Investments In And Advances To Affiliates

12 Months Ended

Jun. 30, 2012

Investments In And Advances To Affiliates [Abstract]

Investments In And Advances To Affiliates

Note 8.Investments in and Advances to Affiliates

The Company applies the equity method for investments in investees over which the Company has the ability to exercise significant influence, including the Company’s 16.4% share ownership in Wilmar.The Company had 69 and 68 unconsolidated domestic and foreign affiliates as of June 30, 2012 and 2011, respectively.The following table summarizes the combined balance sheets as of June 30, 2012 and 2011, and the combined statements of earnings of the Company’s unconsolidated affiliates for each of the three years ended June 30, 2012, 2011, and 2010.

	2012		2011		2010
			(In millions)
Current assets	$	28,196	$	26,222
Non-current assets		20,821		17,733
Current liabilities		(23,381)		(20,748)
Non-current liabilities		(6,379)		(5,160)
Noncontrolling interests		(1,176)		(1,072)
Net assets	$	18,081	$	16,975
Net sales	$	58,068	$	48,941	$	39,524
Gross profit		6,458		4,819		5,225
Net income		1,940		2,252		2,931

The Company’s share of the undistributed earnings of its unconsolidated affiliates as of June 30, 2012, is $1.6 billion.The Company has direct investments in two foreign equity method investees who have a carrying value of $2.1 billion as of June 30, 2012, and a market value of $3.3 billion based on active market quoted prices converted to U.S. dollars at applicable exchange rates at June30, 2012.

The Company provides credit facilities totaling $340 million to eight unconsolidated affiliates.One facility that is due on demand and bears interest at 2.78% has an outstanding balance of $25 million.Another facility that is also due on demand and bears interest at the one month British pound LIBOR rate plus 1.5% has an outstanding balance of $22 million.Three facilities have no outstanding balances while the other three credit facilities have individually insignificant outstanding balances totaling $15 million as of June 30, 2012.The outstanding balances are included in other current assets in the accompanying consolidated balance sheet.