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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2023

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, 2023:

(In millions)						Level 1						Level 2						Level 3						Total
Assets:
Money market funds						$	2,094					$	—					$	—					$	2,094
Foreign currency forward contracts						—						106						—						106
Cross-currency swap contracts						—						35						—						35
Total						$	2,094					$	141					$	—					$	2,235
Liabilities:
Foreign currency forward contracts						$	—					$	30					$	—					$	30
Interest rate-related derivatives						—						180						—						180
DECIEM stock options						—						—						103						103
Total						$	—					$	210					$	103					$	313

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, 2023:

(In millions)						Level 1						Level 2						Level 3						Total
Assets:
Money market funds						$	3,241					$	—					$	—					$	3,241
Foreign currency forward contracts						—						76						—						76
Cross-currency swap contracts						—						22						—						22
Total						$	3,241					$	98					$	—					$	3,339
Liabilities:
Foreign currency forward contracts						$	—					$	49					$	—					$	49
Interest rate-related derivatives						—						150						—						150
DECIEM stock options						—						—						99						99
Total						$	—					$	199					$	99					$	298

Schedule of estimated fair values of financial instruments

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

						September 30, 2023												June 30, 2023
(In millions)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Nonderivatives
Cash and cash equivalents						$	3,090					$	3,090					$	4,029					$	4,029
Current and long-term debt						8,093						7,313						8,114						7,665
DECIEM stock options						103						103						99						99
Deferred consideration payable						340						336						341						338
Derivatives
Cross-currency swap contracts – asset, net						35						35						22						22
Foreign currency forward contracts – asset, net						76						76						27						27
Interest rate-related derivatives – liability, net						(180)						(180)						(150)						(150)

Changes in DECEIM stock option liability

Changes in the DECIEM stock option liability for the three months ended September 30, 2023 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, 2023						$	99
Changes in fair value, net of foreign currency remeasurements						8
Translation adjustments and other, net						(4)
DECIEM stock option liability as of September 30, 2023						$	103

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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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