Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis

The following table summarizes those assets and liabilities measured at fair value on a recurring basis:

	As of September 30, 2020								As of June 30, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cross-currency interest rate derivatives - fair value hedges	$	—	$	21	$	—	$	21	$	—	$	24	$	—	$	24
Cross-currency interest rate derivatives - cash flow hedges	—		87		—		87		—		98		—		98
Equity securities(a)	68		—		129		197		54		—		123		177
Total assets	$	68	$	108	$	129	$	305	$	54	$	122	$	123	$	299
Liabilities:
Foreign currency derivatives - cash flow hedges	$	—	$	3	$	—	$	3	$	—	$	3	$	—	$	3
Interest rate derivatives - cash flow hedges	—		15		—		15		—		16		—		16
Cross-currency interest rate derivatives - cash flow hedges	—		18		—		18		—		18		—		18
Total liabilities	$	—	$	36	$	—	$	36	$	—	$	37	$	—	$	37

(a)See Note 4—Investments.

Summary of Equity Securities Classified as Level 3

A rollforward of the Company’s equity securities classified as Level 3 is as follows:

	For the three months ended September 30,
	2020		2019
	(in millions)
Balance - beginning of period	$	123	$	113
Additions	6		—
Foreign exchange and other	—		(1)
Balance - end of period	$	129	$	112

Summary of Hedges Classified as Current or Non-Current in Balance Sheets Based on Maturity Dates

Hedges are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details:

	Balance Sheet Location	As of September 30, 2020		As of June 30, 2020
		(in millions)
Cross-currency interest rate derivatives - fair value hedges	Other non-current assets	$	21	$	24
Cross-currency interest rate derivatives - cash flow hedges	Other non-current assets	87		98
Foreign currency derivatives - cash flow hedges	Other current liabilities	(3)		(3)
Interest rate derivatives - cash flow hedges	Other non-current liabilities	(15)		(16)
Cross-currency interest rate derivatives - cash flow hedges	Other non-current liabilities	(18)		(18)

Financial Instruments and Fair Value Measurements - Summary of Derivative Instruments Designated as Cash Flow Hedges

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on Accumulated other comprehensive loss and the Statements of Operations during the three months ended September 30, 2020 and 2019:

	Gain (loss) recognized in Accumulated Other Comprehensive Loss for the three months ended September 30,				(Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended September 30,				Income statement location
	2020		2019		2020		2019
	(in millions)
Derivative instruments designated as cash flow hedges:
Foreign currency derivatives - cash flow hedges	$	—	$	(1)	$	—	$	(2)	Operating expenses
Cross-currency interest rate derivatives - cash flow hedges	(15)		5		13		(9)		Interest (expense) income, net
Interest rate derivatives - cash flow hedges	—		(4)		1		(6)		Interest (expense) income, net
Total	$	(15)	$	—	$	14	$	(17)

Schedule of FairValue Hedging Relationship By Balance Sheet

The following sets forth the effect of fair value hedging relationships on hedged items in the Balance Sheets as of September 30, 2020 and June 30, 2020:

	As of September 30, 2020		As of June 30, 2020
	(in millions)
Borrowings:
Carrying amount of hedged item	$	70	$	71
Cumulative hedging adjustments included in the carrying amount	5		6