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DERIVATIVES (Tables) | 6 Months Ended
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Dec. 31, 2023
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, 2023 |  |  | June 30, 2023 |
Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts purchased |  | $ | 1,492 |  |  | $ | 1,492 |
Interest rate contracts purchased |  |  | 1,106 |  |  |  | 1,078 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts purchased |  |  | 8,113 |  |  |  | 7,874 |
Foreign exchange contracts sold |  |  | 20,772 |  |  |  | 25,159 |
Equity contracts purchased |  |  | 3,731 |  |  |  | 3,867 |
Equity contracts sold |  |  | 2,154 |  |  |  | 2,154 |
Other contracts purchased |  |  | 1,643 |  |  |  | 1,224 |
Other contracts sold |  |  | 739 |  |  |  | 581 |
Fair Values of Derivative Instruments | The following table presents our derivative instruments:
(In millions) |  | Derivative Assets |  |  |  | Derivative Liabilities |  |  | Derivative Assets |  |  | Derivative Liabilities |
|  | December 31, 2023 |  |  | June 30, 2023 |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 53 |  |  | $ | (59 | ) |  | $ | 34 |  |  | $ | (67 | )
Interest rate contracts |  |  | 21 |  |  |  | 0 |  |  |  | 16 |  |  |  | 0 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 300 |  |  |  | (702 | ) |  |  | 249 |  |  |  | (332 | )
Equity contracts |  |  | 104 |  |  |  | (513 | ) |  |  | 165 |  |  |  | (400 | )
Other contracts |  |  | 42 |  |  |  | 0 |  |  |  | 5 |  |  |  | (6 | )
Gross amounts of derivatives |  |  | 520 |  |  |  | (1,274 | ) |  |  | 469 |  |  |  | (805 | )
Gross amounts of derivatives offset in the balance sheet |  |  | (227 | ) |  |  | 229 |  |  |  | (202 | ) |  |  | 206 |
Cash collateral received |  |  | 0 |  |  |  | (190 | ) |  |  | 0 |  |  |  | (125 | )
Net amounts of derivatives |  | $ | 293 |  |  | $ | (1,235 | ) |  | $ | 267 |  |  | $ | (724 | )
Reported as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | 35 |  |  | $ | 0 |  |  | $ | 6 |  |  | $ | 0 |
Other current assets |  |  | 237 |  |  |  | 0 |  |  |  | 245 |  |  |  | 0 |
Other long-term assets |  |  | 21 |  |  |  | 0 |  |  |  | 16 |  |  |  | 0 |
Other current liabilities |  |  | 0 |  |  |  | (786 | ) |  |  | 0 |  |  |  | (341 | )
Other long-term liabilities |  |  | 0 |  |  |  | (449 | ) |  |  | 0 |  |  |  | (383 | )
Total |  | $ | 293 |  |  | $ | (1,235 | ) |  | $ | 267 |  |  | $ | (724 | )
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, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 0 |  |  | $ | 511 |  |  | $ | 9 |  |  | $ | 520 |
Derivative liabilities |  |  | 0 |  |  |  | (1,274 | ) |  |  | 0 |  |  |  | (1,274 | )
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  | 0 |  |  |  | 462 |  |  |  | 7 |  |  |  | 469 |
Derivative liabilities |  |  | 0 |  |  |  | (805 | ) |  |  | 0 |  |  |  | (805 | )
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, |
|  |  | 2023 |  |  |  | 2022 |  |  |  | 2023 |  |  |  | 2022 |
Designated as Fair Value Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 22 |  |  | $ | 5 |  |  | $ | 6 |  |  | $ | (38 | )
Hedged items |  |  | (34 | ) |  |  | (8 | ) |  |  | (31 | ) |  |  | 35 |
Designated as Cash Flow Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive loss |  |  | 51 |  |  |  | 103 |  |  |  | 5 |  |  |  | 44 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | (334 | ) |  |  | (250 | ) |  |  | (128 | ) |  |  | (10 | )
Equity contracts |  |  | (287 | ) |  |  | (181 | ) |  |  | (174 | ) |  |  | (169 | )
Other contracts |  |  | 36 |  |  |  | (25 | ) |  |  | 3 |  |  |  | (35 | )
Cash Flow Hedges | Other Comprehensive Income (Loss) |
Gains (Losses) on Derivative Instruments | Gains, 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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Designated as Cash Flow Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in effectiveness assessment |  | $ | 37 |  |  | $ | 49 |  |  | $ | 22 |  |  | $ | 9 |

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