Fair Value Measurements (Tables)

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Mar. 31, 2012

Mar. 31, 2011

Jun. 30, 2011

Fair Value Measurements

Fair Value Measurements At Reporting Date

	Fair Value Measurements at March 31, 2012
	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	$	–	$	5,604	$	1,725	$	7,329
Unrealized derivative gains:
Commodity contracts		1,270		1,006		232		2,508
Foreign exchange contracts		–		180		–		180
Marketable securities		1,936		50		–		1,986
Deferred receivables consideration		–		710		–		710
Total Assets	$	3,206	$	7,550	$	1,957	$	12,713
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	1,511	$	845	$	184	$	2,540
Foreign exchange contracts		–		188		–		188
Inventory-related payables		–		311		137		448
Total Liabilities	$	1,511	$	1,344	$	321	$	3,176

	Fair Value Measurements at June 30, 2011
	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	$	–	$	5,153	$	762	$	5,915
Unrealized derivative gains:
Commodity contracts		1,198		1,457		112		2,767
Foreign exchange contracts		–		237		–		237
Interest rate contracts		–		3		–		3
Marketable securities		1,628		328		–		1,956
Total Assets	$	2,826	$	7,178	$	874	$	10,878
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	1,317	$	1,193	$	44	$	2,554
Foreign exchange contracts		–		178		–		178
Inventory-related payables		–		278		45		323
Total Liabilities	$	1,317	$	1,649	$	89	$	3,055

Reconciliation of Assets Measured at Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)

	Level 3 Fair Value Asset Measurements at March 31, 2012
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)
Balance, December 31, 2011	$	1,624		$	198		$	1,822
Total increase (decrease) in       unrealized gains included in       cost of products sold		41			165			206
Purchases		1,286			–			1,286
Sales		(285	)		–			(285	)
Settlements		–			(100	)		(100	)
Transfers into Level 3		72			19			91
Transfers out of Level 3		(1,013	)		(50	)		(1,063	)
Ending balance, March 31, 2012	$	1,725		$	232		$	1,957

	Level 3 Fair Value Asset Measurements at March 31, 2012
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total Assets
	(In millions)
Balance, June 30, 2011	$	762		$	112		$	874
Total increase (decrease) in unrealized gains       included in cost of products sold		23			500			523
Purchases		2,381			4			2,385
Sales		(1,509	)		–			(1,509	)
Settlements		–			(344	)		(344	)
Transfers into Level 3		1,145			103			1,248
Transfers out of Level 3		(1,077	)		(143	)		(1,220	)
Ending balance, March 31, 2012	$	1,725		$	232		$	1,957

Reconciliation of Liabilities Measured at Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)

	Level 3 Fair Value Liability Measurements at March 31, 2012
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, December 31, 2011	$	196		$	192		$	388
Total increase (decrease) in unrealized losses       included in cost of products sold		–			159			159
Purchases		(1	)		–			(1	)
Sales		82			–			82
Settlements		–			(141	)		(141	)
Transfers into Level 3		–			12			12
Transfers out of Level 3		(140	)		(38	)		(178	)
Ending balance, March 31, 2012	$	137		$	184		$	321

	Level 3 Fair Value Liability Measurements at March 31, 2012
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, June 30, 2011	$	45		$	44		$	89
Total increase (decrease) in unrealized losses       included in cost of products sold		4			465			469
Purchases		(3	)		1			(2	)
Sales		78			–			78
Settlements		–			(280	)		(280	)
Transfers into Level 3		153			31			184
Transfers out of Level 3		(140	)		(77	)		(217	)
Ending balance, March 31, 2012	$	137		$	184		$	321

Reconciliation of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)

	Level 3 Fair Value Measurements at March 31, 2011
	Inventories  Carried at  Market, Net			Commodity Derivative Contracts, Net			Total
	(In millions)
Balance, December 31, 2010	$	306		$	92		$	398
Total gains (losses), realized or       unrealized, included in earnings       before income taxes*		236			4			240
Purchases, issuances and settlements		(46	)		(4	)		(50	)
Transfers into Level 3		142			13			155
Transfers out of Level 3		–			(10	)		(10	)
Ending balance, March 31, 2011	$	638		$	95		$	733

	Level 3 Fair Value Measurements at March 31, 2011
	Inventories  Carried at  Market, Net			Derivative Contracts, Net			Total
	(In millions)
Balance, June 30, 2010	$	427		$	13		$	440
Total gains (losses), realized or       unrealized, included in earnings       before income taxes*		240			102			342
Purchases, issuances and settlements		68			(1	)		67
Transfers into Level 3		150			13			163
Transfers out of Level 3		(247	)		(32	)		(279	)
Ending balance, March 31, 2011	$	638		$	95		$	733

Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis

	Weighted Average % of Total Price
Component Type	Assets			Liabilities
Commodity Derivative Contracts
Basis		15.1	%		24.1	%
Transportation cost		9.7	%		12.1	%
Inventories
Basis		10.5	%		4.8	%
Transportation cost		6.2	%		9.1	%