Inventories, Derivative Instruments & Hedging Activities (Tables)

12 Months Ended

Jun. 30, 2012

Inventories, Derivative Instruments & Hedging Activities [Abstract]

Schedule Of Inventories

	2012		2011
	(In millions)
LIFO inventories
FIFO value	$	1,070	$	1,143
LIFO valuation reserve		(583)		(593)
LIFO inventories carrying value		487		550
FIFO inventories		4,946		5,590
Market inventories		6,759		5,915
	$	12,192	$	12,055

Fair Value Of Derivatives Not Designated As Hedging Instruments

	2012				2011
	Assets		Liabilities		Assets		Liabilities
	(In millions)				(In millions)
FX Contracts	$	219	$	291	$	237	$	178
Interest Contracts		-		-		3		-
Commodity Contracts		2,843		2,704		2,766		2,553
Other Contracts		1		-		-		-
Total	$	3,063	$	2,995	$	3,006	$	2,731

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

	Years ended June 30
	2012		2011		2010
	(In millions)
Interest Contracts
Interest expense	$	0	$	0	$	0
Other income (expense) - net		-		30		(57)
FX Contracts
Net sales and other operating income	$	117	$	(14)	$	0
Cost of products sold		(255)		150		61
Other income (expense) - net		(21)		43		(42)
Commodity Contracts
Cost of products sold	$	(527)	$	(1,303)	$	242
Other Contracts
Other income (expense) - net		(1)		0		0
Total gain (loss) recognized in earnings	$	(687)	$	(1,094)	$	204

Fair Value Of Derivatives Designated As Hedging Instruments

	2012				2011
	Assets		Liabilities		Assets		Liabilities
	(In millions)				(In millions)
Commodity Contracts		-		-		1		1
Total	$	-	$	-	$	1	$	1

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

	Consolidated Statement of	Years ended June 30
	Earnings Locations		2012		2011		2010
			(In millions)
Effective amounts recognized in earnings
FX Contracts	Other income/expense – net		$	(1)	$	0	$	(1)
Interest Contracts	Interest expense			1		0		0
Commodity Contracts	Cost of products sold			5		375		(85)
	Net sales and other operating income			3		(13)		0
Ineffective amount recognized in earnings
Interest contracts	Interest expense			-		1		-
Commodity contracts	Cost of products sold			49		46		(55)
Total amount recognized in earnings			$	57	$	409	$	(141)