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DERIVATIVES (Tables)

9 Months Ended

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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- 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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