Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019 and December 31, 2018.

	Fair Value Measurements at June 30, 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	$	—	$	2,600	$	1,388	$	3,988
Unrealized derivative gains:
Commodity contracts	—		302		159		461
Foreign currency contracts	—		160		—		160
Interest rate contracts	—		3		—		3
Cash equivalents	429		—		—		429
Marketable securities	11		1		—		12
Segregated investments	925		—		—		925
Deferred receivables consideration	—		447		—		447
Total Assets	$	1,365	$	3,513	$	1,547	$	6,425
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	393	$	216	$	609
Foreign currency contracts	—		113		—		113
Interest rate contracts	—		46		—		46
Inventory-related payables	—		740		22		762
Total Liabilities	$	—	$	1,292	$	238	$	1,530

	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 June 30, 2019.

	Level 3 Fair Value Asset Measurements at
	June 30, 2019
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, March 31, 2019	$	1,511		$	212		$	1,723
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	237			84			321
Purchases	2,657			—			2,657
Sales	(2,958		)	—			(2,958		)
Settlements	—			(137		)	(137		)
Transfers into Level 3	232			10			242
Transfers out of Level 3	(291		)	(10		)	(301		)
Ending balance, June 30, 2019	$	1,388		$	159		$	1,547

* Includes increase in unrealized gains of $280 million relating to Level 3 assets still held at June 30, 2019.

	Level 3 Fair Value Asset Measurements at
	June 30, 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*	216			228			444
Purchases	5,346			—			5,346
Sales	(5,782		)	—			(5,782		)
Settlements	—			(240		)	(240		)
Transfers into Level 3	232			33			265
Transfers out of Level 3	(139		)	(17		)	(156		)
Ending balance, June 30, 2019	$	1,388		$	159		$	1,547

* Includes increase in unrealized losses of $177 million relating to Level 3 liabilities still held at June 30, 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 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

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]

* Includes increase in unrealized gains of $491 million relating to Level 3 assets still held at June 30, 2019.

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, 2019.

	Level 3 Fair Value Liability Measurements at
	June 30, 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*	1			172			173
Purchases	15			—			15
Sales	(12		)	—			(12		)
Settlements	—			(187		)	(187		)
Transfers into Level 3	—			24			24
Transfers out of Level 3	—			(38		)	(38		)
Ending balance, June 30, 2019	$	22		$	216		$	238

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 three months ended June 30, 2019.

	Level 3 Fair Value Liability Measurements at
	June 30, 2019
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, March 31, 2019	$	16		$	143		$	159
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	1			154			155
Purchases	11			—			11
Sales	(6		)	—			(6		)
Settlements	—			(88		)	(88		)
Transfers into Level 3	—			17			17
Transfers out of Level 3	—			(10		)	(10		)
Ending balance, June 30, 2019	$	22		$	216		$	238

* Includes increase in unrealized losses of $157 million relating to Level 3 liabilities still held at June 30, 2019.

	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

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, 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 June 30, 2019 is a weighted average 40.8% of the total price for assets and 29.6% of the total price for liabilities.

	Weighted Average % of Total Price
	June 30, 2019				December 31, 2018
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	40.8	%	29.6	%	18.5	%	125.0	%
Transportation cost	31.5	%	25.0	%	25.9	%	39.4	%
Commodity Derivative Contracts
Basis	27.9	%	22.6	%	21.6	%	19.1	%
Transportation cost	32.3	%	43.0	%	29.5	%	35.1	%