v3.20.1

Assets and Liabilities with Recurring Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Cash equivalents | [1] | $ 444 | $ 784
Derivative Asset | [2] | 489 | 402
Effect of Netting and Allocation of Collateral | [3],[4] | (1,458) | (1,021)
Total assets |  | 933 | 1,186
Derivative Liability | [2] | 378 | 288
Effect of Netting and Allocation of Collateral, Liability | [3],[4] | (1,501) | (1,135)
Total Liabilities |  | 378 | 288
Level 1 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Cash equivalents | [1] | 444 | 784
Effect of Netting and Allocation of Collateral | [3],[4] | (1,198) | (872)
Total assets |  | 444 | 784
Effect of Netting and Allocation of Collateral, Liability | [3],[4] | (1,233) | (984)
Total Liabilities |  | 0 | 0
Level 2 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Cash equivalents | [1] | 0 | 0
Effect of Netting and Allocation of Collateral | [3],[4] | (235) | (131)
Total assets |  | 148 | 126
Effect of Netting and Allocation of Collateral, Liability | [3],[4] | (243) | (133)
Total Liabilities |  | 286 | 183
Level 3 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Cash equivalents | [1] | 0 | 0
Effect of Netting and Allocation of Collateral | [3],[4] | (25) | (18)
Total assets |  | 341 | 276
Effect of Netting and Allocation of Collateral, Liability | [3],[4] | (25) | (18)
Total Liabilities |  | 92 | 105
Commodity exchange traded derivatives contracts |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 1,198 | 872
Derivative Liability |  | 1,233 | 984
Commodity exchange traded derivatives contracts | Level 1 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 1,198 | 872
Derivative Liability |  | 1,233 | 984
Commodity exchange traded derivatives contracts | Level 2 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 0 | 0
Derivative Liability |  | 0 | 0
Commodity exchange traded derivatives contracts | Level 3 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 0 | 0
Derivative Liability |  | 0 | 0
Commodity forward contracts |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset | [5] | 749 | 539
Derivative Liability | [5] | 496 | 408
Commodity forward contracts | Level 1 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset | [5] | 0 | 0
Derivative Liability | [5] | 0 | 0
Commodity forward contracts | Level 2 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset | [5] | 383 | 245
Derivative Liability | [5] | 379 | 285
Commodity forward contracts | Level 3 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset | [5] | 366 | 294
Derivative Liability | [5] | 117 | 123
Interest rate hedging instruments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 0 | 12
Derivative Liability |  | 150 | 31
Interest rate hedging instruments | Level 1 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 0 | 0
Derivative Liability |  | 0 | 0
Interest rate hedging instruments | Level 2 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 0 | 12
Derivative Liability |  | 150 | 31
Interest rate hedging instruments | Level 3 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 0 | 0
Derivative Liability |  | $ 0 | $ 0
[1] | At March 31, 2020 and December 31, 2019, we had cash equivalents of $222 million and $573 million included in cash and cash equivalents and $222 million and $211 million included in restricted cash, respectively.
[2] | At March 31, 2020 and December 31, 2019, we had $191 million and $191 million, respectively, of collateral under master netting arrangements that were not offset against our derivative instruments on the Consolidated Condensed Balance Sheets primarily related to initial margin requirements.
[3] | Cash collateral posted with (received from) counterparties allocated to level 1, level 2 and level 3 derivative instruments totaled $35 million, $8 million and nil, respectively, at March 31, 2020. Cash collateral posted with (received from) counterparties allocated to level 1, level 2 and level 3 derivative instruments totaled $112 million, $2 million and nil, respectively, at December 31, 2019.
[4] | We offset fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement for financial statement presentation; therefore, amounts recognized for the right to reclaim, or the obligation to return, cash collateral are presented net with the corresponding derivative instrument fair values. See Note 6 for further discussion of our derivative instruments subject to master netting arrangements.
[5] | Includes OTC swaps and options.

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