ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Jun. 30, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of components of AOCI, net of tax

The components of AOCI included in the accompanying consolidated balance sheets consist of the following:


	Year Ended June 30
(In millions)	2020		2019		2018
Net unrealized investment losses, beginning of year	$	—	$	(14)	$	(1)
Unrealized investment gains (losses)	—		14		(13)
Net unrealized investment losses, end of year	—		—		(14)

Net derivative instruments, beginning of year	21		39		(3)
Gain on derivative instruments	26		5		12
Provision for deferred income taxes	(7)		(2)		(2)
Reclassification to earnings during the year:
Foreign currency forward contracts ⁽¹⁾	(35)		(28)		46
Interest rate-related derivatives ⁽²⁾	—		(1)		(1)
Benefit (provision) for deferred income taxes on reclassification ⁽³⁾	9		8		(15)
Reclassification to retained earnings	—		—		2
Net derivative instruments, end of year	14		21		39

Net pension and post-retirement adjustments, beginning of year	(253)		(175)		(213)
Changes in plan assets and benefit obligations:
Net actuarial gains (losses) recognized	(9)		(117)		67
Prior service credit recognized	—		—		5
Translation adjustments	(2)		2		(1)
Benefit (provision) for deferred income taxes	4		25		(15)
Amortization and settlements included in net periodic benefit cost ⁽⁴⁾:
Net actuarial losses	21		15		19
Net prior service cost	—		—		1
Provision for deferred income taxes on reclassification ⁽³⁾	(5)		(3)		(4)
Reclassification to retained earnings	—		—		(34)
Net pension and post-retirement adjustments, end of year	(244)		(253)		(175)

Cumulative translation adjustments, beginning of year	(331)		(284)		(267)
Reclassification to earnings during the year	2		(77)		—
Translation adjustments	(108)		18		(19)
Benefit for deferred income taxes	2		12		2
Cumulative translation adjustments, end of year	(435)		(331)		(284)

Accumulated other comprehensive loss	$	(665)	$	(563)	$	(434)

⁽¹⁾For the year ended June 30, 2020 and 2019, $(35) million and $(28) million, respectively, was recorded in Net sales in the accompanying consolidated statements of earnings. For the year ended June 30, 2018, $22 million and $24 million were recorded in Cost of sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings.

⁽²⁾Amounts recorded in Interest expense in the accompanying consolidated statements of earnings.

⁽³⁾Amounts recorded in Provision for income taxes in the accompanying consolidated statements of earnings.

⁽⁴⁾See Note 15 – Pension, Deferred Compensation and Post-Retirement Benefit Plans for additional information.