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DERIVATIVES (Tables)

6 Months Ended

Dec. 31, 2022

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, 2022				June 30, 2022
Designated as Hedging Instruments
Foreign exchange contracts purchased		$	1,492			$	635
Interest rate contracts purchased			1,089				1,139
Not Designated as Hedging Instruments
Foreign exchange contracts purchased			7,042				10,322
Foreign exchange contracts sold			17,653				21,606
Other contracts purchased			4,803				2,773
Other contracts sold			1,023				544

Fair Values of Derivative Instruments

The following table presents our derivative instruments:

		Derivative					Derivative			Derivative				Derivative
(In millions)		Assets					Liabilities			Assets				Liabilities
		December 31, 2022								June 30, 2022
Designated as Hedging Instruments
Foreign exchange contracts		$	13			$	(79	)		$	0			$	(77	)
Interest rate contracts			0				(3	)			3				0
Not Designated as Hedging Instruments
Foreign exchange contracts			195				(599	)			333				(362	)
Other contracts			41				(305	)			20				(112	)
Gross amounts of derivatives			249				(986	)			356				(551	)
Gross amounts of derivatives offset in the balance sheet			(203	)			206				(130	)			133
Cash collateral received			0				(12	)			0				(75	)
Net amounts of derivatives		$	46			$	(792	)		$	226			$	(493	)
Reported as
Short-term investments		$	13			$	0			$	8			$	0
Other current assets			27				0				218				0
Other long-term assets			6				0				0				0
Other current liabilities			0				(607	)			0				(298	)
Other long-term liabilities			0				(185	)			0				(195	)
Total		$	46			$	(792	)		$	226			$	(493	)

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, 2022
Derivative assets		$	0			$	241			$	8			$	249
Derivative liabilities			0				(986	)			0				(986	)
June 30, 2022
Derivative assets			1				349				6				356
Derivative liabilities			0				(551	)			0				(551	)

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,
			2022				2021				2022				2021
Designated as Fair Value Hedging Instruments
Foreign exchange contracts
Derivatives		$	0			$	46			$	0			$	49
Hedged items			0				(45	)			0				(50	)
Excluded from effectiveness assessment			0				0				0				4
Interest rate contracts
Derivatives			5				(11	)			(38	)			(14	)
Hedged items			(8	)			15				35				22
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Amount reclassified from accumulated other comprehensive income (loss)			103				(14	)			44				(29	)
Not Designated as Hedging Instruments
Foreign exchange contracts			(250	)			96				(10	)			273
Other contracts			(206	)			6				(204	)			(12	)

Cash Flow Hedges | Other Comprehensive Income (Loss)

Gains (Losses) on Derivative Instruments

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,
		2022				2021					2022				2021
Designated as Cash Flow Hedging Instruments
Foreign exchange contracts
Included in effectiveness assessment		$	49			$	(11	)		$	9			$	(21	)

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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