DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jun. 30, 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 presented as follows:

	Asset Derivatives					Liability Derivatives
		Fair Value (1)					Fair Value (1)
		June 30					June 30
(In millions)	Balance Sheet Location	2020		2019		Balance Sheet Location	2020		2019
Derivatives Designated as Hedging Instruments:
Foreign currency cash flow hedges	Prepaid expenses and other current assets	$	26	$	23	Other accrued liabilities	$	3	$	4
Net investment hedges	Prepaid expenses and other current assets	21		—		Other accrued liabilities	62		—
Interest rate-related derivatives	Prepaid expenses and other current assets	15		3		Other accrued liabilities	3		26
Total Derivatives Designated as Hedging Instruments		62		26			68		30
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward contracts	Prepaid expenses and other current assets	40		4		Other accrued liabilities	15		2
Total derivatives		$	102	$	30		$	83	$	32

⁽¹⁾See Note 13 – 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	Amount of Gain or (Loss) Reclassified from AOCI into Earnings(1)
	June 30				from AOCI into	June 30
(In millions)	2020		2019		Earnings	2020		2019
Derivatives in Cash Flow Hedging Relationships:
Foreign currency forward contracts	$	38	$	29	Net sales	$	35	$	28
Interest rate-related derivatives	(12)		(24)		Interest expense	—		1
Derivatives in Net Investment Hedging Relationships(2):
Foreign currency forward contracts(3)	(68)		—			—		—
Total derivatives	$	(42)	$	5		$	35	$	29

⁽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 fiscal 2020 the gain recognized in earnings from net investment hedges related to the amount excluded from effectiveness testing was $43 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)	June 30
(In millions)	Recognized in Earnings on Derivatives	2020		2019
Derivatives in Fair Value Hedging Relationships:
Interest rate swap contracts	Interest expense	$	14	$	27

⁽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
	June 30, 2020		June 30, 2020
Current debt	$	455	$	5
Long-term debt	259		10
Total debt	$	714	$	15

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:

	June 30, 2020				June 30, 2019
(In millions)	Net Sales		Interest Expense		Net Sales		Interest Expense
Total amounts of income and expense line items presented in the consolidated statements of earnings in which the effects of fair value and cash flow hedges are recorded	$	14,294	$	161	$	14,863	$	133
The effects of fair value and cash flow hedging relationships:
Gain (loss) on fair value hedge relationships – interest rate contracts:
Hedged item	Not applicable		(14)		Not applicable		(27)
Derivatives designated as hedging instruments	Not applicable		14		Not applicable		27
Gain (loss) on cash flow hedge relationships – interest rate contracts:
Amount of gain reclassified from AOCI into earnings	Not applicable		—		Not applicable		1
Gain (loss) on cash flow hedge relationships – foreign currency forward contracts:
Amount of gain reclassified from AOCI into earnings	35		Not applicable		28		Not 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)	June 30
(In millions)	Recognized in Earnings on Derivatives	2020		2019
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward contracts	Selling, general and administrative	$	56	$	6