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Derivative Assets And Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2021
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives:
| September 30, 2021 |  | December 31, 2020
| Notional Volume |  | Maturity |  | Notional Volume |  | Maturity
Mark-to-Market Derivatives |  |  |  |  |  |  |
(Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX (1) | (81,963) |  |  | 2021-2022 |  | (44,225) |  |  | 2021-2022
Fixed Swaps/Futures | 475 |  |  | 2021-2023 |  | 1,603 |  |  | 2021-2022
Power (Megawatt): |  |  |  |  |  |  |
Forwards | 712,400 |  |  | 2021-2029 |  | 1,392,400 |  |  | 2021-2029
Futures | (640,800) |  |  | 2021-2022 |  | 18,706 |  |  | 2021-2022
Options – Puts | 290,400 |  |  | 2021-2022 |  | 519,071 |  |  | 2021
Options – Calls | 36,704 |  |  | 2021-2022 |  | 2,343,293 |  |  | 2021
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (8,893) |  |  | 2021-2022 |  | (29,173) |  |  | 2021-2022
Swing Swaps IFERC | (48,675) |  |  | 2021-2022 |  | 11,208 |  |  | 2021
Fixed Swaps/Futures | (45,588) |  |  | 2021-2023 |  | (53,575) |  |  | 2021-2022
Forward Physical Contracts | (10,071) |  |  | 2021 |  | (11,861) |  |  | 2021
NGLs (MBbls) – Forwards/Swaps | 2,785 |  |  | 2021-2023 |  | (5,840) |  |  | 2021-2022
Refined Products (MBbls) – Futures | (3,272) |  |  | 2021-2023 |  | (2,765) |  |  | 2021
Crude (MBbls) – Forwards/Swaps | 1,693 |  |  | 2021-2022 |  | — |  |  | —
Fair Value Hedging Derivatives |  |  |  |  |  |  |
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (21,255) |  |  | 2021 |  | (30,113) |  |  | 2021
Fixed Swaps/Futures | (21,255) |  |  | 2021 |  | (30,113) |  |  | 2021
Hedged Item – Inventory | 21,255 |  |  | 2021 |  | 30,113 |  |  | 2021
(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, 2021 |  | December 31, 2020
July 2021(2)(3) |  | Forward-starting to pay a fixed rate of 3.55% and receive a floating rate |  | $ | — |  |  | $ | 400 |
July 2022(2) |  | Forward-starting to pay a fixed rate of 3.80% and receive a floating rate |  | 400 |  |  | 400 |
July 2023(2) |  | Forward-starting to pay a fixed rate of 3.78% and receive a floating rate |  | 200 |  |  | — |
July 2024(2) |  | Forward-starting to pay a fixed rate of 3.88% and receive a floating rate |  | 200 |  |  | — |
(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. (3)The July 2021 interest rate swaps were amended in June 2021.
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, 2021 |  | December 31, 2020 |  | September 30, 2021 |  | December 31, 2020
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | $ | 2 |  |  | $ | 25 |  |  | $ | (20) |  |  | $ | (32) |
|  | 2 |  |  | 25 |  |  | (20) |  |  | (32) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | 330 |  |  | 90 |  |  | (400) |  |  | (166) |
Commodity derivatives |  | 702 |  |  | 53 |  |  | (661) |  |  | (71) |
Interest rate derivatives |  | — |  |  | — |  |  | (376) |  |  | (448) |
|  | 1,032 |  |  | 143 |  |  | (1,437) |  |  | (685) |
Total derivatives |  | $ | 1,034 |  |  | $ | 168 |  |  | $ | (1,457) |  |  | $ | (717) |
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, 2021 |  | December 31, 2020 |  | September 30, 2021 |  | December 31, 2020
Derivatives without offsetting agreements |  | Derivative liabilities |  | $ | — |  |  | $ | — |  |  | $ | (376) |  |  | $ | (448) |
Derivatives in offsetting agreements: |  |  |  |  |  |  |  |
OTC contracts |  | Derivative assets (liabilities) |  | 702 |  |  | 53 |  |  | (661) |  |  | (71) |
Broker cleared derivative contracts |  | Other current assets (liabilities) |  | 332 |  |  | 115 |  |  | (420) |  |  | (198) |
Total gross derivatives |  | 1,034 |  |  | 168 |  |  | (1,457) |  |  | (717) |
Offsetting agreements: |  |  |  |  |  |  |  |
Counterparty netting |  | Derivative assets (liabilities) |  | (645) |  |  | (44) |  |  | 645 |  |  | 44 |
Counterparty netting |  | Other current assets (liabilities) |  | (327) |  |  | (64) |  |  | 327 |  |  | 64 |
Total net derivatives |  | $ | 62 |  |  | $ | 60 |  |  | $ | (485) |  |  | $ | (609) |
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 long-term depending on the anticipated settlement date.
Derivatives Not Designated as Hedging Instruments [Table Text Block] |
| Location |  | Amount of Gain (Loss) Recognized in Income on Derivatives
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity derivatives – Trading | Cost of products sold |  | $ | 14 |  |  | $ | 4 |  |  | $ | 12 |  |  | $ | 15 |
Commodity derivatives – Non-trading | Cost of products sold |  | (71) |  |  | (44) |  |  | (206) |  |  | 53 |
Interest rate derivatives | Gains (losses) on interest rate derivatives |  | 1 |  |  | 55 |  |  | 72 |  |  | (277) |
Total |  |  | $ | (56) |  |  | $ | 15 |  |  | $ | (122) |  |  | $ | (209) |

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