Energy Transfer 2013 Annual Report Download - page 170
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Table of Contents
Fair Value
Total
Fair Value Measurements at December 31,
2012
Level 1
Level 2
Assets:
Interest rate derivatives $55
$ —
$55
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX 11
11
—
Swing Swaps IFERC 3
—
3
Fixed Swaps/Futures 96
94
2
Options – Puts 1
—
1
Options – Calls 3
—
3
Forward Physical Swaps 1
—
1
Power:
Forwards 27
—
27
Futures 1
1
—
Options – Calls 2
—
2
Natural Gas Liquids – Swaps 1
1
—
Refined Products – Futures 5
1
4
Total commodity derivatives 151
108
43
Total assets $ 206
$108
$98
Liabilities:
Interest rate derivatives $(223)
$ —
$(223)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX (18)
(18)
—
Swing Swaps IFERC (2)
—
(2)
Fixed Swaps/Futures (103)
(94)
(9)
Options – Puts (1)
—
(1)
Options – Calls (3)
—
(3)
Power:
Forwards (27)
—
(27)
Futures (2)
(2)
—
Natural Gas Liquids – Swaps (3)
(3)
—
Refined Products – Futures (8)
(1)
(7)
Total commodity derivatives (167)
(118)
(49)
Total liabilities $(390)
$(118)
$(272)
At December 31, 2013, the fair value of the Trunkline LNG reporting unit was classified as Level 3 of the fair value hierarchy due to the significance of
unobservable inputs developed using company-specific information. We used the income approach to measure the fair value of the Trunkline LNG
reporting unit. Under the income approach, we calculated the fair value based on the present value of the estimated future cash flows. The discount rate
used, which was an unobservable input, was based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific
characteristics and the uncertainty related to the business's ability to execute on the projected cash flows.
Contributions in Aid of Construction Costs
On certain of our capital projects, third parties are obligated to reimburse us for all or a portion of project expenditures. The majority of such arrangements
are associated with pipeline construction and production well tie-ins. Contributions in aid of
F - 23