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Investments In And Advances To Affiliates | 6 Months Ended
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Dec. 31, 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 60, 69, and 68 unconsolida ted domestic and foreign affiliates as of December 31, 2012 and June 30, 2012 and 2011, respectively. The following table summarizes the combined balance sheets as of December 31, 2012 and June 30, 2012 and 2011, and the combined statements of earnings of the Company’s unconsolidated affiliates for the six months ended December 31, 2012 and 2011 and each of the three years ended June 30, 2012, 2011, and 2010.
|  | December 31 |  | June 30 |  | June 30
(In millions) |  | 2012 |  | 2012 |  | 2011
Current assets |  | $ | 26,569 |  | $ | 28,196 |  | $ | 26,222
Non-current assets |  |  | 19,429 |  |  | 20,821 |  |  | 17,733
Current liabilities |  |  | (22,602) |  |  | (23,381) |  |  | (20,748)
Non-current liabilities |  |  | (5,553) |  |  | (6,379) |  |  | (5,160)
Noncontrolling interests |  |  | (850) |  |  | (1,176) |  |  | (1,072)
Net assets |  | $ | 16,993 |  | $ | 18,081 |  | $ | 16,975
|  | Six Months Ended |  | Year Ended
|  | December 31 |  | June 30
(In millions) |  | 2012 |  | 2011 |  | 2012 |  | 2011 |  | 2010
|  |  |  |  | (Unaudited) |  |  |  |  |  |  |  |  |
Net sales |  | $ | 28,314 |  | $ | 29,767 |  | $ | 58,068 |  | $ | 48,941 |  | $ | 39,524
Gross profit |  |  | 2,847 |  |  | 3,291 |  |  | 6,458 |  |  | 4,819 |  |  | 5,225
Net income |  |  | 855 |  |  | 1,022 |  |  | 1,940 |  |  | 2,252 |  |  | 2,931
The Company’s share of the undistributed earnings of its unconso lidated affiliates as of December 3 1, 2012, is $1.7 billion. The Company has a direct investment in a foreign equity method inv estee who ha s a carrying value of $1.9 bi llion as of December 3 1, 2012, and a market value of $2.9 billion based on active market quoted prices converted to U.S. dollars at applicable exchange rates at December 31, 2012. The Company provides credit facilities totaling $337 million to se ven unconsolidated affiliates. One facility that is due on demand and bears interest at the one month LIBOR rate plus 1.5% has an outstanding balance of $47 million. Two facilities that are also due on demand and bear interest at 2.78% have a combined outstanding balance of $32 million. The other four facilities have no outst anding balances as of December 31, 2012. The outstanding balances are included in other current assets in the accompanying consolidated balance sheet. For information on the Company’s former equity method interest in Gruma, see Note 19.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: 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=7658923&loc=d3e32787-111569 Reference 2: 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 3: 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 4: 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 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=7658923&loc=d3e32847-111569 + Details
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