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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of the derivative financial instruments included in the consolidated balance sheets

The fair values of the Company’s derivative financial instruments included in the consolidated balance sheets are presented as follows:

						Asset Derivatives																		Liability Derivatives
												Fair Value (1)																		Fair Value (1)
												June 30																		June 30
(In millions)						Balance Sheet Location						2025						2024						Balance Sheet Location						2025						2024
Derivatives Designated as Hedging Instruments:
Foreign currency forward contracts(2)						Prepaid expenses and other current assets; Other assets						$	7					$	49					Other accrued liabilities						$	82					$	4
Cross-currency swap contracts(3)						Prepaid expenses and other current assets; Other assets						50						80						Other accrued liabilities						15						—
Interest rate contracts												—						—						Other accrued liabilities						104						145
Total Derivatives Designated as Hedging Instruments												57						129												201						149
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward contracts						Prepaid expenses and other current assets						25						19						Other accrued liabilities						15						17
Total derivatives												$	82					$	148											$	216					$	166

(1)See Note 14 – Fair Value Measurements for further information about how the fair value of derivative assets and liabilities are determined.

(2)Included in the asset derivatives for the foreign currency forward contracts at June 30, 2024 is $2 million, classified within Other assets in the accompanying consolidated balance sheets. There were no amounts classified in Other assets at June 30, 2025.

(3)Included in the asset derivatives for the cross-currency swap contracts at June 30, 2025 and June 30, 2024 is approximately $40 million and $70 million, respectively, classified within Other assets in the accompanying consolidated balance sheets.

Schedule of gains and losses related to derivative financial instruments designated as hedging instruments that are included in the assessment of effectiveness

The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments that are included in the assessment of effectiveness are as follows:

						Amount of Gain (Loss) Recognized in OCI on Derivatives												Location of Gain (Loss) Reclassified						Amount of Gain (Loss) Reclassified from AOCI into (Loss) Earnings(1)
						June 30												from AOCI into						June 30
(In millions)						2025						2024						(Loss) Earnings						2025						2024
Derivatives in Cash Flow Hedging Relationships:
Foreign currency forward contracts						$	(52)					$	47					Net sales						$	35					$	50
Interest rate contracts						—						—						Interest expense						2						—
Total cash flow hedges						(52)						47												37						50
Derivatives in Net Investment Hedging Relationships(2):
Foreign currency forward contracts(3)						(63)						1												—						—
Cross-currency swap contracts(4)						(15)						—												—						—
Total net investment hedges						(78)						1												—						—
Total derivatives						$	(130)					$	48											$	37					$	50

(1)The amount reclassified into the accompanying consolidated statements of (loss) earnings as a result of the discontinuance of cash flow hedges because it is probable that forecasted transactions will not occur by the end of the original time period was not material.

(2)Included within translation adjustments as a component of AOCI on the Company’s consolidated balance sheets.

(3)During fiscal 2025 and 2024 the gain recognized in the accompanying consolidated statements of (loss) earnings from foreign currency forward contracts related to the amount excluded from effectiveness testing was $21 million and $17 million, respectively.

(4)During fiscal 2025 the gain recognized in the accompanying consolidated statements of (loss) earnings from cross-currency swap contracts related to the amount excluded from effectiveness testing was $7 million.

												Amount of Gain (Loss) Recognized in (Loss) Earnings on Derivatives
						Location of Gain (Loss)						June 30
(In millions)						Recognized in (Loss) Earnings on Derivatives						2025						2024
Derivatives in Fair Value Hedging Relationships:
Cross-currency swap contracts(1)						Selling, general and administrative						$	(45)					$	44
Interest rate contracts(2)						Interest expense						$	42					$	5

(1)Changes in the fair value representing hedge components included in the assessment of effectiveness of the cross-currency swap contracts are exactly offset by the change in the fair value of the underlying intercompany foreign currency denominated debt. The gain recognized in the accompanying consolidated statements of (loss) earnings from cross-currency swap contracts related to the amount excluded from effectiveness testing in fiscal 2025 and 2024 was $19 million.

(2)Changes in the fair value of the interest rate contracts are exactly offset by the change in the fair value of the underlying long-term debt.

Schedule of cumulative amount of fair value hedging adjustments for designated and qualifying hedged items

Additional information regarding the cumulative amount of fair value hedging gain (loss) recognized in in the accompanying consolidated statements of (loss) earnings for items designated and qualifying as hedged items in fair value hedges is as follows:

(In millions)
Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included						Carrying Amount of the Hedged Liabilities						Cumulative Amount of Fair Value Hedging Gain (Loss) Included in the Carrying Amount of the Hedged Liability
						June 30, 2025						June 30, 2025
Long-term debt						$	891					$	(104)
Intercompany debt						$	—					$	42

Schedule of effects of fair value and cash flow hedging relationships for designated and qualified hedging instruments

Additional information regarding the effects of fair value and cash flow hedging relationships for derivatives designated and qualifying as hedging instruments is as follows:

June 30

2025

2024

(In millions)

Net Sales

Selling, General and Administrative

Interest Expense

Net Sales

Selling, General and Administrative

Interest Expense

Total amounts of income and expense line items presented in the consolidated statements of (loss) earnings in which the effects of fair value and cash flow hedges are recorded

$

14,326

$

9,456

$

357

$

15,608

$

9,621

$

378

The effects of fair value and cash flow hedging relationships:

Gain (loss) on fair value hedge relationships – interest rate contracts:

Hedged item

N/A

N/A

(42)

N/A

N/A

(5)

Derivatives designated as hedging instruments

N/A

N/A

42

N/A

N/A

5

Gain (loss) on fair value hedge relationships – cross-currency swap contracts:

Hedged item

N/A

45

N/A

N/A

(44)

N/A

Derivatives designated as hedging instruments

N/A

(45)

N/A

N/A

44

N/A

Gain on cash flow hedge relationships – interest rate contracts:

Amount of gain reclassified from AOCI

N/A

N/A

2

N/A

N/A

—

Gain on cash flow hedge relationships – foreign currency forward contracts:

Amount of gain reclassified from AOCI

35

N/A

N/A

50

N/A

N/A

N/A (Not applicable)

June 30,

2023

(In millions)

Net Sales

Selling, General and Administrative

Interest Expense

Total amounts of income and expense line items presented in the consolidated statements of (loss) earnings in which the effects of fair value and cash flow hedges are recorded

$

15,910

$

9,575

$

255

The effects of fair value and cash flow hedging relationships:

Gain (loss) on fair value hedge relationships – interest rate contracts:

Hedged item

N/A

N/A

36

Derivatives designated as hedging instruments

N/A

N/A

(36)

Gain (loss) on fair value hedge relationships – cross-currency swap contracts:

Hedged item

N/A

(42)

N/A

Derivatives designated as hedging instruments

N/A

42

N/A

Loss on cash flow hedge relationships – interest rate contracts:

Amount of loss reclassified from AOCI

N/A

N/A

(1)

Gain on cash flow hedge relationships – foreign currency forward contracts:

Amount of gain reclassified from AOCI

71

N/A

N/A

N/A (Not applicable)

Schedule of gains and losses related to derivative financial instruments not designated as hedging instruments

The amount of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments are presented as follows:

												Amount of Gain (Loss) Recognized in (Loss) Earnings on Derivatives
						Location of Gain (Loss)						June 30,
(In millions)						Recognized in (Loss) Earnings on Derivatives						2025						2024
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward contracts						Selling, general and administrative						$	(22)					$	62

Schedule of Offsetting Liabilities

The following table provides information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria in the event of default or termination as stipulated by the terms of netting arrangements with each of the counterparties:

									As of June 30, 2025																		As of June 30, 2024
(In millions)									Gross Amounts of Assets / (Liabilities) Presented in Balance Sheet						Contracts Subject to Netting						Net Amounts of Assets / (Liabilities)						Gross Amounts of Assets / (Liabilities) Presented in Balance Sheet						Contracts Subject to Netting						Net Amounts of Assets / (Liabilities)
Derivative Financial Instruments
Derivative assets									$	82					$	(60)					$	22					$	148					$	(49)					$	99
Derivative liabilities									(216)						60						(156)						(166)						49						(117)
Total derivatives									$	(134)					$	—					$	(134)					$	(18)					$	—					$	(18)

Schedule of Offsetting Assets

The following table provides information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria in the event of default or termination as stipulated by the terms of netting arrangements with each of the counterparties:

									As of June 30, 2025																		As of June 30, 2024
(In millions)									Gross Amounts of Assets / (Liabilities) Presented in Balance Sheet						Contracts Subject to Netting						Net Amounts of Assets / (Liabilities)						Gross Amounts of Assets / (Liabilities) Presented in Balance Sheet						Contracts Subject to Netting						Net Amounts of Assets / (Liabilities)
Derivative Financial Instruments
Derivative assets									$	82					$	(60)					$	22					$	148					$	(49)					$	99
Derivative liabilities									(216)						60						(156)						(166)						49						(117)
Total derivatives									$	(134)					$	—					$	(134)					$	(18)					$	—					$	(18)

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