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ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Jun. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
The components of AOCI included in the accompanying consolidated balance sheets consist of the following:
Year Ended June 30
(In millions)202320222021
Net derivative instruments, beginning of year$68 $(2)$14 
Gain (loss) on derivative instruments (1)
48 93 (45)
Benefit (provision) for deferred income taxes(11)(21)10 
Reclassification to earnings during the year:
Foreign currency forward contracts (2)
(71)(3)22 
Interest rate-related derivatives (3)
1 1 2 
Cross-currency swap contracts (1)(4)
(9)— — 
Benefit (provision) for deferred income taxes on reclassification (5)
18 — (5)
Net derivative instruments, end of year44 68 (2)
Net pension and post-retirement adjustments, beginning of year(114)(179)(244)
Changes in plan assets and benefit obligations:
Net actuarial gains (losses) recognized(79)71 60 
Prior service credit recognized— (1)(1)
Translation adjustments(1)— — 
Benefit (provision) for deferred income taxes17 (18)(12)
Amortization and settlements included in net periodic benefit cost (6):
Net actuarial losses— 18 24 
Net prior service cost(1)(1)(1)
Settlements1 — — 
Provision for deferred income taxes on reclassification (5)
— (4)(5)
Net pension and post-retirement adjustments, end of year(177)(114)(179)
Cumulative translation adjustments, beginning of year(716)(289)(435)
Reclassification to earnings during the year— — (1)
Translation adjustments (7)
(112)(409)145 
Benefit (provision) for deferred income taxes27 (18)2 
Cumulative translation adjustments, end of year(801)(716)(289)
Accumulated other comprehensive loss$(934)$(762)$(470)
(1)Includes the gain recognized in AOCI from cross-currency swap contracts which represents the amount excluded from effectiveness testing.
(2)Amounts recorded in Net Sales in the accompanying consolidated statements of earnings.
(3)Amounts recorded in Interest expense in the accompanying consolidated statements of earnings.
(4)Amounts recorded in Selling, general and administrative in the accompanying consolidated statements of earnings.
(5)Amounts recorded in Provision for income taxes in the accompanying consolidated statements of earnings.
(6)See Note 15 – Pension, Deferred Compensation and Post-Retirement Benefit Plans for additional information.
(7)See Note 12 – Derivative Financial Instruments for gains (losses) relating to net investment hedges.