Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019.

	Fair Value Measurements at September 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	$	—	$	3,572	$	2,092	$	5,664
Unrealized derivative gains:
Commodity contracts	—		894		580		1,474
Foreign currency contracts	—		292		—		292
Interest rate contracts	—		32		—		32
Cash equivalents	496		—		—		496
Marketable securities	9		—		—		9
Segregated investments	1,158		—		—		1,158
Deferred receivables consideration	—		272		—		272
Total Assets	$	1,663	$	5,062	$	2,672	$	9,397
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	592	$	796	$	1,388
Foreign currency contracts	—		547		—		547
Interest rate contracts	—		34		—		34
Debt conversion option	—		—		32		32
Inventory-related payables	—		482		7		489
Total Liabilities	$	—	$	1,655	$	835	$	2,490

	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 $1.1 billion relating to Level 3 liabilities still held at September 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 nine months ended September 30, 2019.

	Level 3 Fair Value Asset Measurements at
	September 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*	148			319			467
Purchases	8,118			—			8,118
Sales	(8,425		)	—			(8,425		)
Settlements	—			(346		)	(346		)
Transfers into Level 3	213			54			267
Transfers out of Level 3	(139		)	(21		)	(160		)
Ending balance, September 30, 2019	$	1,430		$	161		$	1,591

	Level 3 Fair Value Asset Measurements at
	September 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*	626			732			1,358
Purchases	9,600			—			9,600
Sales	(9,838		)	—			(9,838		)
Settlements	—			(331		)	(331		)
Transfers into Level 3	290			57			347
Transfers out of Level 3	(63		)	(79		)	(142		)
Ending balance, September 30, 2020	$	2,092		$	580		$	2,672

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 September 30, 2020.

	Level 3 Fair Value Asset Measurements at
	September 30, 2020
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, June 30, 2020	$	1,399		$	442		$	1,841
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	258			286			544
Purchases	3,181			—			3,181
Sales	(2,703		)	—			(2,703		)
Settlements	—			(96		)	(96		)
Transfers into Level 3	290			13			303
Transfers out of Level 3	(333		)	(65		)	(398		)
Ending balance, September 30, 2020	$	2,092		$	580		$	2,672

* Includes increase in unrealized gains of $392 million relating to Level 3 assets still held at September 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 three months ended September 30, 2019.

	Level 3 Fair Value Asset Measurements at
	September 30, 2019
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, June 30, 2019	$	1,388		$	159		$	1,547
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	27			91			118
Purchases	2,772			—			2,772
Sales	(2,643		)	—			(2,643		)
Settlements	—			(106		)	(106		)
Transfers into Level 3	213			21			234
Transfers out of Level 3	(327		)	(4		)	(331		)
Ending balance, September 30, 2019	$	1,430		$	161		$	1,591

* Includes increase in unrealized gains of $165 million relating to Level 3 assets still held at September 30, 2019.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Level 3 Fair Value Liability Measurements at
	September 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*	(2		)	254			252
Purchases	41			—			41
Sales	(16		)	—			(16		)
Settlements	—			(354		)	(354		)
Transfers into Level 3	—			37			37
Transfers out of Level 3	—			(42		)	(42		)
Ending balance, September 30, 2019	$	41		$	140		$	181

* Includes increase in unrealized gains of $1.2 billion relating to Level 3 assets still held at September 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 nine months ended September 30, 2020.

	Level 3 Fair Value Liability Measurements at
	September 30, 2020
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Debt Conversion Option		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 and interest expense*	1			1,070			15		1,086
Purchases and issuance of debt conversion option	11			—			17		28
Sales	(32		)	—					(32		)
Settlements	—			(521		)			(521		)
Transfers into Level 3	—			79					79
Transfers out of Level 3	—			(31		)			(31		)
Ending balance, September 30, 2020	$	7		$	796		$	32	$	835

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 September 30, 2019.

	Level 3 Fair Value Liability Measurements at
	September 30, 2019
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, June 30, 2019	$	22		$	216		$	238
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(3		)	82			79
Purchases	26			—			26
Sales	(4		)	—			(4		)
Settlements	—			(167		)	(167		)
Transfers into Level 3	—			13			13
Transfers out of Level 3	—			(4		)	(4		)
Ending balance, September 30, 2019	$	41		$	140		$	181

* Includes increase in unrealized losses of $81 million relating to Level 3 liabilities still held at September 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 September 30, 2020.

	Level 3 Fair Value Liability Measurements at
	September 30, 2020
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Debt Conversion Option		Total  Liabilities
	(In millions)
Balance, June 30, 2020	$	14		$	363		$	—	$	377
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*	(3		)	618			15		630
Purchases and issuance of debt conversion option	3			—			17		20
Sales	(7		)	—			—		(7		)
Settlements	—			(188		)	—		(188		)
Transfers into Level 3	—			24			—		24
Transfers out of Level 3	—			(21		)	—		(21		)
Ending balance, September 30, 2020	$	7		$	796		$	32	$	835

* Includes increase in unrealized losses of $635 million relating to Level 3 liabilities still held at September 30, 2020.

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 September 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 September 30, 2020 is a weighted average 20.6% of the total price for assets and 56.4% of the total price for liabilities.

	Weighted Average % of Total Price
	September 30, 2020				December 31, 2019
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	20.6	%	56.4	%	28.2	%	14.7	%
Transportation cost	15.8	%	—	%	24.7	%	—	%
Commodity Derivative Contracts
Basis	12.6	%	18.7	%	16.0	%	20.2	%
Transportation cost	5.2	%	4.3	%	9.7	%	3.1	%