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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Jun. 30, 2016
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value | The following table summarizes the fair value of Company’s assets and liabilities for which disclosure of fair value is required as of June 30:
|  |  |  |  |  | 2016 |  | 2015
Assets |  | Balance sheet classification |  | Fair value hierarchy level |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Investments including money market funds |  | Cash and cash equivalents (a) |  | 1 |  | $ | 234 |  | $ | 234 |  | $ | 212 |  | $ | 212
Time deposits |  | Cash and cash equivalents (a) |  | 2 |  |  | 79 |  |  | 79 |  |  | 84 |  |  | 84
Commodity purchase derivative contracts |  | Other current assets |  | 1 |  |  | 1 |  |  | 1 |  |  | - |  |  | -
Foreign exchange derivative contracts |  | Other current assets |  | 2 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1
Commodity purchase derivative contracts |  | Other assets |  | 2 |  |  | 1 |  |  | 1 |  |  | - |  |  | -
Trust assets for nonqualified deferred compensation plans |  | Other assets |  | 1 |  |  | 52 |  |  | 52 |  |  | 38 |  |  | 38
|  |  |  |  |  | $ | 368 |  | $ | 368 |  | $ | 335 |  | $ | 335
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes and loans payable |  | Notes and loans payable (b) |  | 2 |  | $ | 523 |  | $ | 523 |  | $ | 95 |  | $ | 95
Commodity purchase derivative contracts |  | Accounts payable and accrued liabilities |  | 2 |  |  | 1 |  |  | 1 |  |  | 8 |  |  | 8
Foreign exchange derivative contracts |  | Accounts payable and accrued liabilities |  | 2 |  |  | 4 |  |  | 4 |  |  | - |  |  | -
Current maturities of long-term debt and Long-term debt |  | Current maturities of long- term debt and Long-term debt (c) |  | 2 |  |  | 1,797 |  |  | 1,922 |  |  | 2,096 |  |  | 2,137
|  |  |  |  |  | $ | 2,325 |  | $ | 2,450 |  | $ | 2,199 |  | $ | 2,240
(a) | Cash and cash equivalents are composed of time deposits and other interest bearing investments including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value.
(b) | Notes and loan payable is composed of U.S. commercial paper and/or other similar short-term debts issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.
(c) | Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.
Effects of Derivative Instruments Designated as Hedging Instruments on OCI |
Gains (losses) recognized in other comprehensive net loss
| 2016 |  | 2015 |  | 2014
Commodity purchase derivative contracts | $ | (4 | ) |  | $ | (13 | ) |  | $ | 2 |
Interest rate derivative contracts |  | - |  |  |  | (12 | ) |  |  | (13 | )
Foreign exchange derivative contracts |  | (3 | ) |  |  | 7 |  |  |  | (3 | )
Total | $ | (7 | ) |  | $ | (18 | ) |  | $ | (14 | )
Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings |
Gains (losses) reclassified from accumulated other comprehensive net loss and recognized in net earnings
| 2016 |  | 2015 |  | 2014
Commodity purchase derivative contracts | $ | (13 | ) |  | $ | (5 | ) |  | $ | - |
Interest rate derivative contracts |  | (6 | ) |  |  | (5 | ) |  |  | (4 | )
Foreign exchange derivative contracts |  | 1 |  |  |  | 3 |  |  |  | 4 |
Total | $ | (18 | ) |  | $ | (7 | ) |  | $ | -

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- Definition Financial Instruments and Fair Value Measurements [Abstract] + References No definition available. + Details
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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + Details
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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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