FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	2,165	$	—	$	—	$	2,165
Foreign currency forward contracts	—		84		—		84
Interest rate-related derivatives	—		6		—		6
Total	$	2,165	$	90	$	—	$	2,255
Liabilities:
Foreign currency forward contracts	$	—	$	63	$	—	$	63
Interest rate-related derivatives	—		7		—		7
DECIEM stock options	—		—		138		138
Total	$	—	$	70	$	138	$	208

The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	2,079	$	—	$	—	$	2,079
Foreign currency forward contracts	—		52		—		52
Interest rate-related derivatives	—		15		—		15
Total	$	2,079	$	67	$	—	$	2,146
Liabilities:
Foreign currency forward contracts	$	—	$	56	$	—	$	56
DECIEM stock options	—		—		141		141
Total	$	—	$	56	$	141	$	197

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments are as follows:

	December 31 2021				June 30 2021
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Nonderivatives
Cash and cash equivalents	$	4,603	$	4,603	$	4,958	$	4,958
Current and long-term debt	5,531		6,195		5,569		6,262
DECIEM stock options	138		138		141		141
Derivatives
Foreign currency forward contracts – asset (liability), net	21		21		(4)		(4)
Interest rate-related derivatives – asset (liability), net	(1)		(1)		15		15

Impairment charges measured at fair value on a nonrecurring basis, classified as Level 3

The following table presents the Company’s impairment charges for the three and six months ended December 31, 2020 for certain of its nonfinancial assets measured at fair value on a nonrecurring basis, classified as Level 3, due to a change in circumstances that triggered an interim impairment test:

(In millions)	Impairment charges		Date of Fair Value Measurement	Fair Value
Goodwill	$	54	November 30, 2020	$	—
Other intangible assets, net (trademark and customer lists)	27		November 30, 2020	36
Total	$	81		$	36

See Note 3 - Goodwill and Other Intangible Assets for discussion of the valuation techniques used to measure fair value, the description of the inputs and information used to develop those inputs.