Inventories, Derivative Instuments and Hedging Activities (Tables)

6 Months Ended

Dec. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of inventory by costing method [Table Text Block]

	December 31		June 30		June 30
	2012		2012		2011
	(In millions)
LIFO inventories
FIFO value	$	1,356	$	1,070	$	1,143
LIFO valuation reserve		(522)		(583)		(593)
LIFO inventories carrying value		834		487		550
FIFO inventories		5,966		4,946		5,590
Market inventories		7,036		6,759		5,915
Total inventories	$	13,836	$	12,192	$	12,055

Fair Value Of Derivatives Not Designated As Hedging Instruments

	December 31, 2012				June 30, 2012				June 30, 2011
	Assets		Liabilities		Assets		Liabilities		Assets		Liabilities
	(In millions)				(In millions)				(In millions)
FX Contracts	$	170	$	215	$	219	$	291	$	237	$	178
Interest Contracts		1		-		-		-		3		-
Commodity Contracts		2,504		2,376		2,843		2,704		2,766		2,553
Other Contracts		-		-		1		-		-		-
Total	$	2,675	$	2,591	$	3,063	$	2,995	$	3,006	$	2,731

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

	Six Months Ended				Year Ended
(In millions)	December 31				June 30
	2012		2011		2012		2011		2010
				(Unaudited)
Interest Contracts
Interest expense	$	0	$	0	$	0	$	0	$	0
Other income (expense) - net		-		-		-		30		(57)
FX Contracts
Net sales and other operating income	$	129	$	33	$	117	$	(14)	$	0
Cost of products sold		(49)		(116)		(255)		150		61
Other income (expense) - net		94		(69)		(21)		43		(42)
Commodity Contracts
Cost of products sold	$	136	$	(4)	$	(527)	$	(1,303)	$	242
Other Contracts
Other income (expense) - net	$	58	$	-		(1)		0		0
Total gain (loss) recognized in earnings	$	368	$	(156)	$	(687)	$	(1,094)	$	204

Fair Value Of Derivatives Designated As Hedging Instruments

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

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

		Six Months Ended
	Consolidated Statement of	December 31
(In millions)	Earnings Locations	2012		2011
				(Unaudited)
Effective amounts recognized in earnings
FX Contracts	Other income/expense – net	$	(1)	$	(1)
Interest Contracts	Interest expense		0		0
Commodity Contracts	Cost of products sold		158		11
	Net sales and other operating income		2		8
Ineffective amount recognized in earnings
Interest contracts	Interest expense		-		-
Commodity contracts	Cost of products sold		(30)		39
Total amount recognized in earnings		$	129	$	57

		Year Ended
	Consolidated Statement of	June 30
(In millions)	Earnings Locations	2012		2011		2010
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)