Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Schedule of 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 December 31, 2018 and 2017.



	Fair Value Measurements at December 31, 2018
	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	$	—	$	3,032	$	1,515	$	4,547
Unrealized derivative gains:
Commodity contracts	—		306		155		461
Foreign exchange contracts	—		175		—		175
Cash equivalents	1,288		—		—		1,288
Marketable securities	12		1		—		13
Segregated investments	1,044		—		—		1,044
Deferred consideration	—		379		—		379
Total Assets	$	2,344	$	3,893	$	1,670	$	7,907
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	344	$	245	$	589
Foreign exchange contracts	—		152		—		152
Interest rate contracts	—		20		—		20
Inventory-related payables	—		579		18		597
Total Liabilities	$	—	$	1,095	$	263	$	1,358



	Fair Value Measurements at December 31, 2017
	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	$	—	$	3,400	$	1,486	$	4,886
Unrealized derivative gains:
Commodity contracts	—		275		111		386
Foreign currency contracts	—		63		—		63
Cash equivalents	352		—		—		352
Marketable securities	91		1		—		92
Segregated investments	1,733		—		—		1,733
Deferred consideration	—		307		—		307
Total Assets	$	2,176	$	4,046	$	1,597	$	7,819
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	268	$	103	$	371
Foreign currency contracts	—		92		—		92
Interest rate contracts	—		1		—		1
Inventory-related payables	—		680		39		719
Total Liabilities	$	—	$	1,041	$	142	$	1,183

Reconciliation Of Assets Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Assets Measurements at December 31, 2018
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2017	$	1,486		$	111		$	1,597
Total increase (decrease) in net realized/unrealized gains included in cost of products sold⁽¹⁾	631			395			1,026
Purchases	11,153			—			11,153
Sales	(11,728		)	—			(11,728		)
Settlements	—			(468		)	(468		)
Transfers into Level 3	80			157			237
Transfers out of Level 3	(107		)	(40		)	(147		)
Ending balance, December 31, 2018	$	1,515		$	155		$	1,670

⁽¹⁾ Includes increase in unrealized gains of $669 million relating to Level 3 assets still held at December 31, 2018.



	Level 3 Fair Value Assets Measurements at December 31, 2017
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2016	$	1,322		$	140		$	1,462
Total increase (decrease) in net realized/unrealized gains included in cost of products sold⁽¹⁾	(29		)	248			219
Purchases	11,236			—			11,236
Sales	(11,231		)	—			(11,231		)
Settlements	—			(369		)	(369		)
Transfers into Level 3	241			136			377
Transfers out of Level 3	(53		)	(44		)	(97		)
Ending balance, December 31, 2017	$	1,486		$	111		$	1,597

⁽¹⁾ Includes increase in unrealized gains of $106 million relating to Level 3 assets still held at December 31, 2017.

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Liabilities Measurements at December 31, 2018
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2017	$	39		$	103		$	142
Total increase (decrease) in net realized/unrealized losses included in cost of products sold⁽¹⁾	11			526			537
Purchases	57			—			57
Sales	(89		)	—			(89		)
Settlements	—			(476		)	(476		)
Transfers into Level 3	—			150			150
Transfers out of Level 3	—			(58		)	(58		)
Ending balance, December 31, 2018	$	18		$	245		$	263

⁽¹⁾ Includes increase in unrealized losses of $532 million relating to Level 3 liabilities still held at December 31, 2018.



	Level 3 Fair Value Liabilities Measurements at December 31, 2017
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2016	$	30		$	142		$	172
Total increase (decrease) in net realized/unrealized losses included in cost of products sold⁽¹⁾	(4		)	257			253
Purchases	38			—			38
Sales	(25		)	—			(25		)
Settlements	—			(397		)	(397		)
Transfers into Level 3	—			128			128
Transfers out of Level 3	—			(27		)	(27		)
Ending balance, December 31, 2017	$	39		$	103		$	142

⁽¹⁾ Includes increase in unrealized losses of $260 million relating to Level 3 liabilities still held at December 31, 2017.

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 December 31, 2018 and 2017. 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 December 31, 2018 is a weighted average 18.5% of the total price for assets and 125.0% of the total price for liabilities.



	Weighted Average % of Total Price
	December 31, 2018		December 31, 2017
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories and Related Payables
Basis	18.5%	125.0%	12.8%	99.9%
Transportation cost	25.9%	39.4%	19.2%	—%
Commodity Derivative Contracts
Basis	21.6%	19.1%	24.2%	23.0%
Transportation cost	29.5%	35.1%	12.5%	10.4%