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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Fair Value Measurements At Reporting Date



	Fair Value Measurements at December 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	$	—	$	3,208	$	1,491	$	4,699
Unrealized derivative gains:
Commodity contracts	—		487		203		690
Foreign exchange contracts	—		186		—		186
Interest rate contracts	—		21		—		21
Cash equivalents	491		—		—		491
Marketable securities	860		80		—		940
Segregated investments	2,158		—		—		2,158
Deferred consideration	—		511		—		511
Total Assets	$	3,509	$	4,493	$	1,694	$	9,696
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	564	$	212	$	776
Foreign exchange contracts	—		150		—		150
Inventory-related payables	—		612		40		652
Total Liabilities	$	—	$	1,326	$	252	$	1,578



	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

Reconciliation Of Assets Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Assets Measurements at December 31, 2014
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2013	$	1,812		$	279		$	2,091
Total increase (decrease) in unrealized gains included in cost of products sold*	15			544			559
Purchases	16,114			—			16,114
Sales	(16,384		)	—			(16,384		)
Settlements	—			(948		)	(948		)
Transfers into Level 3	44			395			439
Transfers out of Level 3	(110		)	(67		)	(177		)
Ending balance, December 31, 2014	$	1,491		$	203		$	1,694

* Includes gains of $602 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2014.



	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, 2014
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2013	$	34		$	261		$	295
Total increase (decrease) in unrealized losses included in cost of products sold*	22			534			556
Purchases	29			—			29
Sales	(45		)	—			(45		)
Settlements	—			(785		)	(785		)
Transfers into Level 3	—			256			256
Transfers out of Level 3	—			(54		)	(54		)
Ending balance, December 31, 2014	$	40		$	212		$	252

* Includes losses of $558 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2014.



	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.

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, 2014		December 31, 2013
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories
Basis	23.4%	43.4%	21.9%	13.2%
Transportation cost	4.9%	15.2%	12.3%	—%
Commodity Derivative Contracts
Basis	13.5%	13.6%	22.8%	17.6%
Transportation cost	10.2%	19.5%	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.

+ 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