Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 and December 31, 2019.

	Fair Value Measurements at March 31, 2020
	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	$	—	$	3,642	$	1,938	$	5,580
Unrealized derivative gains:
Commodity contracts	—		482		391		873
Foreign currency contracts	—		439		—		439
Interest rate contracts	—		14		—		14
Cash equivalents	3,381		—		—		3,381
Marketable securities	2		—		—		2
Segregated investments	765		—		—		765
Deferred receivables consideration	—		496		—		496
Total Assets	$	4,148	$	5,073	$	2,329	$	11,550
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	480	$	309	$	789
Foreign currency contracts	—		624		—		624
Interest rate contracts	—		56		—		56
Inventory-related payables	—		1,151		20		1,171
Total Liabilities	$	—	$	2,311	$	329	$	2,640

	Fair Value Measurements at December 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	$	—	$	3,227	$	1,477	$	4,704
Unrealized derivative gains:
Commodity contracts	—		277		201		478
Foreign currency contracts	—		138		—		138
Interest rate contracts	—		3		—		3
Cash equivalents	505		—		—		505
Marketable securities	5		—		—		5
Segregated investments	628		—		—		628
Deferred receivables consideration	—		446		—		446
Total Assets	$	1,138	$	4,091	$	1,678	$	6,907
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	375	$	199	$	574
Foreign currency contracts	—		125		—		125
Interest rate contracts	—		43		—		43
Inventory-related payables	—		702		27		729
Total Liabilities	$	—	$	1,245	$	226	$	1,471

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, 2020.

	Level 3 Fair Value Asset Measurements at
	March 31, 2020
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, December 31, 2019	$	1,477		$	201		$	1,678
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	187			217			404
Purchases	3,407			—			3,407
Sales	(3,510		)	—			(3,510		)
Settlements	—			(45		)	(45		)
Transfers into Level 3	441			21			462
Transfers out of Level 3	(64		)	(3		)	(67		)
Ending balance, March 31, 2020	$	1,938		$	391		$	2,329

* Includes increase in unrealized gains of $381 million relating to Level 3 assets still held at March 31, 2020.

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, 2020.

	Level 3 Fair Value Liability Measurements at
	March 31, 2020
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, December 31, 2019	$	27		$	199		$	226
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	3			205			208
Purchases	6			—			6
Sales	(16		)	—			(16		)
Settlements	—			(122		)	(122		)
Transfers into Level 3	—			36			36
Transfers out of Level 3	—			(9		)	(9		)
Ending balance, March 31, 2020	$	20		$	309		$	329

* Includes increase in unrealized losses of $210 million relating to Level 3 liabilities still held at March 31, 2020.

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, 2020 and December 31, 2019. 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, 2020 is a weighted average 14.9% of the total price for assets and 11.5% of the total price for liabilities.

	Weighted Average % of Total Price
	March 31, 2020				December 31, 2019
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	14.9	%	11.5	%	28.2	%	14.7	%
Transportation cost	14.2	%	—	%	24.7	%	—	%
Commodity Derivative Contracts
Basis	16.0	%	21.1	%	16.0	%	20.2	%
Transportation cost	11.9	%	8.1	%	9.7	%	3.1	%