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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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 June 30, 2023 and December 31, 2022.
| Fair Value Measurements at June 30, 2023
| 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 | $ | — |  |  | $ | 3,631 |  |  | $ | 2,859 |  |  | $ | 6,490 |
Unrealized derivative gains: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 728 |  |  | 886 |  |  | 1,614 |
Foreign currency contracts | — |  |  | 211 |  |  | — |  |  | 211 |
Cash equivalents | 471 |  |  | — |  |  | — |  |  | 471 |
Segregated investments | 2,145 |  |  | — |  |  | — |  |  | 2,145 |
Total Assets | $ | 2,616 |  |  | $ | 4,570 |  |  | $ | 3,745 |  |  | $ | 10,931 |
Liabilities: |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 631 |  |  | $ | 791 |  |  | $ | 1,422 |
Foreign currency contracts | — |  |  | 204 |  |  | — |  |  | 204 |
Inventory-related payables | — |  |  | 1,077 |  |  | 65 |  |  | 1,142 |
Total Liabilities | $ | — |  |  | $ | 1,912 |  |  | $ | 856 |  |  | $ | 2,768 |
| Fair Value Measurements at December 31, 2022
| 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 | $ | — |  |  | $ | 6,281 |  |  | $ | 2,760 |  |  | $ | 9,041 |
Unrealized derivative gains: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 796 |  |  | 541 |  |  | 1,337 |
Foreign currency contracts | — |  |  | 258 |  |  | — |  |  | 258 |
Interest rate contracts | — |  |  | 109 |  |  | — |  |  | 109 |
Cash equivalents | 405 |  |  | — |  |  | — |  |  | 405 |
Segregated investments | 1,453 |  |  | — |  |  | — |  |  | 1,453 |
Total Assets | $ | 1,858 |  |  | $ | 7,444 |  |  | $ | 3,301 |  |  | $ | 12,603 |
Liabilities: |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 665 |  |  | $ | 603 |  |  | $ | 1,268 |
Foreign currency contracts | — |  |  | 275 |  |  | — |  |  | 275 |
Debt conversion option | — |  |  | — |  |  | 6 |  |  | 6 |
Inventory-related payables | — |  |  | 1,181 |  |  | 89 |  |  | 1,270 |
Total Liabilities | $ | — |  |  | $ | 2,121 |  |  | $ | 698 |  |  | $ | 2,819 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2023.
| Level 3 Fair Value Asset Measurements at
| June 30, 2023
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets
| (In millions)
Balance, March 31, 2023 | $ | 3,503 |  |  | $ | 649 |  |  | $ | 4,152 |
Total increase (decrease) in net realized/unrealized gains included in cost of products sold* | 362 |  |  | 475 |  |  | 837 |
Purchases | 9,910 |  |  | — |  |  | 9,910 |
Sales | (10,646) |  |  | — |  |  | (10,646) |
Settlements | (4) |  |  | (457) |  |  | (461) |
Transfers into Level 3 | 547 |  |  | 240 |  |  | 787 |
Transfers out of Level 3 | (813) |  |  | (21) |  |  | (834) |
Ending balance, June 30, 2023 | $ | 2,859 |  |  | $ | 886 |  |  | $ | 3,745 |
* Includes increase in unrealized gains of $780 million relating to Level 3 assets still held at June 30, 2023. The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2022.
| Level 3 Fair Value Asset Measurements at
| June 30, 2022
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets
| (In millions)
Balance, March 31, 2022 | $ | 3,959 |  |  | $ | 828 |  |  | $ | 4,787 |
Total increase (decrease) in net realized/unrealized gains included in cost of products sold* | (216) |  |  | 319 |  |  | 103 |
Purchases | 11,678 |  |  | — |  |  | 11,678 |
Sales | (11,993) |  |  | — |  |  | (11,993) |
Settlements | — |  |  | (495) |  |  | (495) |
Transfers into Level 3 | 222 |  |  | 293 |  |  | 515 |
Transfers out of Level 3 | (405) |  |  | (65) |  |  | (470) |
Ending balance, June 30, 2022 | $ | 3,245 |  |  | $ | 880 |  |  | $ | 4,125 |
* Includes increase in unrealized gains of $253 million relating to Level 3 assets still held at June 30, 2022. The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2023.
| Level 3 Fair Value Asset Measurements at
| June 30, 2023
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets
| (In millions)
Balance, December 31, 2022 | $ | 2,760 |  |  | $ | 541 |  |  | $ | 3,301 |
Total increase (decrease) in net realized/unrealized gains included in cost of products sold* | 364 |  |  | 952 |  |  | 1,316 |
Purchases | 18,575 |  |  | — |  |  | 18,575 |
Sales | (18,900) |  |  | — |  |  | (18,900) |
Settlements | (4) |  |  | (839) |  |  | (843) |
Transfers into Level 3 | 1,152 |  |  | 290 |  |  | 1,442 |
Transfers out of Level 3 | (1,088) |  |  | (58) |  |  | (1,146) |
Ending balance, June 30, 2023 | $ | 2,859 |  |  | $ | 886 |  |  | $ | 3,745 |
* Includes increase in unrealized gains of $1.4 billion relating to Level 3 assets still held at June 30, 2023. The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2022.
| Level 3 Fair Value Asset Measurements at
| June 30, 2022
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets
| (In millions)
Balance, December 31, 2021 | $ | 3,004 |  |  | $ | 460 |  |  | $ | 3,464 |
Total increase (decrease) in net realized/unrealized gains included in cost of products sold* | 431 |  |  | 952 |  |  | 1,383 |
Purchases | 21,230 |  |  | — |  |  | 21,230 |
Sales | (21,308) |  |  | — |  |  | (21,308) |
Settlements | — |  |  | (771) |  |  | (771) |
Transfers into Level 3 | 549 |  |  | 316 |  |  | 865 |
Transfers out of Level 3 | (661) |  |  | (77) |  |  | (738) |
Ending balance, June 30, 2022 | $ | 3,245 |  |  | $ | 880 |  |  | $ | 4,125 |
* Includes increase in unrealized gains of $1.7 billion relating to Level 3 assets still held at June 30, 2022.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2023.
| Level 3 Fair Value Liability Measurements at
| June 30, 2023
| Inventory- related Payables |  | Commodity Derivative Contracts Losses |  |  |  | Debt Conversion Option |  | Total Liabilities
| (In millions)
Balance, March 31, 2023 | $ | 57 |  |  | $ | 455 |  |  |  |  | $ | 1 |  |  | $ | 513 |
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense* | 4 |  |  | 535 |  |  |  |  | (1) |  |  | 538 |
Purchases | 5 |  |  | — |  |  |  |  | — |  |  | 5 |
Sales | — |  |  | — |  |  |  |  | — |  |  | — |
Settlements | (3) |  |  | (283) |  |  |  |  | — |  |  | (286) |
Transfers into Level 3 | 2 |  |  | 86 |  |  |  |  | — |  |  | 88 |
Transfers out of Level 3 | — |  |  | (2) |  |  |  |  | — |  |  | (2) |
Ending balance, June 30, 2023 | $ | 65 |  |  | $ | 791 |  |  |  |  | $ | — |  |  | $ | 856 |
* Includes increase in unrealized losses of $545 million relating to Level 3 liabilities still held at June 30, 2023. The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2022.
| Level 3 Fair Value Liability Measurements at
| June 30, 2022
| Inventory- related Payables |  | Commodity Derivative Contracts Losses |  |  |  | Debt Conversion Option |  | Total Liabilities
| (In millions)
Balance, March 31, 2022 | $ | 53 |  |  | $ | 1,856 |  |  |  |  | $ | 30 |  |  | $ | 1,939 |
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense* | (2) |  |  | 293 |  |  |  |  | (19) |  |  | 272 |
Purchases | 7 |  |  | — |  |  |  |  | — |  |  | 7 |
Sales | (3) |  |  | — |  |  |  |  | — |  |  | (3) |
Settlements | — |  |  | (1,251) |  |  |  |  | — |  |  | (1,251) |
Transfers into Level 3 | — |  |  | 161 |  |  |  |  | — |  |  | 161 |
Transfers out of Level 3 | — |  |  | (99) |  |  |  |  | — |  |  | (99) |
Ending balance, June 30, 2022 | $ | 55 |  |  | $ | 960 |  |  |  |  | $ | 11 |  |  | $ | 1,026 |
* Includes increase in unrealized losses of $294 million relating to Level 3 liabilities still held at June 30, 2022. The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2023.
| Level 3 Fair Value Liability Measurements at
| June 30, 2023
| Inventory- related Payables |  | Commodity Derivative Contracts Losses |  |  |  | Debt Conversion Option |  | Total Liabilities
| (In millions)
Balance, December 31, 2022 | $ | 89 |  |  | $ | 603 |  |  |  |  | $ | 6 |  |  | $ | 698 |
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense* | 2 |  |  | 778 |  |  |  |  | (6) |  |  | 774 |
Purchase | 7 |  |  | — |  |  |  |  | — |  |  | 7 |
Sales | — |  |  | — |  |  |  |  | — |  |  | — |
Settlements | (34) |  |  | (707) |  |  |  |  | — |  |  | (741) |
Transfers into Level 3 | 1 |  |  | 125 |  |  |  |  | — |  |  | 126 |
Transfers out of Level 3 | — |  |  | (8) |  |  |  |  | — |  |  | (8) |
Ending balance, June 30, 2023 | $ | 65 |  |  | $ | 791 |  |  |  |  | $ | — |  |  | $ | 856 |
* Includes increase in unrealized losses of $0.8 billion relating to Level 3 liabilities still held at June 30, 2023. The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2022.
| Level 3 Fair Value Liability Measurements at
| June 30, 2022
| Inventory- related Payables |  | Commodity Derivative Contracts Losses |  |  |  | Debt Conversion Option |  | Total Liabilities
| (In millions)
Balance, December 31, 2021 | $ | 106 |  |  | $ | 815 |  |  |  |  | $ | 15 |  |  | $ | 936 |
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense* | (4) |  |  | 1,669 |  |  |  |  | (4) |  |  | 1,661 |
Purchases | 9 |  |  | — |  |  |  |  | — |  |  | 9 |
Sales | (56) |  |  | — |  |  |  |  | — |  |  | (56) |
Settlements | — |  |  | (1,729) |  |  |  |  | — |  |  | (1,729) |
Transfers into Level 3 | — |  |  | 322 |  |  |  |  | — |  |  | 322 |
Transfers out of Level 3 | — |  |  | (117) |  |  |  |  | — |  |  | (117) |
Ending balance, June 30, 2022 | $ | 55 |  |  | $ | 960 |  |  |  |  | $ | 11 |  |  | $ | 1,026 |
* Includes increase in unrealized losses of $1.7 billion relating to Level 3 liabilities still held at June 30, 2022.
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 June 30, 2023 and December 31, 2022. 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 June 30, 2023 is a weighted average 21.7% of the total price for assets and 21.5% of the total price for liabilities.
| Weighted Average % of Total Price
| June 30, 2023 |  | December 31, 2022
Component Type | Assets |  | Liabilities |  | Assets |  | Liabilities
Inventories and Related Payables |  |  |  |  |  |  |
Basis | 21.7 | % |  | 21.5 | % |  | 19.4 | % |  | 15.2 | %
Transportation cost | 14.1 | % |  | — | % |  | 10.5 | % |  | — | %
Commodity Derivative Contracts |  |  |  |  |  |  |
Basis | 26.1 | % |  | 21.6 | % |  | 22.7 | % |  | 26.5 | %
Transportation cost | 6.4 | % |  | 2.4 | % |  | 13.5 | % |  | 3.7 | %

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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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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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