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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Jun. 30, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)  
Schedule of components of AOCI

 

 

 

Year Ended June 30

 

(In millions)

 

2018

 

2017

 

2016

 

Net unrealized investment gains (losses), beginning of year

 

$
(1

)

$
7

 

$

—

 

Unrealized investment gains (losses)

 
(13

)
(8

)
7

 

 

 

 

 

 

 

 

 

Net unrealized investment gains (losses), end of year

 
(14

)
(1

)
7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net derivative instruments, beginning of year

 
(3

)
32

 
44

 

Gain (loss) on derivative instruments

 
12

 
(13

)
48

 

Benefit (provision) for deferred income taxes

 
(2

)
5

 
(17

)

Reclassification to earnings during the year:

 

 

 

 

 

 

 

Foreign currency forward contracts (1)

 
46

 
(40

)
(65

)

Interest rate-related derivatives (2)

 
(1

)
(1

)
(1

)

Benefit for deferred income taxes on reclassification (3)

 
(15

)
14

 
23

 

Reclassification to retained earnings

 
2

 

—

 

—

 

 

 

 

 

 

 

 

 

Net derivative instruments, end of year

 
39

 
(3

)
32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net pension and post-retirement adjustments, beginning of year

 
(213

)
(285

)
(235

)

Changes in plan assets and benefit obligations:

 

 

 

 

 

 

 

Net actuarial gains (losses) recognized

 
67

 
71

 
(114

)

Prior service credit recognized

 
5

 

—

 

—

 

Translation adjustments

 
(1

)

—

 
6

 

Benefit (provision) for deferred income taxes

 
(15

)
(20

)
39

 

Amortization, settlements and curtailments included in net periodic benefit cost (4):

 

 

 

 

 

 

 

Net actuarial losses

 
19

 
28

 
22

 

Net prior service cost

 
1

 
3

 
4

 

Provision for deferred income taxes on reclassification (3)

 
(4

)
(10

)
(7

)

Reclassification to retained earnings

 
(34

)

—

 

—

 

 

 

 

 

 

 

 

 

Net pension and post-retirement adjustments, end of year

 
(175

)
(213

)
(285

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative translation adjustments, beginning of year

 
(267

)
(299

)
(190

)

Translation adjustments

 
(19

)
32

 
(107

)

Benefit (provision) for deferred income taxes

 
2

 

—

 
(2

)

 

 

 

 

 

 

 

 

Cumulative translation adjustments, end of year

 
(284

)
(267

)
(299

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive loss

 

$
(434

)

$
(484

)

$
(545

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

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.  For the year ended June 30, 2017, $(10) million and $(30) million were recorded in Cost of Sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings.  For the year ended June 30, 2016, $(17) million and $(48) 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 13 – Pension, Deferred Compensation and Post-Retirement Benefit Plans for additional information.