Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Jun. 30, 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 June 30, 2016 and December 31, 2015.



	Fair Value Measurements at June 30, 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	$	—	$	3,072	$	1,099	$	4,171
Unrealized derivative gains:
Commodity contracts	—		967		153		1,120
Foreign exchange contracts	—		109		—		109
Interest rate contracts	—		41		—		41
Cash equivalents	40		—		—		40
Marketable securities	810		72		—		882
Segregated investments	1,633		—		—		1,633
Deferred receivables consideration	—		403		—		403
Total Assets	$	2,483	$	4,664	$	1,252	$	8,399

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	690	$	500	$	1,190
Foreign exchange contracts	7		240		—		247
Inventory-related payables	—		245		12		257
Total Liabilities	$	7	$	1,175	$	512	$	1,694



	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 June 30, 2016.



	Level 3 Fair Value Asset Measurements at
	June 30, 2016
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)

Balance, March 31, 2016	$	969		$	218		$	1,187
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(105		)	32			(73		)
Purchases	2,686			—			2,686
Sales	(2,506		)	—			(2,506		)
Settlements	—			(120		)	(120		)
Transfers into Level 3	79			34			113
Transfers out of Level 3	(24		)	(11		)	(35		)
Ending balance, June 30, 2016	$	1,099		$	153		$	1,252

* Includes decrease in unrealized gains of $3 million relating to Level 3 assets still held at June 30, 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 six months ended June 30, 2016.



	Level 3 Fair Value Asset Measurements at
	June 30, 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*	(155		)	94			(61		)
Purchases	5,042			—			5,042
Sales	(4,743		)	—			(4,743		)
Settlements	—			(217		)	(217		)
Transfers into Level 3	79			66			145
Transfers out of Level 3	(128		)	(33		)	(161		)
Ending balance, June 30, 2016	$	1,099		$	153		$	1,252

* Includes increase in unrealized gains of $14 million relating to Level 3 assets still held at June 30, 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 six months ended June 30, 2015.



	Level 3 Fair Value Asset Measurements at
	June 30, 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*	(275		)	109			(166		)
Purchases	5,668			—			5,668
Sales	(5,693		)	—			(5,693		)
Settlements	—			(261		)	(261		)
Transfers into Level 3	73			113			186
Transfers out of Level 3	(238		)	(10		)	(248		)
Ending balance, June 30, 2015	$	1,026		$	154		$	1,180

* Includes increase in unrealized gains of $205 million relating to Level 3 assets still held at June 30, 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 June 30, 2015.



	Level 3 Fair Value Asset Measurements at
	June 30, 2015
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)

Balance, March 31, 2015	$	1,039		$	178		$	1,217
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	17			40			57
Purchases	2,851			—			2,851
Sales	(2,890		)	—			(2,890		)
Settlements	—			(117		)	(117		)
Transfers into Level 3	74			58			132
Transfers out of Level 3	(65		)	(5		)	(70		)
Ending balance, June 30, 2015	$	1,026		$	154		$	1,180

* Includes increase in unrealized gains of $180 million relating to Level 3 assets still held at June 30, 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 six months ended June 30, 2016.



	Level 3 Fair Value Liability Measurements at
	June 30, 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*	2			496			498
Purchases	2			—			2
Sales	(8		)	—			(8		)
Settlements	—			(146		)	(146		)
Transfers into Level 3	—			83			83
Transfers out of Level 3	—			(46		)	(46		)
Ending balance, June 30, 2016	$	12		$	500		$	512

* Includes increase in unrealized losses of $498 million relating to Level 3 liabilities still held at June 30, 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 June 30, 2016.



	Level 3 Fair Value Liability Measurements at
	June 30, 2016
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total Liabilities
	(In millions)

Balance, March 31, 2016	$	23		$	111		$	134
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(11		)	417			406
Purchases	1			—			1
Sales	(1		)	—			(1		)
Settlements	—			(73		)	(73		)
Transfers into Level 3	—			67			67
Transfers out of Level 3	—			(22		)	(22		)
Ending balance, June 30, 2016	$	12		$	500		$	512

* Includes increase in unrealized losses of $419 million relating to Level 3 liabilities still held at June 30, 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 June 30, 2015.



	Level 3 Fair Value Liability Measurements at
	June 30, 2015
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total Liabilities
	(In millions)

Balance, March 31, 2015	$	20		$	218		$	238
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(6		)	215			209
Purchases	6			—			6
Sales	(6		)	—			(6		)
Settlements	—			(114		)	(114		)
Transfers into Level 3	—			54			54
Transfers out of Level 3	(1		)	(10		)	(11		)
Ending balance, June 30, 2015	$	13		$	363		$	376

* Includes increase in unrealized losses of $215 million relating to Level 3 liabilities still held at June 30, 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 six months ended June 30, 2015.



	Level 3 Fair Value Liability Measurements at
	June 30, 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*	(11		)	279			268
Purchases	12			—			12
Sales	(28		)	—			(28		)
Settlements	—			(249		)	(249		)
Transfers into Level 3	—			136			136
Transfers out of Level 3	—			(15		)	(15		)
Ending balance, June 30, 2015	$	13		$	363		$	376

* Includes increase in unrealized losses of $270 million relating to Level 3 liabilities still held at June 30, 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 June 30, 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 June 30, 2016 is a weighted average 15.9% of the total price for assets and 80.4% of the total price for liabilities.



	Weighted Average % of Total Price
	June 30, 2016				December 31, 2015
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	15.9	%	80.4	%	10.0	%	53.5	%
Transportation cost	2.5	%	1.9	%	1.8	%	—

Commodity Derivative Contracts
Basis	18.0	%	15.1	%	17.7	%	17.9	%
Transportation cost	5.1	%	4.3	%	6.6	%	10.4	%