RISK MANAGEMENT ACTIVITIES AND FAIR VALUE MEASUREMENTS (TABLES)

12 Months Ended

Jun. 30, 2014

Notes to Financial Statements [Abstract]

Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis Table

The following table sets forth the Company's financial assets and liabilities as of June 30, 2014 and 2013 that were measured at fair value on a recurring basis during the period, segregated by level within the fair value hierarchy:

	Level 1				Level 2				Level 3				Total
June 30	2014		2013		2014		2013		2014		2013		2014		2013
ASSETS RECORDED AT FAIR VALUE
Investments:
U.S. government securities	$	—	$	—	$	1,631	$	1,571	$	—	$	—	$	1,631	$	1,571
Corporate bond securities	—		—		497		—		—		—		497		—
Other investments	6		23		—		—		24		24		30		47
Derivatives relating to:
Foreign currency hedges	—		—		187		168		—		—		187		168
Other foreign currency instruments(1)	—		—		24		19		—		—		24		19
Interest rates	—		—		197		191		—		—		197		191
Net investment hedges	—		—		49		233		—		—		49		233
TOTAL ASSETS RECORDED AT FAIR VALUE(2)	6		23		2,585		2,182		24		24		2,615		2,229
LIABILITIES RECORDED AT FAIR VALUE
Derivatives relating to:
Other foreign currency instruments(1)	—		—		66		90		—		—		66		90
Interest rates	—		—		29		59		—		—		29		59
Net investment hedges	—		—		1		—		—		—		1		—
TOTAL LIABILITIES AT FAIR VALUE(3)	—		—		96		149		—		—		96		149
LIABILITIES NOT RECORDED AT FAIR VALUE
Long-term debt (4)	24,747		22,671		1,682		3,022		—		—		26,429		25,693
TOTAL LIABILITIES RECORDED AND NOT RECORDED AT FAIR VALUE	24,747		22,671		1,778		3,171		—		—		26,525		25,842

⁽¹⁾  Other foreign currency instruments are comprised of foreign currency financial instruments that do not qualify as hedges.

⁽²⁾  All derivative assets are presented in Prepaid expenses and other current assets and Other noncurrent assets. Investment securities are presented in Available-for-sale investment securities and Other noncurrent assets, except the U.S. government securities are included in Other noncurrent assets in our Consolidated Balance Sheets at June 30, 2013. The amortized cost of the U.S. government securities was $1,649 and $1,604 as of June 30, 2014 and 2013, respectively. All U.S. government securities have contractual maturities between one and five years. The amortized cost of the corporate bond securities was $497 as of June 30, 2014. The amortized cost and fair value of corporate bond securities with maturities of less than a year was $39 as of June 30, 2014. The amortized cost and fair value of corporate bond securities with maturities between one and five years was $458 as of June 30, 2014. Fair values are generally estimated based upon quoted market prices for similar instruments.

⁽³⁾  All liabilities are presented in accrued and other liabilities or other noncurrent liabilities.

⁽⁴⁾  Long-term debt includes the current portion ($4,400 and $4,540 as of June 30, 2014 and 2013, respectively) of debt instruments. Long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes. Fair values are generally estimated based on quoted market prices for identical or similar instruments.

Schedule of Derivative Instruments

Disclosures about Derivative Instruments

The notional amounts and fair values of qualifying and non-qualifying financial instruments used in hedging transactions as of June 30, 2014 and 2013 are as follows:

	Notional Amount				Fair Value Asset/(Liability)
June 30	2014		2013		2014			2013
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS
Foreign currency contracts	$	951	$	951	$	187		$	168
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts	$	9,738	$	9,117	$	168		$	132
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Net investment hedges	$	831	$	1,303	$	48		$	233
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts	$	12,111	$	7,080	$	(42	)	$	(71	)

The total notional amount of contracts outstanding at the end of the period is indicative of the level of the Company's derivative activity during the period. The notional balance of foreign currency contracts changes during the period reflects changes in the level of intercompany financing activity.

	Amount of Gain/(Loss) Recognized in AOCI on Derivatives (Effective Portion)
June 30	2014		2013
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS
Interest rate contracts	$	3	$	7
Foreign currency contracts	14		14
TOTAL	17		21
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Net investment hedges	$	30	$	145

During the next 12 months, the amount of the June 30, 2014, accumulated OCI balance that will be reclassified to earnings is expected to be immaterial.

The amounts of gains and losses included in earnings from qualifying and non-qualifying financial instruments used in hedging transactions for the years ended June 30, 2014 and 2013 were as follows:

	Amount of Gain/(Loss) Reclassified from AOCI into Earnings
Years ended June 30	2014		2013
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS
Interest rate contracts	$	6	$	6
Foreign currency contracts	38		215
TOTAL	44		221

	Amount of Gain/(Loss) Recognized in Earnings
Years ended June 30	2014			2013
DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS
Interest rate contracts	$	36		$	(167	)
Debt	(37		)	171
TOTAL	(1		)	4
DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS
Net investment hedges	$	—		$	(2	)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Foreign currency contracts(1)	$	123		$	(34	)

⁽¹⁾  The gain or loss on non-qualifying foreign currency contracts substantially offsets the foreign currency mark-to-market impact of the related exposure.