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Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
Sep. 30, 2021
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, 2021As of June 30, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(in millions)
Assets:
Cross-currency interest rate derivatives - fair value hedges$— $19 $— $19 $— $18 $— $18 
Cross-currency interest rate derivatives — 77 — 77 — 73 — 73 
Equity securities(a)
198 — 90 288 164 — 116 280 
Total assets$198 $96 $90 $384 $164 $91 $116 $371 
Liabilities:
Interest rate derivatives - cash flow hedges$— $7 $— $7 $— $9 $— $9 
Cross-currency interest rate derivatives — 11 — 11 — 13 — 13 
Total liabilities$— $18 $— $18 $— $22 $— $22 
(a)See Note 5—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,
20212020
(in millions)
Balance - beginning of period
$116 $123 
Additions1 6 
Returns of capital(24)(2)
Measurement adjustments24 — 
Foreign exchange and other(a)
(27)2 
Balance - end of period$90 $129 
(a)    During the three months ended September 30, 2021, the Company reclassified its investment in an equity security from Level 3 to Level 1 within the fair value hierarchy as the investment became publicly traded in the first quarter of fiscal 2022.
Summary of Hedges Classified as Current or Non-Current in Balance Sheets Based on Maturity Dates
Derivatives 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 LocationAs of
September 30, 2021		As of
June 30, 2021
(in millions)
Cross currency interest rate derivatives - fair value hedgesOther current assets$10 $— 
Cross currency interest rate derivativesOther current assets42 — 
Cross-currency interest rate derivatives - fair value hedgesOther non-current assets9 18 
Cross-currency interest rate derivativesOther non-current assets35 73 
Interest rate derivatives - cash flow hedgesOther current liabilities(7)(6)
Interest rate derivatives - cash flow hedgesOther non-current liabilities— (3)
Cross-currency interest rate derivativesOther current liabilities(3)— 
Cross-currency interest rate derivatives Other non-current liabilities(8)(13)
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 had on Accumulated other comprehensive loss and the Statements of Operations during the three months ended September 30, 2021 and 2020 for both derivatives designated as cash flow hedges that continue to be highly effective and derivatives initially designated as cash flow hedges but for which hedge accounting was discontinued as of December 31, 2020:

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
2021202020212020
(in millions)
Foreign currency derivatives - cash flow hedges$1 $— $— $— Operating expenses
Cross-currency interest rate derivatives— (15)(1)13 Interest expense, net
Interest rate derivatives - cash flow hedges2 — (1)1 Interest expense, net
Total$3 $(15)$(2)$14 
Schedule of Fair Value 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, 2021 and June 30, 2021:
As of
September 30, 2021		As of
June 30, 2021
(in millions)
Borrowings:
Carrying amount of hedged item$70 $71 
Cumulative hedging adjustments included in the carrying amount4 5