
4

 
4

 
—

Crude – Forwards/Swaps
3

 
3

 
—

Total commodity derivatives
455

 
425

 
30

Other non-current assets
29

 
19

 
10

Total assets
$
484

 
$
444

 
$
40

Liabilities:
 
 
 
 
 
Interest rate derivatives
$
(577
)
 
$
—

 
$
(577
)
Commodity derivatives:
 
 
 
 
 
Natural Gas:
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(83
)
 
(83
)
 
—

Swing Swaps IFERC
(5
)
 
—

 
(5
)
Fixed Swaps/Futures
(117
)
 
(117
)
 
—

Forward Physical Contracts
(1
)
 
—

 
(1
)
Power:
 
 
 
 
 
Forwards
(17
)
 
—

 
(17
)
Futures
(3
)
 
(3
)
 
—

NGLs – Forwards/Swaps
(218
)
 
(218
)
 
—

Refined Products – Futures
(21
)
 
(21
)
 
—

Crude – Forwards/Swaps
(1
)
 
(1
)
 
—

Total commodity derivatives
(466
)
 
(443
)
 
(23
)
Total liabilities
$
(1,043
)
 
$
(443
)
 
$
(600
)
 
 
 
Fair Value Measurements at
December 31, 2019
 
Fair Value Total
 
Level 1
 
Level 2
Assets:
 
 
 
 
 
Commodity derivatives:
 
 
 
 
 
Natural Gas:
 
 
 
 
 
Basis Swaps IFERC/NYMEX
$
17

 
$
17

 
$
—

Swing Swaps IFERC
1

 
—

 
1

Fixed Swaps/Futures
65

 
65

 
—

Forward Physical Contracts
3

 
—

 
3

Power:
 
 
 
 
 
Forwards
11

 
—

 
11

Futures
4

 
4

 
—

Options – Puts
1

 
1

 
—

Options – Calls
1

 
1

 
—

NGLs – Forwards/Swaps
260

 
260

 
—

Refined Products – Futures
8

 
8

 
—

Crude – Forwards/Swaps
13

 
13

 
—

Total commodity derivatives
384

 
369

 
15

Other non-current assets
31

 
20

 
11

Total assets
$
415

 
$
389

 
$
26

Liabilities:
 
 
 
 
 
Interest rate derivatives
$
(399
)
 
$
—

 
$
(399
)
Commodity derivatives:
 
 
 
 
 
Natural Gas:
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(49
)
 
(49
)
 
—

Swing Swaps IFERC
(1
)
 
—

 
(1
)
Fixed Swaps/Futures
(43
)
 
(43
)
 
—

Power:
 
 


 


Forwards
(5
)
 
—

 
(5
)
Futures
(3
)
 
(3
)
 
—

NGLs – Forwards/Swaps
(278
)
 
(278
)
 
—

Refined Products – Futures
(10
)
 
(10
)
 
—

Total commodity derivatives
(389
)
 
(383
)
 
(6
)
Total liabilities
$
(788
)
 
$
(383
)
 
$
(405
)

Based on the estimated borrowing rates currently available to us and our subsidiaries for loans with similar terms and average maturities, the aggregate fair value and carrying amount of our consolidated debt obligations as of June 30, 2020 were $52.99 billion and $51.29 billion, respectively. As of December 31, 2019, the aggregate fair value and carrying amount of our consolidated debt obligations were $54.79 billion and $51.05 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations’ observable inputs used for similar liabilities.