The table below summarizes the balances outstanding under margin deposits, natural gas and power prepayments, and exposure under letters of credit and first priority liens for commodity procurement and risk management activities as of June 30, 2020 and December 31, 2019 (in millions):



	June 30, 2020		December 31, 2019
Margin deposits⁽¹⁾	$	290	$	432
Natural gas and power prepayments	31		29
Total margin deposits and natural gas and power prepayments with our counterparties⁽²⁾	$	321	$	461

Letters of credit issued	$	877	$	906
First priority liens under power and natural gas agreements	20		42
First priority liens under interest rate hedging instruments	168		31
Total letters of credit and first priority liens with our counterparties	$	1,065	$	979

Margin deposits posted with us by our counterparties⁽¹⁾⁽³⁾	$	23	$	127
Letters of credit posted with us by our counterparties	212		25
Total margin deposits and letters of credit posted with us by our counterparties	$	235	$	152

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(1)

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.


(2)	At June 30, 2020 and December 31, 2019, $19 million and $117 million, respectively, were included in current and long-term derivative assets and liabilities, $294 million and $336 million, respectively, were included in margin deposits and other prepaid expense and $8 million and $8 million, respectively, were included in other assets on our Consolidated Condensed Balance Sheets.


(3)	At June 30, 2020 and December 31, 2019, $12 million and $3 million, respectively, were included in current and long-term derivative assets and liabilities, $11 million and $93 million, respectively, were included in other current liabilities and nil and $31 million, respectively, were included in other long-term liabilities on our Consolidated Condensed Balance Sheets.