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DERIVATIVES (Tables)

3 Months Ended

Sep. 30, 2020

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)
		September 30, 2020				June 30, 2020
Designated as Hedging Instruments
Foreign exchange contracts purchased		$	635			$	635
Foreign exchange contracts sold			6,844				6,754
Interest rate contracts purchased			1,292				1,295
Not Designated as Hedging Instruments
Foreign exchange contracts purchased			11,935				11,896
Foreign exchange contracts sold			10,903				15,595
Other contracts purchased			2,202				1,844
Other contracts sold			749				757

Fair Values of Derivative Instruments

The following table presents our derivative instruments:

		Derivative					Derivative			Derivative				Derivative
(In millions)		Assets					Liabilities			Assets				Liabilities
		September 30, 2020								June 30, 2020
Designated as Hedging Instruments
Foreign exchange contracts		$	16			$	(67	)		$	44			$	(54	)
Interest rate contracts			89				0				93				0
Not Designated as Hedging Instruments
Foreign exchange contracts			165				(247	)			245				(334	)
Other contracts			6				(27	)			18				(11	)
Gross amounts of derivatives			276				(341	)			400				(399	)
Gross amounts of derivatives offset in the balance sheet			(74	)			76				(154	)			158
Cash collateral received			0				(58	)			0				(154	)
Net amounts of derivatives		$	202			$	(323	)		$	246			$	(395	)
Reported as
Short-term investments		$	28			$	0			$	35			$	0
Other current assets			81				0				199				0
Other long-term assets			93				0				12				0
Other current liabilities			0				(232	)			0				(334	)
Other long-term liabilities			0				(91	)			0				(61	)
Total		$	202			$	(323	)		$	246			$	(395	)

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

(In millions)		Level 1					Level 2			Level 3				Total
September 30, 2020
Derivative assets		$	0			$	275			$	1			$	276
Derivative liabilities			0				(341	)			0				(341	)
June 30, 2020
Derivative assets			1				398				1				400
Derivative liabilities			0				(399	)			0				(399	)

Gains (Losses) on Derivative Instruments

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

(In millions)		Revenue				Other Income (Expense), Net				Revenue				Other Income (Expense), Net
Three Months Ended September 30,		2020								2019
Designated as Fair Value Hedging Instruments
Foreign exchange contracts
Derivatives		$	0			$	(169	)		$	0			$	30
Hedged items			0				168				0				(33	)
Excluded from effectiveness assessment			0				8				0				41
Interest rate contracts
Derivatives			0				0				0				1
Hedged items			0				4				0				(1	)
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Amount reclassified from accumulated other comprehensive income			0				20				0				(5	)
Excluded from effectiveness assessment			0				0				0				0
Not Designated as Hedging Instruments
Foreign exchange contracts			0				58				0				(171	)
Other contracts			0				4				0				1

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 September 30,		2020				2019
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Included in effectiveness assessment		$	20			$	(6	)

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