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Derivative Summary The following table provides a summary of our derivative assets and liabilities:
                    Fair Value of Derivative Instruments    Asset Derivatives   Liability Derivatives    March 31, 2017   December 31, 2016   March 31, 2017   December 31, 2016  Derivatives designated as hedging instruments:          Commodity derivatives (margin deposits)   $  — 
  $  — 
  $  (2  )   $  (4  )    — 
  — 
  (2  )   (4  )  Derivatives not designated as hedging instruments:          Commodity derivatives (margin deposits)   139 
  338 
  (145  )   (416  )  Commodity derivatives   13 
  24 
  (14  )   (52  )  Interest rate derivatives   — 
  — 
  (188  )   (193  )  Embedded derivatives in ETP Preferred Units   — 
  — 
  — 
  (1  )    152 
  362 
  (347  )   (662  )  Total derivatives   $  152 
  $  362 
  $  (349  )   $  (666  ) 
The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements:
                        Asset Derivatives   Liability Derivatives    Balance Sheet Location   March 31, 2017   December 31, 2016   March 31, 2017   December 31, 2016  Derivatives without offsetting agreements   Derivative assets (liabilities)   $  — 
  $  — 
  $  (188  )   $  (194  )  Derivatives in offsetting agreements:          OTC contracts   Derivative assets (liabilities)   13 
  24 
  (14  )   (52  )  Broker cleared derivative contracts   Other current assets   139 
  338 
  (147  )   (420  )  Total gross derivatives   152 
  362 
  (349  )   (666  )  Offsetting agreements:          Counterparty netting   Derivative assets (liabilities)   (6  )   (4  )   6 
  4 
 Payments on margin deposit   Other current assets   (133  )   (338  )   133 
  338 
 Total net derivatives   $  13 
  $  20 
  $  (210  )   $  (324  ) 
We disclose the nonexchange traded financial derivative instruments as price risk management assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or longterm depending on the anticipated settlement date.
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