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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2020 and December 31, 2019.
 
Fair Value Measurements at June 30, 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
$
—

 
$
3,183

 
$
1,399

 
$
4,582

Unrealized derivative gains:
 
 
 
 
 
 
 
Commodity contracts
—

 
304

 
442

 
746

Foreign currency contracts
—

 
309

 
—

 
309

Interest rate contracts
—

 
10

 
—

 
10

Cash equivalents
498

 
—

 
—

 
498

Marketable securities
3

 
—

 
—

 
3

Segregated investments
1,061

 
—

 
—

 
1,061

Deferred receivables consideration
—

 
1,149

 
—

 
1,149

Total Assets
$
1,562

 
$
4,955

 
$
1,841

 
$
8,358

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Unrealized derivative losses:
 
 
 
 
 
 
 
Commodity contracts
$
—

 
$
321

 
$
363

 
$
684

Foreign currency contracts
—

 
391

 
—

 
391

Interest rate contracts
—

 
46

 
—

 
46

Inventory-related payables
—

 
629

 
14

 
643

Total Liabilities
$
—

 
$
1,387

 
$
377

 
$
1,764

 
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]

* Includes increase in unrealized losses of $463 million relating to Level 3 liabilities still held at June 30, 2020.

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, 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



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, 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*
396

 
446

 
842

Purchases
6,419

 
—

 
6,419

Sales
(7,135
)
 
—

 
(7,135
)
Settlements
—

 
(235
)
 
(235
)
Transfers into Level 3
306

 
44

 
350

Transfers out of Level 3
(64
)
 
(14
)
 
(78
)
Ending balance, June 30, 2020
$
1,399

 
$
442

 
$
1,841


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, 2020.

 
Level 3 Fair Value Asset Measurements at
 
June 30, 2020
 
Inventories
 Carried at
 Market
 
Commodity
Derivative
Contracts
Gains
 
 
Total 
Assets
 
(In millions)
 
 
 
 
 
 
Balance, March 31, 2020
$
1,938

 
$
391

 
$
2,329

Total increase (decrease) in net realized/unrealized gains included in cost of products sold*
279

 
229

 
508

Purchases
3,012

 
—

 
3,012

Sales
(3,625
)
 
—

 
(3,625
)
Settlements
—

 
(190
)
 
(190
)
Transfers into Level 3
306

 
23

 
329

Transfers out of Level 3
(511
)
 
(11
)
 
(522
)
Ending balance, June 30, 2020
$
1,399

 
$
442

 
$
1,841


* Includes increase in unrealized gains of $422 million relating to Level 3 assets still held at June 30, 2020.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

* Includes increase in unrealized gains of $804 million relating to Level 3 assets still held at June 30, 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 six months ended June 30, 2020.
 
Level 3 Fair Value Liability Measurements at
 
June 30, 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*
4

 
452

 
456

Purchases
8

 
—

 
8

Sales
(25
)
 
—

 
(25
)
Settlements
—

 
(333
)
 
(333
)
Transfers into Level 3
—

 
55

 
55

Transfers out of Level 3
—

 
(10
)
 
(10
)
Ending balance, June 30, 2020
$
14

 
$
363

 
$
377


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.
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, 2020.

 
Level 3 Fair Value Liability Measurements at
 
June 30, 2020
 
Inventory-
 related
 Payables
 
Commodity
Derivative
Contracts
Losses
 
 
Total 
Liabilities
 
(In millions)
 
 
 
 
 
 
Balance, March 31, 2020
$
20

 
$
309

 
$
329

Total increase (decrease) in net realized/unrealized losses included in cost of products sold*
1

 
247

 
248

Purchases
2

 
—

 
2

Sales
(9
)
 
—

 
(9
)
Settlements
—

 
(211
)
 
(211
)
Transfers into Level 3
—

 
19

 
19

Transfers out of Level 3
—

 
(1
)
 
(1
)
Ending balance, June 30, 2020
$
14

 
$
363

 
$
377


* Includes increase in unrealized losses of $253 million relating to Level 3 liabilities still held at June 30, 2020.

 
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
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, 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 June 30, 2020 is a weighted average 17.5% of the total price for assets and 13.5% of the total price for liabilities.

 
Weighted Average % of Total Price
 
June 30, 2020
 
December 31, 2019
Component Type
Assets
 
Liabilities
 
Assets
 
Liabilities
Inventories and Related Payables
 
 
 
 
 
 
 
Basis
17.5
%
 
13.5
%
 
28.2
%
 
14.7
%
Transportation cost
16.4
%
 
—
%
 
24.7
%
 
—
%
 
 
 
 
 
 
 
 
Commodity Derivative Contracts
 
 
 
 
 
 
 
Basis
13.4
%
 
19.2
%
 
16.0
%
 
20.2
%
Transportation cost
6.1
%
 
6.0
%
 
9.7
%
 
3.1
%