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Fair Value Measurements | 9 Months Ended
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Mar. 31, 2014
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received upon selling an asset or the price paid to transfer a liability on the measurement date. It focuses on the exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows:
Level 1 - | Observable prices in active markets for identical assets and liabilities.
Level 2 - | Observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3 - | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.
Recurring Fair Value Measurements The following tables present the fair values for those assets measured on a recurring basis at:
| March 31, 2014
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents (1) | $ | 1,092 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,092 |
Forward contracts (2) | — |  |  | 15 |  |  | — |  |  | 15 |
Other investments (3) | 101 |  |  | — |  |  | — |  |  | 101 |
Total | $ | 1,193 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 1,208 |
| June 30, 2013
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents (1) | $ | 348 |  |  | $ | — |  |  | $ | — |  |  | $ | 348 |
Forward contracts (2) | — |  |  | 12 |  |  | — |  |  | 12 |
Other investments (3) | 89 |  |  | — |  |  | — |  |  | 89 |
Total | $ | 437 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 449 |
(1) | Cash equivalents are comprised of highly liquid investments purchased with a maturity of three months or less. The carrying value of these cash equivalents approximates fair value due to their short-term maturities.
(2) | The fair value of interest rate swaps, foreign currency contracts and commodity contracts is determined based on the present value of expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Observable Level 2 inputs are used to determine the present value of expected future cash flows. The fair value of these derivative contracts, which are subject to master netting arrangements under certain circumstances, is presented on a gross basis in the condensed consolidated balance sheets.
(3) | The other investments balance includes investments in mutual funds, which are used to offset fluctuations in deferred compensation liabilities. These mutual funds primarily invest in the equity securities of companies with large market capitalization and high quality fixed income debt securities. The fair value of these investments is determined using quoted market prices.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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