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DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019
Gain (loss) on derivative financial instruments |  |  |  |
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging | $ (110) | $ (53) | $ (204) | $ (39)
Amounts reclassified to earnings during the year | (5) | 6 | (5) | 19
Cash flow hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging | (31) | (16) | (62) | (5)
Amounts reclassified to earnings during the year | (5) | 6 | (5) | 19
Current debt |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Cumulative Amount of Fair Value Hedging Gain/(Loss) Included in the Carrying Amount of the Hedged Liability |  |  | 2 |
Current debt | Derivatives in fair value hedging relationships |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Carrying Amount of the Hedged Liabilities | 452 |  | 452 |
Long-term debt |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Cumulative Amount of Fair Value Hedging Gain/(Loss) Included in the Carrying Amount of the Hedged Liability |  |  | 8 |
Long-term debt | Derivatives in fair value hedging relationships |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Carrying Amount of the Hedged Liabilities | 258 |  | 258 |
Total debt |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Cumulative Amount of Fair Value Hedging Gain/(Loss) Included in the Carrying Amount of the Hedged Liability |  |  | 10 |
Total debt | Derivatives in fair value hedging relationships |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Carrying Amount of the Hedged Liabilities | 710 |  | 710 |
Net sales |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
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 | 4,853 | 4,624 | 8,415 | 8,519
Interest expense |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
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 | 43 | 38 | 88 | 70
Foreign currency forward contracts | Cash flow hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging | (34) | (21) | (65) | 4
Foreign currency forward contracts | Net investment hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging | (79) | (37) | (142) | (34)
Amounts reclassified to earnings during the year | 0 | 0 | 0 | 0
Foreign currency forward contracts | Net sales | Cash flow hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amounts reclassified to earnings during the year | (5) | 6 | (4) | 19
Interest rate-related derivatives | Cash flow hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging | 3 | 5 | 3 | (9)
Interest rate-related derivatives | Interest expense | Cash flow hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amounts reclassified to earnings during the year | 0 | 0 | (1) | 0
Interest rate-related derivatives | Interest expense | Derivatives in fair value hedging relationships |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amount of gain (loss) reclassified from AOCI to earnings | 3 | 1 | 5 | (1)
Net investment hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Gain recognized in earnings related to the amount excluded from effectiveness testing | 5 | 13 | 10 | 25
Derivatives Designated as Hedging Instruments | Interest rate-related derivatives | Interest expense | Derivatives in fair value hedging relationships |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amount of gain (loss) reclassified from AOCI to earnings | (3) | (1) | (5) | 1
Amount of gain (loss) reclassified from AOCI to earnings | (3) | (1) | (5) | 1
Derivatives Not Designated as Hedging Instruments | Foreign currency forward contracts | Selling, general and administrative |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amount of gain (loss) reclassified from AOCI to earnings | $ 42 | $ 30 | $ 63 | $ 3

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- Definition Amount of gain (loss) from excluded component of derivative hedge, recognized in earnings. Excludes recognition under systematic and rational method. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 20 -Section 45 -Paragraph 1A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109974929&loc=SL110061172-113977 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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