Derivative Instruments & Hedging Activities (Tables)

3 Months Ended

6 Months Ended

Dec. 31, 2011

Dec. 31, 2011

Derivative Instruments and Hedging Activities

Fair Value Of Derivatives Not Designated As Hedging Instruments

	December 31, 2011				June 30, 2011
	Assets		Liabilities		Assets		Liabilities
	(In millions)				(In millions)
FX Contracts	$	288	$	307	$	237	$	178
Interest Contracts		–		–		3		–
Commodity Contracts		2,135		2,240		2,766		2,553
Total	$	2,423	$	2,547	$	3,006	$	2,731

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

	Three months ended December 31,
	2011			2010
	(In millions)
Interest Contracts
Interest expense	$	0		$	0
Other income (expense) – net		–			55
FX Contracts
Net sales and other operating income	$	17		$	27
Cost of products sold		18			5
Other income (expense) – net		(63	)		(4	)
Commodity Contracts
Cost of products sold	$	(624	)	$	(1,158	)
Total gain (loss) recognized in earnings	$	(652	)	$	(1,075	)

	Six months ended December 31,
	2011			2010
	(In millions)
Interest Contracts
Interest expense	$	0		$	0
Other income (expense) – net		–			24
FX Contracts
Net sales and other operating income	$	33		$	(7	)
Cost of products sold		(116	)		64
Other income (expense) – net		(69	)		32
Commodity Contracts
Cost of products sold	$	(4	)	$	(1,807	)
Total gain (loss) recognized in earnings	$	(156	)	$	(1,694	)

Fair Value Of Derivatives Designated As Hedging Instruments

	December 31, 2011				June 30, 2011
	Assets		Liabilities		Assets		Liabilities
	(In millions)				(In millions)
Commodity Contracts	$	0	$	2	$	1	$	1
Total	$	0	$	2	$	1	$	1

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

		Three months ended
	Consolidated Statement of	December 31,
	Earnings Locations	2011			2010
		(In millions)
Effective amounts recognized in earnings
FX Contracts	Other income/expense – net	$	(1	)	$	0
Interest Contracts	Interest expense		0			0
Commodity Contracts	Cost of products sold		11			156
	Net sales and other operating income		6			(2	)
Ineffective amount recognized in earnings	Cost of products sold		40			16
Total amount recognized in earnings		$	56		$	170

		Six months ended
	Consolidated Statement of	December 31,
	Earnings Locations	2011			2010
		(In millions)
Effective amounts recognized in earnings
FX Contracts	Other income/expense – net	$	(1	)	$	0
Interest Contracts	Interest expense		0			0
Commodity Contracts	Cost of products sold		11			221
	Net sales and other operating income		8			4
Ineffective amount recognized in earnings	Cost of products sold		39			33
Total amount recognized in earnings		$	57		$	258

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

	Three months ended
	December 31,
	2011			2010
	(In millions)
Balance at September 30	$	30		$	56
Unrealized gains		16			135
Losses (gains) reclassified to earnings		(16	)		(154	)
Tax effect		0			6
Balance at December 31	$	30		$	43

	Six months ended
	December 31
	2011			2010
	(In millions)
Balance at June 30	$	29		$	30
Unrealized gains		22			247
Losses (gains) reclassified to earnings		(19	)		(225	)
Tax effect		(2	)		(9	)
Balance at December 31	$	30		$	43