v3.20.2

Assets and Liabilities with Recurring Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019
--- | --- | ---
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Cash equivalents | [1] | $ 417 | $ 784
Derivative Asset | [2] | 449 | 402
Effect of Netting and Allocation of Collateral | [3],[4] | (1,330) | (1,021)
Total assets |  | 866 | 1,186
Derivative Liability | [2] | 364 | 288
Effect of Netting and Allocation of Collateral, Liability | [3],[4] | (1,337) | (1,135)
Total Liabilities |  | 364 | 288
Level 1 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Cash equivalents | [1] | 417 | 784
Effect of Netting and Allocation of Collateral | [3],[4] | (991) | (872)
Total assets |  | 417 | 784
Effect of Netting and Allocation of Collateral, Liability | [3],[4] | (1,001) | (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] | (299) | (131)
Total assets |  | 125 | 126
Effect of Netting and Allocation of Collateral, Liability | [3],[4] | (296) | (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] | (40) | (18)
Total assets |  | 324 | 276
Effect of Netting and Allocation of Collateral, Liability | [3],[4] | (40) | (18)
Total Liabilities |  | 78 | 105
Commodity exchange traded derivatives contracts |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 991 | 872
Derivative Liability |  | 1,001 | 984
Commodity exchange traded derivatives contracts | Level 1 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 991 | 872
Derivative Liability |  | 1,001 | 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] | 788 | 539
Derivative Liability | [5] | 539 | 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] | 424 | 245
Derivative Liability | [5] | 421 | 285
Commodity forward contracts | Level 3 |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset | [5] | 364 | 294
Derivative Liability | [5] | 118 | 123
Interest rate hedging instruments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Derivative Asset |  | 0 | 12
Derivative Liability |  | 161 | 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 |  | 161 | 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 June 30, 2020 and December 31, 2019, we had cash equivalents of $190 million and $573 million included in cash and cash equivalents and $227 million and $211 million included in restricted cash, respectively.
[2] | At June 30, 2020 and December 31, 2019, we had $260 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 $10 million, $(3) million and nil, respectively, at June 30, 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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