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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

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, 2019 and 2018.



	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 exchange contracts	—		138		—		138
Interest rate contracts	—		3		—		3
Cash equivalents	505		—		—		505
Marketable securities	5		—		—		5
Segregated investments	628		—		—		628
Deferred consideration	—		446		—		446
Total Assets	$	1,138	$	4,091	$	1,678	$	6,907
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	375	$	199	$	574
Foreign exchange contracts	—		125		—		125
Interest rate contracts	—		43		—		43
Inventory-related payables	—		702		27		729
Total Liabilities	$	—	$	1,245	$	226	$	1,471



	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 currency 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 currency contracts	—		152		—		152
Interest rate contracts	—		20		—		20
Inventory-related payables	—		579		18		597
Total Liabilities	$	—	$	1,095	$	263	$	1,358

Reconciliation Of Assets Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Assets Measurements at December 31, 2019
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(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⁽¹⁾	327			417			744
Purchases	10,833			—			10,833
Sales	(11,167		)	—			(11,167		)
Settlements	—			(421		)	(421		)
Transfers into Level 3	108			74			182
Transfers out of Level 3	(139		)	(24		)	(163		)
Ending balance, December 31, 2019	$	1,477		$	201		$	1,678

⁽¹⁾ Includes increase in unrealized gains of $900 million relating to Level 3 assets still held at December 31, 2019.



	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.

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis



	Level 3 Fair Value Liabilities Measurements at December 31, 2019
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2018	$	18		$	245		$	263
Total increase (decrease) in net realized/unrealized losses included in cost of products sold⁽¹⁾	(1		)	398			397
Purchases	48			—			48
Sales	(38		)	—			(38		)
Settlements	—			(451		)	(451		)
Transfers into Level 3	—			51			51
Transfers out of Level 3	—			(44		)	(44		)
Ending balance, December 31, 2019	$	27		$	199		$	226

⁽¹⁾ Includes increase in unrealized losses of $7 million relating to Level 3 liabilities still held at December 31, 2019.



	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.

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, 2019 and 2018. 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, 2019 is a weighted average 28.2% of the total price for assets and 14.7% of the total price for liabilities.



	Weighted Average % of Total Price
	December 31, 2019		December 31, 2018
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories and Related Payables
Basis	28.2%	14.7%	18.5%	125.0%
Transportation cost	24.7%	—%	25.9%	39.4%
Commodity Derivative Contracts
Basis	16.0%	20.2%	21.6%	19.1%
Transportation cost	9.7%	3.1%	29.5%	35.1%