DERIVATIVES (Tables)

12 Months Ended

Jun. 30, 2024

Notional Amounts of Outstanding Derivative Instruments Measured in U.S. Dollar Equivalents

The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents:

(In millions)	June 30, 2024		June 30, 2023
Designated as Hedging Instruments
Foreign exchange contracts purchased	$	1,492	$	1,492
Interest rate contracts purchased		1,100		1,078
Not Designated as Hedging Instruments
Foreign exchange contracts purchased		7,167		7,874
Foreign exchange contracts sold		31,793		25,159
Equity contracts purchased		4,016		3,867
Equity contracts sold		2,165		2,154
Other contracts purchased		2,113		1,224
Other contracts sold		811		581

Fair Values of Derivative Instruments

The following table presents our derivative instruments:

	Derivative			Derivative				Derivative				Derivative
(In millions)	Assets			Liabilities				Assets				Liabilities
	June 30, 2024							June 30, 2023
Designated as Hedging Instruments
Foreign exchange contracts	$	24			$	(76	)		$	34			$	(67	)
Interest rate contracts		19				0				16				0
Not Designated as Hedging Instruments
Foreign exchange contracts		213				(230	)			249				(332	)
Equity contracts		63				(491	)			165				(400	)
Other contracts		12				(3	)			5				(6	)
Gross amounts of derivatives		331				(800	)			469				(805	)
Gross amounts of derivatives offset in the balance sheets		(151	)			152				(202	)			206
Cash collateral received		0				(104	)			0				(125	)
Net amounts of derivatives	$	180			$	(752	)		$	267			$	(724	)
Reported as
Short-term investments	$	12			$	0			$	6			$	0
Other current assets		149				0				245				0
Other long-term assets		19				0				16				0
Other current liabilities		0				(401	)			0				(341	)
Other long-term liabilities		0				(351	)			0				(383	)
Total	$	180			$	(752	)		$	267			$	(724	)

The following table presents the fair value of our derivatives instruments on a gross basis:

(In millions)	Level 1				Level 2		Level 3		Total
June 30, 2024
Derivative assets	$	0		$	327		$	4	$	331
Derivative liabilities		(1	)		(799	)		0		(800	)
June 30, 2023
Derivative assets		0			462			7		469
Derivative liabilities		0			(805	)		0		(805	)

Gains (Losses) on Derivative Instruments

Gains (losses) on derivative instruments recognized in other income (expense), net were as follows:

(In millions)
Year Ended June 30,	2024			2023			2022
Designated as Fair Value Hedging Instruments
Foreign exchange contracts
Derivatives	$	0		$	0		$	49
Hedged items		0			0			(50	)
Excluded from effectiveness assessment		0			0			4
Interest rate contracts
Derivatives		(23	)		(65	)		(92	)
Hedged items		(25	)		38			108
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Amount reclassified from accumulated other comprehensive loss		(48	)		61			(79	)
Not Designated as Hedging Instruments
Foreign exchange contracts		367			(73	)		383
Equity contracts		(177	)		(420	)		13
Other contracts		(15	)		(41	)		(85	)

Cash Flow Hedges | Other Comprehensive Income (Loss)

Gains (Losses) on Derivative Instruments

Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows:

(In millions)
Year Ended June 30,	2024			2023		2022
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Included in effectiveness assessment	$	(14	)	$	34	$	(57	)