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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair values of the derivative financial instruments included in the consolidated balance sheets
The fair values of the Company’s derivative financial instruments included in the consolidated balance sheets are as follows:
Asset Derivatives
Liability Derivatives
Fair Value (1)
Fair Value (1)
(In millions)
Balance Sheet
Location
March 31
2020		June 30
2019
Balance Sheet
Location
March 31
2020		June 30
2019
Derivatives Designated as Hedging Instruments
Foreign currency cash flow hedges
Prepaid expenses and other current assets
$48  $23  Other accrued liabilities$3  $4  
Net investment hedges
Prepaid expenses and other current assets
—  —  Other accrued liabilities17  —  
Interest rate-related derivatives
Prepaid expenses and other current assets
14  3  Other accrued liabilities1  26  
Total Derivatives Designated as Hedging Instruments
62  26  21  30  
Derivatives Not Designated as Hedging Instruments
Foreign currency forward contracts
Prepaid expenses and other current assets
24  4  Other accrued liabilities24  2  
Total derivatives$86  $30  $45  $32  
______________________________________________
(1)See Note 8 – Fair Value Measurements for further information about how the fair value of derivative assets and liabilities are determined.
Schedule of gains and losses related to derivative financial instruments designated as hedging instruments that are included in the assessment of effectiveness
The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments that are included in the assessment of effectiveness are as follows:
Amount of Gain or (Loss)
Recognized in OCI on
Derivatives		Location of Gain or
(Loss) Reclassified
from AOCI into
Earnings
Amount of Gain or (Loss)
Reclassified from AOCI into
Earnings(1)
Three Months Ended
March 31		Three Months Ended
March 31
(In millions)
2020201920202019
Derivatives in Cash Flow Hedging Relationships:
Foreign currency forward contracts
$46  $2  
Net sales
$10  $8  
Interest rate-related derivatives
(2) —  
Interest expense
—  1  
44  2  
Total derivatives
$10  $9  
Derivatives in Net Investment Hedging Relationships(2):
Foreign currency forward contracts(3)
(20) —  
Total derivatives
$24  $2  
______________________________________________
(1)The amount reclassified into earnings as a result of the discontinuance of cash flow hedges because probable forecasted transactions will no longer occur by the end of the original time period was not material.
(2)During the three months ended March 31, 2020, the gain recognized in earnings from net investment hedges related to the amount excluded from effectiveness testing was $12 million.
(3)Included within translation adjustments as a component of AOCI on the Company’s consolidated balance sheets.

Amount of Gain or (Loss)
Recognized in OCI on
Derivatives		Location of Gain or
(Loss) Reclassified
from AOCI into
Earnings
Amount of Gain or (Loss)
Reclassified from AOCI into
Earnings(1)
Nine Months Ended
March 31		Nine Months Ended
March 31
(In millions)
2020201920202019
Derivatives in Cash Flow Hedging Relationships:
Foreign currency forward contracts
$50  $18  
Net sales
$29  $15  
Interest rate-related derivatives
(11) —  
Interest expense
—  1  
39  18  
Total derivatives
$29  $16  
Derivatives in Net Investment Hedging Relationships(2):
Foreign currency forward contracts(3)
(54) —  
Total derivatives
$(15) $18  
______________________________________________
(1)The amount reclassified into earnings as a result of the discontinuance of cash flow hedges because probable forecasted transactions will no longer occur by the end of the original time period was not material.
(2)During the nine months ended March 31, 2020, the gain recognized in earnings from net investment hedges related to the amount excluded from effectiveness testing was $37 million.
(3)Included within translation adjustments as a component of AOCI on the Company’s consolidated balance sheets.
Amount of Gain or (Loss)
Recognized in Earnings on
Derivatives (1)
Location of Gain or (Loss) Recognized in Earnings on Derivatives
Three Months Ended
March 31		Nine Months Ended
March 31
(In millions)
2020201920202019
Derivatives in Fair Value Hedging Relationships:
Interest rate swap contracts
Interest expense
$12  $8  $13  $17  
______________________________________________
(1)Changes in the fair value of the interest rate swap agreements are exactly offset by the change in the fair value of the underlying long-term debt.
Schedule of cumulative amount of fair value hedging adjustments for designated and qualifying hedged items
Additional information regarding the cumulative amount of fair value hedging gain (loss) recognized in earnings for items designated and qualifying as hedged items in fair value hedges is as follows:

(In millions)
Line Item in the Consolidated Balance Sheets in
Which the Hedged Item is Included
Carrying Amount of the
Hedged Liabilities		Cumulative Amount of Fair
Value Hedging Gain/(Loss)
Included in the Carrying Amount
of the Hedged Liability
March 31, 2020March 31, 2020
Current debt$—  $—  
Long-term debt713  14  
Total debt$713  $14  
Schedule of effects of fair value and cash flow hedging relationships for designated and qualified hedging instruments
Additional information regarding the effects of fair value and cash flow hedging relationships for derivatives designated and qualifying as hedging instruments is as follows:
Three Months Ended March 31
20202019
(In millions)
Net SalesInterest
expense		Net SalesInterest
expense
Total amounts of income and expense line items presented in the consolidated statements of earnings (loss) in which the effects of fair value and cash flow hedges are recorded$3,345  $42  $3,744  $32  
The effects of fair value and cash flow hedging relationships:
Gain (loss) on fair value hedge relationships – interest rate contracts:
Hedged item
Not applicable(12) Not applicable(8) 
Derivatives designated as hedging instruments
Not applicable12  Not applicable8  
Gain (loss) on cash flow hedge relationships – interest rate contracts:
Amount of gain reclassified from AOCI into earnings
Not applicable—  Not applicable1
Gain (loss) on cash flow hedge relationships – foreign currency forward contracts:
Amount of gain reclassified from AOCI into earnings
10Not applicable8Not applicable
Nine Months Ended March 31
20202019
(In millions)
Net SalesInterest ExpenseNet SalesInterest Expense
Total amounts of income and expense line items presented in the consolidated statements of earnings (loss) in which the effects of fair value and cash flow hedges are recorded$11,864  $112  $11,273  $101  
The effects of fair value and cash flow hedging relationships:
Gain (loss) on fair value hedge relationships – interest rate contracts:
Hedged itemNot applicable(13) Not applicable(17) 
Derivatives designated as hedging instrumentsNot applicable13  Not applicable17  
Gain (loss) on cash flow hedge relationships – interest rate contracts:
Amount of gain reclassified from AOCI into earningsNot applicable—  Not applicable1
Gain (loss) on cash flow hedge relationships – foreign currency forward contracts:
Amount of gain reclassified from AOCI into earnings29Not applicable15Not applicable
Schedule of gains and losses related to derivative financial instruments not designated as hedging instruments
The amounts of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments are presented as follows:
Amount of Gain or (Loss)
Recognized in Earnings on Derivatives
Location of Gain or (Loss)
Recognized in Earnings on
Derivatives
Three Months Ended
March 31		Nine Months Ended
March 31
(In millions)
2020201920202019
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward contracts
Selling, general and administrative
$49  $(12) $52  $(2)