XML 55 R34.htm IDEA: XBRL DOCUMENT v3.25.2
Financial Instruments (Tables)
 12 Months Ended
Jun. 30, 2025
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)20252024
Assets:
Cross-currency swap (1)$— $12 
Foreign currency contracts (1)6 1 
Pay-floating interest rate swaps (1)14 3 
Total assets$20 $16 
Liabilities:
Cross-currency swap (2)$24 $1 
Foreign currency contracts (2)1 8 
Pay-floating interest rate swaps (2)43 94 
Total liabilities$68 $103 
(1)    Included in other assets in the consolidated balance sheets.
(2)    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 pre-tax gain/(loss) included in OCI for derivative instruments designated as cash flow hedges:
(in millions)202520242023
Foreign currency contracts$11 $(7)$(2)
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)202520242023
Pay-floating interest rate swaps (1)$51 $2 $(50)
Fixed-rate debt (1)(51)(2)50 
(1)     Included in interest expense, net in the consolidated statements of earnings.
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)202520242023
Foreign currency contracts (1)$3 $1 $9 
Foreign currency contracts (2)(6)4 2 
Foreign currency contracts (3)(1)— 1 
Forward interest rate swaps (4)2 2 2 
(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.
(4)    Included in interest expense, net 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)202520242023
Foreign currency contracts
$(6)$1 $(7)
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)20252024
Estimated fair value$8,388 $4,891 
Carrying amount8,527 5,092 
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:
20252024
(in millions)Notional
Amount		Fair Value
Gain/(Loss)		Notional
Amount		Fair Value
Gain/(Loss)
Pay-floating interest rate swaps$1,600 $(29)$1,600 $(91)
Foreign currency contracts575 5 579 (7)
Cross-currency swap332 (24)334 11 
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:
 2025
(in millions)Notional AmountMaturity Date
Foreign currency contracts$194 Jul 2025
 2024
(in millions)Notional AmountMaturity Date
Foreign currency contracts$178 Jul 2024
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, 2025 and 2024:
(in millions)Notional AmountMaturity Date
Pay-floating interest rate swaps$1,600 Jun 2027-Feb 2031
Cash Flow Hedging  
Derivative [Line Items]  
Schedule of Outstanding Instruments
The following tables summarize the outstanding cash flow hedges at June 30:
 2025
(in millions)Notional AmountMaturity Date
Foreign currency contracts$381 Jul 2025-Jun 2026
 2024
(in millions)Notional AmountMaturity Date
Foreign currency contracts$401 Jul 2024-Jun 2025