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DERIVATIVES (Tables)

6 Months Ended

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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