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Financial Instruments (Tables)
 12 Months Ended
Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Assets and Liabilities Related to Derivatives Designated as Hedging Instruments
The following table summarizes the fair value of our assets and liabilities related to derivatives designated as hedging instruments and the respective line items in which they were recorded in the consolidated balance sheets at June 30:
(in millions)
2017
 
2016
Assets:
 
 
 
Foreign currency contracts (1)
$
3

 
$
1

Pay-floating interest rate swaps (2)
—

 
33

Pay-floating interest rate swaps (1)
—

 
1

Total assets
$
3

 
$
35

 
 
 
 
Liabilities:
 
 
 
Foreign currency contracts (3)
$
2

 
$
3

Forward interest rate swaps (4)
—

 
10

Pay-floating interest rate swaps (3)
2

 
—

Pay-floating interest rate swaps (4)
19

 
—

Commodity contracts (3)
1

 
2

Commodity contracts (4)
—

 
1

Total liabilities
$
24

 
$
16

(1) Included in prepaid expenses and other in the consolidated balance sheets.
(2) Included in other assets in the consolidated balance sheets.
(3)
Included in other accrued liabilities in the consolidated balance sheets.
(4)
Included in deferred income taxes and other liabilities in the consolidated balance sheets.
Derivative [Line Items]  
Schedule of Gain/(Loss) Included in AOCI for Derivative Instruments
The following table summarizes the gain/(loss) included in AOCI for derivative instruments designated as cash flow hedges at June 30:
(in millions)
2017
 
2016
Forward interest rate swaps
$
—

 
$
(10
)
Commodity contracts
(1
)
 
(3
)
Foreign currency contracts
—

 
(4
)
Schedule of Gain/(Loss) Recognized in Earnings for Interest Rate Contracts Designated as Fair Value Hedges
The following table summarizes the gain/(loss) recognized in earnings for interest rate swaps designated as fair value hedges:
(in millions)
2017
 
2016
 
2015
Pay-floating interest rate swaps (1) (2)
$
17

 
$
23

 
$
14

Fixed-rate debt (1)
(17
)
 
(23
)
 
(14
)
(1) Included in interest expense, net in the consolidated statements of earnings.
(2)
Fiscal 2015 excludes $22 million fair value adjustment to the previously terminated interest rate swaps as a result of the December 2014 debt extinguishment as disclosed in Note 6.
Schedule of Gain/(Loss) Reclassified from AOCI into Earnings for Derivative Instruments Designated as Cash Flow Hedges
The following table summarizes the gain/(loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges:
(in millions)
2017
 
2016
 
2015
Foreign currency contracts (1)
$
(1
)
 
$
1

 
$
1

Foreign currency contracts (2)
(1
)
 
5

 
4

Foreign currency contracts (3)
2

 
(3
)
 
(2
)
Commodity contracts (3)
(3
)
 
(5
)
 
(1
)
(1)
Included in revenue in the consolidated statements of earnings.
(2)
Included in cost of products sold in the consolidated statements of earnings.
(3)
Included in SG&A expenses in the consolidated statements of earnings.
Schedule of Gain/(Loss) Recognized in Earnings for Economic (Non-designated) Derivative Instruments
The following table summarizes the gain/(loss) recognized in earnings for economic (non-designated) derivative instruments:
(in millions)
2017
 
2016
 
2015
Foreign currency contracts (1)
$
(5
)
 
$
(17
)
 
$
(45
)
(1)
Included in other income, net in the consolidated statements of earnings.
Schedule of Estimated Fair Value of Long-term Obligations and Other Short-term Borrowings Compared to the Respective Carrying Amount
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 June 30:
(in millions)
2017
 
2016
Estimated fair value
$
10,713

 
$
5,780

Carrying amount
10,395

 
5,539
Schedule of Fair Value Gain/(Loss) Derivative Instrument
The following table is a summary of the fair value gain/(loss) of our derivative instruments based upon the estimated amount that we would receive (or pay), considering counter-party credit risk, to terminate the contracts at June 30:
 
2017
 
2016
(in millions)
Notional
Amount
 
Fair Value
Gain/(Loss)
 
Notional
Amount
 
Fair Value
Gain/(Loss)
Pay-floating interest rate swaps
$
1,813

 
$
(19
)
 
$
1,963

 
$
34

Foreign currency contracts
720

 
1

 
675

 
(2
)
Forward interest rate swaps
—

 
—

 
300

 
(10
)
Commodity contracts
17

 
(1
)
 
22

 
(3
)
Not Designated as Hedging Instrument  
Derivative [Line Items]  
Schedule of Outstanding Instruments
The following tables summarize the outstanding economic (non-designated) derivative instruments at June 30:
 
2017
(in millions)
Notional Amount
 
Maturity Date
Foreign currency contracts
$
558

 
Jul 2017
 
2016
(in millions)
Notional Amount
 
Maturity Date
Foreign currency contracts
$
492

 
Jul 2016
Fair Value Hedging  
Derivative [Line Items]  
Schedule of Outstanding Instruments
The following tables summarize the outstanding interest rate swaps designated as fair value hedges at June 30:
 
2017
(in millions)
Notional Amount
 
Maturity Date
Pay-floating interest rate swaps
$
1,813

 
Jun 2018
-
Sep 2025
 
2016
(in millions)
Notional Amount
 
Maturity Date
Pay-floating interest rate swaps
$
1,963

 
Jun 2017
-
Sep 2025
Cash Flow Hedging  
Derivative [Line Items]  
Schedule of Outstanding Instruments
The following tables summarize the outstanding cash flow hedges at June 30:
 
2017
(in millions)
Notional Amount
 
Maturity Date
Foreign currency contracts
162

 
Jul 2017
-
Jun 2018
Commodity contracts
17

 
Jul 2017
-
Apr 2020
 
2016
(in millions)
Notional Amount
 
Maturity Date
Forward interest rate swaps
$
300

 
Jun 2018
-
Jun 2028
Foreign currency contracts
183

 
Jul 2016
-
Jun 2017
Commodity contracts
22

 
Jul 2016
-
Mar 2019