Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2014

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 assets measured on a recurring basis at:

	December 31, 2014
(in millions)	Level 1		Level 2		Level 3		Total
Cash equivalents (1)	$	212	$	—	$	—	$	212
Forward contracts (2)	—		—		—		—
Available-for-sale securities (3)	—		88		—		88
Other investments (4)	112		—		—		112
Total	$	324	$	88	$	—	$	412

	June 30, 2014
(in millions)	Level 1		Level 2		Level 3		Total
Cash equivalents (1)	$	740	$	—	$	—	$	740
Forward contracts (2)	—		10		—		10
Available-for-sale securities (3)	—		100		—		100
Other investments (4)	106		—		—		106
Total	$	846	$	110	$	—	$	956

(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) We invest in marketable securities, which are classified as available-for-sale and are carried at fair value in the condensed consolidated balance sheets. Observable Level 2 inputs such as quoted prices for similar securities, interest rate spreads, yield curves and credit risk are used to determine the fair value. See Note 5 for additional information regarding available-for-sale securities.

(4) 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.