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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2014
Fair Value Disclosures [Abstract]  
Fair value of assets and liabilities measured on recurring basis
The tables below present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 2014 and December 31, 2013.

We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
 
June 30, 2014
 
 
 
Total
Gross
Fair
Value
 
Effect of
Counter-
party
Netting
 
Effect of
Cash
Collateral
Netting
 
Net
Carrying
Value on
Balance
Sheet
 
Cash
Collateral
Paid or
Received
Not Offset
 
Fair Value Hierarchy
 
 
Level 1
 
Level 2
 
Level 3
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
1,182

 
$
28

 
$
—

 
$
1,210

 
$
(1,182
)
 
$
(5
)
 
$
23

 
$
—

Investments of certain
benefit plans
100

 
—

 
11

 
111

 
n/a

 
n/a

 
111

 
n/a

Total
$
1,282

 
$
28

 
$
11

 
$
1,321

 
$
(1,182
)
 
$
(5
)
 
$
134

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 

 
 
 
 
 

 
 
Commodity derivative
contracts
$
1,260

 
$
32

 
$
—

 
$
1,292

 
$
(1,182
)
 
$
(109
)
 
$
1

 
$
(159
)
Biofuels blending
obligation
—

 
77

 
—

 
77

 
n/a

 
n/a

 
77

 
n/a

Physical purchase
contracts
—

 
11

 
—

 
11

 
n/a

 
n/a

 
11

 
n/a

Foreign currency
contracts
13

 
—

 
—

 
13

 
n/a

 
n/a

 
13

 
n/a

Total
$
1,273

 
$
120

 
$
—

 
$
1,393

 
$
(1,182
)
 
$
(109
)
 
$
102

 


 
December 31, 2013
 
 
 
Total
Gross
Fair
Value
 
Effect of
Counter-
party
Netting
 
Effect of
Cash
Collateral
Netting
 
Net
Carrying
Value on
Balance
Sheet
 
Cash
Collateral
Paid or
Received
Not Offset
 
Fair Value Hierarchy
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
499

 
$
38

 
$
—

 
$
537

 
$
(505
)
 
$
(7
)
 
$
25

 
$
—

Investments of certain benefit plans
98

 
—

 
11

 
109

 
n/a

 
n/a

 
109

 
n/a

Total
$
597

 
$
38

 
$
11

 
$
646

 
$
(505
)
 
$
(7
)
 
$
134

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
492

 
$
24

 
$
—

 
$
516

 
$
(505
)
 
$
(6
)
 
$
5

 
$
(76
)
Biofuels blending obligation
—

 
11

 
—

 
11

 
n/a

 
n/a

 
11

 
n/a

Physical purchase contracts
—

 
5

 
—

 
5

 
n/a

 
n/a

 
5

 
n/a

Foreign currency
contracts
8

 
—

 
—

 
8

 
n/a

 
n/a

 
8

 
n/a

Total
$
500

 
$
40

 
$
—

 
$
540

 
$
(505
)
 
$
(6
)
 
$
29

 
Carrying amounts and estimated fair value of financial instruments
Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the table below (in millions):
 
June 30, 2014
 
December 31, 2013
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Financial assets:
 
 
 
 
 
 
 
Cash and temporary cash investments
$
3,480

 
$
3,480

 
$
4,292

 
$
4,292

Financial liabilities:
 
 
 
 
 
 
 
Debt (excluding capital leases)
6,348

 
7,862

 
6,525

 
7,659