The following table presents the fair values of derivative instruments designated as hedging instruments (“designated hedge derivatives”) and not designated as hedging instruments (“non-designated hedge derivatives”). The fair values exclude the impact of netting derivative assets and liabilities when a legally enforceable master netting agreement exists and fair value adjustments related to our own credit risk and counterparty credit risk:

	June 30, 2017																									June 30, 2016


	Assets																	Liabilities								Assets											Liabilities


(In millions)	Short-term Investments				Other Current Assets				Equity and Other Investments				Other Long-term Assets				Other Current Liabilities				Other Long-term Liabilities				Short-term Investments				Other Current Assets				Equity and Other Investments				Other Current Liabilities

Non-designated Hedge Derivatives

Foreign exchange contracts		$	9			$	203			$	0			$	6			$	(134	)		$	(8	)		$	33			$	156			$	0			$	(296	)
Equity contracts			3				0				0				0				(6	)			0				23				0				0				(16	)
Interest rate contracts			3				0				0				0				(7	)			0				10				0				0				(25	)
Credit contracts			5				0				0				0				(1	)			0				6				0				0				(5	)


Total		$	20			$	203			$	0			$	6			$	(148	)		$	(8	)		$	72			$	156			$	0			$	(342	)


Designated Hedge Derivatives

Foreign exchange contracts		$	80			$	133			$	0			$	0			$	(3	)		$	0			$	1			$	392			$	0			$	(263	)
Equity contracts			0				0				67				0				(186	)			0				0				0				18				(25	)


Total		$	80			$	133			$	67			$	0			$	(189	)		$	0			$	1			$	392			$	18			$	(288	)


Total gross amounts of derivatives		$	100			$	336			$	67			$	6			$	(337	)		$	(8	)		$	73			$	548			$	18			$	(630	)


Gross derivatives either offset or subject to an enforceable master netting agreement		$	100			$	336			$	67			$	6			$	(334	)		$	(8	)		$	69			$	548			$	18			$	(630	)
Gross amounts of derivatives offset on the balance sheet			(20	)			(132	)			(67	)			(8	)			221				7				(74	)			(302	)			(25	)			398


Net amounts presented on the balance sheet			80				204				0				(2	)			(113	)			(1	)			(5	)			246				(7	)			(232	)
Gross amounts of derivatives not offset on the balance sheet			0				0				0				0				0				0				0				0				0				0
Cash collateral received			0				0				0				0				(228	)			0				0				0				0				(250	)


Net amount		$	80			$	204			$	0			$	(2	)		$	(341	)		$	(1	)		$	(5	)		$	246			$	(7	)		$	(482	)

Gains (Losses) on Derivative Instruments

Gains (losses) from changes in fair values of derivatives that are not designated as hedges are primarily recognized in other income (expense), net. These amounts are shown in the table below, with the exception of gains (losses) on derivatives presented in income statement line items other than other income (expense), net, which were immaterial for the periods presented. Other than those derivatives entered into for investment purposes, such as commodity contracts, the gains (losses) below are generally economically offset by unrealized gains (losses) in the underlying available-for-sale securities and gains (losses) from foreign exchange rate changes on certain balance sheet amounts.

(In millions)


Year Ended June 30,	2017			2016			2015

Foreign exchange contracts	$	(117	)	$	(55	)	$	(483	)
Equity contracts		(114	)		(21	)		(19	)
Interest-rate contracts		14			10			23
Credit contracts		5			(1	)		(1	)
Commodity contracts		(22	)		(87	)		(223	)


Total	$	(234	)	$	(154	)	$	(703	)

Gains (Losses) on Derivative Instruments

We recognized in other income (expense), net the following gains (losses) on contracts designated as fair value hedges and their related hedged items:

(In millions)


Year Ended June 30,	2017			2016			2015

Foreign Exchange Contracts

Derivatives	$	441		$	(797	)	$	741
Hedged items		(386	)		838			(725	)


Total amount of ineffectiveness	$	55		$	41		$	16


Equity Contracts

Derivatives	$	(74	)	$	(76	)	$	(107	)
Hedged items		74			76			107


Total amount of ineffectiveness	$	0		$	0		$	0


Amount of equity contracts excluded from effectiveness assessment	$	(80	)	$	(10	)	$	0

Gains (Losses) on Derivative Instruments

We recognized the following gains (losses) on foreign exchange contracts designated as cash flow hedges:

(In millions)


Year Ended June 30,	2017			2016			2015

Effective Portion

Gains recognized in other comprehensive income (net of tax effects of $4, $24 and $35)	$	328		$	351		$	1,152
Gains reclassified from accumulated other comprehensive income into revenue		555			625			608

Amount Excluded from Effectiveness Assessment and Ineffective Portion

Losses recognized in other income (expense), net		(389	)		(354	)		(346	)