FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Dec. 31, 2023

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]

Effects of Derivative Instruments Designated as Hedging Instruments on OCI

The effects of derivative instruments designated as hedging instruments on Other comprehensive (loss) income and Net earnings were as follows:

	Gains (losses) recognized in Other comprehensive (loss) income
	Three months ended				Six months ended
	12/31/2023		12/31/2022		12/31/2023		12/31/2022
Commodity purchase derivative contracts	$	(4)	$	1	$	(5)	$	(2)
Foreign exchange derivative contracts	(2)		(1)		(1)		—
Interest rate derivative contracts	—		—		—		—
Total	$	(6)	$	—	$	(6)	$	(2)

Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings

	Location of gains (losses) reclassified from Accumulated other comprehensive net (loss) income into Net earnings	Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
		Three months ended				Six months ended
		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Commodity purchase derivative contracts	Cost of products sold	$	—	$	3	$	(2)	$	7
Foreign exchange derivative contracts	Cost of products sold	—		—		—		1
Interest rate derivative contracts	Interest expense	3		3		6		6
Total		$	3	$	6	$	4	$	14

Schedule of Assets and Liabilities for Fair Value Disclosure

The following table provides information about the balance sheet classification and the fair values of the Company’s derivative instruments:

			12/31/2023				6/30/2023
	Balance sheet classification	Fair value hierarchy level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Commodity purchase options contracts	Prepaid expenses and other current assets	1	—		—		2		2
			$	—	$	—	$	2	$	2
Liabilities
Commodity purchase futures contracts	Accounts payable and accrued liabilities	1	—		—		—		—
Commodity purchase swaps contracts	Accounts payable and accrued liabilities	2	—		—		1		1
Foreign exchange forward contract	Accounts payable and accrued liabilities	2	1		1		—		—
			$	1	$	1	$	1	$	1

The following table provides information about the balance sheet classification and the fair values of the Company’s other assets and liabilities for which disclosure of fair value is required:

			12/31/2023				6/30/2023
	Balance sheet classification	Fair value hierarchy level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Interest-bearing investments, including money market funds	Cash and cash equivalents (1)	1	$	215	$	215	$	243	$	243
Time deposits	Cash and cash equivalents (1)	2	8		8		9		9
Trust assets for nonqualified deferred compensation plans	Other assets	1	150		150		129		129
			$	373	$	373	$	381	$	381
Liabilities
Notes and loans payable	Notes and loans payable (2)	2	$	247	$	247	$	50	$	50
Current maturities of long-term debt and Long-term debt	Current maturities of long- term debt and Long-term debt (3)	2	2,479		2,376		2,477		2,327
			$	2,726	$	2,623	$	2,527	$	2,377

(1)Cash and cash equivalents are composed of time deposits and other interest-bearing investments, including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value.

(2)Notes and loans payable are composed of outstanding U.S. commercial paper balances and/or amounts drawn on the Company’s credit agreements, all of which are recorded at cost, which approximates fair value.

(3)Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.