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Financial Instruments (Tables)
12 Months Ended
Jun. 30, 2020
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)
2020
 
2019
Assets:
 
 
 
Pay-floating interest rate swaps (1)
$
27

 
$
46

Cross-currency swap (1)
47

 
12

Foreign currency contracts (2)

 
6

Total assets
$
74

 
$
64

 
 
 
 
Liabilities:
 
 
 
Pay-floating interest rate swaps (3)
$

 
$
6

Foreign currency contracts (4)
4

 
2

Forward interest rate swaps (3)
16

 

Commodity contracts (4)
1

 
3

Total liabilities
$
21

 
$
11

(1)
Included in other assets in the consolidated balance sheets.
(2)
Included in prepaid expenses and other in the consolidated balance sheets.
(3)
Included in deferred income taxes and other liabilities in the consolidated balance sheets.
(4)
Included in other accrued liabilities in the consolidated balance sheets.
Derivative [Line Items]  
Schedule of Gain/(Loss) Included in AOCI for Derivative Instruments
The following table summarizes the pre-tax gain/(loss) included in OCI for derivative instruments designated as cash flow hedges:
(in millions)
2020
 
2019
 
2018
Forward interest rate swaps
$
(16
)
 
$

 
$

Commodity contracts
1

 
(5
)
 
3

Foreign currency contracts
(8
)
 
5

 
(1
)

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)
2020
 
2019
 
2018
Pay-floating interest rate swaps (1)
$
106

 
$
9

 
$
11

Fixed-rate debt (1)
(106
)
 
(9
)
 
(11
)
(1) Included in interest expense, net in the consolidated statements of earnings/(loss).
Schedule of Gain/(Loss) Reclassified from AOCI into Earnings for Derivative Instruments Designated as Cash Flow Hedges
The following table summarizes the pre-tax gain/(loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges:
(in millions)
2020
 
2019
 
2018
Foreign currency contracts (1)
$
7

 
$
2

 
$
1

Foreign currency contracts (2)
1

 

 

Foreign currency contracts (3)

 
1

 
(2
)
Forward interest rate swaps (4)
2

 
2

 
2

Commodity contracts (3)
(5
)
 

 

(1)
Included in revenue in the consolidated statements of earnings/(loss).
(2)
Included in cost of products sold in the consolidated statements of earnings/(loss).
(3)
Included in SG&A expenses in the consolidated statements of earnings/(loss).
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)
2020
 
2019
 
2018
Foreign currency contracts (1)
$
(11
)
 
$
(13
)
 
$
(5
)
(1)
Included in other income, net in the consolidated statements of earnings/(loss).
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)
2020
 
2019
Estimated fair value
$
7,273

 
$
8,065

Carrying amount
6,775

 
8,031


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:
 
2020
 
2019
(in millions)
Notional
Amount
 
Fair Value
Gain/(Loss)
 
Notional
Amount
 
Fair Value
Gain/(Loss)
Pay-floating interest rate swaps
$
550

 
$
27

 
$
2,150

 
$
40

Foreign currency contracts
653

 
(4
)
 
869

 
4

Forward interest rate swaps
200

 
(16
)
 

 

Cross-currency swap
833

 
47

 
233

 
12

Commodity contracts
16

 
(1
)
 
20

 
(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:
 
2020
(in millions)
Notional Amount
 
Maturity Date
Foreign currency contracts
$
325

 
July 2020
 
2019
(in millions)
Notional Amount
 
Maturity Date
Foreign currency contracts
$
488

 
Jul 2019

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:
 
2020
(in millions)
Notional Amount
 
Maturity Date
Pay-floating interest rate swaps
$
550

 
Mar 2023
 
2019
(in millions)
Notional Amount
 
Maturity Date
Pay-floating interest rate swaps
$
2,150

 
Nov 2019
-
Sep 2025

Cash Flow Hedging  
Derivative [Line Items]  
Schedule of Outstanding Instruments
The following tables summarize the outstanding cash flow hedges at June 30:
 
2020
(in millions)
Notional Amount
 
Maturity Date
Forward interest rate swaps
$
200

 
Jun 2022
Foreign currency contracts
328

 
Jul 2020
-
Jun 2021
Commodity contracts
16

 
Jul 2020
-
Jun 2021
 
2019
(in millions)
Notional Amount
 
Maturity Date
Foreign currency contracts
$
381

 
Jul 2019
-
Jun 2020
Commodity contracts
20

 
Jul 2019
-
Jun 2020