Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Mar. 31, 2016

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, 2017 and December 31, 2016.



	Fair Value Measurements at March 31, 2017
	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	$	—	$	3,461	$	1,129	$	4,590
Unrealized derivative gains:
Commodity contracts	—		421		173		594
Foreign currency contracts	—		64		—		64
Interest rate contracts	—		6		—		6
Cash equivalents	27		—		—		27
Marketable securities	373		95		—		468
Segregated investments	1,443		—		—		1,443
Deferred receivables consideration	—		298		—		298
Total Assets	$	1,843	$	4,345	$	1,302	$	7,490

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	355	$	123	$	478
Foreign currency contracts	—		96		—		96
Inventory-related payables	—		336		28		364
Total Liabilities	$	—	$	787	$	151	$	938



	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 receivables 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, 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, 2017.



	Level 3 Fair Value Asset Measurements at
	March 31, 2017
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)

Balance, December 31, 2016	$	1,322		$	140		$	1,462
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(228		)	69			(159		)
Purchases	3,248			—			3,248
Sales	(3,194		)	—			(3,194		)
Settlements	—			(69		)	(69		)
Transfers into Level 3	34			47			81
Transfers out of Level 3	(53		)	(14		)	(67		)
Ending balance, March 31, 2017	$	1,129		$	173		$	1,302

* Includes decrease in unrealized gains of $182 million relating to Level 3 assets still held at March 31, 2017.

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.

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, 2017.



	Level 3 Fair Value Liability Measurements at
	March 31, 2017
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total Liabilities
	(In millions)

Balance, December 31, 2016	$	30		$	142		$	172
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	14			39			53
Purchases	2			—			2
Sales	(18		)	—			(18		)
Settlements	—			(68		)	(68		)
Transfers into Level 3	—			23			23
Transfers out of Level 3	—			(13		)	(13		)
Ending balance, March 31, 2017	$	28		$	123		$	151

* Includes increase in unrealized losses of $39 million relating to Level 3 liabilities still held at March 31, 2017.

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.

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, 2017 and December 31, 2016. 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, 2017 is a weighted average 12.4% of the total price for assets and 68.4% of the total price for liabilities.



	Weighted Average % of Total Price
	March 31, 2017				December 31, 2016
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	12.4	%	68.4	%	16.5	%	67.1	%
Transportation cost	18.6	%	2.3	%	8.3	%	—

Commodity Derivative Contracts
Basis	29.7	%	29.2	%	16.9	%	27.0	%
Transportation cost	12.8	%	13.2	%	11.6	%	13.4	%