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DERIVATIVES (Tables) | 9 Months Ended
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Mar. 31, 2024
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) |  | March 31, 2024 |  |  | June 30, 2023 |
Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts purchased |  | $ | 1,492 |  |  | $ | 1,492 |
Interest rate contracts purchased |  |  | 1,109 |  |  |  | 1,078 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts purchased |  |  | 9,245 |  |  |  | 7,874 |
Foreign exchange contracts sold |  |  | 23,116 |  |  |  | 25,159 |
Equity contracts purchased |  |  | 3,939 |  |  |  | 3,867 |
Equity contracts sold |  |  | 2,152 |  |  |  | 2,154 |
Other contracts purchased |  |  | 1,672 |  |  |  | 1,224 |
Other contracts sold |  |  | 767 |  |  |  | 581 |
Fair Values of Derivative Instruments | The following table presents our derivative instruments:
(In millions) |  | Derivative Assets |  |  |  | Derivative Liabilities |  |  | Derivative Assets |  |  | Derivative Liabilities |
|  | March 31, 2024 |  |  | June 30, 2023 |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 38 |  |  | $ | (68 | ) |  | $ | 34 |  |  | $ | (67 | )
Interest rate contracts |  |  | 6 |  |  |  | 0 |  |  |  | 16 |  |  |  | 0 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 121 |  |  |  | (192 | ) |  |  | 249 |  |  |  | (332 | )
Equity contracts |  |  | 72 |  |  |  | (526 | ) |  |  | 165 |  |  |  | (400 | )
Other contracts |  |  | 5 |  |  |  | (1 | ) |  |  | 5 |  |  |  | (6 | )
Gross amounts of derivatives |  |  | 242 |  |  |  | (787 | ) |  |  | 469 |  |  |  | (805 | )
Gross amounts of derivatives offset in the balance sheet |  |  | (125 | ) |  |  | 126 |  |  |  | (202 | ) |  |  | 206 |
Cash collateral received |  |  | 0 |  |  |  | (17 | ) |  |  | 0 |  |  |  | (125 | )
Net amounts of derivatives |  | $ | 117 |  |  | $ | (678 | ) |  | $ | 267 |  |  | $ | (724 | )
Reported as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | 8 |  |  | $ | 0 |  |  | $ | 6 |  |  | $ | 0 |
Other current assets |  |  | 103 |  |  |  | 0 |  |  |  | 245 |  |  |  | 0 |
Other long-term assets |  |  | 6 |  |  |  | 0 |  |  |  | 16 |  |  |  | 0 |
Other current liabilities |  |  | 0 |  |  |  | (271 | ) |  |  | 0 |  |  |  | (341 | )
Other long-term liabilities |  |  | 0 |  |  |  | (407 | ) |  |  | 0 |  |  |  | (383 | )
Total |  | $ | 117 |  |  | $ | (678 | ) |  | $ | 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 |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 0 |  |  | $ | 233 |  |  | $ | 9 |  |  | $ | 242 |
Derivative liabilities |  |  | 0 |  |  |  | (787 | ) |  |  | 0 |  |  |  | (787 | )
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 March 31, |  |  |  | Nine Months Ended March 31, |
|  |  | 2024 |  |  |  | 2023 |  |  |  | 2024 |  |  |  | 2023 |
Designated as Fair Value Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | (21 | ) |  | $ | 1 |  |  | $ | (15 | ) |  | $ | (37 | )
Hedged items |  |  | 10 |  |  |  | (15 | ) |  |  | (21 | ) |  |  | 20 |
Designated as Cash Flow Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive loss |  |  | (37 | ) |  |  | 18 |  |  |  | (32 | ) |  |  | 62 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 299 |  |  |  | (10 | ) |  |  | 171 |  |  |  | (20 | )
Equity contracts |  |  | (22 | ) |  |  | (61 | ) |  |  | (196 | ) |  |  | (230 | )
Other contracts |  |  | (8 | ) |  |  | 1 |  |  |  | (5 | ) |  |  | (34 | )
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 March 31, |  |  | Nine Months Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Designated as Cash Flow Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in effectiveness assessment |  | $ | (19 | ) |  | $ | 5 |  |  | $ | 3 |  |  | $ | 14 |

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