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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivatives | The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated:
|  |  | March 31, 2020 |  | December 31, 2019
| Location in our Consolidated Balance Sheets |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities)
|  |  | (Thousands of dollars)
Commodity contracts (a) |  |  |  |  |  |  |  |  |
Financial contracts | Other current assets |  | $ | 167,871 |  |  | $ | (73,783 | ) |  | $ | 64,858 |  |  | $ | (26,997 | )
| Other deferred credits |  | — |  |  | — |  |  | 1,591 |  |  | (2,599 | )
Interest-rate contracts | Other current liabilities |  | — |  |  | (28,673 | ) |  | — |  |  | (90,161 | )
| Other assets/other deferred credits |  | — |  |  | (241,624 | ) |  | 581 |  |  | (111,780 | )
Total derivative instruments |  | $ | 167,871 |  |  | $ | (344,080 | ) |  | $ | 67,030 |  |  | $ | (231,537 | )
(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 | The following table sets forth the notional quantities for derivative instruments held for the periods indicated:
|  | March 31, 2020 |  | December 31, 2019
| Contract Type | Purchased/ Payor |  | Sold/ Receiver |  | Purchased/ Payor |  | Sold/ Receiver
Cash flow hedges |  |  |  |  |  |  |  |
Fixed price |  |  |  |  |  |  |  |
- Natural gas (Bcf) | Futures and swaps | — |  |  | (47.6 | ) |  | — |  |  | (59.0 | )
- Crude oil and NGLs (MMBbl) | Futures, forwards and swaps | 10.5 |  |  | (17.5 | ) |  | 7.9 |  |  | (17.4 | )
Basis |  |  |  |  |  |  |  |
- Natural gas (Bcf) | Futures and swaps | — |  |  | (47.6 | ) |  | — |  |  | (59.0 | )
Interest-rate contracts (Billions of dollars) | Swaps | $ | 2.4 |  |  | $ | — |  |  | $ | 3.1 |  |  | $ | — |
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:
| Three Months Ended
| March 31,
2020 |  | 2019
| (Thousands of dollars)
Commodity contracts | $ | 87,195 |  |  | $ | (21,625 | )
Interest-rate contracts | (225,041 | ) |  | (67,912 | )
Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) | $ | (137,846 | ) |  | $ | (89,537 | )
Schedule of Cash Flow Hedging Instruments Effect on Income (Loss) | The following table sets forth the effect of cash flow hedges on net income (loss) for the periods indicated:
| Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income (Loss) | Three Months Ended
March 31,
2020 |  | 2019
|  | (Thousands of dollars)
Commodity contracts | Commodity sales revenues | $ | 44,999 |  |  | $ | 23,822 |
| Cost of sales and fuel | (15,039 | ) |  | (4,970 | )
Interest-rate contracts | Interest expense | (10,278 | ) |  | (2,504 | )
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income (loss) on derivatives | $ | 19,682 |  |  | $ | 16,348 |

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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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