Risk Management Activities and Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2012

Risk Management Activities and Fair Value Measurements [Abstract]

Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis Table

The following table sets forth the Company’s financial assets and liabilities as of March 31, 2012 and June 30, 2011 that are measured at fair value on a recurring basis during the period, segregated by level within the fair value hierarchy:

	Level 1				Level 2				Level 3				Total
Amounts in millions	March 31, 2012		June 30, 2011		March 31, 2012		June 30, 2011		March 31, 2012		June 30, 2011		March 31, 2012		June 30, 2011
Assets recorded at fair value:
Investment securities	$	11	$	16	$	—	$	—	$	22	$	23	$	33	$	39
Derivatives relating to:
Foreign currency hedges	—		—		11		1		—		—		11		1
Other foreign currency instruments (1)	—		—		85		182		—		—		85		182
Interest rates	—		—		286		163		—		—		286		163
Net investment hedges	—		—		68		—		—		—		68		—
Commodities	—		—		10		4		—		—		10		4
Total assets recorded at fair value (2)	11		16		460		350		22		23		493		389
Liabilities recorded at fair value:
Derivatives relating to:
Foreign currency hedges	—		—		116		119		—		—		116		119
Other foreign currency instruments (1)	—		—		38		43		—		—		38		43
Interest rates	—		—		30		—		—		—		30		—
Net investment hedges	—		—		36		138		—		—		36		138
Commodities	—		—		8		1		—		—		8		1
Liabilities recorded at fair value (3)	—		—		228		301		—		—		228		301
Liabilities not recorded at fair value:
Long-term debt instruments (4)	22,658		22,423		1,086		995		—		—		23,744		23,418
Total liabilities recorded and not recorded at fair value	22,658		22,423		1,314		1,296		—		—		23,972		23,719

(1) Other foreign currency instruments are comprised of foreign currency financial instruments that do not qualify as hedges.

(2) Investment securities are presented in other noncurrent assets and all derivative assets are presented in prepaid expenses and other current assets or other noncurrent assets.

(3) All liabilities are presented in accrued and other liabilities or other noncurrent liabilities.

(4) Long-term debt instruments are not recorded at fair value on a recurring basis however are measured at fair value for disclosure purposes.

Schedule of Derivative Instruments

The notional amounts and fair values of qualifying and non-qualifying financial instruments used in hedging transactions as of March 31, 2012 and June 30, 2011 are as follows:

	Notional Amount				Fair Value Asset (Liability)
Amounts in Millions	March 31, 2012		June 30, 2011		March 31, 2012			June 30, 2011
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts	$	—	$	—	$	—		$	—
Foreign currency contracts	831		831		(105		)	(118		)
Commodity contracts	9		16		—			4
Total	840		847		(105		)	(114		)
Derivatives in Fair Value Hedging Relationships
Interest rate contracts	10,971		10,308		256			163
Derivatives in Net Investment Hedging Relationships
Net investment hedges	1,758		1,540		32			(138		)
Derivatives Not Designated as Hedging Instruments
Foreign currency contracts	11,059		14,957		47			139
Commodity contracts	157		39		2			(1		)
Total	11,216		14,996		49			138

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

	Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion)
Amounts in Millions	March 31, 2012		June 30, 2011
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts	$	12	$	15
Foreign currency contracts	25		32
Commodity contracts	—		3
Total	37		50
Derivatives in Net Investment Hedging Relationships
Net investment hedges	17		(88		)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The amounts of gains and losses on qualifying and non-qualifying financial instruments used in hedging transactions for the three and nine months ended March 31, 2012 and 2011 are as follows:

	Amount of Gain (Loss) Reclassified from Accumulated OCI into  Income (1)
	Three Months Ended March 31						Nine Months Ended March 31
Amounts in Millions	2012			2011			2012			2011
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts	$	2		$	1		$	5		$	5
Foreign currency contracts	60			17			33			(51		)
Commodity contracts	2			1			3			19
Total	64			19			41			(27		)
	Amount of Gain (Loss) Recognized in Income
	Three Months Ended March 31						Nine Months Ended March 31
Amounts in Millions	2012			2011			2012			2011
Derivatives in Fair Value Hedging Relationships(2)
Interest rate contracts	(19		)	(90		)	93			(115		)
Debt	17			92			(97		)	118
Total	(2		)	2			(4		)	3
Derivatives in Net Investment Hedging Relationships (2)
Net investment hedges	9			2			1			1
Derivatives Not Designated as Hedging Instruments (3)
Foreign currency contracts (4)	168			438			(823		)	1,064
Commodity contracts	2			—			1			4
Total	170			438			(822		)	1,068

(1) The gain or loss on the effective portion of cash flow hedging relationships is reclassified from accumulated OCI into net income in the same period during which the related item affects earnings. Such amounts are included in the Consolidated Statements of Earnings as follows: interest rate contracts in interest expense, foreign currency contracts in selling, general and administrative expense and interest expense and commodity contracts in cost of products sold.

(2) The gain or loss on the ineffective portion of interest rate contracts and net investment hedges, if any, is included in the Consolidated Statements of Earnings in interest expense.

(3) The gain or loss on contracts not designated as hedging instruments is included in the Consolidated Statements of Earnings as follows: foreign currency contracts in selling, general and administrative expense and commodity contracts in cost of products sold.

(4) The gain or loss on non-qualifying foreign currency contracts substantially offsets the foreign currency mark-to-market impact of the related exposure.