Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements At Reporting Date

	Fair Value Measurements at December 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	$	—	$	3,062	$	1,004	$	4,066
Unrealized derivative gains:
Commodity contracts	—		403		243		646
Foreign exchange contracts	1		92		—		93
Interest rate contracts	—		19		—		19
Cash equivalents	328		—		—		328
Marketable securities	698		175		—		873
Segregated investments	1,938		—		—		1,938
Deferred consideration	—		513		—		513
Total Assets	$	2,965	$	4,264	$	1,247	$	8,476
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	306	$	113	$	419
Foreign exchange contracts	—		186		—		186
Inventory-related payables	—		705		16		721
Total Liabilities	$	—	$	1,197	$	129	$	1,326

	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

Reconciliation Of Assets Measured At Fair Value On A Recurring Basis

	Level 3 Fair Value Assets Measurements at December 31, 2015
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2014	$	1,491		$	203		$	1,694
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(320		)	265			(55		)
Purchases	10,459			—			10,459
Sales	(10,534		)	—			(10,534		)
Settlements	—			(378		)	(378		)
Transfers into Level 3	146			195			341
Transfers out of Level 3	(238		)	(42		)	(280		)
Ending balance, December 31, 2015	$	1,004		$	243		$	1,247

* Includes gains of $297 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2015.

	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 net realized/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.

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Liabilities Measurements at December 31, 2015
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2014	$	40		$	212		$	252
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(10		)	315			305
Purchases	17			—			17
Sales	(31		)	—			(31		)
Settlements	—			(566		)	(566		)
Transfers into Level 3	—			177			177
Transfers out of Level 3	—			(25		)	(25		)
Ending balance, December 31, 2015	$	16		$	113		$	129

* Includes losses of $328 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2015.

	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 net realized/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.

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, 2015		December 31, 2014
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories
Basis	10.0%	53.5%	23.4%	43.4%
Transportation cost	1.8%	—%	4.9%	15.2%
Commodity Derivative Contracts
Basis	17.7%	17.9%	13.5%	13.6%
Transportation cost	6.6%	10.4%	10.2%	19.5%