Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2018 and December 31, 2017.



	Fair Value Measurements at June 30, 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	$	—	$	2,790	$	1,378	$	4,168
Unrealized derivative gains:
Commodity contracts	—		509		208		717
Foreign currency contracts	—		246		—		246
Cash equivalents	478		—		—		478
Marketable securities	34		1		—		35
Segregated investments	1,606		—		—		1,606
Deferred receivables consideration	—		386		—		386
Total Assets	$	2,118	$	3,932	$	1,586	$	7,636

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	618	$	200	$	818
Foreign currency contracts	—		335		—		335
Interest rate contracts	—		8		—		8
Inventory-related payables	—		596		22		618
Total Liabilities	$	—	$	1,557	$	222	$	1,779



	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 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 rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2018.



	Level 3 Fair Value Asset Measurements at
	June 30, 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*	269			172			441
Purchases	4,372			—			4,372
Sales	(4,982		)	—			(4,982		)
Settlements	—			(144		)	(144		)
Transfers into Level 3	340			85			425
Transfers out of Level 3	(107		)	(16		)	(123		)
Ending balance, June 30, 2018	$	1,378		$	208		$	1,586

* Includes increase in unrealized gains of $280 million relating to Level 3 assets still held at June 30, 2018.

The following table presents a rollforward 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 rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2018.



	Level 3 Fair Value Asset Measurements at
	June 30, 2018
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)

Balance, March 31, 2018	$	1,829		$	116		$	1,945
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(11		)	125			114
Purchases	2,133			—			2,133
Sales	(2,832		)	—			(2,832		)
Settlements	—			(78		)	(78		)
Transfers into Level 3	340			57			397
Transfers out of Level 3	(81		)	(12		)	(93		)
Ending balance, June 30, 2018	$	1,378		$	208		$	1,586

* Includes increase in unrealized gains of $105 million relating to Level 3 assets still held at June 30, 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 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 assets still held at June 30, 2017.

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 June 30, 2018.



	Level 3 Fair Value Liability Measurements at
	June 30, 2018
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total Liabilities
	(In millions)

Balance, March 31, 2018	$	75		$	291		$	366
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(9		)	48			39
Purchases	3			—			3
Sales	(47		)	—			(47		)
Settlements	—			(161		)	(161		)
Transfers into Level 3	—			41			41
Transfers out of Level 3	—			(19		)	(19		)
Ending balance, June 30, 2018	$	22		$	200		$	222

* Includes increase in unrealized losses of $48 million relating to Level 3 liabilities still held at June 30, 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 six months ended June 30, 2018.



	Level 3 Fair Value Liability Measurements at
	June 30, 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*	8			246			254
Purchases	24			—			24
Sales	(49		)	—			(49		)
Settlements	—			(218		)	(218		)
Transfers into Level 3	—			106			106
Transfers out of Level 3	—			(37		)	(37		)
Ending balance, June 30, 2018	$	22		$	200		$	222

* Includes increase in unrealized losses of $246 million relating to Level 3 liabilities still held at June 30, 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 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.

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, 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 June 30, 2018 is a weighted average 16.2% of the total price for assets and 60.8% of the total price for liabilities.



	Weighted Average % of Total Price
	June 30, 2018				December 31, 2017
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	16.2	%	60.8	%	12.8	%	99.9	%
Transportation cost	13.2	%	21.0	%	19.2	%	—

Commodity Derivative Contracts
Basis	17.6	%	19.9	%	24.2	%	23.0	%
Transportation cost	11.5	%	14.3	%	12.5	%	10.4	%