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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Fair Value Measurements At Reporting Date



	Fair Value Measurements at December 31, 2013
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
			(In millions)

Assets:
Inventories carried at market	$	—	$	4,247	$	1,812	$	6,059
Unrealized derivative gains:
Commodity contracts	31		540		279		850
Foreign exchange contracts	30		88		—		118
Interest rate contracts	—		1		—		1
Cash equivalents	2,518		—		—		2,518
Marketable securities	881		26		—		907
Segregated investments	1,707		—		—		1,707
Deferred consideration	—		757		—		757
Total Assets	$	5,167	$	5,659	$	2,091	$	12,917
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	45	$	343	$	261	$	649
Foreign exchange contracts	—		166		—		166
Interest rate contracts	—		9		—		9
Inventory-related payables	—		708		34		742
Total Liabilities	$	45	$	1,226	$	295	$	1,566



	Fair Value Measurements at December 31, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
			(In millions)

Assets:
Inventories carried at market	$	—	$	5,291	$	1,745	$	7,036
Unrealized derivative gains:
Commodity contracts	131		936		143		1,210
Foreign exchange contracts	—		170		—		170
Other contracts	—		1		—		1
Cash equivalents	1,045		—		—		1,045
Marketable securities	1,265		16		—		1,281
Segregated investments	1,186		—		—		1,186
Deferred consideration	—		900		—		900
Total Assets	$	3,627	$	7,314	$	1,888	$	12,829
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	63	$	638	$	138	$	839
Foreign exchange contracts	—		215		—		215
Inventory-related payables	—		903		33		936
Total Liabilities	$	63	$	1,756	$	171	$	1,990

Reconciliation Of Assets Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Assets Measurements at December 31, 2012
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)

Balance, June 30, 2012	$	1,462		$	171		$	1,633
Total increase (decrease) in unrealized gains included in cost of products sold*	78			127			205
Purchases	4,866			—			4,866
Sales	(4,746		)	—			(4,746		)
Settlements	—			(231		)	(231		)
Transfers into Level 3	278			161			439
Transfers out of Level 3	(193		)	(85		)	(278		)
Ending balance, December 31, 2012	$	1,745		$	143		$	1,888

* Includes gains of $130 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2012.



	Level 3 Fair Value Assets Measurements at December 31, 2013
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)

Balance, December 31, 2012	$	1,745		$	143		$	1,888
Total increase (decrease) in unrealized gains included in cost of products sold*	(645		)	474			(171		)
Purchases	14,638			—			14,638
Sales	(14,107		)	—			(14,107		)
Settlements	—			(567		)	(567		)
Transfers into Level 3	231			323			554
Transfers out of Level 3	(50		)	(94		)	(144		)
Ending balance, December 31, 2013	$	1,812		$	279		$	2,091

* Includes gains of $700 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2013.

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Liabilities Measurements at December 31, 2013
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)

Balance, December 31, 2012	$	33		$	138		$	171
Total increase (decrease) in unrealized losses included in cost of products sold*	(191		)	524			333
Purchases	219			—			219
Sales	(26		)	—			(26		)
Settlements	—			(550		)	(550		)
Transfers into Level 3	—			197			197
Transfers out of Level 3	(1		)	(48		)	(49		)
Ending balance, December 31, 2013	$	34		$	261		$	295

* Includes losses of $380 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2013.



	Level 3 Fair Value Liabilities Measurements at December 31, 2012
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)

Balance, June 30, 2012	$	38		$	179		$	217
Total increase (decrease) in unrealized losses included in cost of products sold*	1			139			140
Purchases	8			—			8
Sales	(17		)	—			(17		)
Settlements	—			(235		)	(235		)
Transfers into Level 3	3			101			104
Transfers out of Level 3	—			(46		)	(46		)
Ending balance, December 31, 2012	$	33		$	138		$	171

* Includes losses of $165 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2012.

Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis



	Weighted Average % of Total Price
	December 31, 2013		December 31, 2012
Component Type	Assets	Liabilities	Assets	Liabilities

Inventories
Basis	21.9%	13.2%	13.5%	26.2%
Transportation cost	12.3%	—%	8.4%	9.1%
Commodity Derivative Contracts
Basis	22.8%	17.6%	45.7%	17.0%
Transportation cost	32.5%	12.3%	16.2%	7.7%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details