Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014.



	Level 3 Fair Value Liability Measurements at
	March 31, 2014
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total Liabilities
	(In millions)

Balance, December 31, 2013	$	34		$	261		$	295
Total increase (decrease) in unrealized losses included in cost of products sold*	7			225			232
Purchases	4			—			4
Sales	(18		)	—			(18		)
Settlements	—			(212		)	(212		)
Transfers into Level 3	—			66			66
Transfers out of Level 3	—			(20		)	(20		)
Ending balance, March 31, 2014	$	27		$	320		$	347

* Includes increase in unrealized losses of $228 million relating to Level 3 liabilities still held at March 31, 2014.

The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2013.



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

Balance, December 31, 2012	$	33		$	138		$	171
Total increase (decrease) in unrealized losses included in cost of products sold*	10			118			128
Purchases	176			—			176
Sales	(4		)	—			(4		)
Settlements	—			(102		)	(102		)
Transfers into Level 3	1			23			24
Transfers out of Level 3	—			(6		)	(6		)
Ending balance, March 31, 2013	$	216		$	171		$	387

* Includes increase in unrealized losses of $117 million relating to Level 3 liabilities still held at March 31, 2013.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014.



	Level 3 Fair Value Asset Measurements at
	March 31, 2014
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)

Balance, December 31, 2013	$	1,812		$	279		$	2,091
Total increase (decrease) in unrealized gains included in cost of products sold*	(166		)	98			(68		)
Purchases	4,103			—			4,103
Sales	(3,894		)	—			(3,894		)
Settlements	—			(180		)	(180		)
Transfers into Level 3	127			62			189
Transfers out of Level 3	(111		)	(7		)	(118		)
Ending balance, March 31, 2014	$	1,871		$	252		$	2,123

* Includes increase in unrealized gains of $222 million relating to Level 3 assets still held at March 31, 2014.

The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2013.



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

Balance, December 31, 2012	$	1,745		$	143		$	1,888
Total increase (decrease) in unrealized gains included in cost of products sold*	(697		)	136			(561		)
Purchases	4,684			—			4,684
Sales	(3,700		)	—			(3,700		)
Settlements	—			(96		)	(96		)
Transfers into Level 3	40			48			88
Transfers out of Level 3	(50		)	(8		)	(58		)
Ending balance, March 31, 2013	$	2,022		$	223		$	2,245

* Includes increase in unrealized gains of $130 million relating to Level 3 assets still held at March 31, 2013.

Fair Value Measurements At Reporting Date

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013.



	Fair Value Measurements at March 31, 2014
	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	$	—	$	4,774	$	1,871	$	6,645
Unrealized derivative gains:
Commodity contracts	—		743		252		995
Foreign exchange contracts	—		132		—		132
Interest rate contracts	—		1		—		1
Cash equivalents	506		—		—		506
Marketable securities	851		86		—		937
Segregated investments	1,656		—		—		1,656
Deferred receivables consideration	—		573		—		573
Total Assets	$	3,013	$	6,309	$	2,123	$	11,445

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	491	$	320	$	811
Foreign exchange contracts	2		138		—		140
Interest rate contracts	—		5		—		5
Inventory-related payables	—		463		27		490
Total Liabilities	$	2	$	1,097	$	347	$	1,446



	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 receivables 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

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

The following table sets forth the weighted average percentage of the unobservable price components included in the Company's Level 3 valuations as of March 31, 2014 and December 31, 2013. The Company's Level 3 measurements may include Basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with Basis, the unobservable component as of March 31, 2014 is a weighted average 20.3% of the total price for assets and 22.1% for liabilities.



	Weighted Average % of Total Price
	March 31, 2014				December 31, 2013
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	20.3	%	22.1	%	21.9	%	13.2	%
Transportation cost	13.2	%	—	%	12.3	%	—	%

Commodity Derivative Contracts
Basis	13.9	%	17.0	%	22.8	%	17.6	%
Transportation cost	9.5	%	11.5	%	32.5	%	12.3	%

- 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.

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- 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.

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