Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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, 2019 and December 31, 2018.

	Fair Value Measurements at March 31, 2019
	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	$	—	$	3,000	$	1,511	$	4,511
Unrealized derivative gains:
Commodity contracts	—		257		212		469
Foreign currency contracts	—		191		—		191
Cash equivalents	432		—		—		432
Marketable securities	30		1		—		31
Segregated investments	1,073		—		—		1,073
Deferred receivables consideration	—		430		—		430
Total Assets	$	1,535	$	3,879	$	1,723	$	7,137
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	291	$	143	$	434
Foreign currency contracts	—		155		—		155
Interest rate contracts	—		32		—		32
Inventory-related payables	—		1,123		16		1,139
Total Liabilities	$	—	$	1,601	$	159	$	1,760

	Fair Value Measurements at December 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	$	—	$	3,032	$	1,515	$	4,547
Unrealized derivative gains:
Commodity contracts	—		306		155		461
Foreign currency contracts	—		175		—		175
Cash equivalents	1,288		—		—		1,288
Marketable securities	12		1		—		13
Segregated investments	1,044		—		—		1,044
Deferred receivables consideration	—		379		—		379
Total Assets	$	2,344	$	3,893	$	1,670	$	7,907
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	344	$	245	$	589
Foreign currency contracts	—		152		—		152
Interest rate contracts	—		20		—		20
Inventory-related payables	—		579		18		597
Total Liabilities	$	—	$	1,095	$	263	$	1,358

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, 2019.

	Level 3 Fair Value Asset Measurements at
	March 31, 2019
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, December 31, 2018	$	1,515		$	155		$	1,670
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(27		)	144			117
Purchases	2,689			—			2,689
Sales	(2,824		)	—			(2,824		)
Settlements	—			(103		)	(103		)
Transfers into Level 3	297			23			320
Transfers out of Level 3	(139		)	(7		)	(146		)
Ending balance, March 31, 2019	$	1,511		$	212		$	1,723

* Includes increase in unrealized gains of $210 million relating to Level 3 assets still held at March 31, 2019.
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, 2019.

	Level 3 Fair Value Liability Measurements at
	March 31, 2019
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, December 31, 2018	$	18		$	245		$	263
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	—			18			18
Purchases	4			—			4
Sales	(6		)	—			(6		)
Settlements	—			(99		)	(99		)
Transfers into Level 3	—			7			7
Transfers out of Level 3	—			(28		)	(28		)
Ending balance, March 31, 2019	$	16		$	143		$	159

* Includes increase in unrealized losses of $20 million relating to Level 3 liabilities still held at March 31, 2019.

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, 2019 and December 31, 2018. 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, 2019 is a weighted average 200.1% of the total price for assets and 13.0% of the total price for liabilities.

	Weighted Average % of Total Price
	March 31, 2019				December 31, 2018
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	200.1	%	13.0	%	18.5	%	125.0	%
Transportation cost	24.8	%	55.0	%	25.9	%	39.4	%
Commodity Derivative Contracts
Basis	26.3	%	20.6	%	21.6	%	19.1	%
Transportation cost	30.9	%	35.2	%	29.5	%	35.1	%