Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [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 December 31, 2016 and 2015.



	Fair Value Measurements at December 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	$	—	$	3,102	$	1,322	$	4,424
Unrealized derivative gains:
Commodity contracts	—		371		140		511
Foreign exchange contracts	—		102		—		102
Interest rate contracts	—		11		—		11
Cash equivalents	286		—		—		286
Marketable securities	408		69		—		477
Segregated investments	1,613		—		—		1,613
Deferred consideration	—		540		—		540
Total Assets	$	2,307	$	4,195	$	1,462	$	7,964
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	419	$	142	$	561
Foreign exchange contracts	—		90		—		90
Inventory-related payables	—		491		30		521
Total Liabilities	$	—	$	1,000	$	172	$	1,172



	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

Reconciliation Of Assets Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Assets Measurements at December 31, 2016
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(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⁽¹⁾	44			192			236
Purchases	9,900			—			9,900
Sales	(9,567		)	—			(9,567		)
Settlements	—			(420		)	(420		)
Transfers into Level 3	70			168			238
Transfers out of Level 3	(129		)	(43		)	(172		)
Ending balance, December 31, 2016	$	1,322		$	140		$	1,462

⁽¹⁾ Includes gains of $138 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2016.



	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⁽¹⁾	(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

⁽¹⁾ 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.

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis



	Fair Value Liabilities Measurements at December 31, 2016
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2015	$	16		$	113		$	129
Total increase (decrease) in net realized/unrealized losses included in cost of products sold⁽¹⁾	13			566			579
Purchases	16			—			16
Sales	(15		)	—			(15		)
Settlements	—			(476		)	(476		)
Transfers into Level 3	—			158			158
Transfers out of Level 3	—			(219		)	(219		)
Ending balance, December 31, 2016	$	30		$	142		$	172

⁽¹⁾ Includes losses of $578 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2016.



	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⁽¹⁾	(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

⁽¹⁾ 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.

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 December 31, 2016 and 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 is a weighted average 16.5% of the total price for assets and 67.1% for liabilities.



	Weighted Average % of Total Price
	December 31, 2016		December 31, 2015
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories
Basis	16.5%	67.1%	10.0%	53.5%
Transportation cost	8.3%	—%	1.8%	—%
Commodity Derivative Contracts
Basis	16.9%	27.0%	17.7%	17.9%
Transportation cost	11.6%	13.4%	6.6%	10.4%