DERIVATIVES (Tables)

12 Months Ended

Jun. 30, 2023

Notional Amounts of Outstanding Derivative Instruments Measured in U.S. Dollar Equivalents

The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents:

(In millions)	June 30, 2023		June 30, 2022
Designated as Hedging Instruments
Foreign exchange contracts purchased	$	1,492	$	635
Interest rate contracts purchased		1,078		1,139
Not Designated as Hedging Instruments
Foreign exchange contracts purchased		7,874		10,322
Foreign exchange contracts sold		25,159		21,606
Equity contracts purchased		3,867		1,131
Equity contracts sold		2,154		0
Other contracts purchased		1,224		1,642
Other contracts sold		581		544

Fair Values of Derivative Instruments

The following table presents our derivative instruments:

(In millions)	Derivative Assets			Derivative Liabilities				Derivative Assets				Derivative Liabilities
	June 30, 2023							June 30, 2022
Designated as Hedging Instruments
Foreign exchange contracts	$	34			$	(67	)		$	0			$	(77	)
Interest rate contracts		16				0				3				0
Not Designated as Hedging Instruments
Foreign exchange contracts		249				(332	)			333				(362	)
Equity contracts		165				(400	)			5				(95	)
Other contracts		5				(6	)			15				(17	)
Gross amounts of derivatives		469				(805	)			356				(551	)
Gross amounts of derivatives offset in the balance sheet		(202	)			206				(130	)			133
Cash collateral received		0				(125	)			0				(75	)
Net amounts of derivatives	$	267			$	(724	)		$	226			$	(493	)
Reported as
Short-term investments	$	6			$	0			$	8			$	0
Other current assets		245				0				218				0
Other long-term assets		16				0				0				0
Other current liabilities		0				(341	)			0				(298	)
Other long-term liabilities		0				(383	)			0				(195	)
Total	$	267			$	(724	)		$	226			$	(493	)

The following table presents the fair value of our derivatives instruments on a gross basis:

(In millions)	Level 1			Level 2		Level 3		Total
June 30, 2023
Derivative assets	$	0	$	462		$	7	$	469
Derivative liabilities		0		(805	)		0		(805	)
June 30, 2022
Derivative assets		1		349			6		356
Derivative liabilities		0		(551	)		0		(551	)

Gains (Losses) on Derivative Instruments

Gains (losses) on derivative instruments recognized in other income (expense), net were as follows:

(In millions)
Year Ended June 30,	2023			2022			2021
Designated as Fair Value Hedging Instruments
Foreign exchange contracts
Derivatives	$	0		$	49		$	193
Hedged items		0			(50	)		(188	)
Excluded from effectiveness assessment		0			4			30
Interest rate contracts
Derivatives		(65	)		(92	)		(37	)
Hedged items		38			108			53
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Amount reclassified from accumulated other comprehensive income		61			(79	)		17
Not Designated as Hedging Instruments
Foreign exchange contracts		(73	)		383			27
Equity contracts		(420	)		13			(6	)
Other contracts		(41	)		(85	)		15

Cash Flow Hedges | Other Comprehensive Income (Loss)

Gains (Losses) on Derivative Instruments

Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows:

(In millions)
Year Ended June 30,	2023		2022			2021
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Included in effectiveness assessment	$	34	$	(57	)	$	34