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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Fair Value Disclosures [Abstract]    
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 September 30, 2016 and December 31, 2015.
 
 
Fair Value Measurements at September 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
$
—

 
$
2,533

 
$
1,164

 
$
3,697

Unrealized derivative gains:
 
 
 
 
 
 
 
Commodity contracts
4

 
491

 
204

 
699

Foreign exchange contracts
—

 
55

 
—

 
55

Interest rate contracts
—

 
28

 
—

 
28

Cash equivalents
249

 
—

 
—

 
249

Marketable securities
647

 
71

 
—

 
718

Segregated investments
1,878

 
—

 
—

 
1,878

Deferred receivables consideration
—

 
661

 
—

 
661

Total Assets
$
2,778

 
$
3,839

 
$
1,368

 
$
7,985

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Unrealized derivative losses:
 
 
 
 
 
 
 
Commodity contracts
$
—

 
$
557

 
$
118

 
$
675

Foreign exchange contracts
—

 
99

 
—

 
99

Inventory-related payables
—

 
394

 
15

 
409

Total Liabilities
$
—

 
$
1,050

 
$
133

 
$
1,183



 
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 September 30, 2016.

 
Level 3 Fair Value Asset Measurements at
 
September 30, 2016
 
Inventories
 Carried at
 Market
 
Commodity
Derivative
Contracts
Gains
 
 
Total 
Assets
 
(In millions)
 
 
 
 
 
 
Balance, June 30, 2016
$
1,099

 
$
153

 
$
1,252

Total increase (decrease) in net realized/unrealized gains included in cost of products sold*
(97
)
 
76

 
(21
)
Purchases
2,523

 
—

 
2,523

Sales
(2,529
)
 
—

 
(2,529
)
Settlements
—

 
(85
)
 
(85
)
Transfers into Level 3
206

 
66

 
272

Transfers out of Level 3
(38
)
 
(6
)
 
(44
)
Ending balance, September 30, 2016
$
1,164

 
$
204

 
$
1,368


* Includes increase in unrealized gains of $22 million relating to Level 3 assets still held at September 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 nine months ended September 30, 2016.
 
Level 3 Fair Value Asset Measurements at
 
September 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*
(210
)
 
171

 
(39
)
Purchases
7,565

 
—

 
7,565

Sales
(7,272
)
 
—

 
(7,272
)
Settlements
—

 
(302
)
 
(302
)
Transfers into Level 3
206

 
132

 
338

Transfers out of Level 3
(129
)
 
(40
)
 
(169
)
Ending balance, September 30, 2016
$
1,164

 
$
204

 
$
1,368



* Includes increase in unrealized gains of $36 million relating to Level 3 assets still held at September 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 nine months ended September 30, 2015.
 
Level 3 Fair Value Asset Measurements at
 
September 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*
(423
)
 
183

 
(240
)
Purchases
8,319

 
—

 
8,319

Sales
(8,388
)
 
—

 
(8,388
)
Settlements
—

 
(306
)
 
(306
)
Transfers into Level 3
169

 
156

 
325

Transfers out of Level 3
(238
)
 
(34
)
 
(272
)
Ending balance, September 30, 2015
$
930

 
$
202

 
$
1,132



* Includes increase in unrealized gains of $267 million relating to Level 3 assets still held at September 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 September 30, 2015.

 
Level 3 Fair Value Asset Measurements at
 
September 30, 2015
 
Inventories
 Carried at
 Market
 
Commodity
Derivative
Contracts
Gains
 
 
Total 
Assets
 
(In millions)
 
 
 
 
 
 
Balance, June 30, 2015
$
1,026

 
$
154

 
$
1,180

Total increase (decrease) in net realized/unrealized gains included in cost of products sold*
(106
)
 
74

 
(32
)
Purchases
2,652

 
—

 
2,652

Sales
(2,695
)
 
—

 
(2,695
)
Settlements
—

 
(45
)
 
(45
)
Transfers into Level 3
169

 
43

 
212

Transfers out of Level 3
(116
)
 
(24
)
 
(140
)
Ending balance, September 30, 2015
$
930

 
$
202

 
$
1,132


* Includes increase in unrealized gains of $62 million relating to Level 3 assets still held at September 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 nine months ended September 30, 2016.

 
Level 3 Fair Value Liability Measurements at
 
September 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*
5

 
494

 
499

Purchases
5

 
—

 
5

Sales
(11
)
 
—

 
(11
)
Settlements
—

 
(392
)
 
(392
)
Transfers into Level 3
—

 
115

 
115

Transfers out of Level 3
—

 
(212
)
 
(212
)
Ending balance, September 30, 2016
$
15

 
$
118

 
$
133



* Includes increase in unrealized losses of $499 million relating to Level 3 liabilities still held at September 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 September 30, 2016.

 
Level 3 Fair Value Liability Measurements at
 
September 30, 2016
 
Inventory-
 related
 Payables
 
Commodity
Derivative
Contracts
Losses
 
 
Total 
Liabilities
 
(In millions)
 
 
 
 
 
 
Balance, June 30, 2016
$
12

 
$
500

 
$
512

Total increase (decrease) in net realized/unrealized losses included in cost of products sold*
3

 
(1
)
 
2

Purchases
3

 
—

 
3

Sales
(3
)
 
—

 
(3
)
Settlements
—

 
(247
)
 
(247
)
Transfers into Level 3
—

 
33

 
33

Transfers out of Level 3
—

 
(167
)
 
(167
)
Ending balance, September 30, 2016
$
15

 
$
118

 
$
133


* Includes increase in unrealized losses of $1 million relating to Level 3 liabilities still held at September 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 September 30, 2015.

 
Level 3 Fair Value Liability Measurements at
 
September 30, 2015
 
Inventory-
 related
 Payables
 
Commodity
Derivative
Contracts
Losses
 
 
Total 
Liabilities
 
(In millions)
 
 
 
 
 
 
Balance, June 30, 2015
$
13

 
$
363

 
$
376

Total increase (decrease) in net realized/unrealized losses included in cost of products sold*
18

 
(8
)
 
10

Purchases
3

 
—

 
3

Settlements
—

 
(219
)
 
(219
)
Transfers into Level 3
—

 
26

 
26

Transfers out of Level 3
—

 
(8
)
 
(8
)
Ending balance, September 30, 2015
$
34

 
$
154

 
$
188


* Includes increase in unrealized losses of $12 million relating to Level 3 liabilities still held at September 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 nine months ended September 30, 2015.
 
Level 3 Fair Value Liability Measurements at
 
September 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*
8

 
271

 
279

Purchases
15

 
—

 
15

Sales
(29
)
 
—

 
(29
)
Settlements
—

 
(468
)
 
(468
)
Transfers into Level 3
—

 
161

 
161

Transfers out of Level 3
—

 
(22
)
 
(22
)
Ending balance, September 30, 2015
$
34

 
$
154

 
$
188



* Includes increase in unrealized losses of $283 million relating to Level 3 liabilities still held at September 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 September 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 September 30, 2016 is a weighted average 17.9% of the total price for assets and 60.7% of the total price for liabilities.

 
Weighted Average % of Total Price
 
September 30, 2016
 
December 31, 2015
Component Type
Assets
 
Liabilities
 
Assets
 
Liabilities
Inventories and Related Payables
 
 
 
 
 
 
 
Basis
17.9
%
 
60.7
%
 
10.0
%
 
53.5
%
Transportation cost
4.8
%
 
2.3
%
 
1.8
%
 
—

 
 
 
 
 
 
 
 
Commodity Derivative Contracts
 
 
 
 
 
 
 
Basis
20.4
%
 
32.3
%
 
17.7
%
 
17.9
%
Transportation cost
7.8
%
 
11.8
%
 
6.6
%
 
10.4
%