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Financial Instruments (Tables) | 12 Months Ended
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Jun. 30, 2024
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) | 2024 |  | 2023
Assets: |  |  |
Cross-currency swap (1) | $ | 12 |  |  | $ | 23 |
Foreign currency contracts (1) | 1 |  |  | 5 |
Pay-floating interest rate swaps (1) | 3 |  |  | — |
Total assets | $ | 16 |  |  | $ | 28 |
Liabilities: |  |  |
Cross-currency swap (2) | $ | 1 |  |  | $ | 4 |
Foreign currency contracts (2) | 8 |  |  | 4 |
Pay-floating interest rate swaps (2) | 94 |  |  | 93 |
Total liabilities | $ | 103 |  |  | $ | 101 |
(1) Included in other assets in the consolidated balance sheets. (2) Included in deferred income taxes and other 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) | 2024 |  | 2023 |  | 2022
Foreign currency contracts | $ | (7) |  |  | $ | (2) |  |  | $ | 3 |
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) | 2024 |  | 2023 |  | 2022
Pay-floating interest rate swaps (1) | $ | 2 |  |  | $ | (50) |  |  | $ | (44) |
Fixed-rate debt (1) | (2) |  |  | 50 |  |  | 44 |
(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) | 2024 |  | 2023 |  | 2022
Foreign currency contracts (1) | $ | 1 |  |  | $ | 9 |  |  | $ | 5 |
Foreign currency contracts (2) | 4 |  |  | 2 |  |  | 1 |
Foreign currency contracts (3) | — |  |  | 1 |  |  | — |
Forward interest rate swaps (4) | 2 |  |  | 2 |  |  | 2 |
(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) | 2024 |  | 2023 |  | 2022
Foreign currency contracts | $ | 1 |  |  | $ | (7) |  |  | $ | — |
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) | 2024 |  | 2023
Estimated fair value | $ | 4,891 |  |  | $ | 4,417 |
Carrying amount | 5,092 |  |  | 4,701 |
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:
| 2024 |  | 2023
(in millions) | Notional Amount |  | Fair Value Gain/(Loss) |  | Notional Amount |  | Fair Value Gain/(Loss)
Pay-floating interest rate swaps | $ | 1,600 |  |  | $ | (91) |  |  | $ | 1,100 |  |  | $ | (93) |
Foreign currency contracts | 579 |  |  | (7) |  |  | 513 |  |  | 1 |
Cross-currency swap | 334 |  |  | 11 |  |  | 514 |  |  | 19 |
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:
| 2024
(in millions) | Notional Amount |  | Maturity Date
Foreign currency contracts | $ | 178 |  |  | Jul 2024
| 2023
(in millions) | Notional Amount |  | Maturity Date
Foreign currency contracts | $ | 137 |  |  | Jul 2023
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:
| 2024
(in millions) | Notional Amount |  | Maturity Date
Pay-floating interest rate swaps | $ | 1,600 |  |  | Jun 2027 | - | Feb 2031
| 2023
(in millions) | Notional Amount |  | Maturity Date
Pay-floating interest rate swaps | $ | 1,100 |  |  | Jun 2027 | - | Sep 2030
Cash Flow Hedging |
Derivative [Line Items] |
Schedule of Outstanding Instruments | The following tables summarize the outstanding cash flow hedges at June 30:
| 2024
(in millions) | Notional Amount |  | Maturity Date
Foreign currency contracts | $ | 401 |  |  | Jul 2024 | - | Jun 2025
| 2023
(in millions) | Notional Amount |  | Maturity Date
Foreign currency contracts | $ | 376 |  |  | Jul 2023 | - | Jun 2024

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