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DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020
Gain (loss) on derivative financial instruments |  |  |  |
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging | $ 158 | $ 24 | $ (46) | $ (15)
Amounts reclassified to earnings during the year | (8) | 10 | (13) | 29
Cash flow hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amount of Gain or (Loss) Recognized in OCI on Derivatives, Cash Flow Hedging | 33 | 44 | (29) | 39
Amounts reclassified to earnings during the year | (8) | 10 | (13) | 29
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 |  |  | 1 |
Current debt | Derivatives in fair value hedging relationships |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Carrying Amount of the Hedged Liabilities | 451 |  | 451 |
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 |  |  | (9) |
Long-term debt | Derivatives in fair value hedging relationships |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Carrying Amount of the Hedged Liabilities | 936 |  | 936 |
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 |  |  | (8) |
Total debt | Derivatives in fair value hedging relationships |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Carrying Amount of the Hedged Liabilities | 1,387 |  | 1,387 |
Net sales |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Total amounts of income and expense line items presented in the consolidated statements of earnings (loss) in which the effects of fair value and cash flow hedges are recorded | 3,864 | 3,345 | 12,279 | 11,864
Interest expense |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Total amounts of income and expense line items presented in the consolidated statements of earnings (loss) in which the effects of fair value and cash flow hedges are recorded | 43 | 42 | 131 | 112
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 | 22 | 46 | (43) | 50
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 | 125 | (20) | (17) | (54)
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 | (7) | 10 | (11) | 29
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 | 11 | (2) | 14 | (11)
Interest rate-related derivatives | Interest expense | Cash flow hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Amounts reclassified to earnings during the year | (1) | 0 | (2) | 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 | 18 | (12) | 23 | (13)
Net investment hedges |  |  |  |
Gain (loss) on derivative financial instruments |  |  |  |
Gain recognized in earnings related to the amount excluded from effectiveness testing | 5 | 12 | 15 | 37
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 | (18) | 12 | (23) | 13
Amount of gain (loss) reclassified from AOCI to earnings | (18) | 12 | (23) | 13
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 | $ (97) | $ 49 | $ (34) | $ 52

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