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Derivatives and Risk Management Activities (Tables)
 3 Months Ended
Mar. 31, 2020
Derivatives and Risk Management Activities  
Impact of derivatives recognized in earnings A summary of the impact of our commodity derivatives recognized in earnings as follows (in millions):
 Three Months Ended
March 31,
 20202019
Supply and Logistics segment revenues$149  $213  
Field operating costs1  7  
   Net gain/(loss) from commodity derivative activity$150  $220  
Schedule of net broker receivable/(payable) The following table provides the components of our net broker receivable/(payable) (in millions):
March 31,
2020		December 31,
2019
Initial margin$163  $73  
Variation margin posted/(returned)
(214) (45) 
Letters of credit
(74) (73) 
Net broker payable
$(125) $(45) 
Summary of derivative assets and liabilities on Condensed Consolidated Balance Sheets on a gross basis
The following table reflects the Condensed Consolidated Balance Sheet line items that include the fair values of our commodity derivative assets and liabilities and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of counterparty netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our Condensed Consolidated Balance Sheet when the legal right of offset exists. Amounts in the table below are presented in millions.

March 31, 2020December 31, 2019
Effect of Collateral NettingNet Carrying Value Presented on the Balance SheetEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
Commodity DerivativesCommodity Derivatives
AssetsLiabilitiesAssetsLiabilities
Derivative Assets
Other current assets$446  $(256) $(125) $65  $179  $(37) $(45) $97  
Other long-term assets, net99  (15) —  84  24  —  —  24  
Derivative Liabilities
Other current liabilities161  (171) —  (10) 32  (56) —  (24) 
Other long-term liabilities and deferred credits—  (12) —  (12) —  (12) —  (12) 
Total$706  $(454) $(125) $127  $235  $(105) $(45) $85  
Net unrealized gain/(loss) recognized in AOCI for derivatives
The following table summarizes the net unrealized gain/(loss) recognized in AOCI for derivatives (in millions):

Three Months Ended
March 31,
 20202019
Interest rate derivatives, net$(79) $(23) 
Schedule of derivative financial assets and liabilities accounted for at fair value on a recurring basis, by level within the fair value hierarchy
The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis (in millions):

 Fair Value as of March 31, 2020Fair Value as of December 31, 2019
Recurring Fair Value Measures (1)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Commodity derivatives$177  $128  $(53) $252  $42  $105  $(17) $130  
Interest rate derivatives—  (124) —  (124) —  (44) —  (44) 
Foreign currency derivatives—  (5) —  (5) —  1  —  1  
Preferred Distribution Rate Reset Option—  —  (8) (8) —  —  (34) (34) 
Total net derivative asset/(liability)$177  $(1) $(61) $115  $42  $62  $(51) $53  

(1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.
Reconciliation of changes in fair value of derivatives classified as Level 3
The following table provides a reconciliation of changes in fair value of the beginning and ending balances for our derivatives classified as Level 3 (in millions):

Three Months Ended
March 31,
 20202019
Beginning Balance$(51) $(24) 
Net gains/(losses) for the period included in earnings(10) 23  
Settlements—  (10) 
Derivatives entered into during the period—  1  
Ending Balance$(61) $(10) 
Change in unrealized gains/(losses) included in earnings relating to Level 3 derivatives still held at the end of the period
$(10) $24  
Commodity Derivatives  
Derivatives and Risk Management Activities  
Summary of open derivative positions The following table summarizes our open derivative positions utilized to hedge the price risk associated with anticipated purchases and sales related to our natural gas processing and NGL fractionation activities as of March 31, 2020:
Notional Volume
(Short)/LongRemaining Tenor
Natural gas purchases
41.8 Bcf
December 2022
Propane sales
(3.0) MMbls
December 2020
Butane sales
(1.8) MMbls
December 2020
Condensate sales (WTI position)
(0.9) MMbls
December 2020
Power supply requirements (1)
0.9 TWh
December 2022

(1)Power position to hedge a portion of our power supply requirements at our Canadian natural gas processing and fractionation plants.
Interest Rate Derivatives  
Derivatives and Risk Management Activities  
Schedule of terms of outstanding interest rate derivatives
The following table summarizes the terms of our outstanding interest rate derivatives as of March 31, 2020 (notional amounts in millions):

Hedged TransactionNumber and Types of
Derivatives Employed		Notional
Amount		Expected
Termination Date		Average Rate
Locked		Accounting
Treatment
Anticipated interest payments
8 forward starting swaps
(30-year)
$200  6/15/20203.06 %Cash flow hedge
Anticipated interest payments
8 forward starting swaps
(30-year)
$200  6/15/20231.38 %Cash flow hedge
Anticipated interest payments
8 forward starting swaps
(30-year)
$200  6/14/20240.73 %Cash flow hedge
Foreign Currency Derivatives  
Derivatives and Risk Management Activities  
Summary of open derivative positions
The following table summarizes our open forward exchange contracts as of March 31, 2020 (in millions):

  USDCADAverage Exchange Rate
USD to CAD
Forward exchange contracts that exchange CAD for USD:    
2020$132  $175  
$1.00 - $1.32
Forward exchange contracts that exchange USD for CAD:    
 2020$300  $404  
$1.00 - $1.35