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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures the fair value of certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value. 
Three levels are established within the fair value hierarchy that may be used to report fair value:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data.

Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The fair value hierarchy gives the lowest priority to Level 3 inputs.

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, 2025 and December 31, 2024 (in millions).

 Fair Value Measurements at March 31, 2025
 Level 1Level 2Level 3Total
Assets:    
Inventories carried at market$— $3,918 $3,103 $7,021 
Unrealized derivative gains:    
Commodity contracts— 274 508 782 
Foreign currency contracts— 145 — 145 
Interest rate contracts— 15 — 15 
Cash equivalents413 — — 413 
Marketable securities33 — — 33 
Segregated investments1,899 — — 1,899 
Total Assets$2,345 $4,352 $3,611 $10,308 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $381 $352 $733 
Foreign currency contracts— 114 — 114 
Inventory-related payables— 1,400 52 1,452 
Total Liabilities$— $1,895 $404 $2,299 
Fair Value Measurements at December 31, 2024
 Level 1Level 2Level 3Total
Assets:    
Inventories carried at market$— $3,930 $3,031 $6,961 
Unrealized derivative gains:    
Commodity contracts— 404 427 831 
Foreign currency contracts— 272 — 272 
Interest rate contracts— 5 — 5 
Cash equivalents70 — — 70 
Marketable securities246 — — 246 
Segregated investments1,681 — — 1,681 
Total Assets$1,997 $4,611 $3,458 $10,066 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $355 $405 $760 
Foreign currency contracts— 212 — 212 
Inventory-related payables— 654 88 742 
Total Liabilities$— $1,221 $493 $1,714 

Inventories Carried at Market and Inventory-Related Payables

Estimated fair values for inventories and inventory-related payables stated at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts with standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.

The basis adjustments are generally determined using the inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity.

When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified in Level 3. Changes in the fair value of inventories and inventory-related payables are recognized in the Consolidated Statements of Earnings as a component of cost of products sold.

Unrealized Derivative Gains and Losses

Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and over-the-counter (OTC) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables. 

Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company’s forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.
The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity.

When observable inputs are available for substantially the full term of the contract, it is classified in Level 2. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in Level 3. Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the Consolidated Statements of Earnings as a component of cost of products sold. 

Except for certain derivatives designated as net investment hedges, changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of revenues, cost of products sold, and other (income) - net, depending upon the purpose of the contract. 

The changes in the fair value of derivatives designated as effective cash flow hedges are recognized in the Consolidated Balance Sheets as a component of accumulated other comprehensive income (AOCI) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.

Cash Equivalents

The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1.

Marketable Securities

The Company's marketable securities are comprised of foreign government securities and foreign term deposits with original maturities greater than 90 days. These securities are valued using quoted market prices and are classified as Level 1.

Segregated Investments

The Company’s segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified as Level 1.
Level 3 Assets and Liablities

The following table presents a roll forward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2025 (in millions).

 Level 3 Fair Value Asset Measurements at
March 31, 2025
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total
Opening balance, January 1, 2025$3,031 $427 $3,458 
Total increase in net realized/unrealized gains included in cost of products sold*152 213 365 
Purchases4,086 — 4,086 
Sales(4,578)— (4,578)
Settlements— (228)(228)
Transfers into Level 3571 113 684 
Transfers out of Level 3(159)(17)(176)
Closing Balance, March 31, 2025$3,103 $508 $3,611 
* Includes increase in unrealized gains of $311 million relating to Level 3 assets still held at March 31, 2025.

The following table presents a roll forward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2025 (in millions).

Level 3 Fair Value Liability Measurements at
 March 31, 2025
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses
 
Total
Opening balance, January 1, 2025$88 $405 $493 
Total (decrease) increase in net realized/unrealized losses included in cost of products sold*(3)194 191 
Purchases3 — 3 
Sales(36)— (36)
Settlements— (277)(277)
Transfers into Level 3— 35 35 
Transfers out of Level 3— (5)(5)
Closing Balance, March 31, 2025$52 $352 $404 
* Includes increase in unrealized losses of $193 million relating to Level 3 liabilities still held at March 31, 2025.
The following table presents a roll forward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2024 (in millions).

 Level 3 Fair Value Asset Measurements at
March 31, 2024
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total
Opening balance, January 1, 2024$2,713 $731 $3,444 
Total (decrease) increase in net realized/unrealized gains included in cost of products sold*(97)375 278 
Purchases3,789 — 3,789 
Sales(3,883)— (3,883)
Settlements— (352)(352)
Transfers into Level 3516 28 544 
Transfers out of Level 3(90)(18)(108)
Closing balance, March 31, 2024$2,948 $764 $3,712 
* Includes increase in unrealized gains of $564 million relating to Level 3 assets still held at March 31, 2024.

The following table presents a roll forward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2024 (in millions).

Level 3 Fair Value Liability Measurements at
 March 31, 2024
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses
 
Total
Opening balance, January 1, 2024$101 $457 $558 
Total (decrease) increase in net realized/unrealized losses included in cost of products sold and interest expense*(3)329 326 
Purchases1 — 1 
Sales(38)— (38)
Settlements— (290)(290)
Transfers into Level 31 13 14 
Transfers out of Level 3— (74)(74)
Closing balance, March 31, 2024$62 $435 $497 
* Includes increase in unrealized losses of $338 million relating to Level 3 liabilities still held at March 31, 2024.

Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as basis. The changes in unobservable price components are determined by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.
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, 2025 and December 31, 2024. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.
Weighted Average % of Total Price
March 31, 2025December 31, 2024
Component TypeAssetsLiabilitiesAssetsLiabilities
Inventories and Inventory-Related Payables
Basis25.7 %27.0 %24.9 %31.3 %
Transportation cost15.4 %— %10.8 %— %
Commodity Derivative Contracts
Basis26.7 %21.5 %21.8 %23.4 %
Transportation cost21.8 %23.8 %10.8 %10.8 %

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.