Energy Transfer 2010 Annual Report Download - page 146
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The following tables summarize the fair value of our financial assets and liabilities measured and recorded
at fair value on a recurring basis as of December 31, 2010 and 2009 based on inputs used to derive their fair
values:
Fair Value
Total
Fair Value Measurements at
December 31, 2010 Using
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
Significant
Observable
Inputs
(Level 2)
Assets:
Marketable securities $ 2,032 $ 2,032 $ –
Interest rate derivatives 20,790 – 20,790
Commodity derivatives:
Natural Gas:
Fixed Swaps/Futures 649 649 –
Options – Puts 26,234 – 26,234
Propane – Forwards/Swaps 6,864 – 6,864
Total commodity derivatives 33,747 649 33,098
Total Assets $ 56,569 $ 2,681 $ 53,888
Liabilities:
Interest rate derivatives $ (18,338) $ – $ (18,338)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX (1,617) (1,617) –
Swing Swaps IFERC (2,086) (1,958) (128)
Options – Calls (2,569) – (2,569)
Total commodity derivatives (6,272) (3,575) (2,697)
Total Liabilities $ (24,610) $ (3,575) $ (21,035)
Fair Value
Total
Fair Value Measurements at
December 31, 2009 Using
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
Significant
Observable
Inputs
(Level 2)
Assets:
Marketable securities $ 6,055 $ 6,055 $ –
Commodity derivatives 32,479 20,090 12,389
Liabilities:
Commodity derivatives (8,016) (7,574) (442)
Total $ 30,518 $ 18,571 $ 11,947
In conjunction with the MEP Transaction (described in Note 4), we adjusted the investment in MEP to fair
value based on the present value of the expected future cash flows (Level 3), resulting in a nonrecurring fair
value adjustment of $52.6 million. Substantially all of our investment in MEP was transferred to ETE. See
Note 4.
F-20