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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2013
Fair Value Measurements [Abstract] |
Fair Value Measurements At Reporting Date |
|  | Fair Value Measurements at March 31, 2013
|  | Quoted Prices in |  | Significant |  |  |  |  |  |
|  | Active Markets |  | Other |  | Significant |  |  |
|  | for Identical |  | Observable |  | Unobservable |  |  |
|  | Assets |  | Inputs |  | Inputs |  |  |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
|  | (In millions)
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Inventories carried at market |  | $ | - |  | $ | 4,746 |  | $ | 2,022 |  | $ | 6,768
Unrealized derivative gains: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  | 1,230 |  |  | 757 |  |  | 223 |  |  | 2,210
Foreign exchange contracts |  |  | - |  |  | 181 |  |  | - |  |  | 181
Interest rate contracts |  |  | - |  |  | 1 |  |  | - |  |  | 1
Marketable securities |  |  | 2,045 |  |  | 17 |  |  | - |  |  | 2,062
Deferred receivables consideration |  |  | - |  |  | 597 |  |  | - |  |  | 597
Total Assets |  | $ | 3,275 |  | $ | 6,299 |  | $ | 2,245 |  | $ | 11,819
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 1,445 |  | $ | 634 |  | $ | 171 |  | $ | 2,250
Foreign exchange contracts |  |  | - |  |  | 126 |  |  | - |  |  | 126
Inventory-related payables |  |  | - |  |  | 547 |  |  | 216 |  |  | 763
Total Liabilities |  | $ | 1,445 |  | $ | 1,307 |  | $ | 387 |  | $ | 3,139
|  | Fair Value Measurements at December 31, 2012
|  | Quoted Prices in |  | Significant |  |  |  |  |  |
|  | Active Markets |  | Other |  | Significant |  |  |
|  | for Identical |  | Observable |  | Unobservable |  |  |
|  | Assets |  | Inputs |  | Inputs |  |  |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
|  | (In millions)
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Inventories carried at market |  | $ | - |  | $ | 5,291 |  | $ | 1,745 |  | $ | 7,036
Unrealized derivative gains: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  | 1,426 |  |  | 936 |  |  | 143 |  |  | 2,505
Foreign exchange contracts |  |  | - |  |  | 170 |  |  | - |  |  | 170
Interest rate contracts |  |  | - |  |  | 1 |  |  | - |  |  | 1
Marketable securities |  |  | 2,451 |  |  | 16 |  |  | - |  |  | 2,467
Deferred receivables consideration |  |  | - |  |  | 900 |  |  | - |  |  | 900
Total Assets |  | $ | 3,877 |  | $ | 7,314 |  | $ | 1,888 |  | $ | 13,079
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 1,600 |  | $ | 638 |  | $ | 138 |  | $ | 2,376
Foreign exchange contracts |  |  | - |  |  | 215 |  |  | - |  |  | 215
Inventory-related payables |  |  | - |  |  | 903 |  |  | 33 |  |  | 936
Total Liabilities |  | $ | 1,600 |  | $ | 1,756 |  | $ | 171 |  | $ | 3,527
Reconciliation of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3) |
|  | Level 3 Fair Value Asset Measurements at
|  | March 31, 2013
|  |  |  |  | Commodity |  |  |
|  | Inventories |  | Derivative |  |  |
|  | carried at |  | Contracts |  | Total
|  | Market |  | Gains |  | Assets
|  | (In millions)
Balance, December 31, 2012 |  | $ | 1,745 |  | $ | 143 |  | $ | 1,888
Total increase (decrease) in unrealized gains |  |  |  |  |  |  |  |  |
included in cost of products sold* |  |  | (697) |  |  | 136 |  |  | (561)
Purchases |  |  | 4,684 |  |  | - |  |  | 4,684
Sales |  |  | (3,700) |  |  | - |  |  | (3,700)
Settlements |  |  | - |  |  | (96) |  |  | (96)
Transfers into Level 3 |  |  | 40 |  |  | 48 |  |  | 88
Transfers out of Level 3 |  |  | (50) |  |  | (8) |  |  | (58)
Ending balance, March 31, 2013 |  | $ | 2,022 |  | $ | 223 |  | $ | 2,245
⃰ Includes gains of $130 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at March 31, 2013. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2013.
|  | Level 3 Fair Value Liability Measurements at
|  | March 31, 2013
|  |  |  |  | Commodity |  |  |
|  | Inventory- |  | Derivative |  |  |
|  | related |  | Contracts |  | Total
|  | Payables |  | Losses |  | Liabilities
|  | (In millions)
Balance, December 31, 2012 |  | $ | 33 |  | $ | 138 |  | $ | 171
Total increase (decrease) in unrealized losses |  |  |  |  |  |  |  |  |
included in cost of products sold* |  |  | 10 |  |  | 118 |  |  | 128
Purchases |  |  | 176 |  |  | - |  |  | 176
Sales |  |  | (4) |  |  | - |  |  | (4)
Settlements |  |  | - |  |  | (102) |  |  | (102)
Transfers into Level 3 |  |  | 1 |  |  | 23 |  |  | 24
Transfers out of Level 3 |  |  | - |  |  | (6) |  |  | (6)
Ending balance, March 31, 2013 |  | $ | 216 |  | $ | 171 |  | $ | 387
⃰ Includes losses of $117 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at March 31, 2013. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2012.
|  | Level 3 Fair Value Asset Measurements at
|  | March 31, 2012
|  |  |  |  | Commodity |  |  |
|  | Inventories |  | Derivative |  |  |
|  | carried at |  | Contracts |  | Total
|  | Market |  | Gains |  | Assets
|  | (In millions)
Balance, December 31, 2011 |  | $ | 1,624 |  | $ | 198 |  | $ | 1,822
Total increase (decrease) in unrealized gains |  |  |  |  |  |  |  |  |
included in cost of products sold |  |  | 41 |  |  | 165 |  |  | 206
Purchases |  |  | 1,286 |  |  | - |  |  | 1,286
Sales |  |  | (285) |  |  | - |  |  | (285)
Settlements |  |  | - |  |  | (100) |  |  | (100)
Transfers into Level 3 |  |  | 72 |  |  | 19 |  |  | 91
Transfers out of Level 3 |  |  | (1,013) |  |  | (50) |  |  | (1,063)
Ending balance, March 31, 2012 |  | $ | 1,725 |  | $ | 232 |  | $ | 1,957
The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2012.
|  | Level 3 Fair Value Liability Measurements at
|  | March 31, 2012
|  |  |  |  | Commodity |  |  |
|  | Inventory- |  | Derivative |  |  |
|  | related |  | Contracts |  | Total
|  | Payables |  | Losses |  | Liabilities
|  | (In millions)
Balance, December 31, 2011 |  | $ | 196 |  | $ | 192 |  | $ | 388
Total increase (decrease) in unrealized losses |  |  |  |  |  |  |  |  |
included in cost of products sold |  |  | - |  |  | 159 |  |  | 159
Purchases |  |  | (1) |  |  | - |  |  | (1)
Sales |  |  | 82 |  |  | - |  |  | 82
Settlements |  |  | - |  |  | (141) |  |  | (141)
Transfers into Level 3 |  |  | - |  |  | 12 |  |  | 12
Transfers out of Level 3 |  |  | (140) |  |  | (38) |  |  | (178)
Ending balance, March 31, 2012 |  | $ | 137 |  | $ | 184 |  | $ | 321
Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
|  | Weighted Average
|  | % of Total Price
|  | March 31, 2013 | December 31, 2012
Component Type |  | Assets |  | Liabilities | Assets |  | Liabilities
Inventories |  |  |  |  |  |  |  |  |  |  |
Basis |  | 26.9 | % |  | 4.9 | % | 13.5 | % |  | 26.2 | %
Transportation cost |  | 24.5 | % |  | 10.6 | % | 8.4 | % |  | 9.1 | %
Commodity Derivative Contracts |  |  |  |  |  |  |  |  |  |  |
Basis |  | 18.6 | % |  | 33.0 | % | 45.7 | % |  | 17.0 | %
Transportation cost |  | 10.5 | % |  | 15.3 | % | 16.2 | % |  | 7.7 | %

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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets and liabilities. The disclosure includes the unobservable inputs used to measure fair value on a recurring basis and the weighted averages of the inputs. + References No definition available. + Details
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