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Fair Value Measurements (Tables) | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2012 | Mar. 31, 2011 | Jun. 30, 2011
Fair Value Measurements |  |  |  |  |
Fair Value Measurements At Reporting Date |  |  |
|  | Fair Value Measurements at March 31, 2012 |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
|  | (In millions) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Inventories carried at market |  | $ | – |  |  | $ | 5,604 |  |  | $ | 1,725 |  |  | $ | 7,329 |
Unrealized derivative gains: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  | 1,270 |  |  |  | 1,006 |  |  |  | 232 |  |  |  | 2,508 |
Foreign exchange contracts |  |  | – |  |  |  | 180 |  |  |  | – |  |  |  | 180 |
Marketable securities |  |  | 1,936 |  |  |  | 50 |  |  |  | – |  |  |  | 1,986 |
Deferred receivables consideration |  |  | – |  |  |  | 710 |  |  |  | – |  |  |  | 710 |
Total Assets |  | $ | 3,206 |  |  | $ | 7,550 |  |  | $ | 1,957 |  |  | $ | 12,713 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 1,511 |  |  | $ | 845 |  |  | $ | 184 |  |  | $ | 2,540 |
Foreign exchange contracts |  |  | – |  |  |  | 188 |  |  |  | – |  |  |  | 188 |
Inventory-related payables |  |  | – |  |  |  | 311 |  |  |  | 137 |  |  |  | 448 |
Total Liabilities |  | $ | 1,511 |  |  | $ | 1,344 |  |  | $ | 321 |  |  | $ | 3,176 |
|  | Fair Value Measurements at June 30, 2011 |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
|  | (In millions) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Inventories carried at market |  | $ | – |  |  | $ | 5,153 |  |  | $ | 762 |  |  | $ | 5,915 |
Unrealized derivative gains: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  | 1,198 |  |  |  | 1,457 |  |  |  | 112 |  |  |  | 2,767 |
Foreign exchange contracts |  |  | – |  |  |  | 237 |  |  |  | – |  |  |  | 237 |
Interest rate contracts |  |  | – |  |  |  | 3 |  |  |  | – |  |  |  | 3 |
Marketable securities |  |  | 1,628 |  |  |  | 328 |  |  |  | – |  |  |  | 1,956 |
Total Assets |  | $ | 2,826 |  |  | $ | 7,178 |  |  | $ | 874 |  |  | $ | 10,878 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 1,317 |  |  | $ | 1,193 |  |  | $ | 44 |  |  | $ | 2,554 |
Foreign exchange contracts |  |  | – |  |  |  | 178 |  |  |  | – |  |  |  | 178 |
Inventory-related payables |  |  | – |  |  |  | 278 |  |  |  | 45 |  |  |  | 323 |
Total Liabilities |  | $ | 1,317 |  |  | $ | 1,649 |  |  | $ | 89 |  |  | $ | 3,055 |
Reconciliation of Assets Measured at Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3) |
|  | Level 3 Fair Value Asset Measurements at March 31, 2012 |
|  | Inventories Carried at Market |  |  | Commodity Derivative Contracts Gains |  |  | Total Assets |
|  | (In millions) |
Balance, December 31, 2011 |  | $ | 1,624 |  |  | $ | 198 |  |  | $ | 1,822 |
Total increase (decrease) in unrealized gains included in cost of products sold |  |  | 41 |  |  |  | 165 |  |  |  | 206 |
Purchases |  |  | 1,286 |  |  |  | – |  |  |  | 1,286 |
Sales |  |  | (285 | ) |  |  | – |  |  |  | (285 | )
Settlements |  |  | – |  |  |  | (100 | ) |  |  | (100 | )
Transfers into Level 3 |  |  | 72 |  |  |  | 19 |  |  |  | 91 |
Transfers out of Level 3 |  |  | (1,013 | ) |  |  | (50 | ) |  |  | (1,063 | )
Ending balance, March 31, 2012 |  | $ | 1,725 |  |  | $ | 232 |  |  | $ | 1,957 |
|  | Level 3 Fair Value Asset Measurements at March 31, 2012 |
|  | Inventories Carried at Market |  |  | Commodity Derivative Contracts Gains |  |  | Total Assets |
|  | (In millions) |
Balance, June 30, 2011 |  | $ | 762 |  |  | $ | 112 |  |  | $ | 874 |
Total increase (decrease) in unrealized gains included in cost of products sold |  |  | 23 |  |  |  | 500 |  |  |  | 523 |
Purchases |  |  | 2,381 |  |  |  | 4 |  |  |  | 2,385 |
Sales |  |  | (1,509 | ) |  |  | – |  |  |  | (1,509 | )
Settlements |  |  | – |  |  |  | (344 | ) |  |  | (344 | )
Transfers into Level 3 |  |  | 1,145 |  |  |  | 103 |  |  |  | 1,248 |
Transfers out of Level 3 |  |  | (1,077 | ) |  |  | (143 | ) |  |  | (1,220 | )
Ending balance, March 31, 2012 |  | $ | 1,725 |  |  | $ | 232 |  |  | $ | 1,957 |
Reconciliation of Liabilities Measured at Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3) |
|  | Level 3 Fair Value Liability Measurements at March 31, 2012 |
|  | Inventory- related Payables |  |  | Commodity Derivative Contracts Losses |  |  | Total Liabilities |
|  | (In millions) |
Balance, December 31, 2011 |  | $ | 196 |  |  | $ | 192 |  |  | $ | 388 |
Total increase (decrease) in unrealized losses included in cost of products sold |  |  | – |  |  |  | 159 |  |  |  | 159 |
Purchases |  |  | (1 | ) |  |  | – |  |  |  | (1 | )
Sales |  |  | 82 |  |  |  | – |  |  |  | 82 |
Settlements |  |  | – |  |  |  | (141 | ) |  |  | (141 | )
Transfers into Level 3 |  |  | – |  |  |  | 12 |  |  |  | 12 |
Transfers out of Level 3 |  |  | (140 | ) |  |  | (38 | ) |  |  | (178 | )
Ending balance, March 31, 2012 |  | $ | 137 |  |  | $ | 184 |  |  | $ | 321 |
|  | Level 3 Fair Value Liability Measurements at March 31, 2012 |
|  | Inventory- related Payables |  |  | Commodity Derivative Contracts Losses |  |  | Total Liabilities |
|  | (In millions) |
Balance, June 30, 2011 |  | $ | 45 |  |  | $ | 44 |  |  | $ | 89 |
Total increase (decrease) in unrealized losses included in cost of products sold |  |  | 4 |  |  |  | 465 |  |  |  | 469 |
Purchases |  |  | (3 | ) |  |  | 1 |  |  |  | (2 | )
Sales |  |  | 78 |  |  |  | – |  |  |  | 78 |
Settlements |  |  | – |  |  |  | (280 | ) |  |  | (280 | )
Transfers into Level 3 |  |  | 153 |  |  |  | 31 |  |  |  | 184 |
Transfers out of Level 3 |  |  | (140 | ) |  |  | (77 | ) |  |  | (217 | )
Ending balance, March 31, 2012 |  | $ | 137 |  |  | $ | 184 |  |  | $ | 321 |
Reconciliation of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3) |  |
|  | Level 3 Fair Value Measurements at March 31, 2011 |
|  | Inventories Carried at Market, Net |  |  | Commodity Derivative Contracts, Net |  |  | Total |
|  | (In millions) |
Balance, December 31, 2010 |  | $ | 306 |  |  | $ | 92 |  |  | $ | 398 |
Total gains (losses), realized or unrealized, included in earnings before income taxes* |  |  | 236 |  |  |  | 4 |  |  |  | 240 |
Purchases, issuances and settlements |  |  | (46 | ) |  |  | (4 | ) |  |  | (50 | )
Transfers into Level 3 |  |  | 142 |  |  |  | 13 |  |  |  | 155 |
Transfers out of Level 3 |  |  | – |  |  |  | (10 | ) |  |  | (10 | )
Ending balance, March 31, 2011 |  | $ | 638 |  |  | $ | 95 |  |  | $ | 733 |
|  | Level 3 Fair Value Measurements at March 31, 2011 |
|  | Inventories Carried at Market, Net |  |  | Derivative Contracts, Net |  |  | Total |
|  | (In millions) |
Balance, June 30, 2010 |  | $ | 427 |  |  | $ | 13 |  |  | $ | 440 |
Total gains (losses), realized or unrealized, included in earnings before income taxes* |  |  | 240 |  |  |  | 102 |  |  |  | 342 |
Purchases, issuances and settlements |  |  | 68 |  |  |  | (1 | ) |  |  | 67 |
Transfers into Level 3 |  |  | 150 |  |  |  | 13 |  |  |  | 163 |
Transfers out of Level 3 |  |  | (247 | ) |  |  | (32 | ) |  |  | (279 | )
Ending balance, March 31, 2011 |  | $ | 638 |  |  | $ | 95 |  |  | $ | 733 |
Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis |  |  |
|  | Weighted Average % of Total Price |
Component Type |  | Assets |  |  | Liabilities |
Commodity Derivative Contracts |  |  |  |  |  |
Basis |  |  | 15.1 | % |  |  | 24.1 | %
Transportation cost |  |  | 9.7 | % |  |  | 12.1 | %
Inventories |  |  |  |  |  |  |  |
Basis |  |  | 10.5 | % |  |  | 4.8 | %
Transportation cost |  |  | 6.2 | % |  |  | 9.1 | %

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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets and liabilities. The disclosure includes the unobservable inputs used to measure fair value on a recurring basis and the weighted averages of the inputs. + References No definition available. + Details
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- Definition This element represents, for the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized); (2) purchases, sales, issuances, and settlements (net); and (3) transfers in and transfers out of Level 3. + References No definition available. + Details
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- Definition This element represents, for the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized); (2) purchases, sales, issuances, and settlements (net); and (3) transfers in and transfers out of Level 3. + References No definition available. + Details
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- Definition Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -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 Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -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. 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