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Fair Value Measurements | 3 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 8. Fair Value Measurements Assets and Liabilities Measured on a Recurring Basis The following tables present the fair values for assets and (liabilities) measured on a recurring basis at:
| September 30, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 1,378 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,378 |
Other investments (1) | 93 |  |  | — |  |  | — |  |  | 93 |
Liabilities: |  |  |  |  |  |  |
Forward contracts (2) | — |  |  | (104) |  |  | — |  |  | (104) |
| June 30, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 1,253 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,253 |
Other investments (1) | 101 |  |  | — |  |  | — |  |  | 101 |
Liabilities: |  |  |  |  |  |  |
Forward contracts (2) | — |  |  | (73) |  |  | — |  |  | (73) |
(1)The other investments balance includes investments in mutual funds, which offset fluctuations in deferred compensation liabilities. These mutual funds invest in the equity securities of companies with both large and small market capitalization and high quality fixed income debt securities. The fair value of these investments is determined using quoted market prices. (2) The fair value of interest rate swaps, foreign currency contracts and net investment hedges 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 prepaid expenses and other, other assets, other accrued liabilities, and deferred income taxes and other liabilities within the condensed consolidated balance sheets. Assets Measured on a Nonrecurring Basis As discussed further in Note 2, on July 10, 2023, we closed the transaction to contribute the Outcomes™ business to TDS, a portfolio company of BlackRock Long Term Private Capital and GTCR, in exchange for a 16 percent equity interest in the combined entity. We accounted for this investment initially at its fair value using Level 3 unobservable inputs under the discounted cash flow method. Accordingly, we recognized a $147 million equity method investment during the three months ended September 30, 2023.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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