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Financial Instruments (Tables)
 12 Months Ended
Jun. 30, 2014
Derivative [Line Items]  
Schedule of the fair value of assets and liabilities related to derivatives designated as hedging instruments
The following table summarizes the fair value of our assets and liabilities related to derivatives designated as hedging instruments and the respective line items in which they were recorded in the consolidated balance sheets at June 30:
(in millions)
2014
 
2013
Assets:
 
 
 
Foreign currency contracts (1)
$
1

 
$
4

Forward interest rate swaps (1)
10

 
—

Forward interest rate swaps (2)
—

 
20

Pay-floating interest rate swaps (2)
5

 
—

Commodity contracts (2)
1

 
—

Total assets
$
17

 
$
24

 
 
 
 
Liabilities:
 
 
 
Foreign currency contracts (3)
$
1

 
$
1

Forward interest rate swaps (4)
1

 
—

Pay-floating interest rate swaps (4)
5

 
11

Total liabilities
$
7

 
$
12

(1)
Included in prepaid expenses and other in the consolidated balance sheets.
(2)
Included in other assets in the consolidated balance sheets.
(3)
Included in other accrued liabilities in the consolidated balance sheets.
(4)
Included in deferred income taxes and other liabilities in the consolidated balance sheets.
Schedule of gain/(loss) recognized in earnings for interest rate contracts designated as fair value hedges
The following table summarizes the gain/(loss) recognized in earnings for interest rate swaps designated as fair value hedges:
(in millions)
2014
 
2013
 
2012
Pay-floating interest rate swaps (1)
$
23

 
$
28

 
$
38

Fixed-rate debt (1)
(23
)
 
(28
)
 
(38
)
(1)
Included in interest expense, net in the consolidated statements of earnings.
Schedule of gain/(loss) included in AOCI for derivative instruments designated as cash flow hedges
The following table summarizes the gain/(loss) included in AOCI for derivative instruments designated as cash flow hedges at June 30:
(in millions)
2014
 
2013
Forward interest rate swaps
$
9

 
$
20

Commodity contracts
1

 
—

Foreign currency contracts
(1
)
 
3
Schedule of gain/(loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges
The following table summarizes the gain/(loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges:
(in millions)
2014
 
2013
 
2012
Foreign currency contracts (1)
$
—

 
$
1

 
$
1

Foreign currency contracts (2)
2

 
1

 
(1
)
Foreign currency contracts (3)
1

 
1

 
(1
)
Commodity contracts (3)
—

 
1

 
2

Forward interest rate swaps (4)
—

 
1

 
—

(1)
Included in revenue in the consolidated statements of earnings.
(2)
Included in cost of products sold in the consolidated statements of earnings.
(3)
Included in SG&A expenses in the consolidated statements of earnings.
(4)
Included in interest expense, net in the consolidated statements of earnings.
Schedule of gain/(loss) recognized in earnings for economic (non-designated) derivative instruments
The following table summarizes the gain/(loss) recognized in earnings for economic (non-designated) derivative instruments:
(in millions)
2014
 
2013
 
2012
Foreign currency contracts (1)
$
12

 
$
6

 
$
(39
)
Commodity contracts (1)
—

 
—

 
(1
)
(1)
Included in other income, net in the consolidated statements of earnings.
Summary of the estimated fair value of our long-term obligations and other short-term borrowings compared to the respective carrying amounts
The following table summarizes the estimated fair value of our long-term obligations and other short-term borrowings compared to the respective carrying amounts at June 30:
(in millions)
2014
 
2013
Estimated fair value
$
4,115

 
$
3,899

Carrying amount
3,972

 
3,854
Schedule of Fair Value Gain Loss Derivative Instrument
The following table is a summary of the fair value gain/(loss) of our derivative instruments, based upon the estimated amount that we would receive (or pay) to terminate the contracts at June 30:
 
2014
 
2013
(in millions)
Notional
Amount
 
Fair Value
Gain/(Loss)
 
Notional
Amount
 
Fair Value
Gain/(Loss)
Pay-floating interest rate swaps
$
1,438

 
$
—

 
$
1,138

 
$
(11
)
Foreign currency contracts
643

 
—

 
643

 
3

Forward interest rate swaps
300

 
9

 
250

 
20

Commodity contracts
24

 
1

 
24

 
—
Fair Value Hedging
  
Derivative [Line Items]  
Schedule of outstanding instruments
The following tables summarize the outstanding interest rate swaps designated as fair value hedges at June 30:
 
2014
(in millions)
Notional Amount
 
Maturity Date
Pay-floating interest rate swaps
$
1,438

 
Jun 2015
-
Jun 2022
 
2013
(in millions)
Notional Amount
 
Maturity Date
Pay-floating interest rate swaps
$
1,138

 
Jun 2015
-
Jun 2022
Cash Flow Hedging
  
Derivative [Line Items]  
Schedule of outstanding instruments
The following tables summarize the outstanding cash flow hedges at June 30:
 
2014
(in millions)
Notional Amount
 
Maturity Date
Forward interest rate swaps
$
300

 
Jun 2025
-
Oct 2026
Foreign currency contracts
182

 
Jul 2014
-
Jun 2015
Commodity contracts
24

 
Jul 2014
-
Mar 2017
 
2013
(in millions)
Notional Amount
 
Maturity Date
Forward interest rate swaps
$
250

 
Jun 2025
Foreign currency contracts
164

 
Jul 2013
-
Jun 2014
Commodity contracts
24

 
Jul 2013
-
Mar 2016
Not Designated as Hedging Instrument
  
Derivative [Line Items]  
Schedule of outstanding instruments
The following tables summarize the outstanding economic (non-designated) derivative instruments at June 30:
 
2014
(in millions)
Notional Amount
 
Maturity Date
Foreign currency contracts
$
461

 
Jul 2014
-
Sep 2014
 
2013
(in millions)
Notional Amount
 
Maturity Date
Foreign currency contracts
$
479

 
Jul 2013
-
Sep 2013