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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended
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Jun. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Schedule of components of AOCI, net of tax | The components of AOCI included in the accompanying consolidated balance sheets consist of the following:
|  | Year Ended June 30
(In millions) |  | 2021 |  | 2020 |  | 2019
Net unrealized investment losses, beginning of year |  | $ | — |  |  | $ | — |  |  | $ | (14) |
Unrealized investment gains |  | — |  |  | — |  |  | 14 |
Net unrealized investment losses, end of year |  | — |  |  | — |  |  | — |
Net derivative instruments, beginning of year |  | 14 |  |  | 21 |  |  | 39 |
Gain (loss) on derivative instruments |  | (45) |  |  | 26 |  |  | 5 |
Benefit (provision) for deferred income taxes |  | 10 |  |  | (7) |  |  | (2) |
Reclassification to earnings during the year: |  |  |  |  |  |
Foreign currency forward contracts (1) |  | 22 |  |  | (35) |  |  | (28) |
Interest rate-related derivatives (2) |  | 2 |  |  | — |  |  | (1) |
Benefit (provision) for deferred income taxes on reclassification (3) |  | (5) |  |  | 9 |  |  | 8 |
Net derivative instruments, end of year |  | (2) |  |  | 14 |  |  | 21 |
Net pension and post-retirement adjustments, beginning of year |  | (244) |  |  | (253) |  |  | (175) |
Changes in plan assets and benefit obligations: |  |  |  |  |  |
Net actuarial gains (losses) recognized |  | 60 |  |  | (9) |  |  | (117) |
Prior service credit recognized |  | (1) |  |  | — |  |  | — |
Translation adjustments |  | — |  |  | (2) |  |  | 2 |
Benefit (provision) for deferred income taxes |  | (12) |  |  | 4 |  |  | 25 |
Amortization and settlements included in net periodic benefit cost (4): |  |  |  |  |  |
Net actuarial losses |  | 24 |  |  | 21 |  |  | 15 |
Net prior service cost |  | (1) |  |  | — |  |  | — |
Provision for deferred income taxes on reclassification (3) |  | (5) |  |  | (5) |  |  | (3) |
Net pension and post-retirement adjustments, end of year |  | (179) |  |  | (244) |  |  | (253) |
Cumulative translation adjustments, beginning of year |  | (435) |  |  | (331) |  |  | (284) |
Reclassification to earnings during the year |  | (1) |  |  | 2 |  |  | (77) |
Translation adjustments |  | 145 |  |  | (108) |  |  | 18 |
Benefit for deferred income taxes |  | 2 |  |  | 2 |  |  | 12 |
Cumulative translation adjustments, end of year |  | (289) |  |  | (435) |  |  | (331) |
Accumulated other comprehensive loss |  | $ | (470) |  |  | $ | (665) |  |  | $ | (563) |
(1)Amounts recorded in Net sales in the accompanying consolidated statements of earnings. (2)Amounts recorded in Interest expense in the accompanying consolidated statements of earnings. (3)Amounts recorded in Provision for income taxes in the accompanying consolidated statements of earnings. (4)See Note 15 – Pension, Deferred Compensation and Post-Retirement Benefit Plans for additional information.

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