Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

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, 2017 and 2016.



	Fair Value Measurements at December 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	$	—	$	3,400	$	1,486	$	4,886
Unrealized derivative gains:
Commodity contracts	—		275		111		386
Foreign exchange contracts	—		63		—		63
Cash equivalents	352		—		—		352
Marketable securities	91		1		—		92
Segregated investments	1,733		—		—		1,733
Deferred consideration	—		307		—		307
Total Assets	$	2,176	$	4,046	$	1,597	$	7,819
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	268	$	103	$	371
Foreign exchange contracts	—		92		—		92
Interest rate contracts	—		1		—		1
Inventory-related payables	—		680		39		719
Total Liabilities	$	—	$	1,041	$	142	$	1,183



	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 currency 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 currency contracts	—		90		—		90
Inventory-related payables	—		491		30		521
Total Liabilities	$	—	$	1,000	$	172	$	1,172

Reconciliation Of Assets Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Assets Measurements at December 31, 2017
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(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⁽¹⁾	(29		)	248			219
Purchases	11,236			—			11,236
Sales	(11,231		)	—			(11,231		)
Settlements	—			(369		)	(369		)
Transfers into Level 3	241			136			377
Transfers out of Level 3	(53		)	(44		)	(97		)
Ending balance, December 31, 2017	$	1,486		$	111		$	1,597

⁽¹⁾ Includes increase in unrealized gains of $106 million relating to Level 3 assets still held at December 31, 2017.



	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 increase in unrealized gains of $138 million relating to Level 3 assets still held at December 31, 2016.

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Liabilities Measurements at December 31, 2017
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2016	$	30		$	142		$	172
Total increase (decrease) in net realized/unrealized losses included in cost of products sold⁽¹⁾	(4		)	257			253
Purchases	38			—			38
Sales	(25		)	—			(25		)
Settlements	—			(397		)	(397		)
Transfers into Level 3	—			128			128
Transfers out of Level 3	—			(27		)	(27		)
Ending balance, December 31, 2017	$	39		$	103		$	142

⁽¹⁾ Includes increase in unrealized losses of $260 million relating to Level 3 liabilities still held at December 31, 2017.



	Level 3 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 increase in unrealized losses of $578 million relating to Level 3 liabilities still held at December 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 December 31, 2017 and 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 December 31, 2017 is a weighted average 12.8% of the total price for assets and 99.9% of the total price for liabilities.



	Weighted Average % of Total Price
	December 31, 2017		December 31, 2016
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories and Related Payables
Basis	12.8%	99.9%	16.5%	67.1%
Transportation cost	19.2%	—%	8.3%	—%
Commodity Derivative Contracts
Basis	24.2%	23.0%	16.9%	27.0%
Transportation cost	12.5%	10.4%	11.6%	13.4%