Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015 and December 31, 2014.



	Fair Value Measurements at March 31, 2015
	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	$	—	$	3,146	$	1,039	$	4,185
Unrealized derivative gains:
Commodity contracts	—		427		178		605
Foreign exchange contracts	—		211		—		211
Interest rate contracts	—		33		—		33
Cash equivalents	178		—		—		178
Marketable securities	779		84		—		863
Segregated investments	2,385		—		—		2,385
Deferred receivables consideration	—		614		—		614
Total Assets	$	3,342	$	4,515	$	1,217	$	9,074

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	411	$	218	$	629
Foreign exchange contracts	—		288		—		288
Inventory-related payables	—		456		20		476
Total Liabilities	$	—	$	1,155	$	238	$	1,393



	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 receivables 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, Assets and Liabilities 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, 2015.



	Level 3 Fair Value Asset Measurements at
	March 31, 2015
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)

Balance, December 31, 2014	$	1,491		$	203		$	1,694
Total increase (decrease) in unrealized gains included in cost of products sold*	(331		)	69			(262		)
Purchases	2,817			—			2,817
Sales	(2,803		)	—			(2,803		)
Settlements	—			(144		)	(144		)
Transfers into Level 3	103			55			158
Transfers out of Level 3	(238		)	(5		)	(243		)
Ending balance, March 31, 2015	$	1,039		$	178		$	1,217

* Includes increase in unrealized gains of $25 million relating to Level 3 assets still held at March 31, 2015.

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, 2015.



	Level 3 Fair Value Liability Measurements at
	March 31, 2015
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total Liabilities
	(In millions)

Balance, December 31, 2014	$	40		$	212		$	252
Total increase (decrease) in unrealized losses included in cost of products sold*	(5		)	64			59
Purchases	6			—			6
Sales	(22		)	—			(22		)
Settlements	—			(135		)	(135		)
Transfers into Level 3	1			82			83
Transfers out of Level 3	—			(5		)	(5		)
Ending balance, March 31, 2015	$	20		$	218		$	238

* Includes increase in unrealized losses of $55 million relating to Level 3 liabilities still held at March 31, 2015.

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 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.

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, 2015 and December 31, 2014. 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, 2015 is a weighted average 18.1% of the total price for assets and 40.1% of the total price for liabilities.



	Weighted Average % of Total Price
	March 31, 2015				December 31, 2014
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	18.1	%	40.1	%	23.4	%	43.4	%
Transportation cost	3.0	%	2.2	%	4.9	%	15.2	%

Commodity Derivative Contracts
Basis	22.4	%	20.8	%	13.5	%	13.6	%
Transportation cost	3.8	%	16.4	%	10.2	%	19.5	%