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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivatives | Fair Values of Derivative Instruments - All derivatives measured at fair value at December 31, 2019 and 2018, were designated as hedging instruments. See Note B for a discussion of the inputs associated with our fair value measurements. The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated:
|  |  | December 31, 2019 |  | December 31, 2018
| Location in our Consolidated Balance Sheets |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities)
|  |  | (Thousands of dollars)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts (a) |  |  |  |  |  |  |  |  |
Financial contracts | Other current assets |  | $ | 64,858 |  |  | $ | (26,997 | ) |  | $ | 78,891 |  |  | $ | (31,793 | )
| Other assets/other deferred credits |  | 1,591 |  |  | (2,599 | ) |  | 1,086 |  |  | (946 | )
Physical contracts | Other current assets |  | — |  |  | — |  |  | 1,142 |  |  | — |
Interest-rate contracts | Other current assets/other current liabilities |  | — |  |  | (90,161 | ) |  | 19,005 |  |  | (15,012 | )
| Other assets/other deferred credits |  | 581 |  |  | (111,780 | ) |  | — |  |  | (84,248 | )
Total derivatives designated as hedging instruments |  |  | $ | 67,030 |  |  | $ | (231,537 | ) |  | $ | 100,124 |  |  | $ | (131,999 | )
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us
Notional Amounts of Derivative Instruments | Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for derivative instruments held for the periods indicated:
|  | December 31, 2019 |  | December 31, 2018
| Contract Type | Purchased/ Payor |  | Sold/ Receiver |  | Purchased/ Payor |  | Sold/ Receiver
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |
Fixed price |  |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures and swaps | — |  |  | (59.0 | ) |  | — |  |  | (29.9 | )
-Crude oil and NGLs (MMBbl) | Futures, forwards and swaps | 7.9 |  |  | (17.4 | ) |  | 6.5 |  |  | (13.8 | )
Basis |  |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures and swaps | — |  |  | (59.0 | ) |  | — |  |  | (29.9 | )
Interest-rate contracts (Billions of dollars) | Swaps | $ | 3.1 |  |  | $ | — |  |  | $ | 4.3 |  |  | $ | — |
Schedule of Cash Flow Hedging Instruments Effect on Comprehensive Income (Loss) | The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) for the periods indicated:
Derivatives in Cash Flow Hedging Relationships |  | Years Ended December 31,
| 2019 |  | 2018 |  | 2017
|  | (Thousands of dollars)
Commodity contracts |  | $ | 38,819 |  |  | $ | 53,217 |  |  | $ | (40,577 | )
Interest-rate contracts |  | (230,771 | ) |  | (60,584 | ) |  | 163 |
Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) |  | $ | (191,952 | ) |  | $ | (7,367 | ) |  | $ | (40,414 | )
Schedule of Cash Flow Hedging Instruments Effect on Income | The following table sets forth the effect of cash flow hedges on net income for the periods indicated:
Derivatives in Cash Flow Hedging Relationships |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income |  |  |  |  |  |
|  | Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  |  |  | (Thousands of dollars)
Commodity contracts |  | Commodity sales revenues/cost of sales and fuel |  | $ | 50,345 |  |  | $ | (29,596 | ) |  | $ | (69,561 | )
Interest-rate contracts |  | Interest expense |  | (23,230 | ) |  | (18,287 | ) |  | (21,025 | )
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives |  | $ | 27,115 |  |  | $ | (47,883 | ) |  | $ | (90,586 | )

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