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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022:

(In millions)						Level 1						Level 2						Level 3						Total
Assets:
Money market funds						$	329					$	—					$	—					$	329
Foreign currency forward contracts						—						167						—						167
Total						$	329					$	167					$	—					$	496
Liabilities:
Foreign currency forward contracts						$	—					$	54					$	—					$	54
Interest rate-related derivatives						—						154						—						154
DECIEM stock options						—						—						69						69
Total						$	—					$	208					$	69					$	277

The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022:

(In millions)						Level 1						Level 2						Level 3						Total
Assets:
Money market funds						$	961					$	—					$	—					$	961
Foreign currency forward contracts						—						191						—						191
Interest rate-related derivatives						—						24						—						24
Total						$	961					$	215					$	—					$	1,176
Liabilities:
Foreign currency forward contracts						$	—					$	105					$	—					$	105
Interest rate-related derivatives						—						115						—						115
DECIEM stock options						—						—						74						74
Total						$	—					$	220					$	74					$	294

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments are as follows:

						September 30, 2022												June 30, 2022
(In millions)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Nonderivatives
Cash and cash equivalents						$	2,938					$	2,938					$	3,957					$	3,957
Current and long-term debt						5,373						4,809						5,412						5,139
DECIEM stock options						69						69						74						74
Derivatives
Foreign currency forward contracts – asset (liability), net						113						113						86						86
Interest rate-related derivatives – asset (liability), net						(154)						(154)						(91)						(91)

Changes in DECEIM stock option liability

Changes in the DECIEM stock option liability for the three months ended September 30, 2022 are included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and were as follows:

(In millions)						Fair Value
DECIEM stock option liability as of June 30, 2022						$	74
Changes in fair value, net of foreign currency remeasurements(1)						1
Translation adjustments and other, net						(6)
DECIEM stock option liability as of September 30, 2022						$	69

(1)Amount includes expense attributable to graded vesting of stock options which is not material for the three months ended September 30, 2022.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
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-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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