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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Dec. 31, 2019
DERIVATIVE FINANCIAL INSTRUMENTS |
Schedule of fair values of the derivative financial instruments included in the consolidated balance sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Asset Derivatives | ​ | Liability Derivatives | ​
​ | ​ | ​ | ​ | Fair Value (1) | ​ | ​ | ​ | Fair Value (1) | ​
​ | ​ | Balance Sheet | ​ | December 31 | ​ | June 30 | ​ | Balance Sheet | ​ | December 31 | ​ | June 30 | ​
(In millions) |  | Location |  | 2019 |  | 2019 |  | Location |  | 2019 |  | 2019 | ​
Derivatives Designated as Hedging Instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency cash flow hedges | ​ | Prepaid expenses and other current assets |  | $ | 16 | ​ | $ | 23 |  | Other accrued liabilities |  | $ | 9 |  | $ | 4 | ​
Net investment hedges | ​ | Prepaid expenses and other current assets | ​ | ​ | — | ​ | ​ | — | ​ | Other accrued liabilities | ​ | ​ | 19 | ​ | ​ | — | ​
Interest rate-related derivatives | ​ | Prepaid expenses and other current assets | ​ | ​ | 3 | ​ | ​ | 3 | ​ | Other accrued liabilities | ​ | ​ | 1 | ​ | ​ | 26 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Derivatives Designated as Hedging Instruments | ​ | ​ | ​ | ​ | 19 | ​ | ​ | 26 | ​ | ​ | ​ | ​ | 29 | ​ | ​ | 30 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives Not Designated as Hedging Instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts |  | Prepaid expenses and other current assets | ​ |  | 31 | ​ |  | 4 |  | Other accrued liabilities | ​ |  | 3 | ​ |  | 2 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Derivatives | ​ | ​ |  | $ | 50 | ​ | $ | 30 | ​ | ​ |  | $ | 32 |  | $ | 32 | ​
(1) | See Note 8 – Fair Value Measurements for further information about how the fair value of derivative assets and liabilities are determined.
Schedule of gains and losses related to derivative financial instruments designated as hedging instruments that are included in the assessment of effectiveness | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Gain or (Loss) | ​ | ​ | ​ | Amount of Gain or (Loss)
​ | ​ | Recognized in OCI on | ​ | ​ | ​ | Reclassified from AOCI into
​ | ​ | Derivatives | ​ | Location of Gain or | ​ | Earnings(1)
​ | ​ | Three Months Ended | ​ | (Loss) Reclassified | ​ | Three Months Ended
​ | ​ | December 31 | ​ | from AOCI into | ​ | December 31
(In millions) |  | 2019 |  | 2018 |  | Earnings |  | 2019 |  | 2018
Derivatives in Cash Flow Hedging Relationships: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts |  | $ | (21) |  | $ | 13 |  | Net sales |  | $ | 6 |  | $ | 4
Interest rate-related derivatives | ​ | ​ | 5 | ​ | ​ | — | ​ | Interest expense | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | (16) | ​ | ​ | 13 | ​ | Total derivatives | ​ | $ | 6 | ​ | $ | 4
Derivatives in Net Investment Hedging Relationships(2): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts(3) | ​ | ​ | (37) | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total derivatives |  | $ | (53) |  | $ | 13 | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
(1) | The amount reclassified into earnings as a result of the discontinuance of cash flow hedges because probable forecasted transactions will no longer occur by the end of the original time period was not material.
(2) | During the three months ended December 31, 2019, the gain recognized in earnings from net investment hedges related to the amount excluded from effectiveness testing was $13 million.
(3) | Included within translation adjustments as a component of AOCI on the Company’s consolidated balance sheets.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amount of Gain or (Loss) | ​ | ​ | ​ | Amount of Gain or (Loss)
​ | ​ | Recognized in OCI on | ​ | ​ | ​ | Reclassified from AOCI into
​ | ​ | Derivatives | ​ | Location of Gain or | ​ | Earnings(1)
​ |  | Six Months Ended | ​ | (Loss) Reclassified | ​ | Six Months Ended
​ |  | December 31 | ​ | from AOCI into | ​ | December 31
(In millions) |  | 2019 |  | 2018 |  | Earnings |  | 2019 |  | 2018
Derivatives in Cash Flow Hedging Relationships: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts | ​ | $ | 4 | ​ | $ | 16 | ​ | Net sales | ​ | $ | 19 | ​ | $ | 7
Interest rate-related derivatives | ​ | ​ | (9) | ​ | ​ | — | ​ | Interest expense | ​ |  | — | ​ |  | —
​ | ​ | ​ | (5) | ​ | ​ | 16 | ​ | Total derivatives | ​ | $ | 19 | ​ | $ | 7
Derivatives in Net Investment Hedging Relationships(2): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts(3) | ​ |  | (34) | ​ |  | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total derivatives | ​ | $ | (39) | ​ | $ | 16 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | The amount reclassified into earnings as a result of the discontinuance of cash flow hedges because probable forecasted transactions will no longer occur by the end of the original time period was not material.
(2) | During the six months ended December 31, 2019, the gain recognized in earnings from net investment hedges related to the amount excluded from effectiveness testing was $25 million.
(3) | Included within translation adjustments as a component of AOCI on the Company’s consolidated balance sheets.
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amount of Gain or (Loss) Recognized in Earnings on
​ |  | ​ |  | Derivatives (1)
​ | ​ | Location of Gain or (Loss) | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | Recognized in Earnings on | ​ | December 31 | ​ | December 31
(In millions) | ​ | Derivatives | ​ | 2019 |  | 2018 |  | 2019 |  | 2018
Derivatives in Fair Value Hedging Relationships: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap contracts |  | Interest expense |  | $ | (1) |  | $ | 11 |  | $ | 1 |  | $ | 9
(1) | Changes in the fair value of the interest rate swap agreements are exactly offset by the change in the fair value of the underlying long-term debt.
Schedule of cumulative amount of fair value hedging adjustments for designated and qualifying hedged items | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In millions) | ​ | ​
​ | ​ | ​ | ​ | ​ | Cumulative Amount of Fair
​ | ​ | ​ | ​ | ​ | Value Hedging Gain/(Loss)
Line Item in the Consolidated Balance Sheets in | ​ | Carrying Amount of the | ​ | Included in the Carrying Amount
Which the Hedged Item is Included | ​ | Hedged Liabilities | ​ | of the Hedged Liability
​ |  | December 31, 2019 |  | December 31, 2019
Current debt | ​ | $ | 250 | ​ | $ | —
Long-term debt | ​ | ​ | 701 | ​ | ​ | 2
Total debt | ​ | $ | 951 | ​ | $ | 2
Schedule of effects of fair value and cash flow hedging relationships for designated and qualified hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended December 31
​ | ​ | 2019 |  | 2018
​ |  | ​ |  | Interest |  | ​ |  | Interest
(In millions) | ​ | Net Sales | ​ | expense | ​ | Net Sales | ​ | expense
Total amounts of income and expense line items presented in the consolidated statements of earnings in which the effects of fair value and cash flow hedges are recorded | ​ | $ | 4,624 | ​ | $ | 38 | ​ | $ | 4,005 | ​ | $ | 35
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of fair value and cash flow hedging relationships: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Gain (loss) on fair value hedge relationships – interest rate contracts: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Hedged item | ​ |  | Not applicable | ​ |  | (1) | ​ |  | Not applicable | ​ |  | 11
Derivatives designated as hedging instruments | ​ |  | Not applicable | ​ |  | 1 | ​ |  | Not applicable | ​ |  | (11)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) on cash flow hedge relationships – foreign currency forward contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain reclassified from AOCI into earnings | ​ | ​ | 6 | ​ | ​ | Not applicable | ​ | ​ | 4 | ​ | ​ | Not applicable
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended December 31
​ | ​ | 2019 | ​ | 2018
(In millions) |  | Net Sales |  | Interest expense |  | Net Sales |  | Interest expense
Total amounts of income and expense line items presented in the consolidated statements of earnings in which the effects of fair value and cash flow hedges are recorded | ​ | $ | 8,519 | ​ | $ | 70 | ​ | $ | 7,529 | ​ | $ | 69
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of fair value and cash flow hedging relationships: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Gain (loss) on fair value hedge relationships – interest rate contracts: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Hedged item |  | ​ | Not applicable |  | ​ | 1 |  | ​ | Not applicable |  | ​ | 9
Derivatives designated as hedging instruments |  | ​ | Not applicable |  | ​ | (1) |  | ​ | Not applicable |  | ​ | (9)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) on cash flow hedge relationships – foreign currency forward contracts: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Amount of gain reclassified from AOCI into earnings |  | ​ | 19 |  | ​ | Not applicable |  | ​ | 7 |  | ​ | Not applicable
Schedule of gains and losses related to derivative financial instruments not designated as hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amount of Gain or (Loss) | ​
​ | ​ | ​ | ​ | Recognized in Earnings on | ​
​ | ​ | ​ | ​ | Derivatives | ​
​ | ​ | Location of Gain or (Loss) | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | Recognized in Earnings on | ​ | December 31 | ​ | December 31 | ​
(In millions) |  | Derivatives |  | 2019 |  | 2018 |  | 2019 |  | 2018 | ​
Derivatives Not Designated as Hedging Instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency forward contracts |  | Selling, general and administrative |  | $ | 30 |  | $ | (12) |  | $ | 3 |  | $ | 10 | ​

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