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Financial Instruments (Tables) | 12 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of 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) | 2021 |  | 2020
Assets: |  |  |
Pay-floating interest rate swaps (1) | $ | 1 |  |  | $ | 27 |
Cross-currency swap (1) | 6 |  |  | 47 |
Cross-currency swap (2) | 34 |  |  | — |
Foreign currency contracts (2) | 5 |  |  | — |
Total assets | $ | 46 |  |  | $ | 74 |
Liabilities: |  |  |
Foreign currency contracts (4) | $ | 4 |  |  | $ | 4 |
Forward interest rate swaps (3) | — |  |  | 16 |
Commodity contracts (4) | — |  |  | 1 |
Total liabilities | $ | 4 |  |  | $ | 21 |
(1) Included in other assets in the consolidated balance sheets. (2) Included in prepaid expenses and other in the consolidated balance sheets. (3) Included in deferred income taxes and other liabilities in the consolidated balance sheets. (4) Included in other accrued liabilities in the consolidated balance sheets.
Derivative [Line Items] |
Schedule of Gain/(Loss) Included in AOCI for Derivative Instruments | The following table summarizes the pre-tax gain/(loss) included in OCI for derivative instruments designated as cash flow hedges:
(in millions) | 2021 |  | 2020 |  | 2019
Forward interest rate swaps | $ | 16 |  |  | $ | (16) |  |  | $ | — |
Commodity contracts | 1 |  |  | 1 |  |  | (5) |
Foreign currency contracts | 5 |  |  | (8) |  |  | 5 |
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) | 2021 |  | 2020 |  | 2019
Pay-floating interest rate swaps (1) | $ | (8) |  |  | $ | 106 |  |  | $ | 9 |
Fixed-rate debt (1) | 8 |  |  | (106) |  |  | (9) |
(1) Included in interest expense, net in the consolidated statements of earnings/(loss).
Schedule of Gain/(Loss) Reclassified from AOCI into Earnings for Derivative Instruments Designated as Cash Flow Hedges | The following table summarizes the pre-tax gain/(loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges:
(in millions) | 2021 |  | 2020 |  | 2019
Foreign currency contracts (1) | $ | (12) |  |  | $ | 7 |  |  | $ | 2 |
Foreign currency contracts (2) | (2) |  |  | 1 |  |  | — |
Foreign currency contracts (3) | 4 |  |  | — |  |  | 1 |
Forward interest rate swaps (4) | 2 |  |  | 2 |  |  | 2 |
Commodity contracts (3) | 6 |  |  | (5) |  |  | — |
(1) Included in revenue in the consolidated statements of earnings/(loss). (2) Included in cost of products sold in the consolidated statements of earnings/(loss). (3) Included in SG&A expenses in the consolidated statements of earnings/(loss). (4) Included in interest expense, net in the consolidated statements of earnings/(loss).
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) | 2021 |  | 2020 |  | 2019
Foreign currency contracts (1) | $ | (8) |  |  | $ | (11) |  |  | $ | (13) |
(1) Included in other income, net in the consolidated statements of earnings/(loss).
Schedule of Estimated Fair Value of Long-term Obligations and Other Short-term Borrowings Compared to the Respective Carrying Amount | 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) | 2021 |  | 2020
Estimated fair value | $ | 6,751 |  |  | $ | 7,273 |
Carrying amount | 6,236 |  |  | 6,775 |
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), considering counter-party credit risk, to terminate the contracts at June 30:
| 2021 |  | 2020
(in millions) | Notional Amount |  | Fair Value Gain/(Loss) |  | Notional Amount |  | Fair Value Gain/(Loss)
Pay-floating interest rate swaps | $ | 200 |  |  | $ | 1 |  |  | $ | 550 |  |  | $ | 27 |
Foreign currency contracts | 690 |  |  | 1 |  |  | 653 |  |  | (4) |
Forward interest rate swaps | — |  |  | — |  |  | 200 |  |  | (16) |
Cross-currency swap | 833 |  |  | 40 |  |  | 833 |  |  | 47 |
Commodity contracts | — |  |  | — |  |  | 16 |  |  | (1) |
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:
| 2021
(in millions) | Notional Amount |  | Maturity Date
Foreign currency contracts | $ | 254 |  |  | July 2021
| 2020
(in millions) | Notional Amount |  | Maturity Date
Foreign currency contracts | $ | 325 |  |  | Jul 2020
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:
| 2021
(in millions) | Notional Amount |  | Maturity Date
Pay-floating interest rate swaps | $ | 200 |  |  | Mar 2028
| 2020
(in millions) | Notional Amount |  | Maturity Date
Pay-floating interest rate swaps | $ | 550 |  |  | Mar 2023
Cash Flow Hedging |
Derivative [Line Items] |
Schedule of Outstanding Instruments | The following tables summarize the outstanding cash flow hedges at June 30:
| 2021
(in millions) | Notional Amount |  | Maturity Date
Foreign currency contracts | $ | 436 |  |  | Jul 2021 | - | Jun 2022
| 2020
(in millions) | Notional Amount |  | Maturity Date
Forward interest rate swaps | $ | 200 |  |  | Jun 2022
Foreign currency contracts | 328 |  |  | Jul 2020 | - | Jun 2021
Commodity contracts | 16 |  |  | Jul 2020 | - | Jun 2021

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