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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Dec. 31, 2018
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]  
Effects of Derivative Instruments Designated as Hedging Instruments on OCI
The effects of derivative instruments designated as hedging instruments on Other comprehensive income and Net earnings were as follows:

 
Gains (losses) recognized in Other comprehensive income
 
Three Months Ended
 
Six Months Ended
 
12/31/2018
 
12/31/2017
 
12/31/2018
 
12/31/2017
Commodity purchase derivative contracts
$
(10
)
 
$
1

 
$
(6
)
 
$
3

Foreign exchange derivative contracts
1

 
1

 
1

 
—

Interest rate derivative contracts
—

 
—

 
—

 
2

Total
$
(9
)
 
$
2

 
$
(5
)
 
$
5
Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings
 
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
 
Three Months Ended
 
Six Months Ended
 
12/31/2018
 
12/31/2017
 
12/31/2018
 
12/31/2017
Commodity purchase derivative contracts
$
(4
)
 
$
—

 
$
—

 
$
—

Foreign exchange derivative contracts
—

 
—

 
1

 
(1
)
Interest rate derivative contracts
(1
)
 
(2
)
 
(3
)
 
(4
)
Total
$
(5
)
 
$
(2
)
 
$
(2
)
 
$
(5
)
Schedule of Assets and Liabilities for Fair Value Disclosure
The following table summarizes the fair value of the Company’s assets and liabilities for which disclosure of fair value is required:
 
 
 
 
 
12/31/2018
 
6/30/2018
 
Balance sheet
classification
 
Fair value
hierarchy
level
 
Carrying
Amount
 
Estimated
Fair
Value
 
Carrying
Amount
 
Estimated
Fair
Value
Assets
 
 
 
 
 
 
 
 
 
 
 
Investments, including money market funds
Cash and cash
equivalents (a)
 
1
 
$
43

 
$
43

 
$
24

 
$
24

Time deposits
Cash and cash
equivalents (a)
 
2
 
27

 
27

 
23

 
23

Commodity purchase swaps contracts
Prepaid expenses and other current assets
 
2
 
—

 
—

 
3

 
3

Foreign exchange forward contracts
Prepaid expenses and other current assets
 
2
 
2

 
2

 
2

 
2

Trust assets for nonqualified deferred compensation plans
Other assets
 
1
 
85

 
85

 
86

 
86

 
 
 
 
 
$
157

 
$
157

 
$
138

 
$
138

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Notes and loans payable
Notes and loans payable (b)
 
2
 
$
235

 
$
235

 
$
199

 
$
199

Commodity purchase futures contracts
Accounts payable and accrued liabilities
 
1
 
1

 
1

 
1

 
1

Commodity purchase swaps contracts
Accounts payable and
accrued liabilities
 
2
 
1

 
1

 
—

 
—

Commodity purchase swaps contracts
Other liabilities
 
2
 
1

 
1

 
—

 
—

Current maturities of long-term debt and Long-term debt
Current maturities of long-
term debt and Long-term
debt (c)
 
2
 
2,285

 
2,281

 
2,284

 
2,269

 
 
 
 
 
$
2,523

 
$
2,519

 
$
2,484

 
$
2,469

____________________

(a)
Cash and cash equivalents are composed of time deposits and other interest bearing investments, including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value.
(b)
Notes and loans payable is composed of U.S. commercial paper and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.
(c)
Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.