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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2014
Fair Value Disclosures [Abstract] |
Fair Value Measurements At Reporting Date | The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2014 and December 31, 2013.
| Fair Value Measurements at September 30, 2014
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (In millions)
Assets: |  |  |  |  |  |  |
Inventories carried at market | $ | — |  |  | $ | 2,188 |  |  | $ | 1,522 |  |  | $ | 3,710 |
Unrealized derivative gains: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 737 |  |  | 552 |  |  | 1,289 |
Foreign exchange contracts | 1 |  |  | 238 |  |  | — |  |  | 239 |
Interest rate contracts | — |  |  | 3 |  |  | — |  |  | 3 |
Cash equivalents | 1,012 |  |  | — |  |  | — |  |  | 1,012 |
Marketable securities | 779 |  |  | 81 |  |  | — |  |  | 860 |
Segregated investments | 1,877 |  |  | — |  |  | — |  |  | 1,877 |
Deferred receivables consideration | — |  |  | 695 |  |  | — |  |  | 695 |
Total Assets | $ | 3,669 |  |  | $ | 3,942 |  |  | $ | 2,074 |  |  | $ | 9,685 |
Liabilities: |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 804 |  |  | $ | 261 |  |  | $ | 1,065 |
Foreign exchange contracts | — |  |  | 246 |  |  | — |  |  | 246 |
Interest rate contracts | — |  |  | 4 |  |  | — |  |  | 4 |
Inventory-related payables | — |  |  | 290 |  |  | 20 |  |  | 310 |
Total Liabilities | $ | — |  |  | $ | 1,344 |  |  | $ | 281 |  |  | $ | 1,625 |
| Fair Value Measurements at December 31, 2013
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (In millions)
Assets: |  |  |  |  |  |  |
Inventories carried at market | $ | — |  |  | $ | 4,247 |  |  | $ | 1,812 |  |  | $ | 6,059 |
Unrealized derivative gains: |  |  |  |  |  |  |
Commodity contracts | 31 |  |  | 540 |  |  | 279 |  |  | 850 |
Foreign exchange contracts | 30 |  |  | 88 |  |  | — |  |  | 118 |
Interest rate contracts | — |  |  | 1 |  |  | — |  |  | 1 |
Cash equivalents | 2,518 |  |  | — |  |  | — |  |  | 2,518 |
Marketable securities | 881 |  |  | 26 |  |  | — |  |  | 907 |
Segregated investments | 1,707 |  |  | — |  |  | — |  |  | 1,707 |
Deferred receivables consideration | — |  |  | 757 |  |  | — |  |  | 757 |
Total Assets | $ | 5,167 |  |  | $ | 5,659 |  |  | $ | 2,091 |  |  | $ | 12,917 |
Liabilities: |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |
Commodity contracts | $ | 45 |  |  | $ | 343 |  |  | $ | 261 |  |  | $ | 649 |
Foreign exchange contracts | — |  |  | 166 |  |  | — |  |  | 166 |
Interest rate contracts | — |  |  | 9 |  |  | — |  |  | 9 |
Inventory-related payables | — |  |  | 708 |  |  | 34 |  |  | 742 |
Total Liabilities | $ | 45 |  |  | $ | 1,226 |  |  | $ | 295 |  |  | $ | 1,566 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 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 September 30, 2014.
| Level 3 Fair Value Asset Measurements at
| September 30, 2014
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets
| (In millions)
Balance, June 30, 2014 | $ | 1,139 |  |  | $ | 239 |  |  | $ | 1,378 |
Total increase (decrease) in unrealized gains included in cost of products sold* | (33 | ) |  | 285 |  |  | 252 |
Purchases | 2,526 |  |  | — |  |  | 2,526 |
Sales | (2,352 | ) |  | — |  |  | (2,352 | )
Settlements | — |  |  | (166 | ) |  | (166 | )
Transfers into Level 3 | 266 |  |  | 207 |  |  | 473 |
Transfers out of Level 3 | (24 | ) |  | (13 | ) |  | (37 | )
Ending balance, September 30, 2014 | $ | 1,522 |  |  | $ | 552 |  |  | $ | 2,074 |
* Includes increase in unrealized gains of $145 million relating to Level 3 assets still held at September 30, 2014. 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 September 30, 2014.
| Level 3 Fair Value Liability Measurements at
| September 30, 2014
| Inventory- related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
| (In millions)
Balance, June 30, 2014 | $ | 19 |  |  | $ | 162 |  |  | $ | 181 |
Total increase (decrease) in unrealized losses included in cost of products sold* | — |  |  | 110 |  |  | 110 |
Purchases | 12 |  |  | — |  |  | 12 |
Sales | (11 | ) |  | — |  |  | (11 | )
Settlements | — |  |  | (130 | ) |  | (130 | )
Transfers into Level 3 | — |  |  | 127 |  |  | 127 |
Transfers out of Level 3 | — |  |  | (8 | ) |  | (8 | )
Ending balance, September 30, 2014 | $ | 20 |  |  | $ | 261 |  |  | $ | 281 |
* Includes increase in unrealized losses of $111 million relating to Level 3 liabilities still held at September 30, 2014. 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 September 30, 2013.
| Level 3 Fair Value Asset Measurements at
| September 30, 2013
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets
| (In millions)
Balance, June 30, 2013 | $ | 1,926 |  |  | $ | 267 |  |  | $ | 2,193 |
Total increase (decrease) in unrealized gains included in cost of products sold* | 162 |  |  | 143 |  |  | 305 |
Purchases | 2,896 |  |  | — |  |  | 2,896 |
Sales | (3,264 | ) |  | — |  |  | (3,264 | )
Settlements | — |  |  | (153 | ) |  | (153 | )
Transfers into Level 3 | 35 |  |  | 69 |  |  | 104 |
Transfers out of Level 3 | (483 | ) |  | (64 | ) |  | (547 | )
Ending balance, September 30, 2013 | $ | 1,272 |  |  | $ | 262 |  |  | $ | 1,534 |
* Includes increase in unrealized gains of $289 million relating to Level 3 assets still held at September 30, 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 September 30, 2013.
| Level 3 Fair Value Liability Measurements at
| September 30, 2013
| Inventory- related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
| (In millions)
Balance, June 30, 2013 | $ | 63 |  |  | $ | 233 |  |  | $ | 296 |
Total increase (decrease) in unrealized losses included in cost of products sold* | — |  |  | 127 |  |  | 127 |
Purchases | 4 |  |  | — |  |  | 4 |
Sales | (17 | ) |  | — |  |  | (17 | )
Settlements | — |  |  | (186 | ) |  | (186 | )
Transfers into Level 3 | — |  |  | 30 |  |  | 30 |
Transfers out of Level 3 | (41 | ) |  | (18 | ) |  | (59 | )
Ending balance, September 30, 2013 | $ | 9 |  |  | $ | 186 |  |  | $ | 195 |
* Includes increase in unrealized losses of $127 million relating to Level 3 liabilities still held at September 30, 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 nine months ended September 30, 2014.
| Level 3 Fair Value Asset Measurements at
| September 30, 2014
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets
| (In millions)
Balance, December 31, 2013 | $ | 1,812 |  |  | $ | 279 |  |  | $ | 2,091 |
Total increase (decrease) in unrealized gains included in cost of products sold* | (208 | ) |  | 507 |  |  | 299 |
Purchases | 10,474 |  |  | — |  |  | 10,474 |
Sales | (10,711 | ) |  | — |  |  | (10,711 | )
Settlements | — |  |  | (529 | ) |  | (529 | )
Transfers into Level 3 | 266 |  |  | 328 |  |  | 594 |
Transfers out of Level 3 | (111 | ) |  | (33 | ) |  | (144 | )
Ending balance, September 30, 2014 | $ | 1,522 |  |  | $ | 552 |  |  | $ | 2,074 |
* Includes increase in unrealized gains of $516 million relating to Level 3 assets still held at September 30, 2014. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2014.
| Level 3 Fair Value Liability Measurements at
| September 30, 2014
| Inventory- related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
| (In millions)
Balance, December 31, 2013 | $ | 34 |  |  | $ | 261 |  |  | $ | 295 |
Total increase (decrease) in unrealized losses included in cost of products sold* | 10 |  |  | 384 |  |  | 394 |
Purchases | 18 |  |  | — |  |  | 18 |
Sales | (42 | ) |  | — |  |  | (42 | )
Settlements | — |  |  | (580 | ) |  | (580 | )
Transfers into Level 3 | — |  |  | 234 |  |  | 234 |
Transfers out of Level 3 | — |  |  | (38 | ) |  | (38 | )
Ending balance, September 30, 2014 | $ | 20 |  |  | $ | 261 |  |  | $ | 281 |
* Includes increase in unrealized losses of $397 million relating to Level 3 liabilities still held at September 30, 2014. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2013.
| Level 3 Fair Value Asset Measurements at
| September 30, 2013
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets
| (In millions)
Balance, December 31, 2012 | $ | 1,745 |  |  | $ | 143 |  |  | $ | 1,888 |
Total increase (decrease) in unrealized gains included in cost of products sold* | (677 | ) |  | 372 |  |  | (305 | )
Purchases | 11,795 |  |  | — |  |  | 11,795 |
Sales | (11,576 | ) |  | — |  |  | (11,576 | )
Settlements | — |  |  | (381 | ) |  | (381 | )
Transfers into Level 3 | 35 |  |  | 209 |  |  | 244 |
Transfers out of Level 3 | (50 | ) |  | (81 | ) |  | (131 | )
Ending balance, September 30, 2013 | $ | 1,272 |  |  | $ | 262 |  |  | $ | 1,534 |
* Includes increase in unrealized gains of $553 million relating to Level 3 assets still held at September 30, 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 nine months ended September 30, 2013.
| Level 3 Fair Value Liability Measurements at
| September 30, 2013
| Inventory- related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
| (In millions)
Balance, December 31, 2012 | $ | 33 |  |  | $ | 138 |  |  | $ | 171 |
Total increase (decrease) in unrealized losses included in cost of products sold* | (191 | ) |  | 382 |  |  | 191 |
Purchases | 190 |  |  | — |  |  | 190 |
Sales | (23 | ) |  | — |  |  | (23 | )
Settlements | — |  |  | (397 | ) |  | (397 | )
Transfers into Level 3 | — |  |  | 104 |  |  | 104 |
Transfers out of Level 3 | — |  |  | (41 | ) |  | (41 | )
Ending balance, September 30, 2013 | $ | 9 |  |  | $ | 186 |  |  | $ | 195 |
* Includes increase in unrealized losses of $237 million relating to Level 3 liabilities still held at September 30, 2013.
Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of September 30, 2014 and December 31, 2013. The Company’s Level 3 measurements may include Basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with Basis, the unobservable component as of September 30, 2014 is a weighted average 32.1% of the total price for assets and 30.8% for liabilities.
| Weighted Average % of Total Price
| September 30, 2014 |  | December 31, 2013
Component Type | Assets |  | Liabilities |  | Assets |  | Liabilities
Inventories and Related Payables |  |  |  |  |  |  |
Basis | 32.1 | % |  | 30.8 | % |  | 21.9 | % |  | 13.2 | %
Transportation cost | 11.4 | % |  | — | % |  | 12.3 | % |  | — | %
Commodity Derivative Contracts |  |  |  |  |  |  |
Basis | 20.1 | % |  | 18.5 | % |  | 22.8 | % |  | 17.6 | %
Transportation cost | 8.1 | % |  | 24.4 | % |  | 32.5 | % |  | 12.3 | %

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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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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + 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 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + 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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