XML 42 R32.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Price Risk Management Activities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Risk management activities by type of risk | As of September 30, 2016, we had the following outstanding commodity derivative instruments that were used as economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels, and soybean oil contracts that are presented in thousands of pounds).
|  | Notional Contract Volumes by Year of Maturity
Derivative Instrument |  | 2016 |  | 2017 |  | 2018
Crude oil and refined products: |  |  |  |  |  |
Swaps – long |  | 16,154 |  |  | 485 |  |  | — |
Swaps – short |  | 16,349 |  |  | 20 |  |  | — |
Futures – long |  | 93,710 |  |  | 777 |  |  | — |
Futures – short |  | 87,610 |  |  | 2,178 |  |  | — |
Options – long |  | 2,000 |  |  | — |  |  | — |
Options – short |  | 2,000 |  |  | — |  |  | — |
Corn: |  |  |  |  |  |
Futures – long |  | 16,875 |  |  | 550 |  |  | — |
Futures – short |  | 34,935 |  |  | 4,970 |  |  | 10 |
Physical contracts – long |  | 16,807 |  |  | 4,913 |  |  | 10 |
Soybean oil: |  |  |  |  |  |
Futures – long |  | 81,600 |  |  | — |  |  | — |
Futures – short |  | 118,320 |  |  | 20,580 |  |  | — |
As of September 30, 2016, we had the following outstanding commodity derivative instruments that were entered into for trading purposes. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes represent thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels).
|  | Notional Contract Volumes by Year of Maturity
Derivative Instrument |  | 2016 |  | 2017
Crude oil and refined products: |  |  |  |
Swaps – long |  | 1,260 |  |  | 1,500 |
Swaps – short |  | 1,260 |  |  | 1,500 |
Futures – long |  | 48,588 |  |  | 1,399 |
Futures – short |  | 48,170 |  |  | 1,846 |
Options – long |  | 22,550 |  |  | 133,490 |
Options – short |  | 22,150 |  |  | 133,490 |
Corn: |  |  |  |
Futures – long |  | — |  |  | 500 |
Futures – short |  | — |  |  | 500 |
Fair values of derivative instruments | The following tables provide information about the fair values of our derivative instruments as of September 30, 2016 and December 31, 2015 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments. As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts.
| Balance Sheet Location |  | September 30, 2016
|  | Asset Derivatives |  | Liability Derivatives
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 749 |  |  | $ | 702 |
Swaps | Receivables, net |  | 21 |  |  | 17 |
Options | Receivables, net |  | 8 |  |  | 5 |
Physical purchase contracts | Inventories |  | 1 |  |  | 11 |
Foreign currency contracts | Receivables, net |  | 1 |  |  | — |
Total |  |  | $ | 780 |  |  | $ | 735 |
| Balance Sheet Location |  | December 31, 2015
|  | Asset Derivatives |  | Liability Derivatives
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 648 |  |  | $ | 522 |
Swaps | Receivables, net |  | 30 |  |  | 33 |
Options | Receivables, net |  | 4 |  |  | 2 |
Physical purchase contracts | Inventories |  | — |  |  | 6 |
Foreign currency contracts | Receivables, net |  | 3 |  |  | — |
Total |  |  | $ | 685 |  |  | $ | 563 |
Effect of derivative instruments on income | The following tables provide information about the gain or loss recognized in income on our derivative instruments and the income statement line items in which such gains and losses are reflected (in millions).
Derivatives Designated as Economic Hedges |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
2016 |  | 2015 | 2016 |  | 2015
Commodity contracts |  | Cost of sales |  | $ | 42 |  |  | $ | 122 |  |  | $ | (210 | ) |  | $ | 159 |
Foreign currency contracts |  | Cost of sales |  | 4 |  |  | 24 |  |  | 5 |  |  | 31 |
Trading Derivatives |  | Location of Gain Recognized in Income on Derivatives |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
2016 |  | 2015 | 2016 |  | 2015
Commodity contracts |  | Cost of sales |  | $ | 13 |  |  | $ | 20 |  |  | $ | 51 |  |  | $ | 41 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration