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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value Disclosures [Abstract]  
Fair value of assets and liabilities measured on recurring basis
The tables below present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of September 30, 2013 and December 31, 2012.

We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
 
September 30, 2013
 
 
 
 Total
Gross
Fair
Value
 
Effect of
Counter-
party
Netting
 
Effect of
Cash
Collateral
Netting
 
Net
Carrying
Value on
Balance
Sheet
 
Cash
Collateral
Paid or
Received
Not Offset
 
Fair Value Hierarchy
 
 
Level 1
 
Level 2
 
Level 3
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
1,345

 
$
26

 
$
—

 
$
1,371

 
$
(1,331
)
 
$
(5
)
 
$
35

 
$
—

Investments of certain
benefit plans
92

 
—

 
11

 
103

 
N/A

 
N/A

 
103

 
N/A

Total
$
1,437

 
$
26

 
$
11

 
$
1,474

 
$
(1,331
)
 
$
(5
)
 
$
138

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 

 
 
 
 
 

 
 
Commodity derivative
contracts
$
1,314

 
$
37

 
$
—

 
$
1,351

 
$
(1,331
)
 
$
(12
)
 
$
8

 
$
(79
)
Physical purchase
contracts
—

 
17

 
—

 
17

 
N/A

 
N/A

 
17

 
N/A

Foreign currency contracts
5

 
—

 
—

 
5

 
N/A

 
N/A

 
5

 
N/A

Total
$
1,319

 
$
54

 
$
—

 
$
1,373

 
$
(1,331
)
 
$
(12
)
 
$
30

 


 
December 31, 2012
 
 
 
Total
Gross
Fair
Value
 
Effect of
Counter-
party
Netting
 
Effect of
Cash
Collateral
Netting
 
Net
Carrying
Value on
Balance
Sheet
 
Cash
Collateral
Paid or
Received
Not Offset
 
Fair Value Hierarchy
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
1,143

 
$
60

 
$
—

 
$
1,203

 
$
(1,189
)
 
$
—

 
$
14

 
$
—

Physical purchase contracts
—

 
11

 
—

 
11

 
N/A

 
N/A

 
11

 
N/A

Foreign currency
contracts
1

 
—

 
—

 
1

 
N/A

 
N/A

 
1

 
N/A

Investments of certain benefit plans
87

 
—

 
11

 
98

 
N/A

 
N/A

 
98

 
N/A

Total
$
1,231

 
$
71

 
$
11

 
$
1,313

 
$
(1,189
)
 
$
—

 
$
124

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity derivative
contracts
$
1,138

 
$
70

 
$
—

 
$
1,208

 
$
(1,189
)
 
$
(13
)
 
$
6

 
$
(114
)
Biofuels blending obligation
—

 
10

 
—

 
10

 
N/A

 
N/A

 
10

 
N/A

Foreign currency
contracts
1

 
—

 
—

 
1

 
N/A

 
N/A

 
1

 
N/A

Total
$
1,139

 
$
80

 
$
—

 
$
1,219

 
$
(1,189
)
 
$
(13
)
 
$
17

 
Fair value of assets measured on a nonrecurring basis
The table below presents the fair value of certain assets that were measured at fair value on a nonrecurring basis as of December 31, 2012 (in millions).

 
 
 
Total
Fair Value
as of
December 31,
2012
 
Fair Value Hierarchy
 
 
Level 1
 
Level 2
 
Level 3
 
Cancelled capital project
$
—

 
$
—

 
$
2

 
$
2

Property, plant and equipment of
convenience stores
—

 
—

 
8

 
8
Carrying amounts and estimated fair value of financial instruments
Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the table below (in millions):
 
September 30, 2013
 
December 31, 2012
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Financial assets:
 
 
 
 
 
 
 
Cash and temporary cash investments
$
1,908

 
$
1,908

 
$
1,723

 
$
1,723

Equity investment in CST
119

 
449

 
—

 
—

Financial liabilities:
 
 
 
 
 
 
 
Debt (excluding capital leases)
6,524

 
7,545

 
7,000

 
8,621