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.