FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 31, 2020

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 (loss) income and Net earnings were as follows:

	Gains (losses) recognized in Other comprehensive (loss) income
	Three Months Ended				Nine Months Ended
	3/31/2020		3/31/2019		3/31/2020		3/31/2019
Commodity purchase derivative contracts	$	(11)	$	2	$	(8)	$	(4)
Foreign exchange derivative contracts	2		—		2		1
Interest rate derivative contracts	—		—		—		—
Total	$	(9)	$	2	$	(6)	$	(3)

Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings

	Location of Gains (losses) reclassified from Accumulated other comprehensive net (loss) income into Net earnings	Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
		Three Months Ended				Nine Months Ended
		3/31/2020		3/31/2019		3/31/2020		3/31/2019
Commodity purchase derivative contracts	Cost of products sold	$	—	$	(1)	$	(1)	$	(1)
Foreign exchange derivative contracts	Cost of products sold	—		1		—		2
Interest rate derivative contracts	Interest expense	(2)		(2)		(5)		(5)
Total		$	(2)	$	(2)	$	(6)	$	(4)

Schedule of Assets and Liabilities for Fair Value Disclosure

The following table provides information about the balance sheet classification and the fair values of the Company’s derivative instruments:

			3/31/2020				6/30/2019
	Balance sheet classification	Fair value hierarchy level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Foreign exchange forward contracts	Prepaid expenses and other current assets	2	$	2	$	2	$	—	$	—
			$	2	$	2	$	—	$	—
Liabilities
Commodity purchase swaps contracts	Accounts payable and accrued liabilities	2	$	5	$	5	$	1	$	1
Commodity purchase futures contracts	Accounts payable and accrued liabilities	1	1		1		1		1
Commodity purchase swaps contracts	Other liabilities	2	1		1		—		—
			$	7	$	7	$	2	$	2

The following table provides information about the balance sheet classification and the fair values of the Company’s other assets and liabilities for which disclosure of fair value is required:

			3/31/2020				6/30/2019
	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	$	179	$	179	$	26	$	26
Time deposits	Cash and cash equivalents (a)	2	168		168		7		7
Trust assets for nonqualified deferred compensation plans	Other assets	1	89		89		96		96
			$	436	$	436	$	129	$	129
Liabilities
Notes and loans payable	Notes and loans payable (b)	2	$	638	$	638	$	396	$	396
Current maturities of long-term debt and Long-term debt	Current maturities of long- term debt and Long-term debt (c)	2	2,288		2,430		2,287		2,402
			$	2,926	$	3,068	$	2,683	$	2,798

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(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 amounts drawn on the Company’s Credit Agreement, outstanding U.S. commercial paper balances 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.