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DERIVATIVES (Tables)

6 Months Ended

Dec. 31, 2021

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, 2021				June 30, 2021
Designated as Hedging Instruments
Foreign exchange contracts purchased		$	635			$	635
Foreign exchange contracts sold			0				6,081
Interest rate contracts purchased			1,224				1,247
Not Designated as Hedging Instruments
Foreign exchange contracts purchased			7,956				14,223
Foreign exchange contracts sold			18,931				23,391
Other contracts purchased			3,126				2,456
Other contracts sold			664				763

Fair Values of Derivative Instruments

The following table presents our derivative instruments:

		Derivative					Derivative			Derivative				Derivative
(In millions)		Assets					Liabilities			Assets				Liabilities
		December 31, 2021								June 30, 2021
Designated as Hedging Instruments
Foreign exchange contracts		$	0			$	(33	)		$	76			$	(8	)
Interest rate contracts			18				0				40				0
Not Designated as Hedging Instruments
Foreign exchange contracts			241				(187	)			227				(291	)
Other contracts			101				(18	)			56				(36	)
Gross amounts of derivatives			360				(238	)			399				(335	)
Gross amounts of derivatives offset in the balance sheet			(64	)			65				(141	)			142
Cash collateral received			0				(100	)			0				(42	)
Net amounts of derivatives		$	296			$	(273	)		$	258			$	(235	)
Reported as
Short-term investments		$	21			$	0			$	78			$	0
Other current assets			253				0				137				0
Other long-term assets			22				0				43				0
Other current liabilities			0				(160	)			0				(182	)
Other long-term liabilities			0				(113	)			0				(53	)
Total		$	296			$	(273	)		$	258			$	(235	)

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, 2021
Derivative assets		$	0			$	347			$	13			$	360
Derivative liabilities			0				(238	)			0				(238	)
June 30, 2021
Derivative assets			0				396				3				399
Derivative liabilities			0				(335	)			0				(335	)

Gains (Losses) on Derivative Instruments

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

(In millions)		Three Months Ended December 31,									Six Months Ended December 31,
			2021				2020				2021				2020
Designated as Fair Value Hedging Instruments
Foreign exchange contracts
Derivatives		$	46			$	(124	)		$	49			$	(293	)
Hedged items			(45	)			125				(50	)			293
Excluded from effectiveness assessment			0				10				4				18
Interest rate contracts
Derivatives			(11	)			(9	)			(14	)			(9	)
Hedged items			15				12				22				16
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Amount reclassified from accumulated other comprehensive income			(14	)			21				(29	)			41
Not Designated as Hedging Instruments
Foreign exchange contracts			96				139				273				197
Other contracts			6				3				(12	)			7

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)		Three Months Ended December 31,									Six Months Ended December 31,
		2021				2020					2021				2020
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Included in effectiveness assessment		$	(11	)		$	25			$	(21	)		$	45

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- Definition

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