Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017.



	Fair Value Measurements at March 31, 2018
	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	$	—	$	3,563	$	1,829	$	5,392
Unrealized derivative gains:
Commodity contracts	—		471		116		587
Foreign currency contracts	—		47		—		47
Cash equivalents	443		—		—		443
Marketable securities	89		1		—		90
Segregated investments	2,077		—		—		2,077
Deferred receivables consideration	—		399		—		399
Total Assets	$	2,609	$	4,481	$	1,945	$	9,035

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	449	$	291	$	740
Foreign currency contracts	—		106		—		106
Interest rate contracts	—		1		—		1
Inventory-related payables	—		1,102		75		1,177
Total Liabilities	$	—	$	1,658	$	366	$	2,024



	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 currency contracts	—		63		—		63
Cash equivalents	352		—		—		352
Marketable securities	91		1		—		92
Segregated investments	1,733		—		—		1,733
Deferred receivables consideration	—		307		—		307
Total Assets	$	2,176	$	4,046	$	1,597	$	7,819

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	268	$	103	$	371
Foreign currency contracts	—		92		—		92
Interest rate contracts	—		1		—		1
Inventory-related payables	—		680		39		719
Total Liabilities	$	—	$	1,041	$	142	$	1,183

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table presents a rollforward 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 rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2018.



	Level 3 Fair Value Asset Measurements at
	March 31, 2018
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)

Balance, December 31, 2017	$	1,486		$	111		$	1,597
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	173			47			220
Purchases	2,239			—			2,239
Sales	(2,150		)	—			(2,150		)
Settlements	—			(66		)	(66		)
Transfers into Level 3	187			28			215
Transfers out of Level 3	(106		)	(4		)	(110		)
Ending balance, March 31, 2018	$	1,829		$	116		$	1,945

* Includes increase in unrealized gains of $174 million relating to Level 3 assets still held at March 31, 2018.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2018.



	Level 3 Fair Value Liability Measurements at
	March 31, 2018
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total Liabilities
	(In millions)

Balance, December 31, 2017	$	39		$	103		$	142
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	17			198			215
Purchases	21			—			21
Sales	(2		)	—			(2		)
Settlements	—			(57		)	(57		)
Transfers into Level 3	—			65			65
Transfers out of Level 3	—			(18		)	(18		)
Ending balance, March 31, 2018	$	75		$	291		$	366

* Includes increase in unrealized losses of $198 million relating to Level 3 liabilities still held at March 31, 2018.

The following table presents a rollforward 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.

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, 2018 and December 31, 2017. 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, 2018 is a weighted average 20.3% of the total price for assets and 177.8% of the total price for liabilities.



	Weighted Average % of Total Price
	March 31, 2018				December 31, 2017
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	20.3	%	177.8	%	12.8	%	99.9	%
Transportation cost	14.3	%	—	%	19.2	%	—

Commodity Derivative Contracts
Basis	19.0	%	21.6	%	24.2	%	23.0	%
Transportation cost	9.3	%	7.3	%	12.5	%	10.4	%