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DERIVATIVES (Tables)

6 Months Ended

Dec. 31, 2019

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)		December 31, 2019				June 30, 2019
Designated as Hedging Instruments
Foreign exchange contracts purchased		$	438			$	0
Foreign exchange contracts sold			6,440				6,034
Interest rate contracts purchased			1,187				0
Not Designated as Hedging Instruments
Foreign exchange contracts purchased			11,460				14,889
Foreign exchange contracts sold			11,738				15,614
Other contracts purchased			1,715				2,007
Other contracts sold			463				456

Fair Values of Derivative Instruments

The following table presents our derivative instruments:

		Derivative					Derivative			Derivative				Derivative
(In millions)		Assets					Liabilities			Assets				Liabilities
		December 31, 2019								June 30, 2019
Designated as Hedging Instruments
Foreign exchange contracts		$	33			$	(24	)		$	0			$	(93	)
Interest rate contracts			0				(11	)			0				0
Not Designated as Hedging Instruments
Foreign exchange contracts			165				(148	)			204				(172	)
Other contracts			33				(4	)			46				(7	)
Gross amounts of derivatives			231				(187	)			250				(272	)
Gross amounts of derivatives offset in the balance sheet			(85	)			86				(113	)			114
Cash collateral received			0				(93	)			0				(78	)
Net amounts of derivatives		$	146			$	(194	)		$	137			$	(236	)
Reported as
Short-term investments		$	22			$	0			$	(13	)		$	0
Other current assets			133				0				146				0
Other long-term assets			(9	)			0				4				0
Other current liabilities			0				(150	)			0				(221	)
Other long-term liabilities			0				(44	)			0				(15	)
Total		$	146			$	(194	)		$	137			$	(236	)

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

(In millions)		Level 1					Level 2			Level 3				Total
December 31, 2019
Derivative assets		$	1			$	227			$	3			$	231
Derivative liabilities			0				(187	)			0				(187	)
June 30, 2019
Derivative assets			0				247				3				250
Derivative liabilities			0				(272	)			0				(272	)

Gains (Losses) on Derivative Instruments

Gains (losses) on derivative instruments recognized in our consolidated income statements were as follows:

		Three Months Ended December 31,																Six Months Ended December 31,
		2019								2018								2019								2018
(In millions)		Revenue				Other Income (Expense), Net				Revenue				Other Income (Expense), Net				Revenue				Other Income (Expense), Net				Revenue				Other Income (Expense), Net
Designated as Fair Value Hedging Instruments
Foreign exchange contracts
Derivatives		$	0			$	23			$	0			$	(184	)		$	0			$	53			$	0			$	(62	)
Hedged items			0				(26	)			0				184				0				(59	)			0				62
Excluded from effectiveness assessment			0				42				0				45				0				83				0				73
Interest rate contracts
Derivatives			0				(14	)			0				0				0				(13	)			0				0
Hedged items			0				13				0				0				0				12				0				0
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Amount reclassified from accumulated other comprehensive income			0				8				88				0				0				3				180				0
Excluded from effectiveness assessment			0				0				0				(14	)			0				0				0				(41	)
Not Designated as Hedging Instruments
Foreign exchange contracts			0				52				0				(79	)			0				(119	)			0				(109	)
Other contracts			0				1				0				8				0				2				0				5

Cash Flow Hedges | Other Comprehensive Income

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)		Three Months Ended December 31,								Six Months Ended December 31,
			2019				2018				2019				2018
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Included in effectiveness assessment		$	2			$	70			$	(4	)		$	114

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