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Inventories, Derivative Instruments & Hedging Activities (Tables) | 12 Months Ended
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Jun. 30, 2011
Inventories, Derivative Instruments & Hedging Activities |
Inventories |
|  | 2011 |  | 2010 |
|  | (In millions) |
LIFO inventories |  |  |  |  |
FIFO value |  | $ | 1,143 |  | $ | 646 |
LIFO valuation reserve |  | (593 | ) | (225 | )
LIFO inventories carrying value |  | 550 |  | 421 |
FIFO inventories |  | 5,590 |  | 3,218 |
Market inventories |  | 5,915 |  | 4,232 |
|  | $ | 12,055 |  | $ | 7,871 |
Fair value of derivatives not designated as hedging instruments |
|  | 2011 |  | 2010 |
|  | Assets |  | Liabilities |  | Assets |  | Liabilities |
|  | (In millions) |  | (In millions) |
FX Contracts |  | $ | 237 |  | $ | 178 |  | $ | 200 |  | $ | 266 |
Interest Contracts |  | 3 |  | — |  | — |  | 26 |
Commodity Contracts |  | 2,766 |  | 2,553 |  | 2,727 |  | 3,152 |
Total |  | $ | 3,006 |  | $ | 2,731 |  | $ | 2,927 |  | $ | 3,444 |
Pre-tax Gains (losses) on derivatives not designated as hedging instruments |
|  | Years ended June 30 |
|  | 2011 |  | 2010 |
|  | (In millions) |
Interest Contracts |  |  |  |  |
Interest expense |  | $ | 0 |  | $ | 0 |
Other income (expense) - net |  | 30 |  | (57 | )
FX Contracts |  |  |  |  |
Net sales and other operating income |  | $ | (14 | ) | $ | 0 |
Cost of products sold |  | 150 |  | 61 |
Other income (expense) - net |  | 43 |  | (42 | )
Commodity Contracts |  |  |  |  |
Cost of products sold |  | $ | (1,303 | ) | $ | 242 |
Total gain (loss) recognized in earnings |  | $ | (1,094 | ) | $ | 204 |
Fair value of derivatives designated as hedging instruments |
|  | 2011 |  | 2010 |
|  | Assets |  | Liabilities |  | Assets |  | Liabilities |
|  | (In millions) |  | (In millions) |
Interest Contracts |  | $ | — |  | $ | — |  | $ | 0 |  | $ | 0 |
Commodity Contracts |  | 1 |  | 1 |  | 2 |  | 2 |
Total |  | $ | 1 |  | $ | 1 |  | $ | 2 |  | $ | 2 |
Pre-tax Gains (losses) on derivatives designated as hedging instruments |
|  | Consolidated Statement of |  | Years ended June 30 |
|  | Earnings Locations |  | 2011 |  | 2010 |
|  |  |  | (In millions) |
Effective amounts recognized in earnings |  |  |  |  |  |  |
FX Contracts |  | Other income/expense – net |  | $ | 0 |  | $ | (1 | )
Interest contracts |  | Interest expense |  | 0 |  | 0 |
Commodity Contracts |  | Cost of products sold |  | 375 |  | (85 | )
|  | Net sales and other operating income |  | (13 | ) | 0 |
Ineffective amount recognized in earnings |  |  |  |  |  |  |
Interest contracts |  | Interest expense |  | 1 |  | — |
Commodity contracts |  | Cost of products sold |  | 46 |  | (55 | )
Total amount recognized in earnings |  |  |  | $ | 409 |  | $ | (141 | )

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