FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2016

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]

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:

			9/30/2016				6/30/2016
	Balance sheet classification	Fair value hierarchy level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Investments including money market	Cash and cash
funds	equivalents (a)	1	$	253	$	253	$	234	$	234
Time deposits	Cash and cash
	equivalents (a)	2		76		76		79		79
Commodity purchase derivative contracts	Other current assets	1		1		1		1		1
Foreign exchange derivative contracts	Other current assets	2		1		1		1		1
Commodity purchase derivative contracts	Other assets	2		1		1		1		1
Trust assets for nonqualified deferred	Other assets
compensation plans		1		62		62		52		52
			$	394	$	394	$	368	$	368
Liabilities
Notes and loans payable	Notes and loans payable (b)	2	$	618	$	618	$	523	$	523
Commodity purchase derivative contracts	Accounts payable and
	accrued liabilities	2		1		1		1		1
Foreign exchange derivative contracts	Accounts payable and
	accrued liabilities	2		2		2		4		4
Current maturities of long-term debt	Current maturities of long-
and Long-term debt	term debt and Long-term
	debt (c)	2		1,789		1,911		1,789		1,922
			$	2,410	$	2,532	$	2,317	$	2,450

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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 U.S. commercial paper and/or other similar short-term debts 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, is determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.

Effects of Derivative Instruments Designated as Hedging Instruments on OCI

	Three Months Ended
	Gains (losses) recognized in Other comprehensive income
	9/30/2016		9/30/2015
Commodity purchase derivative contracts	$	-	$	(7	)
Interest rate derivative contracts		-		-
Foreign exchange derivative contracts		-		6
Total	$	-	$	(1	)

Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings

Three Months Ended
	Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings
	9/30/2016			9/30/2015
Commodity purchase derivative contracts	$	(1	)	$	2
Interest rate derivative contracts		(2	)		2
Foreign exchange derivative contracts		(1	)		(1	)
Total	$	(4	)	$	3