XML 42 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements
 3 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements
10. Fair Value Measurements
The following tables present the fair values for assets and (liabilities) measured on a recurring basis at:
 
September 30, 2018
(in millions)
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Other investments (1)
$
120

 
$
—

 
$
—

 
$
120

Liabilities:
 
 
 
 
 
 
 
Forward contracts (2)
—

 
(89
)
 
—

 
(89
)
 
June 30, 2018
(in millions)
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
200

 
$
—

 
$
—

 
$
200

Other investments (1)
117

 
—

 
—

 
117

Liabilities:
 
 
 
 
 
 
 
Forward contracts (2)
—

 
(76
)
 
—

 
(76
)
(1)
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.
(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 prepaid expenses and other and deferred income taxes and other liabilities within the condensed consolidated balance sheets.