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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2013
Fair Value Disclosures [Abstract] |
Fair value of financial 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 December 31, 2013 and 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.
| December 31, 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 | $ | 499 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 537 |  |  | $ | (505 | ) |  | $ | (7 | ) |  | $ | 25 |  |  | $ | — |
Investments of certain benefit plans | 98 |  |  | — |  |  | 11 |  |  | 109 |  |  | n/a |  |  | n/a |  |  | 109 |  |  | n/a |
Total | $ | 597 |  |  | $ | 38 |  |  | $ | 11 |  |  | $ | 646 |  |  | $ | (505 | ) |  | $ | (7 | ) |  | $ | 134 |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 492 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 516 |  |  | $ | (505 | ) |  | $ | (6 | ) |  | $ | 5 |  |  | $ | (76 | )
Biofuels blending obligation | — |  |  | 11 |  |  | — |  |  | 11 |  |  | n/a |  |  | n/a |  |  | 11 |  |  | n/a |
Physical purchase contracts | — |  |  | 5 |  |  | — |  |  | 5 |  |  | n/a |  |  | n/a |  |  | 5 |  |  | n/a |
Foreign currency contracts | 8 |  |  | — |  |  | — |  |  | 8 |  |  | n/a |  |  | n/a |  |  | 8 |  |  | n/a |
Total | $ | 500 |  |  | $ | 40 |  |  | $ | — |  |  | $ | 540 |  |  | $ | (505 | ) |  | $ | (6 | ) |  | $ | 29 |  |  |
| 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 |  |  |
Reconciliation of the beginning and ending balances for fair value measurements developed using significant unobservable inputs | The following is a reconciliation of the beginning and ending balances (in millions) for fair value measurements developed using significant unobservable inputs (Level 3).
| Investments of Certain Benefit Plans |  | Other Investments
| 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011
Balance as of beginning of year | $ | 11 |  |  | $ | 11 |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 21 |
Total losses included in refining operating expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21 | )
Transfers in and/or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance as of end of year | $ | 11 |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The amount of total losses included in income attributable to the change in unrealized losses relating to assets still held at end of year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21 | )
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) and the related impairment losses recognized. See Note 4 for our impairment analysis for these assets.
|  |  | Total Fair Value as of December 31, 2012 |  | Total Losses Recognized During the Year Ended December 31, 2012
| Fair Value Hierarchy
| Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |
Long-lived assets of the Aruba Refinery | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 903 |
Materials and supplies inventories of the Aruba Refinery | — |  |  | — |  |  | — |  |  | — |  |  | 25 |
Cancelled capital projects | — |  |  | — |  |  | 2 |  |  | 2 |  |  | 65 |
Property, plant, and equipment of convenience stores | — |  |  | — |  |  | 8 |  |  | 8 |  |  | 21 |
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):
| December 31, 2013 |  | December 31, 2012
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial assets: |  |  |  |  |  |  |
Cash and temporary cash investments | $ | 4,292 |  |  | $ | 4,292 |  |  | $ | 1,723 |  |  | $ | 1,723 |
Financial liabilities: |  |  |  |  |  |  |
Debt (excluding capital leases) | 6,525 |  |  | 7,659 |  |  | 7,000 |  |  | 8,621 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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