XML 55 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Jun. 30, 2017
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]  
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The effects of derivative instruments designated as hedging instruments on Other comprehensive income (loss) and Net earnings were as follows during the fiscal years ended June 30:
 
Gains (losses)
recognized in Other comprehensive income
 
2017
 
2016
 
2015
Commodity purchase derivative contracts
$
(3
)
 
$
(4
)
 
$
(13
)
Foreign exchange derivative contracts
(1
)
 
(3
)
 
7

Interest rate derivative contracts
—

 
—

 
(12
)
Total
$
(4
)
 
$
(7
)
 
$
(18
)
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
 
Gains (losses) reclassified from Accumulated
other comprehensive loss and recognized
in Net earnings
 
2017
 
2016
 
2015
Commodity purchase derivative contracts
$
(2
)
 
$
(13
)
 
$
(5
)
Foreign exchange derivative contracts
(3
)
 
1

 
3

Interest rate derivative contracts
(6
)
 
(6
)
 
(5
)
Total
$
(11
)
 
$
(18
)
 
$
(7
)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes the fair value of Company’s assets and liabilities for which disclosure of fair value is required as of June 30:
 
 
 
 
 
2017
 
2016
Assets
Balance sheet classification
 
Fair value
hierarchy
level
 
Carrying
Amount
 
Estimated
Fair
Value
 
Carrying
Amount
 
Estimated
Fair
Value
Investments including money market funds
Cash and cash equivalents (a)
 
1
 
$
221

 
$
221

 
$
234

 
$
234

Time deposits
Cash and cash equivalents (a)
 
2
 
115

 
115

 
79

 
79

Commodity purchase futures contracts
Prepaid expenses and other current assets
 
1
 
—

 
—

 
1

 
1

Commodity purchase swaps contracts
Prepaid expenses and other current assets
 
2
 
1

 
1

 
—

 
—

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

 
—

 
1

 
1

Commodity purchase swaps contracts
Other assets
 
2
 
—

 
—

 
1

 
1

Trust assets for nonqualified deferred compensation plans
Other assets
 
1
 
72

 
72

 
52

 
52

 
 
 
 
 
$
409

 
$
409

 
$
368

 
$
368

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Notes and loans payable
Notes and loans payable (b)
 
2
 
$
404

 
$
404

 
$
523

 
$
523

Commodity purchase swaps contracts
Accounts payable and accrued liabilities
 
2
 
1

 
1

 
1

 
1

Foreign exchange forward contracts
Accounts payable and accrued liabilities
 
2
 
1

 
1

 
4

 
4

Current maturities of long-term debt and Long-term debt
Current maturities of long-
term debt and Long-term
debt (c)
 
2
 
1,791

 
1,855

 
1,789

 
1,922

 
 
 
 
 
$
2,197

 
$
2,261

 
$
2,317

 
$
2,450


(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 loan 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, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.