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Income Taxes (Tables) | 6 Months Ended
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Dec. 31, 2012
Income Taxes [Abstract] |
Components Of Earnings Before Income Taxes by Geographic Region |
|  |  | Six Months Ended |  | Year Ended
(In millions) |  |  | December 31 |  | June 30
|  |  | 2012 |  | 2011 |  | 2012 |  | 2011 |  | 2010
|  |  |  |  |  | (Unaudited) |  |  |  |  |  |  |  |  |
United States |  |  | $ | 611 |  | $ | 592 |  | $ | 1,035 |  | $ | 2,035 |  | $ | 1,453
Foreign |  |  |  | 386 |  |  | 189 |  |  | 730 |  |  | 980 |  |  | 1,132
|  |  | $ | 997 |  | $ | 781 |  | $ | 1,765 |  | $ | 3,015 |  | $ | 2,585
Significant Components Of Income Taxes |
|  |  | Six Months Ended |  | Year Ended
(In millions) |  |  | December 31 |  | June 30
|  |  | 2012 |  | 2011 |  | 2012 |  | 2011 |  | 2010
|  |  |  |  |  | (Unaudited) |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | $ | 92 |  | $ | 179 |  | $ | 300 |  | $ | 251 |  | $ | 422
State |  |  |  | 9 |  |  | 19 |  |  | 21 |  |  | 10 |  |  | 18
Foreign |  |  |  | 83 |  |  | 7 |  |  | 118 |  |  | 222 |  |  | 195
Deferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  | 92 |  |  | 14 |  |  | 66 |  |  | 483 |  |  | 107
State |  |  |  | 20 |  |  | 3 |  |  | 9 |  |  | 43 |  |  | (4)
Foreign |  |  |  | 7 |  |  | 15 |  |  | 9 |  |  | (12) |  |  | (72)
|  |  | $ | 303 |  | $ | 237 |  | $ | 523 |  | $ | 997 |  | $ | 666
Significant Components Of Deferred Tax Liabilities And Assets |
|  | December 31 |  | June 30 |  | June 30
|  | 2012 |  | 2012 |  | 2011
|  | (In millions)
Deferred tax liabilities |  |  |  |  |  |  |  |  |
Property, plant, and equipment |  | $ | 1,163 |  | $ | 1,085 |  | $ | 1,016
Equity in earnings of affiliates |  |  | 329 |  |  | 334 |  |  | 255
Debt exchange |  |  | 140 |  |  | 58 |  |  | -
Inventories |  |  | 89 |  |  | 81 |  |  | 324
Other |  |  | 141 |  |  | 92 |  |  | 104
|  | $ | 1,862 |  | $ | 1,650 |  | $ | 1,699
Deferred tax assets |  |  |  |  |  |  |  |  |
Pension and postretirement benefits |  | $ | 373 |  | $ | 487 |  | $ | 307
Stock compensation |  |  | 67 |  |  | 63 |  |  | 58
Foreign tax credit carryforwards |  |  | 32 |  |  | 31 |  |  | 46
Foreign tax loss carryforwards |  |  | 344 |  |  | 241 |  |  | 220
Capital loss carryforwards |  |  | 25 |  |  | - |  |  | -
State tax attributes |  |  | 79 |  |  | 67 |  |  | 57
Other |  |  | 105 |  |  | 126 |  |  | 129
Gross deferred tax assets |  |  | 1,025 |  |  | 1,015 |  |  | 817
Valuation allowances |  |  | (173) |  |  | (145) |  |  | (95)
Net deferred tax assets |  | $ | 852 |  | $ | 870 |  | $ | 722
Net deferred tax liabilities |  | $ | 1,010 |  | $ | 780 |  | $ | 977
The net deferred tax liabilities are classified as follows: |  |  |  |  |  |  |  |  |
Current assets |  | $ | 36 |  | $ | - |  | $ | -
Current assets (foreign) |  |  | - |  |  | - |  |  | 57
Current liabilities |  |  | - |  |  | (6) |  |  | (175)
Current liabilities (foreign) |  |  | (97) |  |  | (54) |  |  | -
Noncurrent assets (foreign) |  |  | 318 |  |  | 281 |  |  | 106
Noncurrent liabilities |  |  | (1,267) |  |  | (1,001) |  |  | (965)
|  | $ | (1,010) |  | $ | (780) |  | $ | (977)
Reconciliation Of The Statutory Federal Income Tax Rate To The Company's Effective Tax Rate On Earnings |
|  | Six Months Ended |  | Year Ended
|  | December 31 |  |  | June 30
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |  | 2010
|  |  |  |  | (Unaudited) |  |  |  |  |  |  |  |  |
Statutory rate |  | 35.0 | % |  | 35.0 | % |  | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State income taxes, net of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
federal tax benefit |  | 2.4 |  |  | 2.4 |  |  | 1.4 |  |  | 1.1 |  |  | 0.3 |
Foreign earnings taxed at rates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
other than the U.S. statutory rate |  | (7.6) |  |  | (7.2) |  |  | (4.8) |  |  | (5.0) |  |  | (8.4) |
Foreign currency remeasurement |  | 2.6 |  |  | (0.3) |  |  | (3.3) |  |  | 0.9 |  |  | (0.7) |
Income tax adjustment to filed returns |  | (1.5) |  |  | (0.7) |  |  | 0.9 |  |  | (0.2) |  |  | - |
Other |  | (0.5) |  |  | 1.1 |  |  | 0.4 |  |  | 1.3 |  |  | (0.4) |
Effective income tax rate |  | 30.4 | % |  | 30.3 | % |  | 29.6 | % |  | 33.1 | % |  | 25.8 | %
Unrecognized Tax Benefits |
|  | Unrecognized Tax Benefits
|  | December 31, 2012 | June 30, 2012 | June 30, 2011
|  | (In millions)
Beginning balance |  | $ | 80 | $ | 79 | $ | 84
Additions related to current year’s tax positions |  |  | - |  | - |  | 4
Additions related to prior years’ tax positions |  |  | 6 |  | 26 |  | -
Reductions related to prior years’ tax positions |  |  | (1) |  | (21) |  | (7)
Reductions due to lapse of statute of limitations |  |  | (1) |  | - |  | -
Settlements with tax authorities |  |  | (7) |  | (4) |  | (2)
Ending balance |  | $ | 77 | $ | 80 | $ | 79

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -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. + Details
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