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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023.
| Fair Value Measurements at March 31, 2024
| 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 | $ | — |  |  | $ | 3,759 |  |  | $ | 2,948 |  |  | $ | 6,707 |
Unrealized derivative gains: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 598 |  |  | 764 |  |  | 1,362 |
Foreign currency contracts | — |  |  | 187 |  |  | — |  |  | 187 |
Cash equivalents | 206 |  |  | — |  |  | — |  |  | 206 |
Segregated investments | 1,663 |  |  | — |  |  | — |  |  | 1,663 |
Total Assets | $ | 1,869 |  |  | $ | 4,544 |  |  | $ | 3,712 |  |  | $ | 10,125 |
Liabilities: |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 448 |  |  | $ | 435 |  |  | $ | 883 |
Foreign currency contracts | — |  |  | 94 |  |  | — |  |  | 94 |
Inventory-related payables | — |  |  | 1,928 |  |  | 62 |  |  | 1,990 |
Total Liabilities | $ | — |  |  | $ | 2,470 |  |  | $ | 497 |  |  | $ | 2,967 |
| Fair Value Measurements at December 31, 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 | $ | — |  |  | $ | 4,274 |  |  | $ | 2,713 |  |  | $ | 6,987 |
Unrealized derivative gains: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 628 |  |  | 731 |  |  | 1,359 |
Foreign currency contracts | — |  |  | 187 |  |  | — |  |  | 187 |
Cash equivalents | 209 |  |  | — |  |  | — |  |  | 209 |
Segregated investments | 1,362 |  |  | — |  |  | — |  |  | 1,362 |
Total Assets | $ | 1,571 |  |  | $ | 5,089 |  |  | $ | 3,444 |  |  | $ | 10,104 |
Liabilities: |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 500 |  |  | $ | 457 |  |  | $ | 957 |
Foreign currency contracts | — |  |  | 144 |  |  | — |  |  | 144 |
Inventory-related payables | — |  |  | 1,219 |  |  | 101 |  |  | 1,320 |
Total Liabilities | $ | — |  |  | $ | 1,863 |  |  | $ | 558 |  |  | $ | 2,421 |
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 March 31, 2024.
| Level 3 Fair Value Asset Measurements at
| March 31, 2024
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets
| (In millions)
Balance, December 31, 2023 | $ | 2,713 |  |  | $ | 731 |  |  | $ | 3,444 |
Total increase (decrease) in net realized/unrealized gains included in cost of products sold* | (97) |  |  | 375 |  |  | 278 |
Purchases | 3,789 |  |  | — |  |  | 3,789 |
Sales | (3,883) |  |  | — |  |  | (3,883) |
Settlements | — |  |  | (352) |  |  | (352) |
Transfers into Level 3 | 516 |  |  | 28 |  |  | 544 |
Transfers out of Level 3 | (90) |  |  | (18) |  |  | (108) |
Ending balance, March 31, 2024 | $ | 2,948 |  |  | $ | 764 |  |  | $ | 3,712 |
* Includes increase in unrealized gains of $564 million relating to Level 3 assets still held at March 31, 2024. 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 March 31, 2023.
| Level 3 Fair Value Asset Measurements at
| March 31, 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* | 2 |  |  | 477 |  |  | 479 |
Purchases | 8,665 |  |  | — |  |  | 8,665 |
Sales | (8,254) |  |  | — |  |  | (8,254) |
Settlements | — |  |  | (382) |  |  | (382) |
Transfers into Level 3 | 605 |  |  | 50 |  |  | 655 |
Transfers out of Level 3 | (275) |  |  | (37) |  |  | (312) |
Ending balance, March 31, 2023 | $ | 3,503 |  |  | $ | 649 |  |  | $ | 4,152 |
* Includes increase in unrealized gains of $632 million relating to Level 3 assets still held at March 31, 2023.
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 March 31, 2024.
| Level 3 Fair Value Liability Measurements at
| March 31, 2024
| Inventory- related Payables |  | Commodity Derivative Contracts Losses |  |  |  |  |  | Total Liabilities
| (In millions)
Balance, December 31, 2023 | $ | 101 |  |  | $ | 457 |  |  |  |  |  |  | $ | 558 |
Total increase (decrease) in net realized/unrealized losses included in cost of products sold* | (3) |  |  | 329 |  |  |  |  |  |  | 326 |
Purchases | 1 |  |  | — |  |  |  |  |  |  | 1 |
Sales | (38) |  |  | — |  |  |  |  |  |  | (38) |
Settlements | — |  |  | (290) |  |  |  |  |  |  | (290) |
Transfers into Level 3 | 1 |  |  | 13 |  |  |  |  |  |  | 14 |
Transfers out of Level 3 | — |  |  | (74) |  |  |  |  |  |  | (74) |
Ending balance, March 31, 2024 | $ | 62 |  |  | $ | 435 |  |  |  |  |  |  | $ | 497 |
* Includes increase in unrealized losses of $338 million relating to Level 3 liabilities still held at March 31, 2024. 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 March 31, 2023.
| Level 3 Fair Value Liability Measurements at
| March 31, 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) |  |  | 243 |  |  |  |  | (5) |  |  | 236 |
Purchases | 2 |  |  | — |  |  |  |  | — |  |  | 2 |
Settlements | (31) |  |  | (424) |  |  |  |  | — |  |  | (455) |
Transfers into Level 3 | — |  |  | 39 |  |  |  |  | — |  |  | 39 |
Transfers out of Level 3 | (1) |  |  | (6) |  |  |  |  | — |  |  | (7) |
Ending balance, March 31, 2023 | $ | 57 |  |  | $ | 455 |  |  |  |  | $ | 1 |  |  | $ | 513 |
* Includes increase in unrealized losses of $248 million relating to Level 3 liabilities still held at March 31, 2023. Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2. In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as basis. The changes in unobservable price components are determined by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.
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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 is a weighted average 28.2% of the total price for assets and 25.9% of the total price for liabilities.
| Weighted Average % of Total Price
| March 31, 2024 |  | December 31, 2023
Component Type | Assets |  | Liabilities |  | Assets |  | Liabilities
Inventories and Related Payables |  |  |  |  |  |  |
Basis | 28.2 | % |  | 25.9 | % |  | 25.0 | % |  | 33.2 | %
Transportation cost | 18.6 | % |  | — | % |  | 11.5 | % |  | — | %
Commodity Derivative Contracts |  |  |  |  |  |  |
Basis | 40.1 | % |  | 28.2 | % |  | 24.2 | % |  | 24.9 | %
Transportation cost | 8.3 | % |  | 1.5 | % |  | 9.3 | % |  | 3.2 | %

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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