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Investments in and Advances to Affiliates | 12 Months Ended
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Jun. 30, 2011
Investments in and Advances to Affiliates |
Investments in and Advances to Affiliates |
Note 6. | 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 68 and 73 unconsolidated affiliates as of June 30, 2011 and 2010, respectively, located in North and South America, Africa, Europe, Australia, and Asia. The following table summarizes the combined balance sheets as of June 30, 2011 and 2010, and the combined statements of earnings of the Company’s unconsolidated affiliates for each of the three years ended June 30, 2011, 2010, and 2009.
|  | 2011 |  | 2010 |  | 2009 |
|  | (In millions) |
Current assets |  | $ | 26,222 |  | $ | 18,495 |  |  |
Non-current assets |  | 17,733 |  | 16,315 |  |  |
Current liabilities |  | (20,748 | ) | (12,967 | ) |  |
Non-current liabilities |  | (5,160 | ) | (4,209 | ) |  |
Noncontrolling interests |  | (1,072 | ) | (783 | ) |  |
Net assets |  | $ | 16,975 |  | $ | 16,851 |  |  |
Net sales |  | $ | 48,941 |  | $ | 39,524 |  | $ | 41,205 |
Gross profit |  | 4,819 |  | 5,225 |  | 5,682 |
Net income |  | 2,252 |  | 2,931 |  | 816 |
The Company’s share of the undistributed earnings of its unconsolidated affiliates as of June 30, 2011 is $1.3 billion. The Company has direct investments in two foreign equity method investees who have a carrying value of $1.9 billion as of June 30, 2011, and a market value of $4.7 billion based on active market quoted prices converted to U.S. dollars at applicable exchange rates at August 18, 2011. The Company provides credit facilities totaling $607 million to ten unconsolidated affiliates. One facility that matures on December 9, 2011 and bears interest at the Australian dollar LIBOR rate plus 2% has an outstanding balance of $206 million. Another facility that matures on December 31, 2011 and bears interest at the one month LIBOR rate has an outstanding balance of $72 million. One facility has no outstanding balance while the other seven credit facilities have individually insignificant outstanding balances totaling $64 million as of June 30, 2011. The outstanding balances are included in receivables in the accompanying consolidated balance sheet.

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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