COMPREHENSIVE INCOME

9 Months Ended

Mar. 31, 2014

COMPREHENSIVE INCOME [Abstract]

COMPREHENSIVE INCOME

NOTE 6. COMPREHENSIVE INCOME

Comprehensive income is defined as net earnings and other changes in stockholders' equity from transactions and other events from sources other than stockholders. Comprehensive income was as follows:

	Three Months Ended						Three Months Ended
	3/31/2014			3/31/2013			3/31/2014			3/31/2013
Net earnings	$	137			133		$	388			389
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments		(28	)		(5	)		(47	)		13
Net unrealized (losses) gains on derivatives		(4	)		1			(2	)		1
Pension and postretirement benefit adjustments		1			2			(2	)		4
Total other comprehensive (loss) income, net of tax		(31	)		(2	)		(51	)		18
Comprehensive income	$	106		$	131		$	337		$	407

Foreign currency translation adjustments are presented in the table above net of increases in deferred tax liabilities of $6 and $10 for the three and nine months ended March 31, 2014, respectively, and $1 and $5 for the three and nine months ended March 31, 2013, respectively.

On February 5, 2013, the FASB issued an update to current accounting standards related to disclosures of reclassifications out of accumulated other comprehensive income. The presentation requirements were adopted by the Company effective July 1, 2013 and are reflected below.

Changes in accumulated other comprehensive net losses by component were as follows:

	Foreign						Pension and
	currency			Net unrealized			postretirement
	translation			losses on			benefit
	adjustments			derivatives			adjustments			Total
Balance as of June 30, 2013, net of tax	$	(209	)	$	(30	)	$	(128	)	$	(367	)
Other comprehensive losses before reclassifications		(47	)		(2	)		(5	)		(54	)
Amounts reclassified from accumulated other comprehensive net losses		-			-			3			3
Net other comprehensive losses		(47	)		(2	)		(2	)		(51	)
Balance as of March 31, 2014, net of tax	$	(256	)	$	(32	)	$	(130	)	$	(418	)

Pension and postretirement benefit reclassification adjustments are reflected in cost of products sold and selling and administrative expenses.