Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

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 June 30, 2017 and December 31, 2016.



	Fair Value Measurements at June 30, 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	$	—	$	3,143	$	1,000	$	4,143
Unrealized derivative gains:
Commodity contracts	—		338		106		444
Foreign currency contracts	—		83		—		83
Interest rate contracts	—		8		—		8
Cash equivalents	22		—		—		22
Marketable securities	346		90		—		436
Segregated investments	1,492		—		—		1,492
Deferred receivables consideration	—		353		—		353
Total Assets	$	1,860	$	4,015	$	1,106	$	6,981

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	1	$	316	$	154	$	471
Foreign currency contracts	—		110		—		110
Inventory-related payables	—		329		32		361
Total Liabilities	$	1	$	755	$	186	$	942



	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 June 30, 2017.



	Level 3 Fair Value Asset Measurements at
	June 30, 2017
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)

Balance, March 31, 2017	$	1,129		$	173		$	1,302
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	157			71			228
Purchases	2,329			—			2,329
Sales	(2,677		)	—			(2,677		)
Settlements	—			(140		)	(140		)
Transfers into Level 3	115			19			134
Transfers out of Level 3	(53		)	(17		)	(70		)
Ending balance, June 30, 2017	$	1,000		$	106		$	1,106

* Includes increase in unrealized gains of $148 million relating to Level 3 assets still held at June 30, 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 six months ended June 30, 2017.



	Level 3 Fair Value Asset Measurements at
	June 30, 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*	(90		)	140			50
Purchases	5,577			—			5,577
Sales	(5,871		)	—			(5,871		)
Settlements	—			(209		)	(209		)
Transfers into Level 3	115			66			181
Transfers out of Level 3	(53		)	(31		)	(84		)
Ending balance, June 30, 2017	$	1,000		$	106		$	1,106

* Includes decrease in unrealized gains of $34 million relating to Level 3 assets still held at June 30, 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 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.

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, 2017.



	Level 3 Fair Value Liability Measurements at
	June 30, 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*	5			119			124
Purchases	17			—			17
Sales	(20		)	—			(20		)
Settlements	—			(166		)	(166		)
Transfers into Level 3	—			73			73
Transfers out of Level 3	—			(14		)	(14		)
Ending balance, June 30, 2017	$	32		$	154		$	186

* Includes decrease in unrealized losses of $124 million relating to Level 3 liabilities still held at June 30, 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 June 30, 2017.



	Level 3 Fair Value Liability Measurements at
	June 30, 2017
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total Liabilities
	(In millions)

Balance, March 31, 2017	$	28		$	123		$	151
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(9		)	81			72
Purchases	16			—			16
Sales	(3		)	—			(3		)
Settlements	—			(98		)	(98		)
Transfers into Level 3	—			49			49
Transfers out of Level 3	—			(1		)	(1		)
Ending balance, June 30, 2017	$	32		$	154		$	186

* Includes decrease in unrealized losses of $85 million relating to Level 3 liabilities still held at June 30, 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 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 assets 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.

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, 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 June 30, 2017 is a weighted average 12.6% of the total price for assets and 53.9% of the total price for liabilities.



	Weighted Average % of Total Price
	June 30, 2017				December 31, 2016
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	12.6	%	53.9	%	16.5	%	67.1	%
Transportation cost	16.1	%	17.8	%	8.3	%	—

Commodity Derivative Contracts
Basis	19.7	%	27.5	%	16.9	%	27.0	%
Transportation cost	6.8	%	9.6	%	11.6	%	13.4	%