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DERIVATIVES (Tables) | 3 Months Ended
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Sep. 30, 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) |  | September 30, 2024 |  |  | June 30, 2024 |
Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts purchased |  | $ | 1,492 |  |  | $ | 1,492 |
Interest rate contracts purchased |  |  | 1,144 |  |  |  | 1,100 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts purchased |  |  | 8,438 |  |  |  | 7,167 |
Foreign exchange contracts sold |  |  | 22,559 |  |  |  | 31,793 |
Equity contracts purchased |  |  | 4,290 |  |  |  | 4,016 |
Equity contracts sold |  |  | 2,165 |  |  |  | 2,165 |
Other contracts purchased |  |  | 2,829 |  |  |  | 2,113 |
Other contracts sold |  |  | 1,121 |  |  |  | 811 |
Fair Values of Derivative Instruments | The following table presents our derivative instruments:
(In millions) |  | Derivative Assets |  |  |  | Derivative Liabilities |  |  | Derivative Assets |  |  | Derivative Liabilities |
|  | September 30, 2024 |  |  | June 30, 2024 |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 50 |  |  | $ | (65 | ) |  | $ | 24 |  |  | $ | (76 | )
Interest rate contracts |  |  | 5 |  |  |  | 0 |  |  |  | 19 |  |  |  | 0 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 189 |  |  |  | (615 | ) |  |  | 213 |  |  |  | (230 | )
Equity contracts |  |  | 68 |  |  |  | (804 | ) |  |  | 63 |  |  |  | (491 | )
Other contracts |  |  | 6 |  |  |  | (6 | ) |  |  | 12 |  |  |  | (3 | )
Gross amounts of derivatives |  |  | 318 |  |  |  | (1,490 | ) |  |  | 331 |  |  |  | (800 | )
Gross amounts of derivatives offset in the balance sheets |  |  | (196 | ) |  |  | 198 |  |  |  | (151 | ) |  |  | 152 |
Cash collateral received |  |  | 0 |  |  |  | (18 | ) |  |  | 0 |  |  |  | (104 | )
Net amounts of derivatives |  | $ | 122 |  |  | $ | (1,310 | ) |  | $ | 180 |  |  | $ | (752 | )
Reported as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | (1 | ) |  | $ | 0 |  |  | $ | 12 |  |  | $ | 0 |
Other current assets |  |  | 118 |  |  |  | 0 |  |  |  | 149 |  |  |  | 0 |
Other long-term assets |  |  | 5 |  |  |  | 0 |  |  |  | 19 |  |  |  | 0 |
Other current liabilities |  |  | 0 |  |  |  | (900 | ) |  |  | 0 |  |  |  | (401 | )
Other long-term liabilities |  |  | 0 |  |  |  | (410 | ) |  |  | 0 |  |  |  | (351 | )
Total |  | $ | 122 |  |  | $ | (1,310 | ) |  | $ | 180 |  |  | $ | (752 | )
The following table presents the fair value of our derivatives instruments on a gross basis:
(In millions) |  | Level 1 |  |  |  | Level 2 |  |  | Level 3 |  |  | Total |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 0 |  |  | $ | 313 |  |  | $ | 5 |  |  | $ | 318 |
Derivative liabilities |  |  | (1 | ) |  |  | (1,489 | ) |  |  | 0 |  |  |  | (1,490 | )
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  | 0 |  |  |  | 327 |  |  |  | 4 |  |  |  | 331 |
Derivative liabilities |  |  | (1 | ) |  |  | (799 | ) |  |  | 0 |  |  |  | (800 | )
Gains (Losses) on Derivative Instruments | Gains (losses) on derivative instruments recognized in other income (expense), net were as follows:
(In millions) |  |  |  |
Three Months Ended September 30, |  |  | 2024 |  |  |  | 2023 |
Designated as Fair Value Hedging Instruments |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |
Derivatives |  | $ | 20 |  |  | $ | (16 | )
Hedged items |  |  | (32 | ) |  |  | 3 |
Designated as Cash Flow Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive loss |  |  | 49 |  |  |  | (46 | )
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | (383 | ) |  |  | 206 |
Equity contracts |  |  | (348 | ) |  |  | 113 |
Other contracts |  |  | 24 |  |  |  | (33 | )
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 September 30, |  | 2024 |  |  | 2023 |
Designated as Cash Flow Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |
Included in effectiveness assessment |  | $ | 29 |  |  | $ | (15 | )

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