Derivative Instruments & Hedging Activities (Tables)

3 Months Ended

9 Months Ended

Mar. 31, 2012

Mar. 31, 2012

Derivative Instruments and Hedging Activities

Fair Value Of Derivatives Not Designated As Hedging Instruments

	March 31, 2012				June 30, 2011
	Assets		Liabilities		Assets		Liabilities
	(In millions)				(In millions)
FX Contracts	$	180	$	188	$	237	$	178
Interest Contracts		–		–		3		–
Commodity Contracts		2,508		2,540		2,766		2,553
Total	$	2,688	$	2,728	$	3,006	$	2,731

Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments

	Three months ended March 31,
	2012			2011
	(In millions)
Interest Contracts
Interest expense	$	0		$	0
Other income (expense) – net		–			6
FX Contracts
Net sales and other operating income	$	9		$	(11	)
Cost of products sold		30			41
Other income (expense) – net		141			35
Commodity Contracts
Cost of products sold	$	(232	)	$	(104	)
Total gain (loss) recognized in earnings	$	(52	)	$	(33	)

	Nine months ended March 31,
	2012			2011
	(In millions)
Interest Contracts
Interest expense	$	0		$	0
Other income (expense) – net		–			30
FX Contracts
Net sales and other operating income	$	42		$	(18	)
Cost of products sold		(86	)		105
Other income (expense) – net		72			67
Commodity Contracts
Cost of products sold	$	(236	)	$	(1,911	)
Total gain (loss) recognized in earnings	$	(208	)	$	(1,727	)

Fair Value Of Derivatives Designated As Hedging Instruments

	March 31, 2012				June 30, 2011
	Assets		Liabilities		Assets		Liabilities
	(In millions)				(In millions)
Commodity Contracts	$	0	$	0	$	1	$	1
Total	$	0	$	0	$	1	$	1

Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments

		Three months ended
	Consolidated Statement of	March 31,
	Earnings Locations	2012			2011
		(In millions)
Effective amounts recognized in earnings
FX Contracts	Other income/expense – net	$	0		$	0
Interest Contracts	Interest expense		0			0
Commodity Contracts	Cost of products sold		(3	)		112
	Net sales and other operating income		(10	)		(12	)
Ineffective amount recognized in earnings
Interest Contracts	Other income/expense – net		–			1
Commodity Contracts	Cost of products sold		(27	)		8
Total amount recognized in earnings		$	(40	)	$	109

		Nine months ended
	Consolidated Statement of	March 31,
	Earnings Locations	2012			2011
		(In millions)
Effective amounts recognized in earnings
FX Contracts	Other income/expense – net	$	(1	)	$	0
Interest Contracts	Interest expense		1			0
Commodity Contracts	Cost of products sold		8			333
	Net sales and other operating income		(2	)		(8	)
Ineffective amount recognized in earnings
Interest Contracts	Other income/expense – net		–			1
Commodity Contracts	Cost of products sold		12			41
Total amount recognized in earnings		$	18		$	367

Changes In Accumulated Other Comprehensive Income Related To Derivatives Gains (Losses)

	Three months ended
	March 31,
	2012			2011
	(In millions)
Balance at December 31, 2011 and 2010	$	30		$	43
Unrealized gains (losses)		(54	)		61
Losses (gains) reclassified to earnings		13			(101	)
Tax effect		15			16
Balance at March 31, 2012 and 2011	$	4		$	19

	Nine months ended
	March 31
	2012			2011
	(In millions)
Balance at June 30, 2011 and 2010	$	29		$	30
Unrealized gains (losses)		(32	)		308
Losses (gains) reclassified to earnings		(6	)		(326	)
Tax effect		13			7
Balance at March 31, 2012 and 2011	$	4		$	19