Fair Value Measurements At Reporting Date |
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, 2013 and December 31, 2012. | | | | | | | | | | | | | | | | | | Fair Value Measurements at September 30, 2013 | |
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 | $ | — |
| | $ | 3,654 |
| | $ | 1,272 |
| | $ | 4,926 |
| Unrealized derivative gains: | | | | | | | | Commodity contracts | 1,364 |
| | 748 |
| | 262 |
| | 2,374 |
| Foreign exchange contracts | — |
| | 233 |
| | — |
| | 233 |
| Interest rate contracts | — |
| | 1 |
| | — |
| | 1 |
| Marketable securities | 2,557 |
| | 17 |
| | — |
| | 2,574 |
| Deferred receivables consideration | — |
| | 487 |
| | — |
| | 487 |
| Total Assets | $ | 3,921 |
| | $ | 5,140 |
| | $ | 1,534 |
| | $ | 10,595 |
| | | | | | | | | Liabilities: | | | | | | | | Unrealized derivative losses: | | | | | | | | Commodity contracts | $ | 1,667 |
| | $ | 708 |
| | $ | 186 |
| | $ | 2,561 |
| Foreign exchange contracts | — |
| | 201 |
| | — |
| | 201 |
| Inventory-related payables | — |
| | 299 |
| | 9 |
| | 308 |
| Total Liabilities | $ | 1,667 |
| | $ | 1,208 |
| | $ | 195 |
| | $ | 3,070 |
|
| | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2012 | | 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 | $ | — |
| | $ | 5,291 |
| | $ | 1,745 |
| | $ | 7,036 |
| Unrealized derivative gains: | | | | | | | | Commodity contracts | 1,426 |
| | 936 |
| | 143 |
| | 2,505 |
| Foreign exchange contracts | — |
| | 170 |
| | — |
| | 170 |
| Interest rate contracts | — |
| | 1 |
| | — |
| | 1 |
| Marketable securities | 2,451 |
| | 16 |
| | — |
| | 2,467 |
| Deferred receivables consideration | — |
| | 900 |
| | — |
| | 900 |
| Total Assets | $ | 3,877 |
| | $ | 7,314 |
| | $ | 1,888 |
| | $ | 13,079 |
| | | | | | | | | Liabilities: | | | | | | | | Unrealized derivative losses: | | | | | | | | Commodity contracts | $ | 1,600 |
| | $ | 638 |
| | $ | 138 |
| | $ | 2,376 |
| Foreign exchange contracts | — |
| | 215 |
| | — |
| | 215 |
| Inventory-related payables | — |
| | 903 |
| | 33 |
| | 936 |
| Total Liabilities | $ | 1,600 |
| | $ | 1,756 |
| | $ | 171 |
| | $ | 3,527 |
|
|
Reconciliation of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3) |
The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2013.
| | | | | | | | | | | | | | Level 3 Fair Value Asset Measurements at | | September 30, 2013 | | Inventories Carried at Market | | Commodity Derivative Contracts Gains | | Total Assets | | (In millions) | | | | | | | Balance, June 30, 2013 | $ | 1,926 |
| | $ | 267 |
| | $ | 2,193 |
| Total increase in unrealized gains included in cost of products sold* | 162 |
| | 143 |
| | 305 |
| Purchases | 2,896 |
| | — |
| | 2,896 |
| Sales | (3,264 | ) | | — |
| | (3,264 | ) | Settlements | — |
| | (153 | ) | | (153 | ) | Transfers into Level 3 | 35 |
| | 69 |
| | 104 |
| Transfers out of Level 3 | (483 | ) | | (64 | ) | | (547 | ) | Ending balance, September 30, 2013 | $ | 1,272 |
| | $ | 262 |
| | $ | 1,534 |
|
* Includes gains of $289 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at September 30, 2013. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2013.
| | | | | | | | | | | | | | Level 3 Fair Value Liability Measurements at | | September 30, 2013 | | Inventory- related Payables | | Commodity Derivative Contracts Losses | | Total Liabilities | | (In millions) | | | | | | | Balance, June 30, 2013 | $ | 63 |
| | $ | 233 |
| | $ | 296 |
| Total increase in unrealized losses included in cost of products sold* | — |
| | 127 |
| | 127 |
| Purchases | 4 |
| | — |
| | 4 |
| Sales | (17 | ) | | — |
| | (17 | ) | Settlements | — |
| | (186 | ) | | (186 | ) | Transfers into Level 3 | — |
| | 30 |
| | 30 |
| Transfers out of Level 3 | (41 | ) | | (18 | ) | | (59 | ) | Ending balance, September 30, 2013 | $ | 9 |
| | $ | 186 |
| | $ | 195 |
|
* Includes losses of $127 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at September 30, 2013.
The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2012.
| | | | | | | | | | | | | | Level 3 Fair Value Asset Measurements at | | September 30, 2012 | | Inventories Carried at Market | | Commodity Derivative Contracts Gains | | Total Assets | | (In millions) | | | | | | | Balance, June 30, 2012 | $ | 1,462 |
| | $ | 171 |
| | $ | 1,633 |
| Total increase (decrease) in unrealized gains included in cost of products sold | 164 |
| | 109 |
| | 273 |
| Purchases | 2,390 |
| | — |
| | 2,390 |
| Sales | (2,225 | ) | | — |
| | (2,225 | ) | Settlements | — |
| | (95 | ) | | (95 | ) | Transfers into Level 3 | 157 |
| | 128 |
| | 285 |
| Transfers out of Level 3 | (193 | ) | | (31 | ) | | (224 | ) | Ending balance, September 30, 2012 | $ | 1,755 |
| | $ | 282 |
| | $ | 2,037 |
|
The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2012.
| | | | | | | | | | | | | | Level 3 Fair Value Liability Measurements at | | September 30, 2012 | | Inventory- related Payables | | Commodity Derivative Contracts Losses | | Total Liabilities | | (In millions) | | | | | | | Balance, June 30, 2012 | $ | 38 |
| | $ | 179 |
| | $ | 217 |
| Total increase (decrease) in unrealized losses included in cost of products sold | — |
| | 86 |
| | 86 |
| Purchases | 2 |
| | — |
| | 2 |
| Sales | — |
| | — |
| | — |
| Settlements | — |
| | (105 | ) | | (105 | ) | Transfers into Level 3 | — |
| | 73 |
| | 73 |
| Transfers out of Level 3 | — |
| | (16 | ) | | (16 | ) | Ending balance, September 30, 2012 | $ | 40 |
| | $ | 217 |
| | $ | 257 |
|
The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2013.
| | | | | | | | | | | | | | Level 3 Fair Value Asset Measurements at | | September 30, 2013 | | Inventories Carried at Market | | Commodity Derivative Contracts Gains | | Total Assets | | (In millions) | | | | | | | Balance, December 31, 2012 | $ | 1,745 |
| | $ | 143 |
| | $ | 1,888 |
| Total increase (decrease) in unrealized gains included in cost of products sold* | (677 | ) | | 372 |
| | (305 | ) | Purchases | 11,795 |
| | — |
| | 11,795 |
| Sales | (11,576 | ) | | — |
| | (11,576 | ) | Settlements | — |
| | (381 | ) | | (381 | ) | Transfers into Level 3 | 35 |
| | 209 |
| | 244 |
| Transfers out of Level 3 | (50 | ) | | (81 | ) | | (131 | ) | Ending balance, September 30, 2013 | $ | 1,272 |
| | $ | 262 |
| | $ | 1,534 |
|
* Includes gains of $553 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at September 30, 2013. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2013.
| | | | | | | | | | | | | | Level 3 Fair Value Liability Measurements at | | September 30, 2013 | | Inventory- related Payables | | Commodity Derivative Contracts Losses | | Total Liabilities | | (In millions) | | | | | | | Balance, December 31, 2012 | $ | 33 |
| | $ | 138 |
| | $ | 171 |
| Total increase (decrease) in unrealized losses included in cost of products sold* | (191 | ) | | 382 |
| | 191 |
| Purchases | 190 |
| | — |
| | 190 |
| Sales | (23 | ) | | — |
| | (23 | ) | Settlements | — |
| | (397 | ) | | (397 | ) | Transfers into Level 3 | — |
| | 104 |
| | 104 |
| Transfers out of Level 3 | — |
| | (41 | ) | | (41 | ) | Ending balance, September 30, 2013 | $ | 9 |
| | $ | 186 |
| | $ | 195 |
|
* Includes losses of $237 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at September 30, 2013.
The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2012.
| | | | | | | | | | | | | | Level 3 Fair Value Asset Measurements at | | September 30, 2012 | | Inventories Carried at Market | | Commodity Derivative Contracts Gains | | Total Assets | | (In millions) | | | | | | | Balance, December 31, 2011 | $ | 1,624 |
| | $ | 198 |
| | $ | 1,822 |
| Total increase (decrease) in unrealized gains included in cost of products sold | 240 |
| | 366 |
| | 606 |
| Purchases | 4,516 |
| | (2 | ) | | 4,514 |
| Sales | (3,616 | ) | | — |
| | (3,616 | ) | Settlements | — |
| | (341 | ) | | (341 | ) | Transfers into Level 3 | 317 |
| | 152 |
| | 469 |
| Transfers out of Level 3 | (1,326 | ) | | (91 | ) | | (1,417 | ) | Ending balance, September 30, 2012 | $ | 1,755 |
| | $ | 282 |
| | $ | 2,037 |
|
The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2012.
| | | | | | | | | | | | | | Level 3 Fair Value Liability Measurements at | | September 30, 2012 | | Inventory- related Payables | | Commodity Derivative Contracts Losses | | Total Liabilities | | (In millions) | | | | | | | Balance, December 31, 2011 | $ | 196 |
| | $ | 192 |
| | $ | 388 |
| Total increase (decrease) in unrealized losses included in cost of products sold | — |
| | 335 |
| | 335 |
| Purchases | 2 |
| | (1 | ) | | 1 |
| Sales | (4 | ) | | — |
| | (4 | ) | Settlements | — |
| | (350 | ) | | (350 | ) | Transfers into Level 3 | 2 |
| | 126 |
| | 128 |
| Transfers out of Level 3 | (156 | ) | | (85 | ) | | (241 | ) | Ending balance, September 30, 2012 | $ | 40 |
| | $ | 217 |
| | $ | 257 |
|
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