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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2014
Fair Value Disclosures [Abstract]  
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 June 30, 2014 and December 31, 2013.
 
 
Fair Value Measurements at June 30, 2014
 

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
$
—

 
$
3,394

 
$
1,139

 
$
4,533

Unrealized derivative gains:
 
 
 
 
 
 
 
Commodity contracts
—

 
503

 
239

 
742

Foreign exchange contracts
3

 
113

 
—

 
116

Interest rate contracts
—

 
18

 
—

 
18

Cash equivalents
970

 
—

 
—

 
970

Marketable securities
819

 
81

 
—

 
900

Segregated investments
1,942

 
—

 
—

 
1,942

Deferred receivables consideration
—

 
216

 
—

 
216

Total Assets
$
3,734

 
$
4,325

 
$
1,378

 
$
9,437

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Unrealized derivative losses:
 
 
 
 
 
 
 
Commodity contracts
$
—

 
$
496

 
$
162

 
$
658

Foreign exchange contracts
—

 
120

 
—

 
120

Inventory-related payables
—

 
251

 
19

 
270

Total Liabilities
$
—

 
$
867

 
$
181

 
$
1,048



 
Fair Value Measurements at December 31, 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
$
—

 
$
4,247

 
$
1,812

 
$
6,059

Unrealized derivative gains:
 
 
 
 
 
 
 
Commodity contracts
31

 
540

 
279

 
850

Foreign exchange contracts
30

 
88

 
—

 
118

Interest rate contracts
—

 
1

 
—

 
1

Cash equivalents
2,518

 
—

 
—

 
2,518

Marketable securities
881

 
26

 
—

 
907

Segregated investments
1,707

 
—

 
—

 
1,707

Deferred receivables consideration
—

 
757

 
—

 
757

Total Assets
$
5,167

 
$
5,659

 
$
2,091

 
$
12,917

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Unrealized derivative losses:
 
 
 
 
 
 
 
Commodity contracts
$
45

 
$
343

 
$
261

 
$
649

Foreign exchange contracts
—

 
166

 
—

 
166

Interest rate contracts
—

 
9

 
—

 
9

Inventory-related payables
—

 
708

 
34

 
742

Total Liabilities
$
45

 
$
1,226

 
$
295

 
$
1,566
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
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 June 30, 2014.

 
Level 3 Fair Value Asset Measurements at
 
June 30, 2014
 
Inventories
 Carried at
 Market
 
Commodity
Derivative
Contracts
Gains
 
 
Total 
Assets
 
(In millions)
 
 
 
 
 
 
Balance, March 31, 2014
$
1,871

 
$
252

 
$
2,123

Total increase (decrease) in unrealized gains included in cost of products sold*
(32
)
 
124

 
92

Purchases
3,845

 
—

 
3,845

Sales
(4,465
)
 
—

 
(4,465
)
Settlements
—

 
(183
)
 
(183
)
Transfers into Level 3
56

 
59

 
115

Transfers out of Level 3
(136
)
 
(13
)
 
(149
)
Ending balance, June 30, 2014
$
1,139

 
$
239

 
$
1,378


* Includes increase in unrealized gains of $149 million relating to Level 3 assets still held at June 30, 2014.

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 June 30, 2014.

 
Level 3 Fair Value Liability Measurements at
 
June 30, 2014
 
Inventory-
 related
 Payables
 
Commodity
Derivative
Contracts
Losses
 
 
Total 
Liabilities
 
(In millions)
 
 
 
 
 
 
Balance, March 31, 2014
$
27

 
$
320

 
$
347

Total increase (decrease) in unrealized losses included in cost of products sold*
3

 
49

 
52

Purchases
2

 
—

 
2

Sales
(13
)
 
—

 
(13
)
Settlements
—

 
(238
)
 
(238
)
Transfers into Level 3
—

 
41

 
41

Transfers out of Level 3
—

 
(10
)
 
(10
)
Ending balance, June 30, 2014
$
19

 
$
162

 
$
181


* Includes increase in unrealized losses of $58 million relating to Level 3 liabilities still held at June 30, 2014.

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 June 30, 2013.

 
Level 3 Fair Value Asset Measurements at
 
June 30, 2013
 
Inventories
 Carried at
 Market
 
Commodity
Derivative
Contracts
Gains
 
 
Total 
Assets
 
(In millions)
 
 
 
 
 
 
Balance, March 31, 2013
$
2,022

 
$
223

 
$
2,245

Total increase (decrease) in unrealized gains included in cost of products sold*
172

 
93

 
265

Purchases
4,215

 
—

 
4,215

Sales
(4,611
)
 
—

 
(4,611
)
Settlements
—

 
(132
)
 
(132
)
Transfers into Level 3
160

 
92

 
252

Transfers out of Level 3
(32
)
 
(9
)
 
(41
)
Ending balance, June 30, 2013
$
1,926

 
$
267

 
$
2,193


* Includes increase in unrealized gains of $134 million relating to Level 3 assets still held at June 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 June 30, 2013.

 
Level 3 Fair Value Liability Measurements at
 
June 30, 2013
 
Inventory-
 related
 Payables
 
Commodity
Derivative
Contracts
Losses
 
 
Total 
Liabilities
 
(In millions)
 
 
 
 
 
 
Balance, March 31, 2013
$
216

 
$
171

 
$
387

Total increase (decrease) in unrealized losses included in cost of products sold*
(161
)
 
137

 
(24
)
Purchases
10

 
—

 
10

Sales
(2
)
 
—

 
(2
)
Settlements
—

 
(109
)
 
(109
)
Transfers into Level 3
—

 
51

 
51

Transfers out of Level 3
—

 
(17
)
 
(17
)
Ending balance, June 30, 2013
$
63

 
$
233

 
$
296


* Includes increase in unrealized losses of $8 million relating to Level 3 liabilities still held at June 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 six months ended June 30, 2014.

 
Level 3 Fair Value Asset Measurements at
 
June 30, 2014
 
Inventories
 Carried at
 Market
 
Commodity
Derivative
Contracts
Gains
 
 
Total 
Assets
 
(In millions)
 
 
 
 
 
 
Balance, December 31, 2013
$
1,812

 
$
279

 
$
2,091

Total increase (decrease) in unrealized gains included in cost of products sold*
(207
)
 
222

 
15

Purchases
7,948

 
—

 
7,948

Sales
(8,359
)
 
—

 
(8,359
)
Settlements
—

 
(363
)
 
(363
)
Transfers into Level 3
56

 
121

 
177

Transfers out of Level 3
(111
)
 
(20
)
 
(131
)
Ending balance, June 30, 2014
$
1,139

 
$
239

 
$
1,378



* Includes increase in unrealized gains of $371 million relating to Level 3 assets still held at June 30, 2014.

The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2014.

 
Level 3 Fair Value Liability Measurements at
 
June 30, 2014
 
Inventory-
 related
 Payables
 
Commodity
Derivative
Contracts
Losses
 
 
Total 
Liabilities
 
(In millions)
 
 
 
 
 
 
Balance, December 31, 2013
$
34

 
$
261

 
$
295

Total increase (decrease) in unrealized losses included in cost of products sold*
10

 
274

 
284

Purchases
6

 
—

 
6

Sales
(31
)
 
—

 
(31
)
Settlements
—

 
(450
)
 
(450
)
Transfers into Level 3
—

 
107

 
107

Transfers out of Level 3
—

 
(30
)
 
(30
)
Ending balance, June 30, 2014
$
19

 
$
162

 
$
181



* Includes increase in unrealized losses of $286 million relating to Level 3 liabilities still held at June 30, 2014.


The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2013.

 
Level 3 Fair Value Asset Measurements at
 
June 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*
(516
)
 
229

 
(287
)
Purchases
8,899

 
—

 
8,899

Sales
(8,312
)
 
—

 
(8,312
)
Settlements
—

 
(228
)
 
(228
)
Transfers into Level 3
160

 
140

 
300

Transfers out of Level 3
(50
)
 
(17
)
 
(67
)
Ending balance, June 30, 2013
$
1,926

 
$
267

 
$
2,193


* Includes increase in unrealized gains of $264 million relating to Level 3 assets still held at June 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 six months ended June 30, 2013.

 
Level 3 Fair Value Liability Measurements at
 
June 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*
(151
)
 
255

 
104

Purchases
186

 
—

 
186

Sales
(6
)
 
—

 
(6
)
Settlements
—

 
(211
)
 
(211
)
Transfers into Level 3
1

 
74

 
75

Transfers out of Level 3
—

 
(23
)
 
(23
)
Ending balance, June 30, 2013
$
63

 
$
233

 
$
296


* Includes increase in unrealized losses of $110 million relating to Level 3 liabilities still held at June 30, 2013.
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, 2014 and December 31, 2013. 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, 2014 is a weighted average 16.9% of the total price for assets and 17.8% for liabilities.



 
Weighted Average % of Total Price
 
June 30, 2014
 
December 31, 2013
Component Type
Assets
 
Liabilities
 
Assets
 
Liabilities
Inventories and Related Payables
 
 
 
 
 
 
 
Basis
16.9
%
 
17.8
%
 
21.9
%
 
13.2
%
Transportation cost
5.0
%
 
—
%
 
12.3
%
 
—
%
 
 
 
 
 
 
 
 
Commodity Derivative Contracts
 
 
 
 
 
 
 
Basis
22.6
%
 
19.6
%
 
22.8
%
 
17.6
%
Transportation cost
4.9
%
 
6.4
%
 
32.5
%
 
12.3
%