Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2013

Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair values for those assets measured on a recurring basis at:

	September 30, 2013
(in millions)	Level 1		Level 2		Level 3		Total
Cash equivalents (1)	$	810	$	—	$	—	$	810
Forward contracts (2)	—		20		—		20
Other investments (3)	97		—		—		97
Total	$	907	$	20	$	—	$	927

	June 30, 2013
(in millions)	Level 1		Level 2		Level 3		Total
Cash equivalents (1)	$	348	$	—	$	—	$	348
Forward contracts (2)	—		12		—		12
Other investments (3)	89		—		—		89
Total	$	437	$	12	$	—	$	449

(1) Cash equivalents are comprised of highly liquid investments purchased with a maturity of three months or less. The carrying value of these cash equivalents approximates fair value due to their short-term maturities.

(2) The fair value of interest rate swaps, foreign currency contracts and commodity contracts is determined based on the present value of expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Observable Level 2 inputs are used to determine the present value of expected future cash flows. The fair value of these derivative contracts, which are subject to master netting arrangements under certain circumstances, is presented on a gross basis in the condensed consolidated balance sheets.

(3) The other investments balance includes investments in mutual funds, which are used to offset fluctuations in deferred compensation liabilities. These mutual funds primarily invest in the equity securities of companies with large market capitalization and high quality fixed income debt securities. The fair value of these investments is determined using quoted market prices.

Summary of the estimated fair value of our long-term obligations and other short-term borrowings compared to the respective carrying amounts

The following table summarizes the estimated fair value of our long-term obligations and other short-term borrowings compared to the respective carrying amounts at:

(in millions)	September 30, 2013		June 30, 2013
Estimated fair value	$	3,916	$	3,899
Carrying amount	3,883		3,854