Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

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

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, 2016 and December 31, 2015.



	Fair Value Measurements at March 31, 2016
	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	$	—	$	3,087	$	969	$	4,056
Unrealized derivative gains:
Commodity contracts	—		486		218		704
Foreign exchange contracts	—		134		—		134
Interest rate contracts	—		33		—		33
Cash equivalents	190		—		—		190
Marketable securities	879		89		—		968
Segregated investments	2,184		—		—		2,184
Deferred receivables consideration	—		292		—		292
Total Assets	$	3,253	$	4,121	$	1,187	$	8,561

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	359	$	111	$	470
Foreign exchange contracts	—		206		—		206
Inventory-related payables	—		450		23		473
Total Liabilities	$	—	$	1,015	$	134	$	1,149



	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 receivables 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, 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, 2016.



	Level 3 Fair Value Asset Measurements at
	March 31, 2016
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)

Balance, December 31, 2015	$	1,004		$	243		$	1,247
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(114		)	63			(51		)
Purchases	2,356			—			2,356
Sales	(2,237		)	—			(2,237		)
Settlements	—			(97		)	(97		)
Transfers into Level 3	88			32			120
Transfers out of Level 3	(128		)	(23		)	(151		)
Ending balance, March 31, 2016	$	969		$	218		$	1,187

* Includes increase in unrealized gains of $18 million relating to Level 3 assets still held at March 31, 2016.

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 net realized/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.

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, 2016.



	Level 3 Fair Value Liability Measurements at
	March 31, 2016
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total Liabilities
	(In millions)

Balance, December 31, 2015	$	16		$	113		$	129
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	13			79			92
Purchases	1			—			1
Sales	(7		)	—			(7		)
Settlements	—			(72		)	(72		)
Transfers into Level 3	—			15			15
Transfers out of Level 3	—			(24		)	(24		)
Ending balance, March 31, 2016	$	23		$	111		$	134

* Includes increase in unrealized losses of $79 million relating to Level 3 liabilities still held at March 31, 2016.

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 net realized/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.

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, 2016 and December 31, 2015. 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, 2016 is a weighted average 21.8% of the total price for assets and 61.8% of the total price for liabilities.



	Weighted Average % of Total Price
	March 31, 2016				December 31, 2015
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	21.8	%	61.8	%	10.0	%	53.5	%
Transportation cost	2.2	%	2.4	%	1.8	%	—

Commodity Derivative Contracts
Basis	20.2	%	20.7	%	17.7	%	17.9	%
Transportation cost	4.7	%	9.7	%	6.6	%	10.4	%