v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Schedule of 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 December 31, 2023 and 2022.

 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 exchange contracts
— 187 — 187 
Cash equivalents209 — — 209 
Segregated investments1,362 — — 1,362 
Total Assets$1,571 $5,089 $3,444 $10,104 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $500 $457 $957 
Foreign exchange contracts
— 144 — 144 
Inventory-related payables— 1,219 101 1,320 
Total Liabilities$— $1,863 $558 $2,421 
 Fair Value Measurements at December 31, 2022
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
  (In millions) 
Assets:    
Inventories carried at market$— $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 equivalents405 — — 405 
Segregated investments1,453 — — 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 
  
Reconciliation Of Assets Measured At Fair Value On A Recurring Basis
 Level 3 Fair Value Assets Measurements at
December 31, 2023
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total
 (In millions)
Balance, December 31, 2022$2,760 $541 $3,301 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold432 1,460 1,892 
Purchases29,929 — 29,929 
Sales(30,038)— (30,038)
Settlements(4)(1,559)(1,563)
Transfers into Level 31,584 371 1,955 
Transfers out of Level 3(1,950)(82)(2,032)
Ending balance, December 31, 2023 (1)
$2,713 $731 $3,444 

(1) Includes increase in unrealized gains of $2.1 billion relating to Level 3 assets still held at December 31, 2023.
 Level 3 Fair Value Assets Measurements at
December 31, 2022
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total
 (In millions)
Balance, December 31, 2021$3,004 $460 $3,464 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold867 1,648 2,515 
Purchases49,735 — 49,735 
Sales(50,414)— (50,414)
Settlements— (1,672)(1,672)
Transfers into Level 31,088 400 1,488 
Transfers out of Level 3(1,520)(295)(1,815)
Ending balance, December 31, 2022 (1)
$2,760 $541 $3,301 

(1) Includes increase in unrealized gains of $2.7 billion relating to Level 3 assets still held at December 31, 2022.
Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis
 Level 3 Fair Value Liabilities Measurements at
December 31, 2023
Inventory-
related
Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion OptionTotal
 (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 expense5 1,303 (6)1,302 
Purchases49 — — 49 
Settlements(35)(1,583)— (1,618)
Transfers into Level 31 157 — 158 
Transfers out of Level 3(8)(23)— (31)
Ending balance, December 31, 2023 (1)
$101 $457 $— $558 
 
(1) Includes increase in unrealized losses of $1.3 billion relating to Level 3 liabilities still held at December 31, 2023.
 Level 3 Fair Value Liabilities Measurements at
December 31, 2022
Inventory-
related
Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion OptionTotal
 (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 expense3 2,483 (9)2,477 
Purchases183 — — 183 
Sales(203)— — (203)
Settlements— (2,844)— (2,844)
Transfers into Level 3— 401 — 401 
Transfers out of Level 3— (252)— (252)
Ending balance, December 31, 2022 (1)
$89 $603 $6 $698 

(1) Includes increase in unrealized losses of $2.5 billion relating to Level 3 liabilities still held at December 31, 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 December 31, 2023 and 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 December 31, 2023 is a weighted average 25.0% of the total price for assets and 33.2% of the total price for liabilities.
 
Weighted Average % of Total Price
 December 31, 2023December 31, 2022
Component TypeAssetsLiabilitiesAssetsLiabilities
Inventories and Related Payables    
Basis25.0%33.2%19.4%15.2%
Transportation cost11.5%—%10.5%—%
Commodity Derivative Contracts    
Basis24.2%24.9%22.7%26.5%
Transportation cost9.3%3.2%13.5%3.7%