FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 31, 2022

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 (loss) were as follows:

	Gains (losses) recognized in Other comprehensive (loss) income
	Three Months Ended				Nine Months Ended
	3/31/2022		3/31/2021		3/31/2022		3/31/2021
Commodity purchase derivative contracts	$	10	$	5	$	12	$	12
Foreign exchange derivative contracts	(1)		2		—		(1)
Interest rate derivative contracts	39		26		39		36
Total	$	48	$	33	$	51	$	47

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 (losses)	Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings (losses)
		Three Months Ended				Nine Months Ended
		3/31/2022		3/31/2021		3/31/2022		3/31/2021
Commodity purchase derivative contracts	Cost of products sold	$	3	$	—	$	13	$	(2)
Foreign exchange derivative contracts	Cost of products sold	—		—		—		—
Interest rate derivative contracts	Interest expense	—		(2)		(3)		(5)
Total		$	3	$	(2)	$	10	$	(7)

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:

			3/31/2022				6/30/2021
	Balance Sheet Classification	Fair Value Hierarchy Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Commodity purchase futures contracts	Prepaid expenses and other current assets	1	$	1	$	1	$	5	$	5
Commodity purchase swaps contracts	Prepaid expenses and other current assets	2	6		6		4		4
Commodity purchase swaps contracts	Other assets	2	1		1		—		—
Interest rate contracts	Prepaid expenses and other current assets	2	63		63		24		24
			$	71	$	71	$	33	$	33

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:

			3/31/2022				6/30/2021
	Balance Sheet Classification	Fair Value Hierarchy Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Interest-bearing investments, including money market funds	Cash and cash equivalents (1)	1	$	101	$	101	$	196	$	196
Time deposits	Cash and cash equivalents (1)	2	7		7		11		11
Trust assets for nonqualified deferred compensation plans	Other assets	1	134		134		136		136
			$	242	$	242	$	343	$	343
Liabilities
Notes and loans payable	Notes and loans payable (2)	2	$	395	$	395	$	—	$	—
Current maturities of long-term debt and Long-term debt	Current maturities of long- term debt and Long-term debt (3)	2	2,487		2,461		2,784		2,963
			$	2,882	$	2,856	$	2,784	$	2,963

(1)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.

(2)Notes and loans payable are composed of outstanding U.S. commercial paper balances, which are recorded at cost, which approximates fair value.

(3)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.