Inventories, Derivative Instruments & Hedging Activities (Tables)

12 Months Ended

Jun. 30, 2011

Inventories, Derivative Instruments & Hedging Activities

Inventories

	2011			2010
	(In millions)
LIFO inventories
FIFO value	$	1,143		$	646
LIFO valuation reserve	(593		)	(225		)
LIFO inventories carrying value	550			421
FIFO inventories	5,590			3,218
Market inventories	5,915			4,232
	$	12,055		$	7,871

Fair value of derivatives not designated as hedging instruments

	2011				2010
	Assets		Liabilities		Assets		Liabilities
	(In millions)				(In millions)
FX Contracts	$	237	$	178	$	200	$	266
Interest Contracts	3		—		—		26
Commodity Contracts	2,766		2,553		2,727		3,152
Total	$	3,006	$	2,731	$	2,927	$	3,444

Pre-tax Gains (losses) on derivatives not designated as hedging instruments

	Years ended June 30
	2011			2010
	(In millions)
Interest Contracts
Interest expense	$	0		$	0
Other income (expense) - net	30			(57		)
FX Contracts
Net sales and other operating income	$	(14	)	$	0
Cost of products sold	150			61
Other income (expense) - net	43			(42		)
Commodity Contracts
Cost of products sold	$	(1,303	)	$	242
Total gain (loss) recognized in earnings	$	(1,094	)	$	204

Fair value of derivatives designated as hedging instruments

	2011				2010
	Assets		Liabilities		Assets		Liabilities
	(In millions)				(In millions)
Interest Contracts	$	—	$	—	$	0	$	0
Commodity Contracts	1		1		2		2
Total	$	1	$	1	$	2	$	2

Pre-tax Gains (losses) on derivatives designated as hedging instruments

	Consolidated Statement of	Years ended June 30
	Earnings Locations	2011			2010
		(In millions)
Effective amounts recognized in earnings
FX Contracts	Other income/expense – net	$	0		$	(1	)
Interest contracts	Interest expense	0			0
Commodity Contracts	Cost of products sold	375			(85		)
	Net sales and other operating income	(13		)	0
Ineffective amount recognized in earnings
Interest contracts	Interest expense	1			—
Commodity contracts	Cost of products sold	46			(55		)
Total amount recognized in earnings		$	409		$	(141	)