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Price Risk Management Activities (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Risk management activities by type of risk | As of September 30, 2018, 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 |  | 2018 |  | 2019 |  | 2020
Crude oil and refined petroleum products: |  |  |  |  |  |
Swaps – long |  | 17,645 |  |  | 560 |  |  | — |
Swaps – short |  | 17,262 |  |  | 180 |  |  | — |
Futures – long |  | 83,979 |  |  | 3,353 |  |  | — |
Futures – short |  | 100,549 |  |  | 3,399 |  |  | — |
Corn: |  |  |  |  |  |
Futures – long |  | 18,540 |  |  | 250 |  |  | — |
Futures – short |  | 38,785 |  |  | 10,230 |  |  | 45 |
Physical contracts – long |  | 22,612 |  |  | 10,004 |  |  | 43 |
Soybean oil: |  |  |  |  |  |
Futures – long |  | 99,899 |  |  | — |  |  | — |
Futures – short |  | 226,317 |  |  | 42,179 |  |  | — |
As of September 30, 2018, 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 in thousands of barrels).
|  | Notional Contract Volumes by Year of Maturity
Derivative Instrument |  | 2018 |  | 2019
Crude oil and refined petroleum products: |  |  |  |
Futures – long |  | 62,616 |  |  | 13,896 |
Futures – short |  | 62,161 |  |  | 14,321 |
Options – long |  | 29,227 |  |  | 500 |
Options – short |  | 29,250 |  |  | 500 |
Fair values of derivative instruments | The following tables provide information about the fair values of our derivative instruments as of September 30, 2018 and December 31, 2017 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 14 for additional information related to the fair values of our derivative instruments. As indicated in Note 14, 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 following tables, 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, 2018
|  | Asset Derivatives |  | Liability Derivatives
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 2,072 |  |  | $ | 2,108 |
Swaps | Receivables, net |  | 11 |  |  | 10 |
Options | Receivables, net |  | 1 |  |  | 1 |
Physical purchase contracts | Inventories |  | — |  |  | 11 |
Foreign currency contracts | Accrued expenses |  | — |  |  | 3 |
Total |  |  | $ | 2,084 |  |  | $ | 2,133 |
| Balance Sheet Location |  | December 31, 2017
|  | Asset Derivatives |  | Liability Derivatives
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 875 |  |  | $ | 955 |
Swaps | Receivables, net |  | 11 |  |  | 11 |
Options | Receivables, net |  | 8 |  |  | 3 |
Physical purchase contracts | Inventories |  | — |  |  | 6 |
Foreign currency contracts | Accrued expenses |  | — |  |  | 7 |
Total |  |  | $ | 894 |  |  | $ | 982 |
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 line items in the statements of income 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,
2018 |  | 2017 | 2018 |  | 2017
Commodity contracts |  | Cost of materials and other |  | $ | (108 | ) |  | $ | (86 | ) |  | $ | (222 | ) |  | $ | (158 | )
Foreign currency contracts |  | Cost of materials and other |  | (7 | ) |  | (16 | ) |  | 7 |  |  | (42 | )
Trading Derivatives |  | Location of Gain Recognized in Income on Derivatives |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
2018 |  | 2017 | 2018 |  | 2017
Commodity contracts |  | Cost of materials and other |  | $ | 10 |  |  | $ | 31 |  |  | $ | 97 |  |  | $ | 29 |

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