Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2025

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair values for assets and (liabilities) measured on a recurring basis at June 30:


	2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	1,672	$	—	$	—	$	1,672

Other investments (1)	108		—		—		108
Liabilities:
Forward contracts (2)	—		(48)		—		(48)
Share-based awards (3)	—		—		(843)		(843)


	2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	1,442	$	—	$	—	$	1,442

Other investments (1)	108		—		—		108

Liabilities:

Forward contracts (2)	—		(87)		—		(87)

(1)The other investments balance includes investments in mutual funds, which offset fluctuations in deferred compensation liabilities. These mutual funds invest in the equity securities of companies with both large and small 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 net investment hedges 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, other assets, other accrued liabilities, and deferred income taxes and other liabilities within the consolidated balance sheets.

(3)The shared-based awards are comprised of liability-classified awards, as defined under ASC 718, resulting from the acquisition of GIA. The fair value of the GIA Units is determined using the discounted cash flow method. These are presented in deferred income taxes and other liabilities within the consolidated balance sheets. See Note 15 for additional information.